Res 2005-036 - Laserfiche WebLink

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SECURITY FOR THE BONDS Section 2.01. Pledge of Revenues for Payment of the Bonds. The Net Revenues (with the exception ofthose in excess of the amounts required to establish and maintain the Funds as hereinafter provided) are hereby irrevocably pledged for the payment ofthe principal of and interest on the Parity Revenue Obligations, including the establishment and maintenance of the Reserve Fund hereinafter provided. Section 2.02. Special Obligations. The Bonds are special obligations of the City payable from the Net Revenues, and the Holders thereof not entitled to demand payment thereof out of any money raised by taxation. Section 2.03. Perfection of Security Interest. Chapter 1208, Government Code applies to the issuance of the Bonds and the pledge ofthe revenues granted by the City under Section 2.01 ofthis Ordinance, and such pledge, therefore, is valid, effective, and perfected. If Texas law is amended at any time while the Bonds are outstanding and unpaid such that the pledge of the revenues granted by the City under Section 2.01 of this Ordinance is to be subject to the filing requirements of Chapter 9, Business and Commerce Code, then in order to preserve to the registered owners of the Bonds 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, Business and Commerce Code and enable a filing to perfect the security interest in said pledge to occur. ARTICLE III AUTHORIZATION; DELEGATION OF AUTHORITY; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos, Texas, Waterworks and Waste Water System Revenue Refunding Bonds, Series 2005," are hereby authorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amount designated by the officer ofthe City pursuant to the provisions of Section 3.02 hereof, for the purpose of providing funds to refund the Refunded Obligations and to pay costs of issuance with respect to the Bonds. Section 3.02. Delegation of Authority. (a) Delegation of Final Terms and Details Relating to the Bonds. Pursuant to Tex. Gov't Code Ann. S 1207.007, the City Manager and, in the absence of such officer, the Director of Finance, of the City is hereby authorized and designated as the officer of the City to act on behalf of the City to effect the sale of the Bonds and to establish the terms and details relating to the issuance and sale of the Bonds, including the aggregate principal amount of Bonds to be issued (such aggregate principal amount not to exceed $33,000,000), the price at which the Bonds will be sold, the Original Issue Date of the Bonds, the aggregate principal amount of each maturity of the Bonds, the due date of each maturity (but in no event later than August 15, 2020), the rate of interest to be borne by the principal amount of each maturity of the Bonds, the interest payment periods, the dates, price and terms upon and at which the Bonds shall be subject to redemption prior to maturity at the option of the City, and any mandatory sinking fund redemption provisions for any maturity of the Bonds, the terms and provisions relating to municipal bond insurance and debt service R:\San Marcos\WWWWRfd.05\Docs\Ordinance\Ord Final.wpd 5