Ord 1992-086 - Laserfiche WebLink

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I L{2 G- (b) In order to provide for the payment of the debt service requirements on the Bonds, being (i) the interest on the Bonds, and (ii) a sinking fund for their payment at maturity or a sinking fund of two percent (whichever amount is the greater), there is hereby levied for the current year and each succeeding year thereafter, while the Bonds or interest thereon remain outstanding and unpaid, a tax within legal limitations on each $100 valuation of taxable property in the City that is sufficient to pay such debt service requirements, full allowance being made for delinquencies and costs of collection. (c) The tax levied by this Section shall be assessed and collected each year and applied to the payment of the debt service requirements on the Bonds, and the tax shall not be diverted to any other purpose. 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, General Obligation Bonds, Series 1992-A," are her~by authorized to be issued and delivered in accordance with the Constitution and laws of the State of Texas in the aggregate principal amount of $4,600,000 for the purpose of constructing, reconstructing and improving streets in said City, providing drainage in connection therewith, and purchasing land and interests in land and properties necessary therefor. Section 3.02. Date, Denomination, Maturities, Numbers and Interest. (a) The Bonds shall have I the Original Issue Date of December 1, 1992, shall be in fully registered form, without coupons, in the denomination of $5,000 or any integral multiple thereof, and shall be numbered separately from one upward or such other designation acceptable to the City and the Paying Agent/Registrar. (b) The Bonds shall mature on August 1 in the years and in the principal amounts and interest rates set forth below, interest on each Bond accruing from the Origina 1 Issue Date or the most recent Interest Payment Date to which interest has been paid or provided for at the per annum rates of interest, payable semiannually on February 1 and August 1 of each year until the principal amount shall have been paid or provision for such payment shall have been made, commencing February 1, 1993, as follows: 4417f -4-