Ord 2008-007 - Laserfiche WebLink

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Master Ordinance Authorizing the City of San Marcos, Texas Pass-Through Toll Revenue Financing Program (the "First Supplement") to provide funds to (i) construct the expansion of FM 3407 (Wonder World Drive) in accordance with the Agreement, (ii) capitalize interest on the Bonds for the period of construction and seven (7) months thereafter and (iii) pay the costs of issuance of the Bonds. The Bonds are secured by a first lien on and pledge of the Security as defined in the Master Ordinance adopted on March 4, 2008 (the "Master Ordinance"), on a parity with all other Parity Debt (as defined in the Master Ordinance and the First Supplement) and, to the extent the Security is insufficient to pay the interest and principal payments on the Bonds, a limited pledge of a direct annual ad valorem tax on all property in the City within the limits prescribed by law. The Master Ordinance, as supplemented by the First Supplement, is referred to in this Bond as the "Ordinance." Terms used herein and not otherwise defined shall have the meanings given in the Ordinance. Redemption Provisions The City has reserved the option to redeem the Bonds maturing on August 15, 2018 through August 15, 2029, before their respective scheduled maturity in whole or from time to time in part in integral multiples of $5,000, on August 15, 2017, or on any date thereafter, at a price equal to the principal amount of the Bonds so called for redemption plus accrued interest to the redemption date. The City has also reserved the option to redeem the Term Bond maturing on August 15, 2031, before its respective scheduled maturity in whole or from time to time in part in integral multiples of $5,000, on August 15, 2014, or on any date thereafter, at a price equal to the principal amount of the Bonds so called for redemption plus accrued interest to the redemption date. If less than all of the Bonds are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions thereof within such maturity or maturities and in such amounts, for redemption. The Bonds maturing on August 15, 2025 and August 15, 2031 (the "Term Bonds") are subject to mandatory sinking fund redemption by lot prior to maturity in the following amounts, on the following dates and at a price of par plus accrued interest to the redemption date. Bonds Maturing August 15, 2025 Redemption Date Principal Amount August 15, 2024 $1,360,000 August 15, 2025* 2,480,000* *Final Maturity SAN MARCOS 2008: Firs[SupplementalOrdinance B-2,