Ord 1977-035 - Laserfiche WebLink

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San Marcos, Texas, which form a part of the'City's'municipal air- port; I (bl 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.; (cl The term "Certificates" shall mean 'the tax and revenue Certificates of Obligation authorized by this ordinance. Section 7. That the following special ~unds are hereby authorized and shall be established and maintained in a depository bank of the City, so long as the Certificates, or ,interest thereon, are outstanding and unpaid: (al City of San Marcos Airport Revenue Fund, hereinafter called the "Revenue Fund"; (bl City of San Marcos Tax and Revenue Certificates of Obligation, Series 1977, Interest and Sinking Fund, hereinafter called the "Interest and Sinking Fund". Section 8. That as received all revenues and income of every nature derived by the City from its ownership and opera- tion of the airport shall be first deposited in the Revenue Fund, and shall be pledged and appropriated as follows: (al 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.; (bl Second: To the Interest and Sinking Fund, to the extent provided in Section 9 hereof; and (cl Third: To any other proper city purposes now or hereafter permitted by law. Section 9. That on or before December 20, 1978, and semi-annually on or before the 20th day of each December and June thereafter, until said Certificates and all interest thereon shall have been paid, there shall be deposited into the Interest and Sinking Fund from the Revenue Fund such amounts of the net re,venues as shall be at least sufficient together with other amounts, if I I