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ORDINANCE NO. 2009-36 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, <br />AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, <br />GENERAL OBLIGATION REFUNDING BONDS, SERIES 2009; PROVIDING FOR THE <br />SECURITY FOR AND PAYMENT OF SAID BONDS; PRESCRIBING THE FORM OF <br />SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL <br />STATEMENT AND A BOND PURCHASE AGREEMENT; AND ENACTING OTHER <br />PROVISIONS RELATING TO THE SUBJECT <br />WHEREAS, the City has duly issued and there is now outstanding the following general <br />obligations, including the following: <br />City of San Marcos, Texas General Obligation Refunding and Improvement Bonds, Series <br />1999 (the "Series 1999 Bonds); and <br />City of San Marcos, Texas Combination Tax and Revenue Certificates of Obligation, Series <br />2000 (the "Series 2000 Certificates"); and <br />City of San Marcos, Texas General Obligation Bonds, Series 2000 (the "Series 2000 Bonds"); <br />and <br />City of San Marcos, Texas Combination Tax and Revenue Certificates of Obligation, Series <br />2000-A (the "Series 2000-A Certificates"). <br />WHEREAS, the City now desires to issue refunding bonds to refund all of the outstanding <br />Series 1999 Bonds, the Series 2000 Certificates, the Series 2000 Bonds and the Series 2000-A <br />Certificates that are subject to redemption (the "Refunded Obligations"); and <br />WHEREAS, the City Council of the City deems it advisable and in the best interest of the City <br />to refund the Refunded Obligations in order to achieve a gross savings of $782,865.42 and a net <br />present value savings of $606,076.42 (6.194% of the Refunded Obligations); and <br />WHEREAS, Chapter 1207, Texas Government Code, as amended ("Chapter 1207") <br />authorizes the City to issue refunding bonds and to deposit the proceeds from the sale thereof <br />together with any other available funds or resources, directly with a place of payment (paying agent) <br />for the Refunded Obligations, and such deposit, if made before such payment dates, shall constitute <br />the making of firm banking and financial arrangements for the discharge and final payment of the <br />Refunded Obligations, and <br />WHEREAS, Chapter 1207 further authorizes the City to enter into an agreement with a <br />paying agent for the Refunded Obligations or a trust company or commercial bank that does not act <br />as a depository for the City with respect to the safekeeping, investment, reinvestment, administration <br />San Marcos GORB 2009: Ordinance