Ord 2019-016/authorizing the issuance and sale of approximately $31,000,000 of Combination Tax and Revenue Certificates of Obligation, Series 2019

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"Ordinance"), for the following purposes: constructing, improving, designing and equipping the City's (1) water and waste water system including meter upgrades, system operating software, water quality improvements and utility relocation; (2) electric utility system including master planning and studies, utility relocation, and meter upgrades; (3) streets including related drainage, sidewalks, bicycle and pedestrian improvements; (4) municipal buildings to include the City Hall, library and Charles S. Cock house; (5) drainage and flood control facilities; (6) airport; (7) public safety facilities to include police and fire station improvements; (8) fiber optic infrastructure equipment; (9) recreational facilities including the sports complex and city parks; (10) land acquisition for a city cemetery; and (11) the payment of professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing the certificates of obligation The Certificates and the interest thereon are payable from the levy of a direct and continuing ad valorem tax, within the limit prescribed by law, against all taxable property in the City and by a limited pledge of certain Surplus Revenues of the City's waterworks and sewer system, all as provided in the Ordinance. The City has reserved the option to redeem the Certificates maturing on and after August 15, 2029, before their respective scheduled maturity in whole or from time to time in part in integral multiples of $5,000, on August 15, 2028, or on any date thereafter, at a price equal to the principal amount of the Certificates so called for redemption plus accrued interest to the redemption date. If less than all of the Certificates are to be redeemed, the City shall determine the amounts thereof to be redeemed and shall direct the Paying Agent/Registrar to call by lot Certificates, or portions thereof within such maturity or maturities and in such amounts, for redemption. Notice of such redemption or redemptions shall be sent by United States mail, first class postage prepaid, not less than 30 days before the date fixed for redemption, to the registered owner of each of the Certificates to be redeemed in whole or in part. Notice having been so given, the Certificates or portions thereof designated for redemption shall become due and payable on the redemption date specified in such notice, and from and after such date, notwithstanding that any of the Certificates or portions thereof so called for redemption shall not have been surrendered for payment, interest on such Certificates or portions thereof shall cease to accrue. Conditional notice of redemption may also be given as provided in the Ordinance. With respect to any optional redemption of the Certificates, unless certain prerequisites to such redemption required by the Ordinance have been met and moneys sufficient to pay the principal of and premium, if any, and interest on the Certificates to be redeemed shall have been received by the Paying Agent/Registrar prior to the giving of such notice of redemption, such notice shall state that said redemption may, at the option of the City, be conditional upon the satisfaction of such prerequisites and receipt of such moneys by the Paying Agent/Registrar on or prior to the date fixed for such redemption, or upon any prerequisite set forth in such notice of redemption. If a conditional notice of redemption is given and such prerequisites to the redemption and sufficient moneys are not received, such notice shall be of no force and effect, the City shall not redeem such Certificates and the Paying Agent/ Registrar shall give notice, in the manner in which the notice of redemption was given, to the effect that the Certificates have not been redeemed. 20 San Marcos CTRCO 2019: Ordinance