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<br /> Section 1.05. Interpretation. <br /> (a) Unless the context requires otherwise, words of the <br /> masculine gender shall be construed to include correlative words of <br /> the feminine and neuter genders and vice versa, and words of the <br /> singular number shall be construed to include correlative words of <br /> the plural number and vice versa. <br /> (b) This Ordinance and all the terms and provisions hereof <br /> shall be liberally construed to effectuate the purposes set forth <br /> herein to sustain the validity of this Ordinance. <br /> ARTICLE II <br /> SECURITY FOR THE BONDS <br /> Section 2.01. Pledqe of Revenues for Payment of the Bonds. <br /> <br /> Subject only to the prior pledge of the Net Revenues of the <br /> System to the payment of principal and interest of the Priority <br /> Obligations and the means and methods of accumulating and <br /> maintaining all Funds created and established for the payment and <br /> security thereof under the provisions of the ordinances and <br /> proceedings pertaining to the authorization of such Priority <br /> Obligations, the Net Revenues of the System (with the exception of <br /> those in excess of the amounts required to establish and maintain <br /> the Funds as hereinafter provided) are hereby irrevocably pledged <br /> for the payment of the principal of and interest on the Series <br /> 1984-A Certificates and the Parity Revenue Obligations, including <br /> the establishment and maintenance of the Reserve Fund hereinafter <br /> provided. <br /> Section 2.02. Special Obliqations. <br /> The Bonds are special obligatipns of the City payable from the <br /> Net Revenues of the System, and the Holders thereof shall never have <br /> the right to demand payment thereof out of any funds raised or to be <br /> raised by taxation. <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 /> Waterworks and Sewer System Revenue Bonds, New Series 1992," are <br /> hereby 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 $1,O50,OOO for the purpose of constructing and <br /> installing additions, improvements and extensions to, and equipping, <br /> the City's waterworks system. <br /> 4322f <br /> -5- <br />