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<br />herein pledged, and the holder or holders of the Bonds shall never have the right to <br />demand payment thereof out of any funds raised or to be raised by taxation. <br /> <br />Section 2.03. Fiscal Year. The System shall be operated on a basis of a <br />fiscal year commencing on October 1 and ending on September 30. <br /> <br />ARTICLE III <br />AUTHORIZATION; GENERAL TERMS AND PROVISIONS <br />REGARDING THE BONDS <br /> <br />Section 3.01. Authorization. <br /> <br />The City's revenue bonds to be designated "City of San Marcos, Texas, <br />Waterworks and Sewer System Revenue Bonds, Series 1987," are hereby authorized <br />to be issued and delivered in accordance with the Constitution and laws of the State <br />of Texas, in the aggregate principal amount of $1,170,000 for the purpose of <br />constructing and installing additions, improvements and extensions to, and <br />equipping, the Cityls waterworks system, in accordance with Articles 1111, et seq., <br />Vernon's Texas Civil Statutes, as amended. <br /> <br />Section 3.02. Date. Denomination. Maturities. Numbers and Interest. <br /> <br />(a) The Bonds shall have the Original Issue Date of August 1, 1987, and <br />shall be in fully registered form, without coupons, in the denomination of $5,000 or <br />any integral multiple thereof and shall be numbered separately from one upward or <br />such other designation acceptable to the City and the Paying Agent/Registrar. <br /> <br />(b) The Bonds shall mature on January 1 in the years and in the principal <br />amounts and interest rates set forth below, interest on each Bond accruing from the <br />Original Issue Date or the most recent Interest Payment Date to which interest has <br />been paid or provided for at the per annum rates of interest, payable semiannually <br />on January 1 and July 1 of each year until maturity or prior redemption, <br />commencing July I, 1988 as follows: <br /> <br /> Principal Interest Principal Interest <br />Year Amount Rate Year Amount Rate <br />1989 45,000 C\.OO % 1997 75,000 b.~o % <br />1990 50,000 '\-00 % 1998 75,000 6.'1 b % <br />1991 75,000 '\-0 <::I % 1999 75,000 ó-g~ % <br />1992 75,000 q.oo % 2000 100,000 Î.(::)O % <br />1993 75,000 "\.00 % 2001 100,000 -¡.to % <br />1994 75,000 'tOo % 2002 100,000 b.OCl % <br />1995 75,000 {",. c\.o % 2003 100,000 b-OO % <br />1996 75,000 b.~ % <br /> <br />2047f <br /> <br />-4- <br />