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ORDINANCE NO. 2007- 47 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, ADOPTING A BUDGET FOR THE FISCAL YEAR BEGINNING ON OCTOBER 1, 2007 AND ENDING ON SEPTEMBER 30, 2008; AUTHORIZING CERTAIN ADJUSTMENTS TO THE BUDGET WITH THE APPROVAL OF THE CITY MANAGER; APPROVING FISCAL YEAR 2007-2008 CAPITAL IMPROVEMENTS PROGRAM PROJECTS; INCLUDING PROCEDURAL PROVISIONS; AND DECLARING AN EMERGENCY. RECITALS: 1. The City Charter provides for the City Council to set the time and place of a public hearing on the proposed budget for the City, and to cause notice of the hearing and a summary of the budget to be published in a newspaper of general circulation in the City. 2. The City Council at its regular meeting on August 6,2007, set the date of this hearing and directed the staff to publish notice of the public hearing and a budget summary for the City's proposed budget for fiscal year 2007-2008. 3. The public hearing notice and budget summary were published in a newspaper of general circulation in the City on August 8, 2007, prior to the date set for the public hearing on the City's proposed budget for fiscal year 2007-2008. 4. Two public hearings on the City's proposed budget for fiscal year 2007-2008 were held on August 16, 2007 and August 21, 2007, and all interested persons were given an opportunity at the hearing to be heard for or against any item or the amount of any item contained in the budget. 5. At least fourteen days have elapsed since the public hearing on the City's proposed budget for fiscal year 2007-2008, as required by the City Charter. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. The City of San Marcos 2007-2008 Budget is approved and adopted for the fiscal year beginning October 1,2007 and ending September 30,2008. SECTION 2. The amount shown in the City of San Marcos 2007-2008 Budget as necessary to provide for a sinking fund for the payment of the principal and interest and the retirement of the bonded debt of the City is appropriated for that purpose.