Ord 2004-074 - Laserfiche WebLink

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I I I ARTICLE II SECURITY FOR THE BONDS Section 2.0 I. Pledge of Revenues for Pavment of the Bonds. The Net Revenues (with the exception of those in excess of the amounts required to establish and maintain the Funds as hereinafter provided) are hereby irrevocably pledged for the payment of the principal of and interest on the Parity Revenue Obligations, including the establishment and maintenance of the Reserve Fund hereinafter provided. Section 2.02. Special Obligations. The Bonds are special obligations of the City payable from the Net Revenues, and the Holders thereof not entitled to demand payment thereof out of any money raised by taxation. Section 2.03. Perfection of Security Interest. Chapter] 208, Government Code applies to the issuance of the Bonds and the pledge of the revenues granted by the City under Section 2.0 I of this Ordinance, and such pledge, therefore, is valid, effective, and perfected. If Texas law is amended at any time while the Bonds are outstanding and unpaid such that the pledge of the revenues granted by the City under Section 2.01 of this Ordinance is to be subject to the filing requirements of Chapter 9, Business and Commerce Code, then in order to preserve to the registered owners of the Bonds the perfection of the security interest in said pledge, the City agrees to take such measures as it determines are reasonable and necessary under Texas law to comply with the applicable provisions of Chapter 9, Business and Commerce Code and enable a filing to perfect the security interest in said pledge to occur ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.0 I. Authorization. The City's bonds to be designated "City of San Marcos, Texas, Water and Waste Water System Revenue Refunding and Improvement Bonds, Series 2004A," are hereby authorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amount of$2 1,375,000 for the purposes as follows: $13,365,000 principal amount for the purpose of providing funds to acquire, purchase, construct, improve, renovate, enlarge, and equip property, buildings, structures, facilities, or other related II1frastructure for the City's combined waterworks and sewer system; and $8,0] 0,000 principal amount for the purpose of providing funds to refund the Refunded Obligations. Section 3.02 Date, Denomination, MatUrities, Numbers and Interest. (a) The Bonds shall have the Original Issue Date of November I, 2004, shall be in fully registered form, without coupons, In the denomination of$5,000 or any integral multiple thereof, and shall be numbered separately from one upward or such other deSIgnation acceptable to the City and the Paying Agen tiRe g I strar (b) The Bonds shall mature on August 15 In the years and 111 the principal amounts and interest rates set forth below, interest on each Bond accruing from the Original Issue Date or the most recent Interest I{ ,Sail Malcus,WWSSRI04A\DucSlOIUlllallccIWW Old Flllalll'pd 5