Ord 1987-110 - Laserfiche WebLink

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. If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the City in which the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which such banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. . This Bond is one of a series of fully registered bonds specified in the title hereof issued in the aggregate principal amount of $1,170,000 (herein referred to as the "Bonds") and issued pursuant to a certain Ordinance of the City Council of the City (the "Ordinance") for the purpose of constructing and instalHng additions, improvements and extensions to, and equipping, the City's waterworks system. This Bond and all the bonds of the series of which it is a part constitute special obligations of the City of San Marcos, Texas, and together with certain outstanding revenue obligations heretofore issued by said City (defined and identified in the ordinance authorizing this series of bonds as "Outstanding Bonds"), are payable as to both principal and interest solely from and equally secured by a first lien on and pledge of the net revenues of the City's combined Waterworks and Sewer System; for a more complete sta tement of the covenants and provisons securing the payment of this bond and the series of which it is one, reference is hereby made to the ordinance authorizing this series of bonds. The City expressly reserves the right to issue further and additional special revenue obligations equally secured by a lien on and pledge of the net revenues of the City's combined Waterworks and Sewer System on a parity with the bonds of this issue and the Outstanding Bonds, provided, however, that any and an such additional parity obligations may be issued only in accordance with and subject to the covenants, conditions, limitations and restrictions relating thereto which are set out and contained in the ordinance authorizing this series of bonds and to which ordinance reference is hereby made for more complete and full particulars. The holder hereof shaH never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation. . The City has reserved the option to redeem the Bonds maturing on or after January 1, 1998, before their respective scheduled maturities in whole or in part in integral multiples of $5,000 on January 1, 1997, or on any interest payment 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 maturity or maturities and 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. . Notice of such redemption or redemptions shaH be given by first class mail, postage prepaid, not less than 30 days before the date fixed for redemption, to the 2047f -16-