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<br /> 104
<br />Regular Meeting January 26, 1998 Page 3
<br /> AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS,
<br /> TEXAS, AMENDING SECTION 86.150 - DEFINITIONS OF THE SAN MARCOS
<br /> CITY CODE BY CHANGING THE TEXAS ADMINISTRATIVE CODE
<br /> REFERENCES TO TNRCC REGULATIONS; INCLUDING PROCEDURAL
<br /> PROVISIONS AND DECLARING AN EMERGENCY.
<br />Mr. Hernandez moved for adoption of the Ordinance on emergency and Mr. Mihalkanin
<br />seconded the motion, which passed unanimously.
<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 1997-1998
<br /> FISCAL YEAR TO PROVIDE MATCHING CITY FUNDS FOR THE COPS MORE
<br /> 1996 TECHNOLOGY GRANT PROJECT AND DECLARING AN EMERGENCY.
<br />Mr. Hernandez moved for adoption of the Ordinance on emergency and Mr. Mihalkanin
<br />seconded the motion, which passed unanimously.
<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, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS,
<br /> TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES
<br /> 1998, IN THE AGGREGATE PRINCIPAL AMOUNT OF $14,800,000; PRESCRIBING
<br /> THE FORM OF SAID BONDS; PROVIDING FOR THE SECURITY FOR AND
<br /> PAYMENT 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. Cox seconded the motion.
<br />Dan Wegmiller, First Southwest Company, stated Standard & Poors gave San Marcos an "AAA"
<br />rating and Moody's gave a rating of "A3". Mr. Wegmiller explained Moody's thought "San
<br />Marcos has a stable credit outlook and believes the system will continue to be well managed, that
<br />planned rate increases will be implemented and satisfactory debt service coverage will be
<br />maintained". Mr. Wegmiller also explained the stable outlook recognizes that management
<br />meets the needs of the growing economy through the capital improvements program. Mr.
<br />Wegmiller stated only three bids were received; however, two of the bids received were
<br />syndicate bids, where several firms go together to bid the bond and they can pick the maturities
<br />they want to own. Mr. Wegmiller said the low bid went to William R. Hough & Co., with a true
<br />interest cost of 5.0900%. Rick Fisher read into the record the following amendments:
<br />(1) Amending Page 5, Section 3.02(b) to read as follows:
<br />2000 $250,000 6.50% 2011 $350,000 4.60%
<br />2001 275,000 6.50% 2012 370,000 4.70%
<br />2002 300,000 6.50% 2013 385,000 4.80%
<br />2003 325,000 6.50% 2014 410,000 4.90%
<br />2004 350,000 6.50% 2015 430,000 5.00%
<br />2005 375,000 6.50% 2016 450,000 5.00%
<br />2006 270,000 6.50% 2017 480,000 5.00%
<br />2007 290,000 6.50% 2018 2,695,000 5.00%
<br />2008 305,000 4.50% 2019 2,840,000 5.00%
<br />2009 315,000 4.50% 2020 3,000,000 5.125%
<br />2010 335,000 4.50%
<br />(2) Amend Page 20, Section 7.01(a) to read as follows: "The bonds are hereby officially sold and
<br />awarded to William R. Hough & Co., at a price of par, plus accrued interest from the original
<br />
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