|
ORDINANCE NO. 2019-03
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF THE "CITY OF SAN MARCOS,
<br />TEXAS SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2019 (TRACE PUBLIC
<br />IMPROVEMENT DISTRICT)'; APPROVING AND AUTHORIZING AN INDENTURE OF
<br />TRUST, A BOND PURCHASE AGREEMENT, AN OFFERING MEMORANDUM, A
<br />CONTINUING DISCLOSURE AGREEMENT AND OTHER AGREEMENTS AND
<br />DOCUMENTS IN CONNECTION THEREWITH; MAKING FINDINGS WITH RESPECT TO
<br />THE ISSUANCE OF SUCH BONDS; AND PROVIDING AN EFFECTIVE DATE
<br />WHEREAS, the City of San Marcos, Texas (the "City"), pursuant to and in accordance with the
<br />terms, provisions and requirements of the Public Improvement District Assessment Act, Subchapter A
<br />of Chapter 372, Texas Local Government Code (the 'PID Act'), has previously established the "Trace
<br />Public Improvement District' (the "District'), pursuant to Resolution No. 2015-145R adopted by the
<br />City Council of the City (the "Council') on October 20, 2015; and
<br />WHEREAS, the authorization creating the District became effective on March 27, 2016 upon
<br />publication of Resolution No. 2015-145R in the San Marcos Daily Record, a newspaper of general
<br />circulation in the City; and
<br />WHEREAS, no written protests of the District from any owners of record of property within the
<br />District were filed with the City Clerk within 20 days after the date of publication of such notice; and
<br />WHEREAS, pursuant to the PID Act, on September 16, 2016, the Council published notice of
<br />the assessment hearing in the San Marcos Daily Record, a newspaper of general circulation in the City,
<br />and held a public hearing on October 3, 2016, regarding the levy of special assessments within the
<br />District, and on October 18, 2016, the Council adopted Ordinance No. 2016-42 (the "Initial Assessment
<br />Ordinance"); and
<br />WHEREAS, in the Initial Assessment Ordinance, the Council approved and accepted the initial
<br />Service and Assessment Plan (the 'Initial Service and Assessment Plan") relating to the District and
<br />levied the Initial Assessments (as defined in the Initial Service and Assessment Plan, the 'Initial
<br />Assessments") against the Assessment Rall (as defined and described in the Initial Service and
<br />Assessment Plan); and
<br />WHEREAS, after levying the Initial Assessments, the City Council determined that additional
<br />assessments were necessary to be levied on property within the District relating to the total cost of the
<br />improvements in the District; and
<br />WHEREAS, pursuant to the PID Act, on September 20, 2018, the Council published notice of
<br />the additional assessment hearing in the San Marcos Daily Record, a newspaper of general circulation in
<br />the City, and held a public hearing on October 1, 2018, regarding the levy of special assessments within
<br />the District, and on October 16, 2018, the Council adopted Ordinance No. 2018-38, which was amended
<br />and restated on December 12, 2018 to defer collection of the Additional Assessments (defined below)
<br />after further publishing notice on November 23, 2018 in the San Marcos Daily Record and holding a
<br />public hearing on December 4, 2018 (collectively, the "Additional Assessment Ordinance"); and
<br />
|