O-1984-1398 - Laserfiche WebLink

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. ". e e I c .' . (Social Security or other identifying number:................. ................) the within Bond and all rights thereunder, and hereby."irrevocably constitutes and appoints............... ..... ..................... ..... ...... ........ ............ ..... attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. DATED: .... ....... ...... ...... ... ..... In the presence of: NOTICE: The signature on this assignment must correspond with the name of the registered owner as it appears on the face of the within Bond in every particular. ........ ....... ..... ... Section 4. SECURITY OF BONDS The Bonds are secured by and payable (until all the territory within the District is annexed, all properties and assets of the District are taken over and all debts, liabilities and obligations of the District, including the Bonds, are assumed by one or more cities and the District is abolished pursuant to existing Texas law) from and are secured by (i) the levy of a continuing, direct annual ad valorem tax, without limit as to rate or amount, upon all taxable property within the District; and (ii) a lien on and pledge of the net revenues from the operation of the District's waterworks and sanitary sewer systems after deduction of reasonable costs of administration, efficient operation and adequate mairltenance of the District's service facilities, in the manner provided by Section 51.450(b)(3) of the Texas Water Code, as amended, as follows: 4.01. Levy of Tax. While the Bonds, or any part of the principal thereof or interest thereon, remain out- standing and unpaid, there shall be levied, assessed and collected in due time, form and manner an ad valorem tax on all taxable property within the District, which tax shall be sufficient to pay each installment on the principal of the Bonds as it matures and each installment on the interest of the Bonds as it accrues. For the current year there is hereby levied, and for each year thereafter while the Bonds, or any part of the principal and interest thereof, are outstanding and unpaid, there shall be and is hereby levied, an ad valorem tax upon all taxable property within the District sufficient in amount to pay the interest on the Bonds, together with an additional a~Rlount to be placed in the sinking fund sufficient to redeem and discharge such bonds at their maturity, full allowance being made for delinquencies and cost of collection, and such tax for the current year and each year thereafter shall be assessed, collected and applied to the paYment of interest on and principal of said bonds; provided that at such time as the net revenues from the operation of the District's waterworks and sanitary sewer system, after payment of reasonable administration, operation and main- tenance experlses, which net revenues are hereafter pledged to the paYment of the Bonds, together with the money derived from taxes, in the sinking fund may have accumulated a surplus equal to the sum to be required in the succeeding year to liquidate the interest and principal of the District's bonds maturing in that year, the District's annual tax levies may be lowered to produce not less than twenty-five per centum (25%) of all bond maturities for such succeeding year, until an actual experience of three successive years -12-