Ord 1995-047 - Laserfiche WebLink

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J3~ Section 2.02. Special Obligations. The Bonds are special obligations of the City payable from 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 taxation. ARTICLE III AUTHORIZATION; GENERAL TERMS At'ID PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos, Texas, Waterworks and Sewer System Revenue Refunding and Improvement Bonds, Series 1995," are hereby authorized to be issued and delivered in accordance with the laws of the State of Texas in the aggregate principal amount of $8,350,.000 for the following purposes: (i) $7,350,000 for providing funds to refund the Refunded Obligations and (ii) $1,000,000 for constructing, equipping and improving 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 July 15, 1995, shall be in fully registered form, without coupons, in the denomination of$5,000 or any integral multiple thereof, and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Bonds shall mature on January 1 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing from 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 of interest, payable semiannually on January 1 and July 1 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing January 1, 1996, as follows: ll;1:IA..~\W'WSSR.u"OOCS\ORDSCE.OZ7.41:F 6