Ord 2009-036 - Laserfiche WebLink

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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 Sections 2.01 and 2.02 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 Refunding 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. Chapter 1207, in the aggregate principal amount of $9,745,000 for the purpose of refunding the Refunded Obligations, and (ii) for the purpose of paying the costs of issuing the Bonds. Section 3.02. Date Denomination, Maturities, Numbers and Interest. (a) The Bonds shall have the Original Issue Date of June 15, 2009, 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, excepting the initial Bond, which shall be numbered R-1, as hereinafter provided, or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Bonds shall mature on August 15 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing on the basis of a 360-day year of twelve 30-day months from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 15 and August 15 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing August 15, 2009, as follows: San Marcos GORB 2009: Ordinance