Ord 2005-099 - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, WATERWORKS AND WASTE WATER SYSTEM REVENUE BONDS, SERIES 200SA; PROVIDING FOR THE SECURITY FORAND PAYMENT OF SAID BONDS; PRESCRIBING THE FORM OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, Tex. Gov't Code Ann. ch. 1502 provides that the governing body ofa municipality may issue public securities for the purposes hereinafter provided, and the City Council (the "City Council") of the City of San Marcos, Texas (the "City") finds and determines that it is necessary, useful and appropriate for the City's public purposes to authorize and provide for the issuance and sale of revenue bonds of the City for such purposes, as hereinafter provided; and WHEREAS, it is officially found, determined and declared that the meeting at which this Ordinance has been adopted was open to the public, and public notice of the date, hour, place and subject of said meeting, including this Ordinance, was given, all as required by the applicable provisions of Tex. GOy't Code Ann. ch. 551; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: ARTICLE I DEFINITIONS AND OTHER PRELIMINARY MATTERS Section 1.01. Definitions. Unless otherwise expressly proyided or unless the context clearly requires otherwise, in this Ordinance the following terms shall have the meanings specified below: "Additional Parity Obligations" means those obligations the City reserves the right to issue on a parity with the Bonds, herein authorized in accordance with the terms and conditions prescribed in Section 9.01 hereof. "Bond" means any of the Bonds. "Bonds" means the City's bonds entitled "City of San Marcos, Texas, Waterworks and Waste Water System Revenue Bonds, Series 2005A" authorized to be issued by Section 3.01 of this Ordinance. "Closing Date" means the date of the initial delivery of and payment for the Bonds. "Code" means the Internal Revenue Code of 1986, as amended, including applicable regulations, published rulings and court decisions relating thereto. "Defeasance Securities" means (i) Federal Securities, (ii) noncallable obligations of an agency or instrumentality of the United States of America, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the City Council adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Bonds are rated as to investment quality by a nationally recognized investment rating firm not less than "AAA" or its equivalent, and (iii) noncallable obligations of a state or an agency or San Marcos WS 2005A: Ordinance 11-16.2005