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110
<br />Regular tileeting July 28, 1997 Paae 3
<br />D
<br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS,
<br />TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS,
<br />TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES
<br />1997, IN THE AGGREGATE PRINCIPAL AMOUNT OF $2,500,000; PRESCRIBING
<br />THE FORM OF SAID BONDS; PROVIDING FOR THE SECURITY FOR AND
<br />PAYI,IENT OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING
<br />THE OFFICIAL STATEMENT; ENACTING OTHER PROVISIONS RELATING TO
<br />THE SUBJECT; AND DECLARING AN EMERGENCY.
<br />Mr. Hart moved for adoption of the Ordinance on emergency and Mr. Mihalkanin seconded the
<br />motion. Mr. Fisher, of Fisher and Newsom, stated all Bond Ordinances are adopted by
<br />emergency to meet the bond sale. Dan Wegmiller, First Southwest Company, stated Standard &
<br />Poors rated the revenue bond an "A" and Moody's assigned a rating of "AT'. MoodY's has a
<br />more conservative rating scale and they feel San Marcos has not reached a peak rating
<br />at this
<br />time. Standard & Poors has not closed the door to a future upgrade as well. Mr. We-miller
<br />stated the rating houses over all thought San Marcos has a stable outlook. Mr. Guerra requested
<br />Mr. Wegmiller return to a meeting in the future and explain the rating process. Mr. We-miller
<br />stated there were several issues the rating houses observed: management, long term plan, history
<br />implementation, strength of the economy and financial conditions; however, he would be glad
<br />to attend a meeting in the future and explain the process. %Ir. Wegmiller stated the low bid went
<br />to A.G. Edwards and Sons, Inc., with a true interest cost of 5.064990. Mr. Fisher read into the
<br />record the following amendments: (1) Amending Page 5 Section 3.02.(b) to read as follows:
<br />1999 550,000 6.60% 2008 5155,000 4.60% -
<br />2000 50,000 6.60% 2009 165,000 4.705
<br />2001 50,000 6.60% 2010 175,000 4.8090
<br />2003 50,000 6.60% 2011 180,000 4.909o
<br />2003 50,000 6.60% 2012 190,000 5.0090
<br />3004 50,000 6.60% 2013 205,000 5.00%
<br />2005 50,000 6.60% 2014 210,000 5.00%
<br />2006 50,000 6.60% 2015 215,000 5.0590
<br />2007 150,000 4.60% 2016 230,000 5.10%
<br />20t7 225,000 5.1090
<br />(2) Amend Page 20, Section 7.0 L(a) to read as follows: "The bonds are officially sold and
<br />awarded to A.G. Edwards & Sons, Inc., at a price of par, plus accrued interest from the origina
<br />D I
<br />issue date to the closing date, plus a premium of S-0-". Mr. Mihalkanin moved for approval of
<br />the amendments and 11s. Huahson seconded the motion, which passed unanimously. The
<br />Council then voted unanimously for adoption of the Ordinance on emergency.
<br />Mayor Moore introduced for consideration adoption of an Ordinance on emergency, the caption
<br />which was read as follows:
<br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS,
<br />TEXAS, AMENDING THE CITY BUDGET ORDINANCE FOR THE 1996-1997
<br />FISCAL YEAR TO PROVIDE FUNDING FOR THE ADDITION OF A SECOND
<br />PARKING CONTROL TECHNICLAN RIND DECLARING AN EMERGENCY.
<br />Mr. Hernandez moved for adoption of the Ordinance on emergency and ibtr. Guerra seconded the
<br />motion. Mr. Hart stated concern in adding a new employee with the possible intention of
<br />receiving proposals for contract parking companies to build a parking garage. Mayor Moore and
<br />Mr, Cox stated the same concerns. Mr. Guerra and Mr. Mihalkanin agreed the City has an
<br />obligation to help the downtown parking problems and felt this issue needed to be addressed now
<br />and the possible parking garage in the future. Ms. Hughson agreed with looking at the whole
<br />picture at once and did not believe having two parking technicians would fix the problem of
<br />unpaid parking tickets. Nlr. llihalkanin moved to amend the Ordinance to make the position a
<br />six-month trial period and i?1r. Guerra seconded the motion. Discussion ensued. 2v1r. Vlihalkanin
<br />withdrew his motion. tilr. Guerra moved to amend the Ordinance to make the position a
<br />temporary position for six months and --IvIr. ?Iihalkanin seconded the motion, which passed
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