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ORDINANCE N0. 2008-38 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS, TEXAS COMBINATION TAX AND SUBORDINATE LIEN REVENUE REFUNDING BOND, SERIES 2008; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BOND; AUTHORIZING A PAYING AGENT/REGISTRAR AGREEMENT, AN ESCROW AGREEMENT AND AN INVESTMENT LETTER; AWARDING THE SALE THEREOF; CALLING CERTAIN OBLIGATIONS FOR REDEMPTION; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS § COUNTIES OF HAYS AND CALDWELL § CITY OF SAN MARCOS § WHEREAS, the City has duly issued and there is n? w our ? cand ing ???? following obligations: City of San Marcos, Texas ?Uaterwo???s ' Sewel ??stem R enue Bonds, Series 1996-B maturing on February 15th of the yeu_ ? X09 tY? .?d including 2017 (the "Series 1996-B Bonds"); and City of San Marcos, Texac ? ?rw .??s art ewer ? y?stem Revenue Bonds, Series 1999 maturing on August 15th . '? ?e years 2? ?9 through and including 2019 (the "Series 1999 Bonds"); and City of San Marcos, Tex ?s VVd t?orks and Sewer System Revenue Bonds, Series 2000 maturir , ?r? ?'?ugu l 5t' ? of . - gars 2010 through and including 2020 (the "Series 20? ,Bonds"); and WHF .EAS, ? ?'ity now desires to issue refunding bonds to refund all or a portion of the outstanding S?„?ies 1996-L nds, the Series1999 Bonds and the Series 2000 Bonds that are subject to redemption (collectively, ?, ?'? funded Obligations"); and WHEREAS, the City Council of the City deems it advisable and in the best interest of the City to refund the Refunded Obligations in order to achieve a gross savings of $ and a net present value savings of $ ;and WHEREAS, Chapter 1207, Texas Government Code, as amended ("Chapter 1207") authorizes the City to issue refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds or resources, directly with a place of payment (paying agent) for the Refunded Obligations or a trust company or commercial bank that does not act as depository for the issuer, and such deposit, if made before such payment dates, shall constitute the making of SAN MARCOSI CO Rfdg Bonds2008: Ordinance