Ord 1996-038 - Laserfiche WebLink

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9;1- modify or restrict any of the terms or provisions hereof and shall never be considered or given any effect in construing this Ordinance or any provision hereof or in ascertaining intent, if any question of intent should arise. 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 nmnber 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 SECillUTYFORTHEBONDS Section 2.0~.. 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 Obli?:ations. .. 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 fimds raised or to be raised by ta.xation. ARTICLE m AUTHORIZATION; GENERAL TERlvfS AND PROVISIONS REGARDING THE BONDS \ Section 3.01. Authorization. I The City's bonds to be designated "City of San Marcos, Texas, Waterworks and Sewer System Revenue Bonds, Series 1996," are hereby authorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amOlmt of$7,500,000 for the purpose of acquiring, constructing and installing additions, improvements and extensions to the City's wastewater (sewer) system. 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 fonn, without 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 from the Delivery Date or the most recent Interest Payment ll: \!RI>lAA'.WW3.S. 96\DOCS\O lID N<1FN 4