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115 Special Meeting November 18, 1985 Page 2 Mayor Craddock introduced for consideration approval to authorize First Southwest Company to enter into negotiations with area invest- ors, including local banks, for refunding outstanding Certificates of Obligation. Bill Harrison of First Southwest Company requested the Council's approval to seek refund of three issues and to give local banks an opportunity to purchase the COs, or he has a buyer if no one locally wants to purchase the COs. He stated he could corne back before the Council with the necessary documents at their November 25 Meeting if the Council gave their approval to proceed. Mayor Craddock moved for approval and Mr. Coddington seconded the mo- tion, which passed unanimously. The Council went back to Item 3 (four Ordinances) on the Agenda. Mr. Brown stated he was uncomfortable proceeding with adoption when there were so many amendments to be made and inadequate review time being given to the entire process. Mr. Bert Hooper stated many of the amendments were minor, such as omissions from the word processor, some amendments were improvements to the quality of the documents and some were changes for better clarification. Mayor Craddock introduced for consideration adoption of an Ordinance on emergency, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, GRANTING THE CONSENT OF THE CITY OF SAN MARCOS TO THE CREATION OF A MUNICIPAL UTILITY DISTRICT: SAN MARCOS MUNICIPAL UTILITY DISTRICT NO. 1, SUBJECT TO VARIOUS TERMS AND CONDITIONS SET FORTH IN A SEPARATE AGREEMENT MADE A PART OF THIS ORDINANCE; SUSPENDING THE RULE REQUIRING THE READING OF ORDINANCES OF THREE (3) SEPARATE DAYS; AND DECLARING AN EMERGENCY. Mayor Craddock moved for approval of the Ordinance on first reading, and for the Ordinance to be amended to reflect approval on first read- ing rather than adoption on emergency and Ms. Kissler seconded the mo- tion, which passed unanimously. The Council indicated by consensus approval of the amendments outlined in Mr. Hooper's memorandum numbered 96, 97 and 98. Mayor Craddock introduced for consideration adoption of an Ordinance on emergency, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, GRANTING THE CONSENT OF THE CITY OF SAN MARCOS TO THE CREATION OF A MUNICIPAL UTILITY DISTRICT: SAN MARCOS MUNICIPAL UTILITY DISTRICT NO. 2, SUBJECT TO VARIOUS TERMS AND CONDITIONS SET FORTH IN A SEPARATE AGREEMENT MADE A PART OF THIS ORDINANCE; SUSPENDING THE RULE REQUIRING THE READING OF ORDINANCES ON THR.EE ( 3) SEPARATE DAYS; AND DECLARING AN EMERGENCY. Mayor Craddock moved for approval of the Ordinance on first reading, and for the Ordinance to be amended to reflect approval on first read- ing rather than adoption on emergency and Mr. Brown seconded the mo- tion, which passed unanimously. Mayor Craddock introduced for consideration adoption of an Ordinance on emergency, the caption which was read as follows: