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41 . Regular Meeting May 2, 2006 Page 6 Mayor Narvaiz introduced for consideration approval of one appointment to I the Arts Commission. Mr. Thomaides moved to appoint Caroline Roberts, which passed unanimously. Mayor Narvaiz introduced for consideration a public hearing and approval of an Ordinance on first reading, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING SECTION 4.2.4.1 OF THE CITY LAND DEVELOPMENT CODE TO EXTEND THE DURATION OF THE DOWNTOWN BUILDING HEIGHT OVERLAY DISTRICT; INCLUDING PROCEDURAL PROVISIONS; AND PROVIDING FOR PENALTIES. Mayor Narvaiz opened the public hearing and asked if anyone wished to speak. 1) Larry Rascoe stated he is a member of the Downtown Association. He encouraged the Council to maintain downtown building height restrictions since the City is in the process of working on the Downtown Master Plan. He also encouraged the Council to extend the temporary height limits from IH-35 up to the University. Mayor Narvaiz asked if anyone else wished to speak. No one did, so Mayor Narvaiz closed the public hearing. Mr. Thomaides stated he feels the Planning and Zoning Commission should consider some of the downtown area as a transit district. He stated several other cities that are participating in the Commuter Rail have already created a transit district. Mayor Narvaiz stated she feels a transit district will be needed with the Commuter Rail. She thanked the Downtown Association for their hard work. The Council then voted unanimously for approval of the Ordinance on first reading. I 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 CITY OF SAN MARCOS, TEXAS WATERWORKS AND WASTE WATER SYSTEM REVENUE BONDS, SERIES 2006 (ESTIMATED AMOUNT $7,880,000); PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; PRESCRIBING THE FORM OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY. Mr. Thomaides moved for adoption of the Ordinance, and Mr. Mihalkanin seconded the motion. Mr. O'Leary introduced Dan Wegmiller and Jeff Garland of First Southwest Company, Nora Chavez of A.G. Edwards, Carol palumbo and Rick Fisher of McCall, Parkhurst & Horton L.L.P., and Alvin Shearer of GBRA. Mr. Wegmiller provided Council with Final Pricing Summary booklets. He stated the 2nd page provides the Historical General Obligation Interest I Rates for a 10 year period. He stated the City has received a rating of A2 from Moody's and A from Standard & Poor's. He also stated the results of