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63 Regular Meeting June 12, 1995 Page 4 Mayor Morris introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING FIRST SOUTHWEST COMPANY TO PROCEED WITH INVESTIGATION AND PRELIMINARY ARRANGEMENTS FOR THE ISSUANCE BY THE CITY OF REFUNDING AND CONSTRUCTION BONDS. Mr. Cox moved for adoption of the Resolution and Mr. Mooney seconded the motion. Monty Nitcholas, First Southwest Company, stated they propose to refund all outstanding Water and Wastewater Revenue Bonds totaling $7,545,000 to the City. He suggested three ways of doing this: 1) reduce debt service of $86,000 per year through the year 2009; 2) replace the cash reserve with a Surety Bond; and 3) release the current debt service fund allowing it to be returned to the operating fund. He also stated they propose to refund portions of various outstanding General Obligation issues in the Principal Amount to provide an overall debt service cost reduction which would average $34,000 per year through 2007. Mayor Morris asked if the Surety Bond would be for the length of the issue, Mr. Nitcholas said yes. Mr. Hart asked if the premium for the surety bond was coming out of the refunding proc~eds, Mr. Nitcholas said yes. Mr. Nitcholas stated due to low market rates, the refunding of these outstanding bonds would provide a savings of approximately $34,000 per year through 2007. Mr. Cox asked if the difference in the surety bond or a cash reserve would affect the interest free rebate, Mr. Nitcholas said no. Discussion ensued. Mr. Nitcholas stated they would like to recommend the Council allow First Southwest to pursue with this Resolution. The Council then voted unanimously for adoption of the Resolution. Mayor Morris introduced for consideration reconsideration of two Zoning Ordinances. The Council did not wish to reconsider either of the Ordinances. The captions of the Ordinances read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING THE OFFICIAL ZONING MAP OF THE CITY BY REZONING AN 18.137 ACRE TRACT OF PROPERTY LOCATED IN THE 1400 BLOCK OF RIVER ROAD FROM "MFA" MULTI-FAMILY DISTRICT (HIGH DENSITY) AND "C" COMMERCIAL DISTRICT TO "C" COMMERCIAL DISTRICT AND DECLARING AN EFFECTIVE DATE. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING THE OFFICIAL ZONING MAP OF THE CITY BY REZONING A 0.24 ACRE TRACT OF PROPERTY, LOCATED AT 312 LINDA DRIVE FROM "M" SINGLE-FAMILY, DUPLEX AND NEIGHBORHOOD BUSINESS DISTRICT TO "MF-4" MULTI-FAMILY DISTRICT (HIGH DENSITY) AND DECLARING AN EFFECTIVE DATE. Mayor Morris introduced for consideration approval of minutes of the Regular Meeting held May 22, 1995, the Special Meeting held June 1, 1995 and the Special Meeting held June 2, 1995, approval of an Ordinance on second reading, adoption of six Resolutions, approval to authorize the sale of a portion of Fredericksburg Street Abandonment, approval of the 1995-1996/1999-2000 Capital Improvements Program, and approval to begin charging the sewer surcharges effective July 1, 1995, on consensus. The Council removed Items 10.C.(5),10.E. and 10.F. to be considered separately. Mr. Hart moved for approval of the minutes of the Regular Meeting held May 22, 1995, the Special Meeting held June 1, 1995 (Mr. Mooney and Mr. Guerra abstaining from Item 10.A.{2}), and the Special Meeting held June 2, 1995 (Mr. Mooney abstaining from Item 10.A.{3}), approval of the Ordinance on second reading, adoption of the remaining five Resolutions, and approval to authorize the sale of a portion of Fredericksburg Street Abandonment (Mr. Guerra voting Nay on Item 10.0.) on consensus and Mr. Hernandez seconded the motion, which passed unanimously.