Ord 2000-011 - Laserfiche WebLink

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If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the city in which the Designated Payment/Transfer Office is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which such banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. This Bond is one of a series of fully registered bonds specified in the title hereof issued in the aggregate principal amount of $3,935,000 (herein referred to as the "Bonds"), issued pursuant to a certain Ordinance ofthe City Council ofthe City (the "Ordinance") for the purpose of acquiring, constructing and installing additions, improvements and extensions to the City's waterworks and sewer system. This Bond and all the Bonds of the series of which it is a part constitute special obligations of the City of San Marcos, Texas, and, together with certain Previously Issued Parity Obligations defined and described in the Ordinance, are payable as to both principal and interest from and equally secured by a lien on and pledge of the Net Revenues of the City's combined Waterworks and Sewer System. Reference is hereby made to the Ordinance for a more complete statement of the covenants and provisions securing the payment of this Bond and the series of which it is one. The City expressly reserves the right to issue further and additional special revenue obligations equally secured by a lien on and pledge of the net revenues ofthe City's combined Waterworks and Sewer System on a parity with the bonds of this issue; provided, however, that any and all such additional parity obligations may be issued only in accordance with and subject to the covenants, conditions, limitations and restrictions relating thereto which are set out and contained in the Ordinance, to which reference is hereby made for more complete and full particulars. The holders of the Bonds are not entitled to demand payment thereof out of any money raised by taxation The City has reserved the option to redeem the Bonds maturing on and after August 15, 2010, before their respective scheduled maturity in whole or in part in integral multiples of$5,OOO, on August 15,2009, or on any date thereafter, at a price equal to the principal amount of the Bonds so called for redemption plus accrued interest to the redemption date. If less than all of the Bonds are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions thereof within such maturity or maturities and in such amounts, for redemption. The Bonds scheduled to mature on August 15,2020 (collectively, the "Term Bonds") are subject to scheduled mandatory redemption by the Paying Agent/Registrar by lot, or by any other customary method that results in a random selection, at a price equal to the principal amount thereof, plus accrued interest to the redemption date, out of moneys available for such purpose in the interest and sinking fund for the Bonds, on the dates and in the respective principal amounts, set forth in the following schedule: Term Bond Maturity: August 15, 2020 Mandatory Redemption Date Principal Amount August 15, 2018 $200,000 August 15,2019 300,000 August 15,2020 (maturity) 500,000 R:\SANMAR\ WWSS.lJO\DOCS\Final\ORDWWSS. WPO 17