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<br />ARTICLE II <br /> <br />SECURITY FOR THE CERTIFICATES <br /> <br />Section 2.01. Tax Levv 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 ofthe Certificates, it having been determined that the existing and avai (able <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 (whichever amount is the greater), there is hereby levied for the current year and each succeeding <br />year thereafter, while the Certificates or interest thereon remain outstanding and unpaid, a tax within legal <br />(imitations on each $100 valuation oftaxable property in the City that is sufficient to pay such debt service <br />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 />Section 2.03. Appropriation. <br /> <br />There is hereby appropriated from funds of the City lawfully available for such purpose a sum of <br />money sufficient to pay the interest to become due and payable with respect to the Certificates on August <br />15,2000. <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 2000," 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 />$1,500,000 for the public purpose of paying contractual obligations to be incurred for constructing, <br />reconstructing and improving Clovis Barker Drive and other streets in the City, providing drainage in <br />connection therewith, and purchasing land and interests in land and properties necessary therefor. <br /> <br />R ISANMAR'CO.OOIDocs'flNAL\OROCO. WPD <br /> <br />5 <br />