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(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. ARTICLE II SECURITY fOR THE BONDS Section 2.0 I. Tax Levv for Pavment of the Bonds. (a) The City Council hereby declares and covenants that it will provide and levy a tax legally and fully sufficient for payment of the Bonds, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax in consideration of all other outstanding obligations of the City. (b) In order to provide for the payment ofthe debt service requirements on the Bonds, being (i) the interest on the Bonds and (ii) a sinking fund for their payment at maturity or a sinking fund of two percent (whichever amount is the greater), there is hereby levied for the current year and each succeeding year thereafter, while the Bonds or interest thereon remain outstanding and unpaid, a tax within legal limitations on each $100 valuation of taxable property in the City that is sufficient to pay such debt service requirements, full allowance being made for delinquencies and costs of collection. (c) The tax levied by this Section shall be assessed and collected each year and applied to the payment of the debt service requirements on the Bonds, and the tax shall not be diverted to any other purpose. Section 2.02. Appropriation. There is hereby appropriated from funds of the City lawfully available for such purpose a sum of money sufficient to pay the interest to become due and payable with respect to the Bonds on August 15, 2000. ARTICLE III AUTHORIZATION; GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos, Texas, General Obligation Bonds, Series 2000," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, including particularly Tex. Gov't Code Ann. SI331.052. The Bonds shall be issued in the aggregate principal amount of$I,500,000 for the purpose of acquiring land and interests in land to be used for construction of city streets, including right-of way for extension of Wonder World Drive to Ranch Road 12 with connections to existing streets. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shall have the Original Issue Date ofF ebruary 1,2000, shall be in fully registered form, without coupons, in the denomination of$5,OOO or any integral multiple thereof, and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. R:\SANMARlGO.OOIDOCSIFINALlOrdgo. wpd 4