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<br />Section 2.03. Additional Parity Bonds and ObHgations. The City reserves the <br />right to issue additional certificates of obligation and other obligations to be <br />payable from and secured by a lien on and pledge of the Net Revenues on a parity <br />and of equal dignity with, and to the same extent as, the Certificates. <br /> <br />ARTICLE III <br />AUTHORIZATION; GENERAL TERMS AND PROVISIONS <br />REGARDING THE CERTIFICATES <br /> <br />Section 3.01. Authorization. <br /> <br />The City's certificates of obligation to be designated "City of San Marcos, <br />Texas, Combination Tax and Revenue Certificates of Obligation, Series 1987," are <br />hereby authorized to be issued and delivered in accordance with the Constitution <br />and laws of the State of Texas the Certificates to be issued in the aggregate <br />principal amount of $200,000 for construction and improvements to the City's <br />municipal airport, and for payment of fees for professional services, including <br />engineers, attorneys and financial advisors, in accordance with Article 2368a.l <br />Vernon's Texas Civil Statutes, as amended. <br /> <br />Section 3.02. Date. Denomination. Maturities. Numbers and Interest. <br /> <br />(a) The Certificates shall have the Original Issue Date of August 1, 1987, <br />and shall be in fully registered form, without coupons, in the denomination of $5,000 <br />or any integral multiple thereof and shall be numbered separately from one upward <br />or such other designation acceptable to the City and the Paying Agent/Registrar. <br /> <br />(b) The Certificates shall mature on August 1 in the years and in the <br />principal amounts and interest rates set forth below, interest on each Certificate <br />accruing from the Original Issue Date or the most recent Interest Payment Date to <br />which interest has been paid or provided for at the per annum rates of interest, <br />payable semiannually on February I and August 1 of each year until maturity, <br />commencing February 1, 1988 as follows: <br /> <br /> Principal Interest Principal Interest <br />~ Amount Rate Year Amount Rate <br /> <br />1989 $10,000 'trÖO 1993 $40,000 b.\.$' <br />1990 15,000 q~O() 1994 40,000 b.30 <br />1991 25,000 '-.,s 1995 40,000 6..(\.$ <br />1992 30,000 (,.00 <br /> <br />Section 3.03. Medium. Method and Place of Payment. <br /> <br />(a) The principal of, premium, if any, and interest on the Certificates <br />shall be paid in lawful money of the United States of America as provided in this <br />Section. <br /> <br />04055 <br /> <br />-5- <br />