|
ORDINANCE NO. 2023-88
<br /> AN ORDINANCE AUTHORIZING THE ISSUANCE OF THE CITY OF SAN MARCOS,
<br /> TEXAS SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2024 (TRACE PUBLIC
<br /> IMPROVEMENT DISTRICT)"; APPROVING AND AUTHORIZING AN INDENTURE OF
<br /> TRUST, A BOND PURCHASE AGREEMENT, AN OFFERING MEMORANDUM, A
<br /> CONTINUING DISCLOSURE AGREEMENT, AN AMENDED AND RESTATED SERVICE
<br /> AND ASSESSMENT PLAN, A SECOND AMENDMENT TO THE AMENDED AND
<br /> RESTATED ACQUISITION AND REIMBURSEMENT AGREEMENT, AND OTHER
<br /> AGREEMENTS AND DOCUMENTS IN CONNECTION THEREWITH; MAKING FINDINGS
<br /> WITH RESPECT TO THE ISSUANCE OF SUCH BONDS;
<br /> AND PROVIDING AN EFFECTIVE DATE
<br /> WHEREAS, the City of San Marcos, Texas (the "City"), pursuant to and in accordance with the
<br /> terms, provisions and requirements of the Public Improvement District Assessment Act, Subchapter A
<br /> of Chapter 372, Texas Local Government Code (the "PID Act"), has previously established the "Trace
<br /> Public Improvement District" (the "District"), pursuant to Resolution No. 2015-145R adopted by the
<br /> City Council of the City(the "Council") on October 20, 2015; and
<br /> WHEREAS, the authorization creating the District became effective on March 27, 2016 upon
<br /> publication of Resolution No. 2015-145R in the San Marcos Daily Record, a newspaper of general
<br /> circulation in the City; and
<br /> WHEREAS, no written protests of the District from any owners of record of property within the
<br /> District were filed with the City Clerk within 20 days after the date of publication of such notice; and
<br /> WHEREAS, pursuant to the PID Act, on September 16, 2016, the Council published notice of
<br /> the assessment hearing in the San Marcos Daily Record, a newspaper of general circulation in the City,
<br /> and held a public hearing on October 3, 2016, regarding the levy of special assessments within the
<br /> District, and on October 18, 2016, the Council adopted Ordinance No. 2016-42 (the "Initial Assessment
<br /> Ordinance"); and
<br /> WHEREAS, in the Initial Assessment Ordinance, the Council approved and accepted the initial
<br /> Service and Assessment Plan (the "Initial Service and Assessment Plan") relating to the District and
<br /> levied the Initial Assessments (as defined in the Initial Service and Assessment Plan, the "Initial
<br /> Assessments") against the Assessment Roll (as defined and described in the Initial Service and
<br /> Assessment Plan); and
<br /> WHEREAS, after levying the Initial Assessments, the City Council determined that additional
<br /> assessments were necessary to be levied on property within the District relating to the total cost of the
<br /> improvements in the District; and
<br /> WHEREAS, pursuant to the PID Act, on September 20, 2018, the Council published notice of
<br /> the additional assessment hearing in the San Marcos Daily Record, a newspaper of general circulation in
<br /> the City, and held a public hearing on October 1, 2018, regarding the levy of special assessments within
<br /> the District, and on October 16, 2018, the Council adopted Ordinance No. 2018-38, which was amended
<br />
|