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130 <br />Regular Meeting August 15, 2006 Page 7 <br />AYE: Thomaides, Guerrero, Narvaiz, Diaz, Guerrero and Bose. <br />NAY: None. <br />ABSTAIN: Mihalkanin. <br />Mayor Narvaiz introduced for consideration Item 17, removed from the <br />consent agenda, adoption of a Resolution, the caption which was read as <br />follows: <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, <br />DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE CERTIFICATES OF <br />OBLIGATION IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT <br />TO EXCEED $23,000,000; AND OTHER MATTERS RELATED THERETO. <br />Mr. Guerrero moved for adoption of the Resolution, and Mr. Bose seconded <br />the motion. Mr. O'Leary stated the estimated construction costs of the <br />80,000 square foot Conference Center is $20 million. Capital interest will <br />be used to pay the debt for up to one year after the construction of the <br />Conference Center at which time John Q. Hammons Trust will commence lease <br />of the facility from the City, as well as, begin payment of 30% of the <br />Conference Center bond to the City. He stated the bonds will be issued in <br />two services, one taxable and the other tax-exempt. He stated the bonds <br />are scheduled to be sold on September 19, 2006. He also stated the actual <br />amount of the bonds to be sold and the related debt services schedule will <br />be provided to the City Council at the September 19, 2006 Regular Meeting. <br />The Council then voted unanimously for adoption of the Resolution. <br />Mayor Narvaiz introduced for consideration Item 18, removed from the <br />consent agenda, adoption of a Resolution, the caption which was read as <br />follows: <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, <br />APPROVING THE TERMS AND CONDITIONS OF AMENDMENT NO. 2 TO THE AGREEMENT <br />WITH GLOBAL MARKETEER GROUP, INC. FOR ECONOMIC DEVELOPMENT SERVICES; <br />AUTHORIZING THE CITY MANAGER TO EXECUTE THIS AMENDMENT; AND DECLARING <br />AN EFFECTIVE DATE. <br />Mr. Guerrero moved for adoption of the Resolution, and Mr. Diaz seconded <br />the motion. Mr. O'Leary stated Global Marketeer Group is requesting to <br />remove the clause in their agreement which requires them to submit an <br />invoice to the City in the amount that does not exceed the limit of <br />$20,399.58 per month. He stated this provision imposes a monthly budgetary <br />limit for expenditures. The Council then voted unanimously for adoption of <br />the Resolution.