12161996 Regular Meeting - Laserfiche WebLink

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3 Regular Meeting December 16r 1996 Page 3 downr but it cannot be done on every street in town. At some locations realignment also will not work. It is a function of volume and behavior. The only mechanical thing we can do is the Loop. The Council then voted unanimously for adoption of the Ordinance on emergency. Mayor Moore introduced for consideration adoption of an Ordinance on emergencYr the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOSr TEXASr AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOSr TEXASr WATERWORKS AND SEWER SYSTEM REVENUE BONDSr SERIES 1996-Cr IN THE AGGREGATE PRINCIPAL AMOUNT OF $2rOOOrOOO; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY. Mr. Hart moved for adoption of the Ordinance on emergency and three amendments as follows: Section 3.02(b) to amend the schedule of maturitiesr principal amounts and interest rates as follows: Principal Interest Principal ~nterest Year Amount Rate Year Amount Rate 1999 $ 25rOOO 7.00% 2008 $ 50rOOO 5.15% 2000 50rOOO 7.00% 2009 95,000 5.25% 2001 50rOOO 7.00% 2010 110rOOO 5.35% 2002 50rOOO 7.00% 2011 120,000 5.40% 2003 50rOOO 7.00% 2012 130rOOO 5.40% 2004 50rOOO 7.00% 2013 190rOOO 5.50% 2005 50rOOO 7.00% 2014 205,000 5.50% 2006 50,000 5.00% 2017 705,000 5.60% 2007 20rOOO 5.10%r in Section 4.03(a) to read as follows: "(a) The Bonds scheduled to mature on February 15r 2017 (rTerm Bondsr) are subject to scheduled mandatory redemption by the Paying Agent/Registrar (or DTC or a successor securities depositorYr as applicabler if the Bonds are in Book-Entry form) by lotI or by any other customary method that results in a random selectionr at a price equal to the Principal Amount thereofr plus accrued interest to the redemption dàter out of monies available for such purpose in the Interest and Sinking Fundr on the dates and in the respective Principal Amountsr set forth in the following schedule: Term Bond Maturity February 15r 2017 Mandatory Redemption Principal Date Amount February 15r 2015 $220rOOO February 15, 2016 230rOOO February 15, 2017 (maturity) 255rOOO" and in Section 7.01(a) to read, "(a) The Bonds are hereby officially I sold and awarded to Southwest Securitiesr Inc'r at a price of parr ¡ plus accrued interest from the Original Issue Date to the Closing - Dater plus a premium of $-0-. It is officially foundr determined and declared that the bid of said Purchaser is the highest bid for the Bonds as the result of competitive bids. The Bonds shall initially be registered in the name of the Purchaser or its designeer" and Mr. Cox seconded the motion. Dan Wegmiller of First Southwest Company advised the Council the feedback from the rating agenciesr Moodyrs and Standard and Poorrs, was positive. Both agencies understand what the City is doing. Standard and Poorrs recognized the City has a strong customer base, adequate capacity for the debt and strong financial positions and maintain adequate balances in our enterprise fundI water and sewer fundI that gives them a comfort level we will always be able to meet our obligations. The most important comment received from Standard and Poorrs and