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(b) Construction of Terms. If appropriate in the context of this First Supplement,
<br /> words of the singular number shall be considered to include the plural, words of the plural number
<br /> shall be considered to include the singular, words of the masculine, feminine, or neuter gender
<br /> shall be considered to include the other genders, and words importing persons shall include firms,
<br /> associations, and corporations.
<br /> Section 1.02. ESTABLISHMENT OF FINANCING PROGRAM AND ISSUANCE
<br /> OF PARITY DEBT. (a) First Supplement. By adoption of the Master Ordinance, the City has
<br /> established the City of San Marcos, Texas Waterworks and Wastewater System Revenue
<br /> Financing Program for the purpose of enabling the City to provide for the financing of waterworks
<br /> and wastewater system projects authorized by the Enabling Act and any other applicable
<br /> provisions of State law pursuant to which, subject to the lien of Prior Obligations, the City may
<br /> issue and enter into obligations, including bonds and other types of obligations, secured by and
<br /> payable from a pledge of and lien on all or part of the Security. This First Supplement provides for
<br /> the authorization, form, characteristics,provisions of payment and redemption, and security of the
<br /> Bonds. This First Supplement is subject to the terms of the Master Ordinance and the terms of
<br /> the Master Ordinance are incorporated herein by reference and as such are made a part hereof for
<br /> all purposes.
<br /> (b) Bonds Are Parity Debt. As required by Section 7 of the Master Ordinance
<br /> governing the issuance of Parity Debt such as the Bonds, the City hereby finds that, upon the
<br /> issuance of the Bonds, the Security will be sufficient to meet the financial obligations relating to
<br /> the Financing Program,including Security in amounts sufficient to satisfy the Annual Debt Service
<br /> Requirements of the Financing Program. The Bonds are hereby declared to be Parity Debt under
<br /> the Master Ordinance.
<br /> Section 1.03. FIRST SUPPLEMENT TO CONSTITUTE A CONTRACT; EQUAL
<br /> SECURITY. In consideration of the acceptance of the Bonds by those who shall hold the same
<br /> from time to time, this First Supplement shall be deemed to be and shall constitute a contract
<br /> between the City and the Owners from time to time of the Bonds, and the pledge made in this First
<br /> Supplement by the City and the covenants and agreements set forth in this First Supplement to be
<br /> performed by the City shall be for the equal and proportionate benefit, security, and protection of
<br /> all Owners from time to time of the Bonds,without preference,priority,or distinction as to security
<br /> or otherwise of any of the Bonds authorized hereunder over any of the other Bonds by reason of
<br /> time of issuance, sale, or maturity thereof or otherwise for any cause whatsoever, except as
<br /> expressly provided in or permitted by this First Supplement and the Master Ordinance.
<br /> Section 1.04. LIMITATION OF BENEFITS WITH RESPECT TO THIS FIRST
<br /> SUPPLEMENT. With the exception of the rights or benefits herein expressly conferred,nothing
<br /> expressed or contained herein or implied from the provisions of this First Supplement or the Bonds
<br /> is intended or should be construed to confer upon or give to any person other than the City, the
<br /> Owners, and the Paying Agent/Registrar, any legal or equitable right, remedy, or claim under or
<br /> by reason of or in respect to this First Supplement or any covenant, condition, stipulation,promise,
<br /> agreement, or provision herein contained. This First Supplement and all of the covenants,
<br /> conditions, stipulations, promises, agreements, and provisions hereof are intended to be and shall
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<br /> San Marcos I WWSRB 2025 1 111 Supplemental Ordinance
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