Ord 1982-054 - Laserfiche WebLink

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lien on and pledge of the net revenues of the system, subject only and subordinate to a prior first lien on and pledge of the net revenues of the system heretofore created in favor of the Outstanding Bonds and any bonds or other securities hereafter issued to be on a parity with the Outstanding Bonds. Section 8. In addi tion to the funds created by the ordinance authorizing the Outstanding Certificates the following fund is hereby created and shall be established and maintained at an official depository bank of the City, so long as any of the certificates or interest thereon are outstanding and unpaid, to-wit: City of San Marcos, Texas, Certificates of Obligation, Series 1982-B, Interest and Sinking Fund, hereinafter referred to as the "Interest and Sinking Fund". Section 9. In addition to the amounts required by the ordinance authorizing the Outstanding Certificates, there shall be deposited from the Revenue Fund into the Interest and Sinking Fund hereby established on or before June 15, 1983, and semiannually on or before the 15th day of each December and June thereafter, until the certificates hereby authorized and all interest thereon have been paid, such amounts as shall be at least sufficient together with other amounts, if any, then on deposit in said Interest and Sinking Fund to pay the interest on and principal, if any, scheduled to come due on the certificates hereby authorized on the next interest payment date. The Interest and Sinking Fund shall be used to pay the principal of and interest on the certificates hereby authorized as such principal matures and as such interest comes due. Section 10. All ad valorem taxes levied and collected on account of the certificates shall be deposited, as collected, to the credit of the Interest and Sinking Fund. Dur ing each year while any of the certificates or interest coupons appertaining thereto are outstanding and unpaid, the City Council of said City shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on the certificates as such interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of the certificates as such principal matures (but never less than 2% of the original principal amount of the certificates as a sinking fund each year); and said tax shall be based on the latest approved tax rolls of said City, with full allowance being made for tax delinquencies and the cost of tax collection. Said rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in said City for each year while any of the certificates or interest coupons appertaining thereto are outstanding and unpaid; and said tax shall be assessed and collected each such year and deposited to the credit of the Interest and Sinking Fund. Said ad valorem taxes suff icient to provide for the payment of the interest on and pr incipal of the certificates, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, wi thin the limi t prescribed by law. It is specifically provided that to the extent necessary the payments into the Interest and Sinking Fund as hereinabove required shall be made from funds derived from taxation. The amount of taxes to be provided annually for the payment of principal of and interest on the certificates shall be determined and accomplished as follows: the Ci ty' s annual budget shall reflect (a) the amount of debt service requirements to become due on the certificates in the next succeeding fiscal year of the City, (b) the amount on deposit in the Interest and Sinking Fund, as of the date such budget is prepared (after giving effect to any payments required to be made during the remainder of the then current fiscal year) and (c) the amount of net revenues estimated