Ord 2004-074 - Laserfiche WebLink

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I I I person to whom interest is to be pa id. For the purpose of the payment of interest on th is Bond, the registered owner shall be the person in whose name this Bond is registered at the close of business on the "Record Date," which shall be the last business day of the month next preceding such interest payment date; provided, however, that In the event of nonpayment of interest on a scheduled interest payment date, and for 30 days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar, if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date ofthe past due interest (the "Special Payment Date", which shall be 15 days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail, first class postage prepaid, to the address of each Owner of a Bond appearing on the books of the Paying Agent/Registrar at the close of business on the last business day preceding the date of mailing such notice. If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the city in which the Designated Payment/Transfer Office is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which such banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. This Bond is one of a series of fully registered bonds specified in the title hereof issued in the aggregate principal amount of $21,375,000 (herein referred to as the "Bonds"), issued pursuantto a certain Ordinance of the City Council of the City (the "Ordinance") to provide funds for municipal waterworks and sewer system improvements and facilities, for refunding certain outstanding obligations of the City, and to pay costs of issuance with respect to the Bonds, all as more fully described in the Ordinance authorizing the issuance of the Bonds. This Bond and all the Bonds of the series of which it is a part constitute special obligations of the City of San Marcos, Texas, and, together with certain Previously Issued Parity Obligations defined and described in the Ordinance, are payable as to both principal and interest from and equally secured by a first and prior lien on and pledge of the Net Revenues of the City's com billed Waterworks and Sewer System. Reference is hereby made to the Ordinance for a more complete statement of the covenants and provisions securing the payment of this Bond and the series of which it is one. The City expressly reserves the right to issue further and additional special revenue obligations equally secured by a lien on and pledge of the net revenues of the City's combined Waterworks and Sewer System on a parity With the bonds of this issue; prOVided, however, that any and all such additional parity obligations may be issued only in accordance With and subject to the covenants, conditions, limitations and restrictions relating thereto which are set out and contained in the Ordinance, to which reference is hereby made for more complete and full particulars. The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation. The City has reserved the option to redeem the Bonds maturing on and after August 15,2014, before theIr respective scheduled maturity in whole or in part in integral multiples of $5,000 on August 15,20 I 3, or on any date thereafter, at a price equal to the principal amount of the Bonds so called for redemption plus accrued Interest to the redemption date If less than all of the Bonds are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions thereof with III such maturity or matUrIties and In such amounts, for redemption. The Bonds scheduled to mature on August 15,2022 (the "Term Bonds") are subject to scheduled mandatory redemption by the Paying Agent/Registrar by lot, or by any other customary method that results I~ ,Sail Ma,cu"WWSSrU04A\[)ocsIOrdillallccIWW OrJ Fillal.wrd 17