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Ord 2009-036
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Ord 2009-036
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Last modified
8/6/2009 8:20:50 AM
Creation date
6/22/2009 11:12:23 AM
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City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Certificates of Obligation
Number
2009-36
Date
6/16/2009
Volume Book
182
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Section 1.04. Table of Contents, Titles and Headings. <br />The table of contents, titles and headings of the Articles and Sections of this Ordinance have <br />been inserted for convenience of reference only and are not to be considered a part hereof and shall <br />not in any way modify or restrict any of the terms or provisions hereof and shall never be considered <br />or given any effect in construing this Ordinance or any provision hereof or in ascertaining intent, if <br />any question of intent should arise. <br />Section 1.05. Interpretation. <br />(a) Unless the context requires otherwise, words of the masculine gender shall be <br />construed to include correlative words of the feminine and neuter genders and vice versa, and words <br />of the singular number shall be construed to include correlative words of the plural number and vice <br />versa. <br />(b) This Ordinance and all the terms and provisions hereof shall be liberally construed to <br />effectuate the purposes set forth herein to sustain the validity of this Ordinance. <br />(c) Unless expressly provided otherwise, all references to article and section numbers <br />herein shall be to the article and section numbers of this Ordinance. <br />ARTICLE II <br />SECURITY FOR THE BONDS <br />Section 2.01. Tax Lew for Payment of the Bonds. <br />(a) The City Council hereby declares and covenants that it will provide and levy a tax legally <br />and fully sufficient for payment of the Bonds, it having been determined that the existing and available <br />taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in <br />consideration of all other outstanding obligations of the City. <br />(b) In order to provide for the payment of the debt service requirements on the Bonds, being <br />(i) the interest on the Bonds and (ii) a sinking fund for their payment at maturity or a sinking fund of <br />two percent (whichever amount is the greater), there is hereby levied for the current year and each <br />succeeding year thereafter, while the Bonds or interest thereon remain outstanding and unpaid, a tax <br />within legal limitations on each $100 valuation of taxable property in the City that is sufficient to pay <br />such debt service requirements, full allowance being made for delinquencies and costs of collection. <br />(c) The tax levied by this Section shall be assessed and collected each year and applied to the <br />payment of the debt service requirements on the Bonds, and the tax shall not be diverted to any other <br />purpose. <br />San Marcos GORB 2009: Ordinance
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