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continuous disclosure statements will meet, at a minimum, the standards articulated by <br />the Municipal Standards Rulemaking Board, the National Federation of Municipal <br />Analysts, the Government Accounting Standards Board (GASB), and the Securities <br />Exchange Commission (SEC). The City Finance Department will be responsible for <br />ongoing disclosure to nationally recognized municipal securities information repositories <br />(NRMSIRs). Updates of budget, debt and financial information will be provided to credit <br />rating agencies and investors when new debt is issued. <br />M. Credit Rating — The City of San Marcos seeks to maintain the highest possible <br />credit ratings for all categories of debt that can be achieved without compromising the <br />delivery of basic City services. <br />N. Elections — State law regulates which securities may be issued only after a vote of <br />the electors of the City and approved by a majority of those voting on the issue. <br />1. Election Required — Securities payable in whole or in part from ad <br />valorem taxes of the City except issues such as tax increment securities, <br />certificates of obligation, and limited tax notes. <br />2. Election Not Required — <br />- Short -term notes (12 months or less) issued in anticipation of the collection of <br />taxes and other revenues. <br />- Securities issued for the acquisition of water rights or capital improvements <br />for water and wastewater treatment. <br />- Securities payable solely from revenue other than ad valorem taxes of the <br />City. <br />- Refunding securities issued to refund and pay outstanding securities. <br />- Tax increment securities payable from ad valorem tax revenue derived from <br />increased valuation for assessment of taxable property within a plan of <br />development or other similar area as defined by applicable State Statutes. <br />- Certificates of obligation. <br />- Limited Tax Notes. <br />- Securities for the construction or improvement of public streets and/or rights - <br />of -way in order to relieve congestion or for public safety matters. <br />XII. Financial Conditions, Reserves, and Stability Ratios <br />A. Operational Coverage — The City's Enterprise Funds will comply with all bond <br />