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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WHEREAS, the City is authorized by the PID Act to issue the Bonds for the purpose of (i) paying a portion of the Actual Costs of the Public Improvements, (ii) paying Bond Issuance Costs, and (iii) funding the initial deposit to the Administrative Fund; and WHEREAS, in connection with the issuance of the Bonds, the Public Improvements are located within the District, and the City has determined that the Public Improvements confer a special benefit on the District as provided in Section V.C. of the Service and Assessment Plan; and WHEREAS, the Council has found and determined to approve (i) the issuance of the Bonds to finance the Public Improvements, (ii) the form, terms and provisions of the Indenture securing the Bonds authorized hereby, (iii) the form, terms and provisions of a Bond Purchase Agreement (defined below) between the City and the purchaser of the Bonds, (iv) a Landowner Agreement (defined below), (v) an Offering Memorandum (defined below), (vi) a Continuing Disclosure Agreement (defined below), (vii) an Agreement Regarding Waiver of Right of Redemption and Waiver of Agricultural Valuation (defined below), (viii) a Financing Agreement (defined below) and (ix) a Construction Funding Agreement (defined below),; and WHEREAS, the meeting at which this Ordinance is considered is open to the public as required by law, and the public notice of the time, place and purpose of said meeting was given as required by Chapter 551, Texas Government Code, as amended; NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, THAT: Section 1. Findings. The findings and determinations set forth in the preamble hereof are hereby incorporated by reference for all purposes as if set forth in full herein. Section 2. ADDroval of Issuance of Bonds and Indenture. (a) The issuance of the Bonds in the principal amount of $14,000,000 for the purpose of (i) paying a portion of the Actual Costs of the Public Improvements, (ii) paying Bond Issuance Costs, and (iii) funding the initial deposit to the Administrative Fund is hereby authorized and approved. (b) The Bonds shall be issued and secured under that certain Indenture of Trust (the "Indenture") dated as of January 19, 2022, between the City and UMB Bank, N.A., as trustee (the "Trustee"), with such changes as may be necessary or desirable to carry out the intent of this Ordinance and as approved by the Mayor or Mayor Pro Tem of the City, such approval to be evidenced by the execution and delivery of the Indenture, which Indenture is hereby approved in substantially final form attached hereto as Exhibit A and incorporated herein as a part hereof for all purposes. The Mayor or Mayor Pro Tem of the City is hereby authorized and directed to execute the Indenture and the City Clerk is hereby authorized and directed to attest such signature of the Mayor or Mayor Pro Tem. (c) The Bonds shall be dated, shall mature on the date or dates and in the principal amount or amounts, shall bear interest, shall be subject to redemption and shall have such other