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<br />ORDINANCE NO.
<br />
<br />
<br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
<br />SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND
<br />SALE OF CITY OF SAN MARCOS, TEXAS, COMBINATION
<br />T AX AND REVENUE REFUNDING BONDS, SERIES 1987, IN
<br />THE AGGREGATE PRINCIPAL AMOUNT OF $6,680,000, FOR
<br />THE PURPOSE OF REFUNDING OUTST ANDING
<br />CERTIFICATES OF OBLIGATION; PRESCRffiING THE FORM
<br />OF SAID BONDS; PROVIDING FOR THE SECURITY FOR
<br />AND PAYMENT OF SUCH BONDS; AWARDING THE SALE
<br />THEREOF; APPROVING THE OFFICIAL STATEMENT;
<br />ENACTING OTHER PROVISIONS RELATING TO THE
<br />SUBJECT OF THIS ORDINANCE; AND DECLARING AN
<br />EMERGENCY
<br />
<br />WHEREAS, the City has currently outstanding the following certificates of
<br />obligation:
<br />
<br />(a) Waterworks and Sewer System Revenue Certificates of Obligation,
<br />Series 1984, dated January 1, 1984, now outstanding in the principal amount of
<br />$1,430,000 (the "Series 1984 Certificates"); and
<br />
<br />(b) Combination Tax and Revenue Certificates of Obligation, Series
<br />1984-A, dated April 1, 1984, now outstanding in the principal amount of $5,675,000
<br />(the "Series 1984-A Certificates").
<br />
<br />WHEREAS, the outstanding certificates of obligation of the Series 1984
<br />Certificates maturing January 1, 1995, through January 1, 2003, both inclusive, in
<br />the aggregate principal amount of $1,045,000, and the outstanding certificates of
<br />the Series 1984-A Certificates maturing August 1, 1995, through August 1, 2004,
<br />both inclusive, in the aggregate principal amount of $4,250,000 (collectively, the
<br />"Refunded Obligations"), are intended to be and shall be refunded pursuant to this
<br />Ordinance;
<br />
<br />WHEREAS, the City Council finds and determines that refunding of the
<br />Refunded Obligations will result in a reduction and savings in debt service to be paid
<br />by the City with respect to the Refunded Obligations;
<br />
<br />WHEREAS, the City Council further finds and determines that the aforesaid
<br />refunding bonds should be issued pursuant to this Ordinance, all as permitted by the
<br />General Laws of the State of Texas, particularly Article 717k, Vernon's Annotated
<br />Texas Civil Statutes, as amended, and the Home Rule Charter of the City; Now,
<br />Therefore
<br />
<br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS:
<br />
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