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Ord 2010-011
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Ord 2010-011
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Last modified
4/13/2010 4:12:10 PM
Creation date
3/9/2010 10:07:31 AM
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Template:
City Clerk
City Clerk - Document
Ordinances
City Clerk - Type
Certificates of Obligation
Number
2010-11
Date
3/2/2010
Volume Book
185
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Section 1.02. Other Definitions <br />The terms "City Council" and "City" shall have the meaning assigned in the preamble to this <br />Ordinance. <br />Section 1.03. Findings <br />The declarations, determinations and findings declared, made and found in the preamble to <br />this Ordinance are hereby adopted, restated and made a part of the operative provisions hereof. <br />Section 1.04. Table of Contents, Titles and Headings <br />The table of contents, titles and headings of the Articles and Sections of this Ordinance have <br />been inserted for convenience of reference only and are not to be considered a part hereof and shall <br />not in any way modify or restrict any of the terms or provisions hereof and shall never be considered <br />or given any effect in construing this Ordinance or any provision hereof or in ascertaining intent, if <br />any question of intent should arise. <br />Section 1.05. Interpretation <br />(a) Unless the context requires otherwise, words of the masculine gender shall be <br />construed to include correlative words of the feminine and neuter genders and vice versa, and words <br />of the singular number shall be construed to include correlative words of the plural number and vice <br />versa. <br />(b) This Ordinance and all the terms and provisions hereof shall be liberally construed to <br />effectuate the purposes set forth herein to sustain the validity of this Ordinance. <br />ARTICLE II <br />SECURITY FOR THE CERTIFICATES <br />Section 2.01. Tax Lew for Payment of the Certificates <br />(a) The City Council hereby declares and covenants that it will provide and levy a tax <br />legally and fully sufficient for payment of the Certificates, it having been determined that the existing <br />and available taxing authority of the City for such purpose is adequate to permit a legally sufficient <br />tax in consideration of all other outstanding obligations of the City. <br />(b) In order to provide for the payment of the debt service requirements on the Certificates, <br />being (i) the interest on the Certificates and (ii) a sinking fund for their payment at maturity or a <br />sinking fund of two percent (whichever amount is the greater), there is hereby levied for the current <br />year and each succeeding year thereafter, while the Certificates or interest thereon remain outstanding <br />and unpaid, a tax within legal limitations on each $100 valuation of taxable property in the City that <br />San Marcos CTRCO 2010: Ordmance <br />
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