Ord 1987-111 - Laserfiche WebLink

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the greater), there is hereby levied for the current year and each succeeding year thereafter, while the Bonds or interest thereon remain outstanding and unpaid, a tax within legal limitations on each $100 valuation of taxable property in the City that is sufficient to pay such debt service requirements, full allowance being made for delinquencies and costs of collection. (c) The tax levied by this Section shall be assessed and collected each year and applied to the payment of the debt service requirements on the Bonds, and the tax shall not be diverted to any other purpose. ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos, Texas, General Obligation Bonds, Series 1987," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, in the aggregate principal amount of $500,000 for the purpose of constructing and improving streets in said City, providing drainage facilities in connection therewith, and purchasing land and interests in land and properties necessary therefor; improving and equipping the City's parks and recreation facilities and system; acquiring and installing traffic control devices and equipment for said City; and constructing, improving and equipping a public works complex for said City. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shaU have the Original Issue Date of August 1, 1987, and 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 or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Bonds shaU mature on August 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 until maturity, commencing February 1, 1988, as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1989 $25,000 '\.00 % 1994 50,000 b.~~ % 1990 25,000 't.oc) % 1995 50,000 ". 4-£" % 1991 50,000 1.,sO % 1996 75,000 b.blD % 1992 50,000 b.oo % 1997 75,000 b.'Ó % 1993 50,000 b.IS % 1998 50,000 ".&0 % 0406s -4-