Ord 2022-097/Authorizing the issuance of the city special assessment revenue bond series 2022 Whisper S. PID Approving and Authorizing an Indenture of trustA bond purchase agreement an offering Memo

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ORDINANCE NO. 2021-97 AN ORDINANCE AUTHORIZING THE ISSUANCE OF THE "CITY OF SAN MARCOS, TEXAS SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2022 (WHISPER SOUTH PUBLIC IMPROVEMENT DISTRICT PROJECT)"; APPROVING AND AUTHORIZING AN INDENTURE OF TRUST, A BOND PURCHASE AGREEMENT, AN OFFERING MEMORANDUM, A CONTINUING DISCLOSURE AGREEMENT, A LANDOWNER AGREEMENT, AGREEMENT REGARDING WAIVER OF RIGHT OF REDEMPTION AND WAIVER OF AGRICULTURAL VALUATION, FINANCING AGREEMENT, CONSTRUCTION, FUNDING, AND ACQUISITION AGREEMENT AND OTHER AGREEMENTS AND DOCUMENTS IN CONNECTION THEREWITH; MAKING FINDINGS WITH RESPECT TO THE ISSUANCE OF SUCH BONDS; PROVIDING FOR APPROVAL OF THIS ORDINANCE ON ONLY ONE READING AS AUTHORIZED BY STATE LAW; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of San Marcos, Texas (the "City"), pursuant to and in accordance with the terms, provisions and requirements of the Public Improvement District Assessment Act, Subchapter A of Chapter 372, Texas Local Government Code (the "PID Act"), has previously established the "Whisper South Public Improvement District South" (the "District"), pursuant to Resolution 2021-87R and Resolution 2021-91R adopted by the City Council of the City (the "Council") on May 4, 2021; and WHEREAS, the authorization creating the District became effective upon publication of its authorization in the San Marcos Daily Record, a newspaper of general circulation in the City on June 30, 2021; and WHEREAS, no written protests of the District from any owners of record of property within the District were filed with the City Clerk within 20 days after the date of publication of such notice; and WHEREAS, pursuant to the PID Act, on November 26, 2021, the Council published notice of the assessment hearing in the San Marcos Daily Record, a newspaper of general circulation in the City, and held a public hearing on December 7, 2021, which remained open until December 15, 2021, regarding the levy of special assessments within the District, and on December 15, 2021, the Council adopted Ordinance No. 2021- (the "Assessment Ordinance"); and WHEREAS, in the Assessment Ordinance, the Council approved and accepted the initial Service and Assessment Plan (the "Service and Assessment Plan") relating to the District and levied the Assessments (as defined in the Service and Assessment Plan) in the District against the Assessment Roll (as defined and described in the 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 2022 (Whisper South Public Improvement District South)" (the 'Bonds"), such Bonds to be payable from and secured by the Pledged Revenues, as defined in the Indenture (defined below) and other assets pledged under the Indenture to the payment of the Bonds; and