Ord 2019-003/authorizing the issuance of the City of San Marcos Special Assessment Revenue Bonds, Series 2018 (Trace Public Improvement District); approving aand authorizing an Indenture of Trust, a Bond Purchase Agreement, an Offering Memorandum, a

Home Browse Search

WHEREAS, in the Additional Assessment Ordinance, the Council approved and accepted an update to the Initial Service and Assessment Plan (as defined and described in the Additional Assessment Ordinance, the "Updated Service and Assessment Plan", as amended from time to time, the "Service and Assessment Plan") relating to the District and levied the Additional Assessments (as defined in the Updated Service and Assessment Plan, the "Additional Assessments' and collectively with the Initial Assessments, the "Assessments') against the Assessment Roll (as defined and described in the Updated Service and Assessment Plan); and WHEREAS, the Council has found and determined that it is in the best interests of the City to issue its bonds to be designated "City of San Marcos, Texas Special Assessment Revenue Bonds, Series 2019 (Trace Public Improvement District)" (the 'Bonds"), such Bonds to be payable from and secured by the Pledged Revenues, as defined in the Indenture (defined below); and WHEREAS, the City is authorized by the PID Act to issue the Bonds for the purpose of (i) paying or reimbursing all or a portion of the costs of certain public improvements (the 'Public Improvements') that benefit all of the District, (ii) paying a portion of the interest on the Bonds during and after the period of acquisition and construction of the Public Improvements, (iii) funding a reserve fund for payment of principal of and interest on the Bonds, (iv) paying a portion of the costs incidental to the organization of the District, and (v) paying the costs of issuance of the Bonds; and WHEREAS, in connection with the issuance of the Bonds, the Public Improvements are located within the District, and the City has determined that the Public Improvements confer a special benefit on the District as provided in Section IV.C. of the Service and Assessment Plan attached hereto as Exhibit C; and WHEREAS, the Council has found and determined to approve (i) the issuance of the Bonds to finance the Public Improvements, (ii) the form, terms and provisions of the Indenture securing the Bonds authorized hereby, (iii) the form, terms and provisions of a Bond Purchase Agreement (defined below) between the City and the purchaser of the Bonds, (iv) an Offering Memorandum (defined below), and (v) a Continuing Disclosure Agreement (defined below); and WHEREAS, the meeting at which this Ordinance is considered is open to the public as required by law, and the public notice of the time, place and purpose of said meeting was given as required by Chapter 551, Texas Government Code, as amended; NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, THAT: Section 1. Findings. The findings and determinations set forth in the preamble hereof are hereby incorporated by reference for all purposes as if set forth in full herein.