Ord 1995-047 - Laserfiche WebLink

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S3Y shall be the 15th day of the month next preceding such interest payment date; provided, however, that in the event of nonpayment of interest on a scheduled interest payment date, and for 30 days thereafter, a new record date for such interest payment (a II Special Record Datell) will be established by the Paying Agent/Registrar, if and when funds for the payment of such interest have been received from the City. Notice of the Special Record Date and of the scheduled payment date of the past due interest (the IISpecial Payment Date", which shall be 15 days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail, first class postage prepaid, to the address of each Owner of a Bond appearing on the books of the Paying Agent/Registrar at the close of business on the last business day preceding the date of mailing such notice. If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the city in which the Designated PaymenUTransfer Office is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which such banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. This Bond is one ofa series offully registered bonds specified in the title hereof issued in the aggregate principal amount of $8,350,000 (herein referred to as the IIBondsll), issued pursuant to a certain Ordinance of the City Council of the City (the 1I0rdinancell) for the purpose of refunding obligations of the City payable from a lien on and pledge of the Net Rs;venues of the Cityi's Waterworks and Sewer System and 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. This Bond and all the bonds of the series of which it is a part constitute special obligations of the City of San Marcos, Texas, and are payable as to both principal and interest from and equally secured by a lien on and pledge of the Net Revenues of the City's combined Waterworks and Sewer System. Reference is hereby made to the Ordinance for a more complete statement of the covenants and provisions securing the payment of this Bond and the series of which it is one. The City expressly reserves the right to issue further and additional special revenue obligations equally secured by a lien on and pledge of the net revenues of the City's combined Waterworks and Sewer System on a parity with the bonds of this issue; provided, however, that any and all such additional parity obligations may be issued only in accordance with and subject to the covenants, conditions, limitations and restrictions relating thereto which are set out and contained in the Ordinance, to which reference is hereby made for more complete and full particulars. , The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation. The City has reserved the option to redeem the Bonds maturing on and after February 15, 2005, before their respective scheduled maturity in whole or in part in integral multiples of $5,000 R:1SA.."'UAR.\WWSSRU3\OOCS\ORDNCE..OI1..&1:P 20 1.