Ord 1987-050a - Laserfiche WebLink

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ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's refunding bonds to be designated "City of San Marcos, Texas, Combination Tax and Revenue Refunding Bonds, Series 1987," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas and the Charter of the City, the Bonds to be issued in the aggregate principal amount of $6,680,000, to provide funds to refund the Refunded Obligations in accordance with Article 717k, Vernon's Annotated Texas Civi1 Statutes, as amended, in order to restructure certain of the City's debt, including the revision of payment dates, to consolidate such debt, and to pay all costs of issuance associated with the issuance of the Bonds. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shall have the Original Issue Date of March 15, 1987, shall be in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof and shall be numbered separately from one upward (except for that Initial Bond, hereinafter defined, which shall be numbered T-l, in accordance with Section 6.02(d)(i)(D) hereoo. (b) The Bonds shall mature on January 1 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 1 and August 1 of each year unti1 maturity or prior redemption, commencing August 1, 1987 as follows: Principal Interest Principal Interest Maturity Amount Rate Maturity Amount Rate 1988 $ 40,000 4.50% 1997 $535,000 6.10% 1989 50,000 4.75% 1998 560,000 6.20% 1990 50,000 5.00% 1999 610,000 6.30% 1991 100,000 5.00% 2000 630,000 6.40% 1992 100,000 5.20% 2001 680,000 6.50% 1993 115,000 5.50% 2002 720,000 6.60% 1994 120,000 5.75% 2003 765,000 6.70% 1995 480,000 5.90% 2004 620,000 6.75% 1996 505,000 6.00% 1659f -5-