Ord 2009-037 - Laserfiche WebLink

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(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. Revenue Pledge. The Bonds are additionally secured by and shall be payable from a pledge of the Surplus Revenues. The City shall deposit any Surplus Revenues to the credit of the Interest and Sinking Fund created in Section 8.01(a)(i) of this Ordinance to the extent necessary to pay principal and interest on the Bonds. Notwithstanding the requirement of Sections 2.01(a)(b) and (c) above, if Surplus Revenues are actually on deposit or budgeted for deposit in the Interest and Sinking Fund in advance of the time when ad valorem taxes are scheduled to be levied for any year, then the amount of taxes which otherwise would have been required to be levied pursuant to Section 2.01 may be reduced to the extent and by the amount of the Surplus Revenues then on deposit in the Interest and Sinking Fund or budgeted for deposit therein. The City Manager is hereby ordered to do any and all things necessary to accomplish the transfer of monies to the Interest and Sinking Fund of this issue in ample time to pay such items of principal and interest. Section 2.03. 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, Tax and Revenue 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 $12,020,000 for the purpose of refunding the Refunded Obligations, and (ii) for the purpose of paying the costs of issuing the Bonds. San Marcos Tax & Rev Rfdg 2009 Ordinance 6