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<br />I <br /> <br />"..:..,1.... <br />" <br /> <br />II <br /> <br />I, ft-" <br />cr <br /> <br />v. <br /> <br />Apl'il 22, 1966 <br /> <br />R. K. Dunbar & Co. <br />MillllJll Building <br />San Antonio, Texas <br /> <br />Gentlemen: <br /> <br />The City Council of the City of San Marcos would like to consider <br />the purchase and operation of the retail gas syst~ now serving <br />it and its environs, provided the system can be acquired at terms <br />and upon conditions satisfactory to it, and the purchase financed <br />by 'the issuance of REVENUE BONDS secured solely by a first mortgage <br />on the property acquired, and/or a pledge of the revenues produced <br />thereby. <br /> <br />We request and authorize your firm to investigate the possibility of <br />suchpurcbll.se.alld report your findings to us tor t'urther consideration <br />and diBculision. <br /> <br />If you are successful in developing a plan for such purchase by the <br />City of Sa.n Marcos at terms and upon conditions that meet the Council's <br />approval. it will caU8e .to be authorized, issued and delivered to you <br />CITY OF SAri ~IARCOS, nxAs, GAS SYSTEM REVENUE BONDS in an amount suf- <br />ficient to pay the purchase price of the properties, plus, if need be, <br />suf:t'ident operating funds to cOllllllence the municipa.1 operation of the <br />system by the City. Such bonds, if issued, shall mature serially over <br />a. I>eriod of years in amounts and bear interest at a rate, or rates, <br />to be mutually agreed upon at the time of their issuance. Delivery <br />of the bonds to you shall be accompanied by a complete transcript <br />of the legal proceedings evidencing their ~egality to the satisfaction <br />of recogni~eu market bond attorneys. <br /> <br />It is understood that if you are not successful in developing a plan <br />tor the purchase of such property at terms and upon conditions that are <br />satisfactory to the Council, we ehall have no obligation to you as a <br />result of your efforts. <br /> <br />This contract shall not bind this City to sell any bonds to you in <br />the event the law of the State of Texas requires that such bonds be <br />sold at competitive bids, nor shall such City be bound under the terms <br />hereof if compliance with any other condition imposed by the laws of <br />this State or existing ordinances of this City would prevent this City <br />from selling such bonds to you. <br /> <br />The City of San Marcos reserves the right to submit the question ot' <br />issuange of Gas System Revenue Bonds it' issued to a vote of the qualified <br />electors of the ?ity of San Marcos and if the issuance of such bonds <br />