Ord 1992-032 - Laserfiche WebLink

Home Browse Search

* If a date for the payment of the principal of or interest on the Bonds is a Saturday, Sunday, legal holiday, or a day on which banking institutions in the city in which the Paying Agent/Registrar Office is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday, or day on which such banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. * This Bond is one of a series of fully registered bonds specified in the title hereof issued in the aggregate principal amount of $1,050,000 (herein referred to as the "Bonds"), issued pursuant to a certain Ordinance of the City Council of the City (the "Ordinance") for the purpose of constructing and installing additions, improvements and extensions to, and equipping, the City's waterworks system. * This Bond and all the bonds of the series of which it is a part constitute special obligations of the City of San Marcos, Texas, and, together with certain outstanding obligations of the City described in the Ordinance, are payable as to both principal and interest from and equally secured by a lien on and pledge of the Net Revenues of the City's combined Waterworks and Sewer System, such lien and pledge, however, being junior and subordinate to the lien on and pledge of such Net Revenues for the payment and security of the outstanding and unpaid "Priority Obligations" (defined and identified in the Ordinance); reference is hereby made to the Ordinance for a more complete statement of the covenants and provisons securing the payment of this Bond and the series of which it is one. * As provided in the Ordinance, no further or additional Priority Obligations will be authorized or issued by the City; and the bonds of the series of which this Bond is one will become obligations equally secured by a first lien on and pledge of the Net Revenues of the City's combined Waterworks and Sewer System at such time the outstanding Priority Obligations have been fully paid as to principal and interest or provisions for the payment thereof has been made in accordance with applicable law. * The City expressly reserves the right to issue further and additional special revenue obligations equally secured by a lien on and pledge of the net revenues of the City's combined Waterworks and Sewer System on a parity with the bonds of this issue; provided, however, that any and all such additional parity obligations may be issued only in accordance with and subject to the covenants, conditions, limitations and restrictions relating thereto which are set out and contained in the Ordinance, to which reference is hereby made for more complete and full particulars. 4322f -19-