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<br />l23 <br /> <br />Special Meeting <br /> <br />February 17, 1988 <br /> <br />Page 3 <br /> <br />Underwood, Neuhaus & <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />Co. , <br /> <br />Inc. (insured by <br />$1,Ol2,653.l3 <br />-0- <br />$l,012,653.l3 <br />7.3247966 <br /> <br />MBIA) <br /> <br />Prudential Bache Securities, Inc. (insured <br />Gross Interest Cost $ 967,237.50 <br />Less Premium -0- <br />Net Interest Cost $ 967,237.50 <br />Effective 6.9962 <br /> <br />by BIG) <br /> <br />Lovett Mitchell Webb <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />& Garrison (insured by <br />$ 97l,228.l3 <br />-0- <br />$ 971,228.13 <br />7.025158 <br /> <br />MBIA) <br /> <br />MBank Capital Markets <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />(insured by MBIA) <br />$ 977,7l8.75 <br />-0- <br />$ 977,7l8.75 <br />7.072l06 <br /> <br />Smith Barney, Harris <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />& Upham (insured by MBIA) <br />$ 990,362.50 <br />9.50 <br />$ 990,353.00 <br />7.163494 <br /> <br />Shears on Lehman Bros., Inc. <br />Gross Interest Cost <br />Less Premium <br />Net Interest Cost <br />Effective <br /> <br />(insured by MBIA) <br />$ 982,406.25 <br />-0- <br />$ 982,406.25 <br />7.l060l3 <br /> <br />Mayor Younger introduced for consideration adoption of an Ordinance <br />on emergency, the caption which was read as follows (Agenda Item 4.C.) <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF <br />CITY OF SAN MARCOS, TEXAS, COMBINATION TAX AND REVEN- <br />UE CERTIFICATES OF OBLIGATION, SERIES 1988, IN THE <br />AGGREGATE PRINCIPAL AMOUNT OF $l,340,000, PRESCRIBING <br />THE FORM OF SAID CERTIFICATES; PROVIDING FOR THE SE- <br />CURITY FOR AND PAYMENT OF SAID CERTIFICATES; AWARDING <br />THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; <br />AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; <br />AND DECLARING AN EMERGENCY. <br /> <br />Mr. Farr moved for adoption of the Ordinance on emergency and Ms. Kissler <br />seconded the motion (Mr. Brown present for this item - 6:13 p.m.). Mr. <br />Hernandez moved to amend the Ordinance on Page 5, Section 3.02(g) to <br />add the following interest rates: <br /> <br />1990 <br />1991 <br />1992 <br />1993 <br />1994 <br />1995 <br />1996 <br /> <br />9.30% <br />9.30% <br />9.30% <br />6.30% <br />8.75% <br />6.30% <br />6.40% <br /> <br />1997 <br />1998 <br />1999 <br />2000 <br />200l <br />2002 <br />2003 <br /> <br />6.50% <br />6.70% <br />6.90% <br />7.00% <br />7.00% <br />7.00% <br />6.375% <br /> <br />and on Page 27, Section l3.0l to read as follows: liThe Certificates <br />are hereby officially sold and awarded to Prudential Bache Securities, <br />