Ord 1997-030 - Laserfiche WebLink

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/l9r of nonpayment of interest on a scheduled interest payment date, and for 30 days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying AgentlRegistrar, if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest (the "Special Payment Date", which shall be 15 days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail, fIrst class postage prepaid, to the address of each Owner of a Bond appearing on the books of the Paying AgentlRegistrar at the close of business on the last business day preceding the date of mailing such notice. If a date for the payment of the principal of or interest on the Bonds is a Saturday, Suntiay, 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 amollilt of$2,500,000 (herem referred to as the "Bonds"), issued pursuant to a certain Ordinance of the City Collilcil of the City (the "Ordinance") for the pillpose 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 Sevier System. Reference is hereby ~ade 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 of the City's combined Waterworks and Sewer System on a parity with the bonds of this issue; provided, however, that any and an 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 holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation. The City has reserlied the option to redeem the Bonds maturing on and after August 15, 2008, before their respective scheduled maturity in whole or in part in integral multiples of.'55,000, on August 15, 2007, or on any date thereafter, at a price equal to the principal amollilt 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 detennine the arnollilts thereof to be redeemed and shall direct the Paying AgentlRegistrar to call by lot Bonds, or portions thereof\\ithin such maturity or maturities and in such amollilts, for redemption. Notice of such redemption or redemptions shall be sent by United States mail, first class postage prepaid, not less than 30 days before the date fixed for redemption, to the registered OV<11er of each of the Bonds to be redeemed in whole or in part. Notice having been so given, the Bonds or portions thereof designated for redemption shall become due and payable on the redemption date specified in such notice, and from and after such '..s""'1o<AA,wwsS.'='ORDSCE 16