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Ord 2008-010
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Ord 2008-010
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Last modified
9/4/2008 2:23:26 PM
Creation date
7/11/2008 3:43:24 PM
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City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Certificates of Obligation
Number
2008-10
Date
3/4/2008
Volume Book
175
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Section 1.03. Findings. <br />The declarations, determinations and findings declared, made and found in the preamble to <br />this Ordinance are hereby adopted, restated and made a part of the operative provisions hereof. <br />Section 1.04. Table of Contents. Titles and Headings. <br />The table of contents, titles and headings of the Articles and Sections of this Ordinance have <br />been inserted for convenience of reference only and are not to be considered a part hereof and shall <br />not in any way modify or restrict any of the terms or provisions hereof and shall never be considered <br />or given any effect in construing this Ordinance or any provision hereof or in ascertaining intent, if <br />any question of intent should arise. <br />Section 1.05. Interpretation. <br />(a) Unless the context requires otherwise, words of the masculine gender shall be <br />construed to include correlative words of the feminine and neuter genders and vice versa, and words <br />of the singular number shall be construed to include correlative words of the plural number and vice <br />versa. <br />(b) This Ordinance and all the terms and provisions hereof shall be liberally construed to <br />effectuate the purposes set forth herein to sustain the validity of this Ordinance. <br />ARTICLE II <br />SECURITY FOR THE BONDS <br />Section 2.01. Pledge of Revenues for Payment of the Bonds. <br />The Net Revenues (with the exception of those in excess of the amounts required to establish <br />and maintain the Funds as hereinafter provided) are hereby irrevocably pledged for the payment of <br />the principal of and interest on the Parity Revenue Obligations, including the establishment and <br />maintenance of the Reserve Fund hereinafter provided. <br />Section 2.02. Special Obligations. <br />The Bonds are special obligations of the City payable from the Net Revenues, and the Holders <br />thereof not entitled to demand payment thereof out of any money raised by taxation. <br />Section 2.03. Perfection of Security Interest. <br />Chapter 1208, Government Code applies to the issuance of the Bonds and the pledge of the <br />revenues granted by the City under Section 2.01 of this Ordinance, and such pledge, therefore, is <br />valid, effective, and perfected. If Texas law is amended at any time while the Bonds are outstanding <br />SANMARCOS/W W WSRev2008: Ordinance <br />
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