Ord 2000-011 - 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. ARTICLE II SECURITY FOR THE BONDS Section 2.01. Pledge of Revenues for Payment of the Bonds. The Net Revenues (with the exception of those in excess ofthe amounts required to establish and maintain the Funds as hereinafter provided) are hereby irrevocably pledged for the payment of the principal of and interest on the Parity Revenue Obligations, including the establishment and maintenance of the Reserve Fund hereinafter provided. Section 2.02. Special Obligations. The Bonds are special obligations of the City payable from the Net Revenues, and the Holders thereof not entitled to demand payment thereof out of any money raised by taxation. 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, Waterworks and Waste Water System Revenue Bonds, Series 2000," are hereby authorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amount of $3,935,000 for the purpose of acquiring, constructing and instaUing additions, improvements and extensions to the City's waterworks and sewer system. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shall have the Original Issue Date of February 1,2000, shall be in fully registered form, without coupons, in the denomination of$5,OOO orany integral multiple thereof, and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Bonds shall mature on August 15 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing from the Original Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 15 and August 15 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing August 15,2000, as follows: R:\SANMARIWWS5.OOIDOCSlFiDaI\ORDWWSS. WPD 4