01242007 Special Meeting - Laserfiche WebLink

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Special Meeting January 24, 2007 Page 2 San Marcos Conference Center, in conjunction with the construction of an attached hotel, in accordance with the Master Development Agreement between the City and John Q. Hammons. Mr. O'Leary introduced Dan Wegmiller, First Southwest Financial. Dan wegmiller, First Southwest Financial, provided the Council with Bond Rating packet. He stated the Bond rating was successful and he was very satisfied with the ratings. He stated Moody's - believes San Marcos will continue to grow and the City has put together a strong policy. He stated Standard's and Poor has provided a Finance Management Assessment, which states that San Marcos has a strong and good Finance Management Assessment. Carol Polumbo, Bond Counsel, provided the Council with a handout regarding Ordinance Amendments resulting from pricing and insurance requirements. Mr. Guerrero moved to amend the Ordinance to included 15,575,000.00 pricing, which was provided by Ms. Polumbo (see attached), and Mr. Bose seconded the motion, which passed unanimously. The Council then voted unanimously for adoption of Ordinance. Mayor Narvaiz introduced for consideration adoption of an Ordinance, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, TAXABLE SERIES 2007A; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES; PRESCRIBING A AND PAYMENT OF SAID CERTIFICATES; PRESCRIBING THE FORM OF SAID CERTIFICATES; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT. Mr. Guerrero moved for adoption of Ordinance, and Mr. Jones seconded the motion. Mr. O'Leary stated this bond is necessary for the financing of the construction of the San Marcos Conference Center. Mr. Wegmiller stated the City received the same ratings as the previous Ordinance. Ms. Polumbo provided the Council with a handout regarding Ordinance Amendments Resulting from Pricing. Mr. Guerrero moved to amend the Ordinance to included $6,905,000.00 pricing, which was provided by Ms. Polumbo (see attached), and Ms. Couch seconded the motion, which passed unanimously. The Council then voted unanimously for adoption of Ordinance. Mayor Narvaiz introduced for consideration adoption of an Ordinance, the caption which was read as follow: AN ORDINANCE OF THE CITY OF SAN MARCOS, TEXAS, DESIGNATING PAYMENTS UNDER CERTAIN AGREEMENTS TO PAYMENT OF THE CITY'S COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, TAXABLE SERIES 2007A. Mr. Guerrero moved for adoption of Ordinance, and Mr. Jones seconded the motion. Ms. Polumbo stated this Ordinance is a payment designation. The Council then voted unanimously for adoption of the Ordinance.