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17 ORDINANCE 1986-125 AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE OF $16,355,000 CITY OF SAN MARCOS, TEXAS, ELECTRIC UTILITY SYSTEM REVENUE BONDS, SERIES 1986; PROVIDING FOR THE TERMS AND CONDITIONS OF SAID BONDS; AWARDING THE SALE OF SAID BONDS; CONTAINING PROVISIONS NECESSARY AND INCIDENTAL THERETO: AND DECLARING AN EMERGENCY THE STATE OF TEXAS COUNTY OF HAYS CITY OF SAN MARCOS § § § WHEREAS, at an election held in the City of San Marcos, Texas, on July 26, 1986, this City Counci1 became authorized to issue $17,100,000 electric utility system revenue bonds of said City for the purposes hereinafter set forth, and this City Council finds and determines that it is now necessary and proper to authorize, issue, sell and deliver $16,355,000 in principal amount of said voted bonds, leaving $745,000 in principal amount thereof to be issued, sold and delivered hereafter; and WHEREAS, the bonds hereinafter authorized are to be issued, sold and delivered pursuant to said election and Arts. 1111, et seq., of the Revised Civi1 Statutes of Texas, as amended; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: Section 1. AUTHORIZATION; DESIGNATION; PRINCIPAL AMOUNT; PURPOSE. The bonds of said City, to be designated as CITY OF SAN MARCOS, TEXAS, ELECTRIC UTILITY SYSTEM REVENUE BONDS, SERIES 1986 (the "Bonds"), are hereby authorized to be issued in the aggregate principal amount of $16,355,000, for the purpose of purchasing, improving, extending and equipping an electric light and power system for said City. Section 2. DATE; MATURITIES. The Bonds shall be initially dated October 1, 1986 (the "Initial Date"), shall become due and payable on November 1 in each of the years" and shall bear interest from the later of the Initial Date, or the most recent interest payment date to which interest has been paid or duly provided for, at the per annum rates, in accordance with the fo11owing schedule: