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reinvested in Defeasance Securities, as defined herein; and <br />WHEREAS, the Escrow Agreement hereinafter authorized, constitutes an agreement of <br />the kind authorized and permitted by Chapter 1207; and <br />WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to <br />maturity within 20 years of the date of the bonds hereinafter authorized: and <br />WHEREAS, the Bonds authorized by this Ordinance are being issued and delivered <br />pursuant to the City Charter and Chapters 1207 and 1371 of the Texas Government Code, as <br />amended, and other applicable laws: and <br />WHEREAS, it is hereby officially found and determined that the meeting at which this <br />Ordinance was passed was open to the public, and public notice of the time, place and purpose of <br />the meeting was given, all as required by Chapter 551, Texas Government Code. <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF SAN <br />MARCOS, TEXAS: <br />Section 1. RECITALS. The recitals set forth in the preamble hereof are <br />incorporated herein and shall have the same force and effect as if set forth in this Section. <br />Section 2. DEFINITIONS. For all purposes of this Ordinance, except as otherwise <br />expressly provided or unless the context otherwise requires, the terms defined in Exhibit "A" to <br />this Ordinance have the meanings assigned to them in Exhibit "A". <br />Section 3. AMOUNT, NAME, PURPOSE, AND AUTHORIZATION. The <br />Bonds, each to be designated the "CITY OF SAN MARCOS, TEXAS GENERAL. <br />OBLIGATION REFUNDING BONDS," in one or more Series are hereby authorized to be <br />issued and delivered in accordance with the Constitution and laws of the State of Texas, <br />particularly Chapters 1207 and 1371, Texas Government Code, as amended, and the Charter of <br />the City. The Bonds shall be issued in the aggregate principal amount not to exceed $18,250,000 <br />for the purpose of providing funds for (i) refunding the Refunded Obligations and (ii) paying the <br />costs of issuing the Bonds. <br />Section 4. DATE, DENOMINATION, MATURITIES, NUMBERS, INTEREST <br />AND REDEMPTION. (a) Initially there shall be issued, sold, and delivered hereunder one or <br />more Series of fully registered bonds, without interest coupons, which may be in the form of <br />Current Interest Bonds or Premium Compound Interest Bonds, numbered consecutively from R- <br />1 upward, in the case of Current Interest Bonds, and from PC -1 upward, in the case of Premium <br />Compound Interest Bonds (except the Initial Bond delivered to the Attorney General of the State <br />of Texas which shall be numbered T-1 and TPC -1 respectively) payable to the respective initial <br />K <br />