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30 Special Meeting January 7, 1987 Page 4 Mayor Younger introduced reconsideration of 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, CERTIFICATES OF OBLIGATION, SERIES 1987, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,400,000, PRESCRIBING THE FORM OF SAID CERTIFICATES; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT AND DECLARING AN EMERGENCY. Mr. Brown moved for adoption of the Ordinance on emergency and Mr. Parr seconded the motion. Mr. Farr moved the Ordinance be amended as follows: on Page 5, Section 3.02(b) to complete the interest rates by year as follows: "1989 9.00% 1998 6.10% 1990 9.00% 1999 6.20% 1991 9.00% 2000 6.30% 1992 9.00% 2001 6.40% 1993 9.00% 2002 6.50% 1994 9.00% 2003 6.60% 1995 9.00% 2004 6.00% 1996 8.00% 2005 6.00% 1997 6.00% 2006 6.00%"; on Page 21 in Section 6.04 to read as follows: II .. Hutchison Price Boyle & Brooks, Bond Counsel. . . .", and also on Page 21 in Section 7.01(b) to read as follows: "The Interest and Sinking Fund and the Construction Fund shall be maintained at an official depository of the City.", and on Page 27 in Section 12.01 for the blanks to be completed as follows: "The Certificates are hereby offi- cially sold and awarded to Underwood Neuhaus & Co., Inc. and Associates, at a price of par, plus accrued interest from the date of the Certifi- cates to the Closing Date, and a premium of $-0-," and Mr. Guerra seconded the motion. On roll call the following vote was recorded: AYE: Brown, Farr, Younger, Guerra, Nicola. NAY: None. ABSTAIN: Coddington. Mr. Coddington stated the citizens will be losing $1.4 million ln interest and that he thinks the funds are available and stated the City Manager did not obtain other sources of funding as he had re- quested. Mayor Younger introduced for consideration 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 AJ1ENDING THAT ORDINANCE ADOPTED SEPTEM- BER 8, 1986 WHICH SET FORTH AN ITEMIZED ESTIMATE OF TEE EXPENSE OF CONDUCTING EACH ADMINISTRATIVE UNIT OF THE MUNICIPAL GOVERNMENT OF SAID CITY FOR THE FIS- CAL YEAR BEGINNING OCTOBER 1, 1986 AND ENDING ON SEP- TEMBER 30, 1987, AND APPROPRIATED MONEY FOR THE VARIOUS FUNDS AND PURPOSES OF SUCH ESTIMATE, TO REVISE SAID ESTIMATES AND TO REAPPROPRIATE SAID FUNDS, ADOPTING SAID REVISIONS AND ESTIMATES, AND DECLARING AN EMER- GENCY.