Ord 2002-054 - Laserfiche WebLink

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Section 1.05. Interpretation. (a) Unless the context requires otherwise, words of the masculine gender shall be construed to include correlative words of the feminine and neuter genders and vice versa, and words of the singular number shall be construed to include correlative words of the plural number and vice versa. (b) This Ordinance and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein to sustain the validity of this Ordinance. (c) Unless expressly provided otherwise, all references to article and section numbers herein shall be to the article and section numbers of this Ordinance. ARTICLE II SECURITY FOR THE BONDS; SPECIAL OBLIGATIONS Section 2.01. Pledge of Revenues for Payment of the Bonds. The Parity Revenue Obligations and the interest thereon are and shall be secured by and payable from a lien on and pledge of the Pledged Revenues; and the Pledged Revenues are further pledged irrevocably to the establishment and maintenance of the Interest and Sinking Fund and the Reserve Fund as hereinafter provided. The Parity Revenue Obligations are and will be secured by and payable only from the Pledged Revenues, and are not secured by or payable from a mortgage or deed of trust on any real, personal or mixed properties constituting the System. Section 2.02. Special Obligations. The Bonds are special obligations of the City payable from the Pledged Revenues as provided herein, and the holders thereof shall not be entitled to demand payment thereof out of any money raised by taxation. Section 2.03. Perfection of Security Interest. Chapter 1208, Texas Government Code applies to the issuance of the Bonds and the pledge of the revenues granted by the City under Section 2.01 of this 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, Texas Business and Commerce Code, then in order to preserve to the registered owners of the Bonds 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. R\San Marcos\EUS Rfdg.02\Docs\Ordinance\Final.wpd 5