Ord 2007-036 - Laserfiche WebLink

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Section 1 03 Fmdm~s The declarations, determinations and findings declared, made and found m the preamble to this Ordinance are hereby adopted, restated and made a part of the operative provisions hereof. Section 1 04 Table of Contents, Titles and Headm~s The table of contents, titles and headings of the Articles and Sections of this Ordinance have been inserted for convenience of reference only and are not to be considered a part hereof and shall not m any way modify or restrict any of the terms or provisions hereof and shall never be considered or given any effect m construing this Ordinance or any provision hereof or m ascertaining intent, if any question of intent should arise Section 1 OS 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 (c) Unless expressly provided otherwise, all references to article and section numbers herein shall be to the article and section numbers of this Ordinance ARTICLE II SECURITY FOR THE BONDS Section 2 O 1 Tax Lew for Payment of the Bonds (a) The Crty Council hereby declares and covenants that rt will provide and levy a tax legally and fully sufficient for payment of the Bonds, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax m consideration of all other outstanding obligations of the City (b) In order to provide for the payment of the debt service requirements on the Bonds, being (i) the interest on the Bonds and (ii) a sinking fund for their payment at maturity or a sinking fund of two percent (whichever amount is the greater), there is hereby levied for the current year and each succeeding year thereafter, while the Bonds or interest thereon remain outstanding and unpaid, a tax within legal limitations on each $100 valuation oftaxable property m the Crty that is sufficient to pay such debt service requirements, full allowance being made for delinquencies and costs of collection. (c) The tax levied by this Section shall be assessed and collected each year and applied to the payment of the debt service requirements on the Bonds, and the tax shall not be diverted to any other purpose San Marcos GO 2007 Ordinance