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32 RESOLUTION 1985-119R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS EXPRESSING ITS INTENT TO PURCHASE THE LOWER COLORADO RIVER AUTHORITY ELECTRIC DISTRIBUTION SYSTEM SERVING THE SERVICE AREA OF THE CITY OF SAN MARCOS AND VICINITY WHEREAS, by letter dated September 30, 1985, the Low- er Colorado River Authority (hereinafter designated "LCRA") extended an offer to the City of San Marcos, Texas (hereinafter designated "City") to sell the LCRA electric distribution system serving the City's and immediate vicinity's service area (hereinafter designated the "System") to the City under terms and conditions to be negotiated; and WHEREAS, the City, in reliance upon the offer has employed engineering consultants and legal counsel to advise the City Council of the viability and feasibility of the purchase, and the consultants have commenced data review and negotiations with LCRA representatives; and WHEREAS, the September 30, 1985, offer states that "The offer is good until December 31, 1985" and further re- quires that the sale be closed six (6) months thereafter, and the City has been advised by its consultants that these dates are not practical time constraints to submit and receive recommendations and to consummate purchase of the system; and WHEREAS, the City does intend to purchase the System, subject to certain terms and conditions as stated in this reso- lution, and by the passage hereof requests the LCRA Board of Directors to extend the deadlines stated in its Septmber 30, 1985, offer to reasonable, mutually agreed upon dates consist- ent with the time required for evaluation and consummation of the purchase; NOW, THEREFORE,