Ord 1994-009 - Laserfiche WebLink

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foE(6- (b) In order to provide for the payment of the debt service requirements on the Certificates, being (i) the interest on the Certificates 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 Certificates or interest remain outstanding and unpaid, a tax within legal limitations on each $100 valuation of taxable property in the City 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 Certificates, and the tax shall not be diverted to any other purpose. Section 2.02. Revenue Plede:e. The Certificates are additionally secured by and shall be payable from a pledge of the Surplus Revenues. The first available Surplus Revenues of the System shall be deposited to the Interest and Sinking Fund and shall be applied to the payment of debt service on the Bonds as provided in Section 8.02(c) of this Qrçlinance. ARTICLE III AUTHORIZATION; GENERAL TERt\ifS AND PROV1SIONS REGARDING THE CERTIFICATES Section 3.01. Authorization. ~ The City's certificates of obligation to be designated "City of San Marcos, Texas Combination Tax and Revenue Certificates of Obligation, Series 1994," are hereby authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas, in the aggregate principal amount of $1,500,000 for the purpose of paying contractual obligations to be incurred for renovating and repairing existing municipal buildings. Section 3.02. Date. Denomination. Maturities. Numbers and Interest. --- (a) The Certificates shall have the Original, Issue Date of February 1, 1994, 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 Certificates shall mature on August 15 in the years and in the principal an10unts and interest rates set forth below, interest on each Certificate 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 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, 1995, as follows: SA!'<'MAIt\CO9<\DOCS\ORD NCB:21.37: 1S1:HBB1' 4