Ord 2009-035 - Laserfiche WebLink

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taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations of the City. (b) In order to provide for the payment of the debt service requirements on the Bonds, being (i) the interest on the Bonds and (ii) a sinking fund for their payment at maturity or a sinking fund of two percent (whichever amount is the greater), there is hereby levied for the current year and each succeeding year thereafter, while the Bonds or interest thereon remain outstanding and unpaid, a tax within legal limitations on each $100 valuation of taxable property in the City that is sufficient to pay such debt service requirements, full allowance being made for delinquencies and costs of collection. (c) The tax levied by this Section shall be assessed and collected each year and applied to the payment of the debt service requirements on the Bonds, and the tax shall not be diverted to any other purpose. Section 2.02. Perfection of Security Interest. Chapter 1208, Texas Government Code applies to the issuance of the Bonds and the pledge of the revenues granted by the City under Section 2.01 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 ad valorem taxes granted by the City under Section 2.01 of this Ordinance is to be subject to the filing requirements of Chapter 9, Texas 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 3.01. Authorization. The City's bonds, to be designated "City of San Marcos, Texas, General Obligation Bonds, Series 2009," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, including particularly Tex. Gov't Code Ann. §1331.052, in the aggregate principal amount of $4,495,000 for the purpose of (i) constructing and improving streets and related pedestrian facilities, in accordance with Proposition No. 4 ofthe November 8, 2005 Bond Election, including Donaldson Street/Transit Center improvements, Sessom Drive reconstruction and Thorpe and Hopkins street improvements, (ii) constructing and improving streets and related pedestrian facilities, in accordance with Proposition No. 5 of the November 8, 2005 Bond Election, including Victory Gardens street improvements, (iii) constructing and improving pedestrian and bicycle ways and facilities, in accordance with Proposition No. 6 of the November 8, 2005 Bond San Marcos GO 2009: Ordinance