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<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. Tax Levy for Payment of the Bonds. <br /> <br /> (a) The City Council hereby declares and covenants that it <br /> will provide and levy a tax legally and fully sufficient for payment <br /> of the Bonds, it having been determined that the existing and <br /> available taxing authority of the City for such purpose is adequate <br /> to permit a legally sufficient tax in consideration of all other <br /> outstanding obligations of the City. <br /> (b) In order to provide for the payment of the debt service <br /> requirements on the Bonds, being (i) the interest on the Bonds, and <br /> (ii) a sinking fund for their payment at maturity or a sinking fund <br /> of two percent (whichever amount is the greater), there is hereby <br /> levied for the current year and each succeeding year thereafter, <br /> whi Ie the Bonds or interest thereon remain outstanding and unpaid, a <br /> tax within legal limitations on each $100 valuation of taxable <br /> property in the City that is sufficient to pay such debt service <br /> requirements, full allowance being made for delinquencies and costs <br /> of collection. <br /> (c) The tax levied by this Section shall be assessed and <br /> collected each year and applied to the payment of the debt service <br /> requirements on the Bonds, and the tax shall not be diverted to any <br /> other purpose. <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 /> General Obligation Bonds, Series 1991," are hereby authorized to be <br /> issued and delivered in accordance with the Constitution and laws of <br /> the State of Texas, in the aggregate principal amount of $3,595,000 <br /> for the following purposes: $50,000 for improving and equipping the <br /> Ci ty' sparks and recreation facilities and system; $175,000 for <br /> improving and equipping the Ci ty' s existing library facilities; <br /> $370,000 for acquiring, equipping, improving, and reconditioning <br /> fire fighting equipment and facilities; and $3,000,000 for <br /> constructing, improving and equipping police headquarters and <br /> training facilities. <br /> 4177f <br /> -4- <br />