Ord 2007-036 - Laserfiche WebLink

Home Browse Search

Section 2 02 Perfection of Security Interest. Chapter 1208, Texas Government Code applies to the issuance of the Bonds and the pledge of the revenues granted by the Crty under Section 2 O1 of this Ordinance, and such pledge, therefore, is valid, effective, and perfected. If Texas law is amended at any time while the Bonds are outstanding and unpaid such that the pledge of the ad valorem taxes granted by the City under Section 2 O 1 of this Ordinance is to be subject to the filing requirements of Chapter 9, Texas Business and Commerce Code, then m order to preserve to the registered owners of the Bonds the perfection of the security interest m said pledge, the City agrees to take such measures as it determines are reasonable and necessary under Texas law to comply with the applicable provisions of Chapter 9, Business and Commerce Code and enable a filing to perfect the security interest m said pledge to occur ARTICLE III AUTHORIZATION, GENERAL TERMS AND PROVISIONS REGARDING THE BONDS Section 3 O1 Authorization. The City's bonds, to be designated "Crty of San Marcos, Texas, General Obligation Bonds, Series 2007," are hereby authorized to be issued and delivered m accordance with the Constitution and laws of the State of Texas, including particularly Tex. Gov't Code Ann. § 1331 052, m the aggregate principal amount of $1, 895,000 for' (i) constructing and equipping a new Central Fire Station, (u) constructing and improving LBJ sidewalk and Hutchison Street reconstruction, (iii) constructing and improving pedestrian and bicycle ways and facilities and (iv) paying the costs of issuing the Bonds Section 3 02 Date, Denomination, Maturities, Numbers and Interest. (a) The Bonds shall have the Original Issue Date of June 15, 2007, shall be m fully registered form, without coupons, m the denomination of $5,000 or any integral multiple thereof, and shall be numbered separately from one upward, excepting the initial Bond, which shall be numbered R-1, as hereinafter provided, or such other designation acceptable to the City and the Paying Agent/Registrar (b) The Bonds shall mature on August 15 m the years and m the principal amounts and interest rates set forth below, interest on each Bond accruing on the basis of a 360-day year of twelve 30-day months from the Original Issuc Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 15 and August 15 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing February 15, 2008, as follows San Marcos GO 2007' Ordinance