Ord 2009-037 - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 2009-37 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, TAX AND REVENUE REFUNDING BONDS, SERIES 2009; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; PRESCRIBING THE FORM OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT AND A BOND PURCHASE AGREEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, the City has duly issued and there is now outstanding several series of obligations payable from the City's Water and Waste Water System, including the following: City of San Marcos, Texas Waterworks and Sewer System Revenue Bonds, Series 1996-B (the "Series 1996-B Bonds); and City of San Marcos, Texas Waterworks and Waste Water System Revenue Bonds, Series 1999 (the "Series 1999 Bonds"), and City of San Marcos, Texas Waterworks and Waste Water System Revenue Bonds, Series 2000 (the "Series 2000 Bonds"). WHEREAS, the City now desires to issue refunding bonds to refund all of the outstanding Series 1996-B Bonds, Series 1999 Bonds and Series 2000 Bonds that are subject to redemption (the "Refunded Obligations"); and WHEREAS, the City Council ofthe City deems it advisable and in the best interest of the City to refund the Refunded Obligations in order to achieve a gross present value savings of $877,884.37 and a net present value savings of $667,143.75 (5.455% of the Refunded Obligations); and WHEREAS, Chapter 1207, Texas Government Code, as amended ("Chapter 1207") authorizes the City to issue refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds or resources, directly with a place of payment (paying agent) for the Refunded Obligations, and such deposit, if made before such payment dates, shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Obligations; and WHEREAS, Chapter 1207 further authorizes the City to enter into an agreement with a paying agent for the Refunded Obligations or a trust company or commercial bank that does not act as a depository for the City with respect to the safekeeping, investment, reinvestment, administration and disposition of any such deposit, upon such terms and conditions as the City and such paying agent may agree, provided that such deposits may be invested and reinvested in Defeasance Securities, as defined herein; and San Marcos Tax & Rev Rfdg 2009: Ordinance