Ord 1997-031 - Laserfiche WebLink

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I I - of nonpayment of mterest on a scheduled mterest payment date, and for 30 days thereafter, a new record date for such mterest payment (a "Speclal Record Date") w1l1 be estabhshed by the Paymg Agent/Reglstrar, If and when funds for the payment of such mterest have been recelved from the CIty Notlce of the SpeCIal Record Date and of the scheduled payment date of the past due mterest (the "SpecIal Payment Date", whIch shall be IS days after the SpeCIal Record Date) shall be sent at least five busmess days pnor to the SpeCIal Record Date by Umted States mall, first class postage prepaid, to the address of each Owner of a Bond appeanng on the books of the Paymg Agent/Reglstrar at the close of bus mess on the last busllless day precedmg the date ofmallmg such notIce If a date for the payment of the pnncIpal of or mtercst on the Bonds lS a Saturday, Sunday, legal hohday, or a day on wruch bankmg mstItutlOllS m the Clty m whlch the Deslgnated Payment/Transfer Office lS located are authonzed by law or executlve order to close, then the date for such payment shall be the next succeedlllg day whIch lS not a Saturday, Sunday, legal holIday, or day on which such banking mstltutlOns are authonzed to close, and payment on such date shall have the same force and effect as Ifmacle on the ongmal date payment was due ThIs Bond IS one of a senes of fully reglstered bonds speclfied m the tItle hereof lssued m the aggregate prmcIpal amount of $2,500,000 (herem referred to as the "Bonds"), lssued pursuant to a certam Ordmance of the City Councll of the City (the "Ordinance") for the purpose of acqumng, constructmg and mstallmg addItlOns, Improvements and extenslOns to the CIty'S waterworks and sewer system. Trus Bond and all the Bonds of the senes of whlch lt is a part constltute speclal obhgatlOns of the Clty of San Marcos, Texas, and, together wlth certam PrevIOusly Issued Panty OblIgatlOns defined and descnbed m the Ordinance, are payable as to both prmclpal and mterest from and equally secured by a hen on and pledge of the Net Revenues of the Clty'S combmed Waterworks and Sewer System. Reference lS hereby made to the Ordinance for a more complete statement of the covenants and provIslons securmg the payment of thlS Bond and the senes of wruch It IS one. The CIty expressly reserves the nght to Issue further and addltlOnal special revenue oblIgatlOns equally secured by a lIen on and pledge of the net revenues of the Clty'S combllled Waterworks and Sewer System on a panty "'1th the bonds of tills lssue, provlded, however, that any and all such addltlOnal panty obhgatlOns may be Issued only III accordance wlth and subject to the covenants, condltIons, lImltatlOns and restnctlOns relatlllg thereto whlch are set out and contamed III the Ordmance, to whlch reference lS hereby made for more complete and full partIculars The holder hereof shall never have the nght to demand payment of this oblIgatlon out of any funds raised or to be ralsed by taxatlOn. The Clty has reserved the optIOn to redeem the Bonds maturmg on and after August IS, 2008, before theIr respectIve scheduled maturIty m whole or III part m mtegral multIples of $5,000, on August 15,2007, or on any date thereafter, at a pnce equal to the pnncIpal amount of the Bonds so called for redemptlOn plus accrued mterest to the redemptlOn date If less than all of the Bonds are to be redeemed, the CIty shall deterrnme the amounts thereof to be redeemed and shall direct the Paymg Agent/RegIstrar to call by lot Bonds, or portlOns thereof wIthm such maturIty or maturItIes and m such amounts, for redemptlOn. NotIce of such redemption or redemptlons shall be sent by Ulllted States mall, first class postage prepaid, not less than 30 days before the date fixed for redemption, to the reglstered owner of each of the Bonds to be redeemed m whole or m part. NotIce havmg been so gIven, the Bonds or portlOns thereof deslgnated for redemptlon shall become due and payable on the redemptlon date speclfied m such notlce, and from and after such R -\5 A...."'MARIWWSS. 97\DOC.'l\ORDNCE 16