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ORDINANCE NO. 2020-39 <br />ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS, TEXAS <br />GENERAL OBLIGATION REFUNDING BONDS IN AN AMOUNT NOT TO EXCEED <br />$120,000,000 IN ONE OR MORE SERIES; APPROVING AN OFFICIAL STATEMENT, <br />A PAYING AGENT/REGISTRAR AGREEMENT, A BOND PURCHASE AGREEMENT <br />AND AN ESCROW AGREEMENT; ESTABLISHING THE PROCEDURES FOR <br />SELLING AND DELIVERING ONE OR MORE SERIES OF THE BONDS; <br />PROVIDING FOR THE APPROVAL OF THIS ORDINANCE ON ONE READING <br />ONLY AS AUTHORIZED BY STATE LAW; AND AUTHORIZING OTHER MATTERS <br />RELATING TO THE BONDS <br />THE STATE OF TEXAS § <br />COUNTIES OF HAYS, CALDWELL AND GUADALUPE § <br />CITY OF SAN MARCOS § <br />WHEREAS, the City of San Marcos, Texas (the "City") has previously issued several <br />series of obligations payable from various sources; and <br />WHEREAS, the City Council of the City deems it advisable and in the best interest of <br />the City to refund the Refunded Obligations, as defined in Exhibit "A" attached hereto, in order <br />to achieve a net present value debt service savings of not less than 3.00% of the principal amount <br />of the Refunded Obligations net of any City contribution with such savings, among other <br />information and terms to be included in a pricing certificate to be executed by the City Manager, <br />acting as the designated pricing officer of the City, or, in the absence of the City Manager, the <br />Director of Finance, all in accordance with the provisions of Chapters 1207 and 1371, of the <br />Texas Government Code; and <br />WHEREAS, Chapter 1207, Texas Government Code, as amended ("Chapter 1207") <br />authorizes the City to issue refunding bonds and to deposit the proceeds from the sale thereof <br />together with any other available funds or resources, directly with a place of payment (paying <br />agent) for the Refunded Obligations or with a trust company or commercial bank that does not <br />act as depository for the City, and such deposit, if made before such payment dates, shall <br />constitute the making of firm banking and financial arrangements for the discharge and final <br />payment of the Refunded Obligations; and <br />WHEREAS, Chapter 1207 further authorizes the City to enter into an escrow agreement <br />with a paying agent for the Refunded Obligations or with a trust company or commercial bank <br />that does not act as depository for the City with respect to the safekeeping, investment, <br />reinvestment, administration and disposition of any such deposit, upon such terms and conditions <br />as the City and such escrow agent may agree, provided that such deposits may be invested and <br />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 />1 <br />