Ord 2015-018/Lasalle MUD amendements

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Section 6.02. Bond Requirements. The District and any resulting district shall obtain all necessary authorizations for Bonds in accordance with this Agreement and with CHAPTER 70, SECTION 70.053 OF THE SAN MARCOS CODE. To the extent of a conflict with SECTION 70.053 OF THE SAN MARCOS CODE, this Agreement shall control. All Bonds, including refunding bonds, issued by the District and any Resulting District shall comply with the following requirements: (a) Maximum maturity of 25 years from the date of issuance for any one series of Bonds; and (b) The net effective interest rate will not exceed two percent (2 %) above the highest average interest rate reported by the Daily Bond Buyer in its weekly "20 Bond Index" during the one month period immediately preceding the date that the notice of sale of such Bonds is given; and (c) The Bonds shall expressly provide that the District and any resulting district shall reserve the right to redeem Bonds at any time beginning not later than the tenth (10th) anniversary of the date of issuance, without premium. No variable rate Bonds shall be issued by the District and any resulting district; and (d) Any refunding Bonds of the District and any resulting district must provide for a minimum of three percent (3 %) present value savings, and, further, must provide that the latest maturity of the refunding Bonds may not extend beyond the latest maturity of the refunded Bonds; and Section 6.03 Economic Feasibility. At least thirty (30) days before the issuance of bonds, except refunding bonds, the District's financial advisor shall certify in writing that the bonds are being issued within the existing economic feasibility guidelines established by the TCEQ for the districts issuing bonds for water, sewer or drainage facilities in Hays County and shall deliver such certification to the City Manager and the City Clerk. The District and all Resulting Districts agree to provide a copy of TCEQ Bond Order and Memo prior to issuance to reduce cost to District. Section 6.04. Notice of Bond Issues. At least thirty (30) days before the issuance of bonds, the District or any resulting district shall deliver to the City Manager and City Attorney notice containing: (a) the amount of Bonds being proposed for issuance; (b) a general description of the projects to be funded by such bonds; and (c) the proposed debt service tax rate after the issuance of the Bonds. If the District and any resulting district is not required to obtain TCEQ approval of the issuance of the Bonds (other than refunding bonds), the District and any resulting district shall deliver such other notice required in this Section at least sixty (60) days prior to the issuance of Bonds. Within thirty (30) days after the District or any resulting district closes the sale of a series of bonds, the District or resulting district shall deliver to the City Manager a copy of the final official statement for such series of bonds. If the City requests additional information 93