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<br />252. <br /> <br />Regular Meeting <br /> <br />April 4, 2006 <br /> <br />Page 10 <br /> <br />request. The Council then voted unanimously for adoption of the Ordinance <br />on emergency. <br /> <br />I <br /> <br />Mayor Narvaiz introduced for consideration adoption of an Ordinance on <br />emergency, the caption which was read as follows: <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, <br />AMENDING THE 2005-2006 CITY BUDGET TO PROVIDE FUNDING FOR THE SAN <br />MARCOS CONFERENCE CENTER PROJECTi AND DECLARING AN EMERGENCY. <br /> <br />Mr. Guerrero moved for adoption of the Ordinance on emergency, and Mr. Diaz <br />seconded the motion. On roll call the following vote was recorded: <br /> <br />AYE: Thomaides, Guerrero, Narvaiz, Diaz, Jones and Bose. <br /> <br />NAY: Mihalkanin. <br /> <br />ABSTAIN: None. <br /> <br />Mayor Narvaiz introduced for consideration reconsideration of an Ordinance. <br />The Council did not wish to reconsider the Ordinance. The caption reads as <br />follows: <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, I <br />AMENDING THE FUTURE LAND USE MAP OF THE. MASTER PLAN OF THE CITY, FROM <br />INDUSTRIAL TO COMMERCIAL FOR A 30 ACRE, MORE OR LESS, TRACT OF <br />PROPERTY LOCATED IN THE 1300-1400 BLOCKS OF CENTERPOINT ROADi AND <br />INCLUDING PROCEDURAL PROVISIONS. <br /> <br />Mayor Narvaiz introduced a discussion and to receive on update regarding <br />the proposed surface water treatment plant expansion. Rodney Gonzales, <br />Director of Finance, provided the Council with the preliminary information <br />on the debt which needs to be issued soon. He stated the City Council will <br />need to issue revenue bonds to finance the construction of the expansion. <br />He stated GBRA will reimburse the City 120% of the debt service payments to <br />cover the times coverage ratio bond requirement. He stated the debt will be <br />paid over a 30-year period. He stated GBRA requested a 30-year debt, which <br />will provide a lower annual payment to GBRA and will also match the <br />expected useful life of the expansion. Mr. Bose inquired as to the effect <br />this debt will have on the City's bond rating. Dan Wegmiller, First <br />Southwest Company, stated bond rating companies look at contracts like this <br />on a regular basis. He stated the rating will affect GBRA's credit if not <br />fully paid. He stated the City's credit will not be affected. Mr. <br />Mihalkanin inquired whether there is a cost to the City. Mr. Gonzales <br />stated there is not a cost to the City. <br /> <br />I <br />