Ord 1991-021 - Laserfiche WebLink

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Agent/Registrar 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 $850,000 (herein referred to as the "Bonds") and issued pursuant to a certain Ordinance of the City Council of the City (the "Ordinance") for the following purposes: $200,000 for acquiring, contructing and installing improvements and extensions to the City's existing wastewater treatment plant and related facilities and $650,000 for constructing, improving and equipping water treatment facilities and necessary transmission lines and facilities and acquisition of land and interests in land and property necessary therefor. * 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 revenue obligations heretofore issued by said City (defined and identified in the ordinance authorizing this series of bonds as "Outstanding Bonds"), are payable as to both principal and interest solely from and equally secured by a first lien on and pledge of the net revenues of the City's combined Waterworks and Sewer System; for a more complete statement of the covenants and provisons securing the payment of this bond and the series of which it is one, reference is hereby made to the ordinance authorizing this series of bonds. * The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation. * 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 and the Outstanding Bonds, provided, howeve r, 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 authorizing this series of bonds and to which ordinance reference is hereby made for more complete and full particulars. * The City has reserved the option to redeem the Bonds maturing on or after January 1, 200l, before their respective scheduled maturities in whole or in part in integral multiples of $5,000 on January 1, 2000, or on any date thereafter, at a price equal to the principal amount of the Bonds so called for redemption plus accrued interest to the redemption date. If less than all of the Bonds are to be redeemed, the City shall determine the maturity or maturities and the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Bonds, or portions 4172f -18-