Ord 2008-007 - Laserfiche WebLink

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The term "Bonds" as used in this Ordinance shall mean and include collectively the bonds initially issued and delivered pursuant to this Ordinance and all substitute bonds exchanged therefor, as well as all other substitute bonds and replacement bonds issued pursuant hereto, and the term "Bond" shall mean any of the Bonds. (b) Levy of Tax. In addition to the Security pledged to the Bonds under Section 2(a) of the Master Ordinance, and pursuant to Section 5 of the Master Ordinance, but only to the extent such Security is insufficient to pay the interest and principal payments on the Bonds, or to create a sinking fund of two percent (whichever amount is greater) for the payment of the principal thereof when due, and to pay the expenses of assessing and collecting such taxes, there shall be levied, assessed and collected on all taxable property in the City for each year while any of the Bonds are outstanding, a continuing, direct annual ad valorem tax within the limits prescribed by law. All the proceeds of such collections, except expenses incurred in that connection, shall be paid into the "Interest and Sinking Fund", and such proceeds shall be used for such purposes and no other. Section 2.02. INTEREST. The Bonds scheduled to mature during the years, respectively, set forth below shall bear interest from the dates specified in the FORM OF BOND set forth in this Ordinance to their respective dates of maturity at the following rates per annum: YEARS RATES YEARS RATES 2012 3.500% 2022 5.500% 2013 3.625 2022 4.800 2014 3.750 2023 5.500 2014 5.000 2024 5.500 2015 4.000 2025 5.000 2016 4.000 2026 5.000 2017 4.000 2027 5.100 2018 4.200 2028 5.125 2019 4.500 2029 5.125 2020 4.625 2030 ***** 2021 5.500 2031 5.125 Interest shall be payable in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordinance. SAN MARCOS 2008: FirstSupplementalOrdinance 4