Ord 1993-038 - Laserfiche WebLink

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)3 () t.. II' ARTICLE II I SECURITY FOR THE BONDS Section 2.01. pledqe of Revenues. ¡ I The Parity Bonds and the interest thereon are and shall be I secured by and payable from an irrevocable first lien on and pledge I of the Pledged Revenues; and the pledged Revenues are further , pledged irrevocably to the establishment and maintenance of the I I Interest and Sinking Fund and the Reserve Fund as hereinafter provided. The Parity Bonds are and will be secured by and payable only from the Pledged Revenues, and are not secured by or payable from a mortgage or deed of trust on any real, personal or mixed properties constituting the System. Section 2.02. Special Obliqations. The Bonds and the interest thereon shall constitute special obligations of the City, payable solely from the pledged Revenues herein pledged, and the holder or holders of the Bonds 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 AND PROVISIONS REGARDING THE BONDS Section 3.01. Authorization. The City's bonds to be designated "City of San Marcos, Texas, Electric utility System Revenue Refunding Bonds, Series 1993," 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 $15,955,000 for the purpose of providing funds to refund the Refunded Obligations and to pay the costs of issuing the Bonds. Section 4.01. Limitation on Redemption. The Bonds shall be subject to redemption before scheduled maturity only as provided in this Article IV. Section 4.02. Optional Redemption. (a) The City reserves the option to redeem Bonds maturing on and after November 1, 2001, in whole or in part, before their scheduled maturity dates, on November 1, 2000, or on any date thereafter (such redemption date or dates to be fixed by the City)