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<br />(c) Unless expressly provided otherwise, all references to article and section numbers herein <br />shall be to the article and section numbers of this Ordinance. <br /> <br />ARTICLE II <br /> <br />SECURITY FOR THE CERTIFICATES <br /> <br />Section 2.01. Tax Levy for Payment of the Certificates. <br /> <br />(a) The City Council hereby declares and covenants that it will provide and levy a tax legally <br />and fully sufficient for payment of the Certificates, it having been determined that the existing and available <br />taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration <br />of all other outstanding obligations of the City. <br /> <br />(b) In order to provide for the payment of the debt service requirements on the Certificates, being <br />(i) the interest on the Certificates and (ii) a sinking fund for their payment at maturity or a sinking fund of <br />two percent per annum (whichever amount is the greater), there is hereby levied for the current year and each <br />succeeding year thereafter, while the Certificates or interest thereon remain outstanding and unpaid, a tax <br />within legal limitations on each $100 valuation of taxable property in the City that is sufficient to pay such <br />debt service requirements, full allowance being made for delinquencies and costs of collection. <br /> <br />(c) The tax levied by this Section shall be assessed and collected each year and applied to the <br />payment of the debt service requirements on the Certificates, and the tax shall not be diverted to any other <br />purpose. <br /> <br />Section 2.02. Revenue Pledge. <br /> <br />The Certificates are additionally secured by and shall be payable from a pledge of the Surplus <br />Revenues. <br /> <br />ARTICLE III <br /> <br />AUTHORIZATION; GENERAL TERMS <br />AND PROVISIONS REGARDING THE CERTIFICATES <br /> <br />Section 3.01. Authorization. <br /> <br />The City's certificates of obligation to be designated "City of San Marcos, Texas, Combination Tax <br />and Revenue Certificates of Obligation, Series 200 I," are hereby authorized to be issued and delivered in <br />accordance with the Constitution and laws of the State of Texas in the aggregate principal amount of <br />$8,025,000 for the public purpose of paying contractual obligations to be incurred for constructing, <br />reconstructing and improving streets, including related sidewalks, signage, lighting, signalization, drainage <br />and utility relocations and acquisition of real property and interests in real property for such purposes; <br />acquisition of green space land for the San Marcos Regional Park Preserve Project; and preparation of a <br />transportation master plan. <br /> <br />R '5:\NMAR\C001\Docs\Ordinancefnwpd <br /> <br />4 <br />