03231970 Regular Meeting - Laserfiche WebLink

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I . I I ;a8 ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHOR- IZING THE ISSUANCE OF BONDS IN THE PRINCIPAL SUM OF ONE . MILLION FOUR HUNDRED FORTY-SEVEN THOUSAND DOLLARS ($1,447,000), OF WHICH $37,000 OF BONDS ARE AUTHORIZED FOR THE PURPOSE OF PAYING OFF, REFUNDING AND CANCELING AN EQUAL AMOUNT OF OUT- STANDING INDEBTEDNESS OF THE CITY'S COMBINED WATERWORKS AND SEWER SYSTEM, AND $1,410,000 ARE AUTHORIZED FOR THE PURPOSE OF CONSTRUCTING EXTENSIONS AND IMPROVEMENTS TO THE CITY'S WATERWORKS AND SEWER SYSTEM; PRESCRIBING THE FORM, TERMS AND CONDITIONS OF THE BONDS AND THE FORM OF INTEREST COUPONS; PLEDGING THE REVENUES OF THE CITY'S COMBINED WATERWORKS AND SEWER SYSTEM TO PAY PRINCIPAL OF AND INTEREST ON SAID BONDS AFTER PROVIDING FOR THE EXPENSE OF OPERATING AND MAINTAINING SAID SYSTEM AND FOR THE PAYMENT OF PRINCIPAL AND INTEREST ON THE BONDS NOW OUTSTANDING AND PAYABLE FROM AND SECURED BY AN EXCLUSIVE FIRST LIEN ON AND PLEDGE OF THE NET REVENUES OF SAID SYSTEM;ENACTING PROVISIONS INCIDENT AND RELATING TO THE SUBJECT AND RJRPOSE OF THIS ORDINANCE; CONFIRMING THE SALE OF $1,410,000 OF BONDS; AND DECLARING AN EMERGENCY. --------------------------------------------------------------- WHEREAS, each and all of the members of the City Council was duly and ~ufficiently notified, officially ~nd personally, in advance, of the time, place and purpose of this meeting; and WHEREAS, proper notice of this meeting has been duly and timely posted as provided by law; and WHEREAS, the City of San Marcos, Texas, has outstanding its legally issued bonds known as, "CITY OF SAN MARCOS, TEXAS, WATERWORKS AND SEWER IMPROVEMENT AND EXTENSION REVENUE BONDS, SERIES 1951", dated January 1, 1951, and "CITY OF SAN MARCOS, TEXAS, WATERWORKS AND SEWER IMPROVEMENT AND EXTENSION REVENUE BONDS, SERIES 1951-A'I, dated January 1, 1951; such bonds being secured by and payable from " a first lien upon and pledge of the net revenues of the waterworks and sewer ,system of the City of San Marcos; and WHEREAS, in the ordinances authorizing the issuance of the above mentioned bonds, it was provided that so long as any of the bonds remained outstanding the City would not encumber the revenues of the waterworks and sewer system unless such encumbrances be made junior and subordinate to all the provi&ions of such ordinances; and WHEREAS, of the above two series of bonds there are now out- standing and unpaid bonds aggregating $251,000; and - 1 -