Ord 2021-059/authorizing the issuance of Electric Utility Refunding Bond Series 2021

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ORDINANCE NO. 2021-59 SECOND SUPPLEMENTAL ORDINANCE TO THE MASTER ORDINANCE ESTABLISHING THE CITY OF SAN MARCOS, TEXAS ELECTRIC UTILITY SYSTEM REVENUE FINANCING PROGRAM; AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS ELECTRIC UTILITY REVENUE REFUNDING BONDS IN AN AMOUNT NOT TO EXCEED $17,000,000 FOR THE PURPOSE OF REFUNDING THE CITY'S OUTSTANDING ELECTRIC UTILITY SYSTEM REVENUE BONDS; PROVIDING FOR APPROVAL OF THIS ORDINANCE ON ONE READING ONLY AS AUTHORIZED BY STATE LAW; AND PROVIDING AN EFFECTIVE DATE THE STATE OF TEXAS § CITY OF SAN MARCOS § WHEREAS, the City Council of the City of San Marcos, Texas (the "City"), has previously adopted a "Master Ordinance Establishing the City of San Marcos, Texas Electric Utility System Revenue Financing Program" (referred to herein as the "Master Ordinance"); and WHEREAS, in order to enable the City to provide for the financing of the Electric Utility System projects authorized by Chapter 1502, Texas Government Code, as amended, and any other applicable provisions of State law, the Master Ordinance establishes a revenue financing program pursuant to which the City can issue and enter into obligations, including bonds and other types of obligations, secured by and payable from a pledge of and lien on all or part of the Security, as hereinafter defined; and WHEREAS, for such purposes, the City has previously issued its Electric Utility System Revenue Bonds, Series 2013 (the "Refunded Obligations") dated July 1, 2013 in the original aggregate principal amount of $18,510,000 pursuant to the "First Supplemental Ordinance to the Master Ordinance establishing the City of San Marcos, Texas Electric Utility System Revenue Financing Program" (the "First Supplement"); and WHEREAS, the City Council of the City deems it advisable and in the best interest of the City to refund the Refunded Obligations in order to achieve a net present value debt service savings of not less than 3.00% of the principal amount of the Refunded Obligations net of any City contribution with such savings, among other information and terms to be included in a pricing certificate to be executed by the City Manager, acting as the designated pricing officer of the City, or, in the absence of the City Manager, the Director of Finance, all in accordance with the provisions of Chapters 1207 and 1371, of the Texas Government Code; and 2 SanMARCOS\EtectricUlitSysRevBonds\2021: 21idtSuppOrdimice