Ord 1993-038 - Laserfiche WebLink

Home Browse Search

J]D~ singular number shall be construed to include correlative words of the plural number and vice versa. (b) This Ordinance and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein to sustain the validity of this Ordinance. ARTICLE II - SECURITY FOR THE BONDS ~ r Section 2.01. PledQe of Revenues. The Parity Bonds and the interest thereon are and shall be secured by and payable from an irrevocable first lien on and pledge of the Pledged Revenues; and the Pledged Revenues are further pledged irrevocably to the establishment and maintenance of the 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. SpecialObliqations. .. 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 I Section 3.01. Authorization. The Ci ty 's bonds to be designated "City of San Marcos, Texas, Electric Utili ty 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 Bonds and to pay the costs of issuing the Bonds. Section 3.02. Date, Denomination, Maturities, Numbers and Interest. (a) The Bonds shall have the Original Issue Date of May 1, 1993, shall be in fully registered form, without coupons, in the 4588f -6-