Ord 1994-059 - Laserfiche WebLink

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-¿.if II all Funds created and established for the payment and security thereof under the provisions of the ordinances and proceedings pertaining to the authorization of such Priority Obligations, the Net Revenues of the System (with the exception of those in excess of the amounts required to establish and maintain the Funds as hereinafter provided) are hereby irrevocably pledged for the payment of the principal of and interest on the Series 1984-A Certificates and the Parity Revenue Obligations, including the establishment and maintenance of the Reserve Fund hereinafter provided. The Bonds are Additional Parity Obligations as defined in the Ordinance authorizing the issuance of the Previously Issued Parity Obligations. Section 2.02. Special Obligations. The Bonds are special obligations of the City payable from the Net Revenues of the System, 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 TERIvlS AND 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 Bonds, New 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 $1,000,000 for the purpose of constructing, equipping and improving water treatment tàcilities 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, 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 Bonds shall mature on January 1 in tþe 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, 1995, as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1995 $ 25,000 -=6,110% 2003 $ 25,000 ~% 1996 25,000 ~.4i) % 2004 25,099 ~S-o % 1997 25,000 ~% 2005 25,000 .5:lt& % 1998 25,000 . "/0 % 2006 125,000 5:.:11L % 1999 25,000 ~% 2007 200,000 Ç,\O % 2000 25,000 ~% 1008 200,000 ç. 0% 2001 25,000 Î.üO % 2009 200,000 to,O\) % 2002 25,000 S. ~O % SA. 'i M.\ R\ 'WWSS94' DOCS'~O RD S CE:Œ7 ,43 oR B B F 5