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41 Regular Meeting November 14, 1988 Page 6 indicated timing is critical. Mr. Gilley advised Edwards wants the information no later than November 15. Mr. Brown stated we need an analysis of our water needs before commiting ourselves (Mr. Guerra present at this time - 8:20 p.m.). Mayor Morris stated she wants to continue to work with New Braunfels and is interested in a surface water arrangement. Mr. Hernandez stated there are still so many unanswered questions, and feels the Memorandum of Understanding would place the City in a vulnerable position. Mr. Gilley offered additional language to Section 14 of the Memorandum of Understanding that would make the Memorandum a binding agreement until 1992 as follows: "The substantive provisions of this Memorandum are acceptable to the parties, however neither party shall be obligated to the other until the Agreement is fully executed and approved." The Mayor directed the City Manager to further negotiate and to set up a Workshop with New Braunfels if it is needed. Mr. Moore moved for adoption of the Resolution and Mr. Hernandez seconded the motion. On roll call the following vote was recorded: AYE: Moore, Hernandez, Brown, Morris, Kissler, Plummer. NAY: None. ABSTAIN: Guerra. Mr. Moore then moved for approval of the Memorandum of Understanding. The motion failed for lack of a second. Council directed Staff to look at other alternatives. The The Council then returned to Items 4 and 5 on the agenda. Mr. Nitchalous advised Masterson & Company of Houston with an effective interest rate of 7.305% was the lowest and best bid received. Mayor Morris introduced for consideration Item 5, adoption of an Ordinance on emergency, 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 SEWER SYSTEM REVENUE BONDS, SERIES 1988-A, IN THE AGGREGATE PRINCIPAL AMOUNT OF $2,660,000, PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY. Mr. Guerra moved for adoption of the Ordinance on emergency and Ms. Kissler seconded the motion. Mr. Fisher read amendments into the record as follows: Page 4, Section 3.02(b) to add the following interest rates: 1990 1991 1992 1993 1994 1995 1996 1997 "9.80% 9.80 9.80 9.80 9.80 9.80 9.80 9.80" 1998 1999 2000 2001 2002 2003 2004 2005 "6.80% 6.90 6.90 7.00 7.10 7.20 7.00 7.00"; on Page 21, Section 7.01(b) to complete both blanks with "$440,001.00" and Page 21, Section 7.01(c) to complete all three blanks with "$179,415.00"; and Page 31, Section 14.01 to complete the blanks as follows: "Masterson & Company" and "$-0-". Mr. Moore moved to amend the Ordinance to include all amendments read into the record by Mr. Fisher and Mr. Plummer seconded the motion, which passed unanimously. The Council then voted unanimously for adoption of the Ordinance on emergency.