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19 ORDINANCE 1985-121 AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE OF $730,000 CITY OF SAN MARCOS, TEXAS, COMBINATION TAX AND REVENUE REFUNDING BONDS, SERIES 1985; 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, the bonds hereinafter authorized are to be issued and delivered pursuant to Article 7l7k-3, Vernon's Texas civil Statutes, as amended; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: section 1. AUTHORIZATION; DESIGNATION; PRINCIPAL AMOUNT; PURPOSE. The bonds of said City, to be designated as CITY OF SAN MARCOS, TEXAS, COMBINATION TAX AND REVENUE REFUNDING BONDS, SERIES 1985 (the "Bonds"), are hereby authorized to be issued in the aggregate principal amount of $730,000, for the ~urpose refunding and in lieu of the following outstanding obl~gations of said City: Combination Tax and Revenue certificates of Obligation, Series 1982, dated May 1, 1982, now outstanding in the principal amount of $215,000; Combination Tax and Revenue Certificates of Obligation, Series 1982-A, dated July 1, 1982, now outstanding in the principal amount of $190,000; and Combination Tax and Revenue Certificates of Obligation, Series 1982-B, dated December 1, 1982, now outstanding in the principal amount of $325,000. section 2. DATE; MATURITIES. The Bonds shall be initially dated December 1, 1985 (the "Initial Date"), shall become due and payable on August 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, until maturity, at the following rate or rates per annum, in accordance with the following schedule: Interest Year Amount Rate 1986 $125,000 8.00 % 1987 135,000 R 00 % 1988 145,000 6 30 % 1989 155,000 6.70 % 1990 170,000 7 00 %