Ord 2023-042 authorizing the issuance and sale of an amount not to exceed $1,120,000.00 of Combination Tax and Surplus Revenue Certificates of Obligation, Series 2023

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authorizing the financial arrangements are rated as to investment quality by a nationally recognized investment rating firm not less than AAA or its equivalent. (d) Paying Agent/Registrar Services. Until all Defeased Certificates shall have become due and payable,the Paying Agent/Registrar shall perform the services of Paying Agent/Registrar for such Defeased Certificates the same as if they had not been defeased,and the Issuer shall make proper arrangements to provide and pay for such services as required by this Ordinance. (e) Selection of Certificatesfor Defeasance. In the event that the Issuer elects to defease less than all of the principal amount of Certificates of a maturity,the Paying Agent/Registrar shall select,or cause to be selected, such amount of Certificates by such random method as it deems fair and appropriate. (t) Notice. Upon entering into a Future Escrow Agreement under subsection 22(a)(ii) above defeasing any Certificates for which the TWDB is the holder, the City shall provide the TWDB written notice of such defeasance. Section 23. PREAMBLE. That the findings set forth in the preamble to this Ordinance are hereby incorporated into the body of this Ordinance and made a part hereof for all purposes. Section 24. OPEN MEETING. That it is hereby officially found and determined that the meeting at which this Ordinance was passed was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code, as amended. Section 25. FURTHER PROCEDURES. That the Mayor,the City Manager, and all other officers, employees, and agents of the City, and each of them, shall be and they are hereby expressly authorized,empowered,and directed from time to time and at any time to do and perform all such acts and things and to execute, acknowledge and deliver in the name and under the corporate seal and on behalf of the City all such instruments, whether or not herein mentioned, as may be necessary or desirable in order to carry out the terms and provisions of this Ordinance,the Certificates,the initial sale and delivery of the Certificates,the Paying Agent/Registrar Agreement, the Escrow Agreement and the Principal Forgiveness Agreement between the City and TWDB associated with TWDB Commitment Number LF1000779, which is hereby approved. In addition, prior to the initial delivery of the Certificates, the Mayor, the City Manager and Bond Counsel are hereby authorized and directed to approve any changes or corrections to this Ordinance or to any of the instruments authorized and approved by this Ordinance necessary in order to (i) correct any ambiguity or mistake or properly or more completely document the transactions contemplated and approved by this Ordinance, (ii) obtain a rating from any of the national bond rating agencies or satisfy requirements of the bond insurer, if any, or(iii) obtain the approval of the Ordinance by the Texas Attorney General's office. Section 26. RULES OF CONSTRUCTION. That for all purposes of this Ordinance, unless the context requires otherwise, all references to designated Sections and other subdivisions are to the Sections and other subdivisions of this Ordinance. The titles and headings of the Sections and subsections of this Ordinance have been inserted for convenience of reference only 29 SAN MARCOS(TWDB)CTRCO 2023&2023A:Ordinance($1,120,000)