Ord 1996-032 - Laserfiche WebLink

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?ZI (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 tills Ordinance. ARTICLE IT 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 of the 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 ITom the Net Revenues, and the Holders thereof shall never have the right to demand payment thereof out of any funds raised or to be raised by ta.xation, ARTICLE III . AUTHORIZATION; GENERAL TERNIS AND PROVISIONS REGARDING THE BONDS Section 3, o 1. Authorization. The City's bonds to be designated "City of San Marcos, Texas, Watenvorks and Sewer System Revenue Bonds, Series 1996-A," are hereby authorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amount of$1,500,000 for the purpose of constructing, equipping and improv~ng water treatment facilities and necessary transmission lines and facilities and acquisition of land and interests in land and property necessary therefor. Section 3,02, Date. Denomination. Maturities. Numbers and Interest. (a) The Bonds shall have the Original Issue Date of April 15, 1996, shall be in fully registered form., váthout coupons, in the denomination of$5,000 or any integral multiple thereof, and shall be numbered separately ITom one upward or such other designation acceptable to the City and the Paying AgentlRegistrar. (b) The Bonds shall mature on February 15 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing ITom 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 """""""IAAI"""'.""DO=OIlD""""'" 5