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<br /> ) ?- Cj .:¡: <br /> (b) In order to provide for the payment of the debt service <br /> requirements on the Bonds, being (i) the interest on the Bonds, and <br /> (ii) a sinking fund for their payment at maturity or a sinking fund <br /> of two percent (whichever amount is the greater), there is hereby <br /> levied for the current year and each succeeding year thereafter, <br /> while the Bonds or interest thereon remain outstanding and unpaid, a <br /> tax within legal limitations on each $100 valuation of taxable <br /> property in the City that is sufficient to pay such 'debt service <br /> requirements, full allowance being made for delinquencies and costs <br /> of collection. <br /> (c) The tax levied by this Section shall be assessed and <br /> collected each year and applied to the payment of the debt service <br /> requirements on the Bonds, and the tax shall not be diverted to any <br /> other purpose. <br /> ARTICLE III <br /> AUTHORIZATION; GENERAL TERMS AND PROVISIONS <br /> REGARDING THE BONDS <br /> Section 3.01. Authorization. <br /> The City's bonds to be designated "City of San Marcos, Texas, <br /> General Obligation Refunding Bonds, Series 19'93, " are hereby <br /> authorized to be issued and delivered in accordance with the <br /> Constitution and laws of the State of Texas, in the aggregate <br /> principal amount of $3,415,000 for the purpose of providing funds to <br /> refund the Refunded Obligations and to pay the costs of issuing the <br /> Bonds. <br /> Section 3.02. Date. Denomination, Maturities. Numbers and <br /> Interest. <br /> (a) The Bonds shall have the Origin~l Issue Date of May 1, <br /> 1993, shall be in fully registered. form, without coupons, in the <br /> denomination of $5,000 or any integral multiple thereof, and shall <br /> be numbered separately from one upward or such other designation <br /> acceptable to the City and the Paying Agent/Registrar. <br /> (b) The Bonds shall mature on August 1 in the years and in <br /> the principal amounts and interest rates set forth below, interest <br /> on each Bond accruing from the Original Issue Date or the most <br /> recent Interest Payment Date to which interest has been paid or <br /> provided for at the per annum rates of interest, payable <br /> semiannually on February 1 and August 1 of each year until the <br /> principal amount shall have been paid or provision for such payment <br /> shall have been made, commencing August 1, 1993, as follows: <br /> 4579f <br /> -5- <br />