Ord 2008-037 - Laserfiche WebLink

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(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 Certificate, and the tax shall not be diverted to any other purpose. Section 2.02. Revenue Pledge. The Certificate is additionally secured by and shall be payable from a pledge of the Surplus Revenues. Section 2.03. Perfection of Security Interest. Chapter 1208, Texas Government Code applies to the issuance of the Certificate and the pledge of the taxes and revenues granted by the City under Sections 2.01 and 2.02 of this Ordinance, and such pledge, therefore, is valid, effective, and perfected. If Texas law is amended at any time while the Certificate is outstanding and unpaid such that the pledge of the taxes granted by the City under Section 2.01 of this Ordinance and the pledge of the Surplus Revenues under Section 2.02 of this Ordinance are to be subject to the filing requirements of Chapter 9, Texas Business and Commerce Code, then in order to preserve to the registered owners of the Certificate the perfection of the security interest in said pledge, the City agrees to take such measures as it determines are reasonable and necessary under Texas law to comply with the applicable provisions of Chapter 9, Texas Business and Commerce Code and enable a filing to perfect the security interest in said pledge to occur. ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE CERTIFICATE Section 3.01. Authorization. (a) The City's certificates of obligation to be designated "City of San Marcos, Texas, Combination Tax and Revenue Certificate of Obligation, Series 2008A," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas in the total principal amount of $7,600,000 for the purpose of paying contractual obligations incurred or to be incurred for: (1) widening and improving McCarty Lane from a two-lane roadway to a five- and four- lane roadway from IH-3 5 to a point 6,149 feet east, which includes widening McCarty Lane from IH- 35 to a point 5,237 feet east into a five-lane roadway with storm sewer and sidewalk, narrowing McCarty lane from the end of the five-lane section into a four-lane section for a distance of 912 feet, including installation of 6,149 feet of 16-inch water line and 3,700 feet of 12-inch wastewater line, payment of engineering, right-of-way acquisition, utility relocation and other related costs; and (2) the payment of professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing the certificates of obligation. San Marcos CTRCO 2008A: Ordinance