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<br />192
<br />
<br />Regular Meeting
<br />
<br />August lO, 1987
<br />
<br />Page 3
<br />
<br />Mr. Brown moved for adoption of the Ordinance on emergency and Mayor
<br />Younger seconded the motion. On roll call the following vote was re-
<br />corded:
<br />
<br />AYE:
<br />
<br />Brown, Farr, Younger, Hernandez, Kissler.
<br />
<br />NAY:
<br />
<br />Guerra.
<br />
<br />ABSTAIN:
<br />
<br />None.
<br />
<br />Mayor Younger went back to Item 7 on the agenda regarding the sale
<br />of bonds. Monty Nitcholas advised the Council the low bidder on each
<br />of the bond sales was Rotan-Mosle, and that each of the bond sales was
<br />better than the bond. buyer 1 s index, and that they were all excellent
<br />bids.
<br />
<br />Mayor Younger introduced for consideration adoption of an Ordinance
<br />on emergency, the caption which was read as follows:
<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, WATERWORKS AND SEWER SYSTEM
<br />REVENUE BONDS, SERIES 1987, IN THE AGGREGATE PRINCIPAL
<br />AMOUNT OF $1,l70,000, PRESCRIBING THE FORM OF SAID
<br />BONDS; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF
<br />SAID BONDS; AWARDING TEE SALE THEREOF; APPROVING THE
<br />OFFICIAL STATEMENT; ENACTING OTHER PROVISIONS RELATING
<br />TO THE SUBJECT; AND DECLARING AN EMERGENCY.
<br />
<br />Mr. Farr moved for adoption of the Ordinance on emergency and Ms.
<br />Kissler seconded the motion. Mr. Fisher read the following amendments
<br />into the record. Page 4, ARTICLE III, Section 3.02. (b) . . .
<br />
<br /> Principal Interest Principal Interest
<br />"Year Amount Rate Year Amount Rate
<br />1989 45,000 9.00% 1997 75,000 6.50%
<br />1990 50,000 9.00% 1998 75,000 6.70%
<br />1991 75,000 9.00% 1999 75,000 6.85%
<br />1992 75,000 9.00% 2000 100,000 7.00%
<br />1993 75,000 9.00% 2001 lOO,OOO 7.l0%
<br />1994 75,000 9.00% 2002 100,000 6.00%
<br />1995 75,000 6.90% 2003 100,000 6.00%
<br />1996 75,000 6.35%"; and
<br />
<br />on Page 3l, ARTICLE XIII, Section 13.01. . . ." awarded to Rotan Mosle,
<br />Inc. at a price of par, plus accrued interest from date of the Bonds to
<br />the Closing Date, and a premium of $-0-." IvIr. Farr moved to amend the
<br />Ordinance to incorporate Mr. Fisher's-ãffiendments as read into the record
<br />and Ms. Kissler seconded the motion, which passed unanimously. The
<br />Council then voted unanimously for adoption of the Ordinance on emer-
<br />gency.
<br />
<br />Mayor Younger introduced for consideration adoption of an Ordinance
<br />on emergency, the caption which was read as follows:
<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, GENERAL OBLIGATION BONDS,
<br />SERIES 1987, IN THE AGGREGATE PRINCIPAL AMOUNT OF
<br />$500,000, PRESCRIBING THE FORM OF SAID BONDS; PROVID-
<br />ING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS;
<br />AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL
<br />STATEMENT; AND ENACTING OTHER PROVISIONS RELATING
<br />TO THE SUBJECT.
<br />
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