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ORDINANCE NO. 2010-11 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2010; DELEGATING AUTHORITY TO APPROVE FINAL PRICING TERMS OF THE BONDS AND TO EXECUTE FINAL AGREEMENTS; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES; PRESCRIBING THE FORM OF SAID CERTIFICATES; APPROVING THE OFFICIAL STATEMENT AND A BOND PURCHASE AGREEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT WHEREAS, the City Council (the "City Council ") of the City of San Marcos, Texas (the "City "), by resolution adopted on January 19, 2010, directed publication of notice of the City's intention to issue interest bearing certificates of obligation in a total aggregate principal amount not to exceed $22,100,000 for the purposes hereinafter set forth; WHEREAS, such notice was published in the manner and to the extent required by law; WHEREAS, there has not been filed with the City Clerk or any other officer of the City a petition protesting the issuance of such certificates of obligation and requesting an election on same; WHEREAS, the City is a home -rule municipality with a population in excess of 50,000 and long -term indebtedness that is rated by a nationally recognized rating agency for municipal securities in one of four highest rating categories for long -term indebtedness; WHEREAS, the United States Congress enacted the "American Recovery and Reinvestment Act of 2009" which authorizes governmental issuers such as the City to issue bonds for certain projects ( "Build America Bonds ") providing a 35% subsidy from the Federal government for interest payments on such bonds; WHEREAS, the City desires to preserve the option to issue all or any portion of the Certificates as Build America Bonds pursuant to this Ordinance and delegate the pricing of the Certificates to the City Manager as one or more series of tax - exempt and /or Build America Bonds as determined by market conditions; WHEREAS, it is affirmatively found and determined that the City is authorized to proceed with the issuance of such certificates of obligation as authorized by the Constitution and laws of the State of Texas, including, particularly, Chapter 271, subch. C, Texas Local Government Code and Chapters 1371 and 1502, Texas Government Code WHEREAS, it is officially found, determined and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the date, hour, place and San Marcos CTRCO 2010: Ordinance