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and unpaid such that the pledge of the revenues granted by the City under Section 2.01 of this <br />Ordinance is to be subject to the filing requirements of Chapter 9, Business and Commerce Code, <br />then in order to preserve to the registered owners of the Bonds the perfection of the security interest <br />in said pledge, the City agrees to take such measures as it determines are reasonable and necessary <br />under Texas law to comply with the applicable provisions of Chapter 9, Business and Commerce <br />Code and enable a filing to perfect the security interest in said pledge to occur. <br />ARTICLE III <br />AUTHORIZATION; GENERAL TERMS AND PROVISIONS <br />REGARDING THE BONDS <br />Section 3.01. Authorization. <br />The City's bonds to be designated "City of San Marcos, Texas, Waterworks and Waste Water <br />System Revenue Bonds, Series 2008," are hereby authorized to be issued and delivered in accordance <br />with the laws of the State of Texas in the aggregate principal amount of $13,915,000 for the purpose <br />of acquiring, constructing and installing additions, improvements and extensions to the City's <br />waterworks and waste water system. <br />Section 3.02. Date, Denomination, Maturities, Numbers and Interest. <br />(a) The Bonds shall have the Original Issue Date of March 1, 2008, shall be in fully <br />registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof, and <br />shall be numbered separately from one upward or such other designation acceptable to the City and <br />the Paying Agent/Registrar. <br />(b) The Bonds shall mature on August 15 in the years and in the principal amounts and <br />interest rates set forth below, interest on each Bond accruing from the Original Issue Date or the most <br />recent Interest Payment Date to which interest has been paid or provided for at the per annum rates <br />of interest, payable semiannually on February 15 and August 15 of each year until the principal <br />amount shall have been paid or provision for such payment shall have been made, commencing <br />February 15, 2009, as follows: <br />SANMARCOS/W W WSRev2008: Ordinance 6 <br />