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<br /> Section 1. AUTHORIZATION; DESIGNATION; PRINCIPAL AMOUNT;
<br /> PURPOSE. The bonds of said City, to be designated as CITY OF SAN
<br /> MARCOS, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1985 (the
<br /> "Bonds"), are hereby authorized to be issued in the aggregate
<br /> ~rincipal amount of $3,020,000 for the purposes as follows:
<br /> 2,050,000 for the purpose of constructing and improving streets
<br /> in said City, providing drainage facilities in connection
<br /> therewith, and purchasing land and interests in land and
<br /> ~roperties necessar¥ therefor; $250,000 for the purpose of
<br /> 1mproving and equipP1ng the City's parks and recreation facilities
<br /> and s¥stem; $150,000 for the purposes of acquiring and installing
<br /> traff1c control devices and equipment for said City; and $570,000
<br /> for the purpose of constructing, improving and equipping a public
<br /> works complex for said City.
<br /> Section 2. DATE; MATURITIES. The Bonds shall be initially
<br /> dated June 1, 1985 (the "Initial Date"), and shall become due and
<br /> payable on August 1 in each of the years and shall bear interest
<br /> from the later of the Initial Date, or the most recent interest
<br /> payment date to which interest has been paid or duly ~rovided for,
<br /> at the per annum rates, in accordance with the follow1ng schedule:
<br /> Principal Interest Principal Interest
<br /> Year Amount Rate Year Amount Rate
<br /> 1986 $ 70,000 ~% 1995 $ 155,000 to . \0 %
<br /> 1987 75,000 lLl~ % 1996 170,000 9.21" %
<br /> 1988 80,000 It. \0 % 1997 190,000 t,4a %
<br /> 1989 90,000 "t .. \ 0 % 1998 205,000 t...n %
<br /> 1990 100,000 \t.lO % 1999 230,000 ~.c.C) %
<br /> 1991 110,000 \t. \0 % 2000 250,000 &.Ca lS %
<br /> 1992 120,000 n. \ð % 2001 275,000 'i.\O %
<br /> 1993 130,000 l\..\ 0 % 2002 300,000 t.\Q %
<br /> 1994 145,000 ll. \0 % 2003 325,000 'è. \() %
<br /> Section 3. INTEREST PAYMENT DATES. Interest on the Bonds,
<br /> at the aforesaid per annum rates, shall be payable on August 1,
<br /> 1985, and semiannually thereafter on each February 1 and August
<br /> 1.
<br /> Section 4. PAYMENT. Interest on any Bond shall be paid to
<br /> the person in whose name that Bond (or one or more Predecessor
<br /> Bonds) is registered at the close of business on the the 15th day
<br /> of the month next preceding such interest payment date (the
<br /> "Record Date"); provided, however, that in the event of nonpayment
<br /> of interest on a scheduled interest payment date, and for 30 days
<br /> thereafter, a new record date for such interest payment (the
<br /> "Special Record Date") will be established by the Paying
<br /> Agent/Registrar (hereinafter defined and designated) if and when
<br /> funds for the payment of such interest have been received from the
<br /> ci ty. Notice of the Special Record Date and of the scheduled
<br /> pa:yment date of the past due interest (the "Special Payment Date",
<br /> Wh1Ch shall be at least 15 days after the Special Record Date)
<br /> shall be sent at least 5 business days prior to the Special Record
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