Ord 1979-019 - Laserfiche WebLink

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I Section 6. That for all purposes of this ordinance and the Certificates of Obligation herein authorized, the following definitions are provided: (a) The term "airport" shall mean all properties, real, personal and mixed, now owned or hereafter acquired by the City of San Marcos, Texas, which form a part of the City's municipal air- port; I (b) The term "net revenues" shall mean the gross reve- nues derived by the City of San Marcos, Texas, from ownership and operation of the airport, less the City's expense of operation and maintenance thereof, as said expenses are defined by Article 1113, V.T.C.S.; (c) The term "Certificates" shall mean the Tax and Reve- nue Certificates of Obligation authorized by this ordinance. Section 7. That, in addition to the funds established by the ordinance authorizing the issuance of the Series 1977 Certifi- cates, there is hereby established and shall be maintained in a depository bank of the City, so long as the Certificates, or interest thereon, are outstanding and unpaid, a special fund entitled City of San Marcos Tax and Revenue Certificates of Obligation, Series 1979, Interest and Sinking Fund, hereinafter referred to as the "Series 1979 Interest and Sinking Fund". Section 8. That as received all revenues and income of every nature derived by the City from its ownership and operation of the airport shall be first deposited in the Revenue Fund, and shall be pledged and appropriated as follows: (a) First: To the payment of all necessary and reason- able expenses of operating and maintaining the airport, such expenses being enumerated in Article 1113, V.T.C.S.; (b) Second: To the Interest and Sinking Fund, in the manner and to the extent provided in Section 9 hereof; and (c) Third: To any other proper city purposes now or here- after permitted by law. Section 9. That, in addition to the sums required to be deposited to the Interest and Sinking Fund established and maintained I