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175. Regular Meeting August 23, 2004 Page 6 Director of Planning Development, stated the Planning and Zoning Commission focused on areas of industrial uses. She stated the applicant is considering dividing the tract so the Council can consider separately. Mr. Mark Taylor stated he recommends the Council table this Zoning Ordinance until Mr. McCrocklin can provide a legal description for a portion of the tract. Mr. Mihalkanin moved to table the Zoning Ordinance and Mr. Thomaides seconded the motion, which passed unanimously. Mayor Narvaiz introduced for consideration adoption of an Ordinance on emergency, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, WATERWORKS AND WASTEWATER SYSTEM REVENUE BONDS, SERIES 2004; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; PRESCRIBING THE FORM OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY. Mr. Mihalkanin moved for adoption of the Ordinance on emergency, and Mr. Diaz seconded the motion. Mr. Mihalkanin moved the Council adjourn into Executive Session pursuant to the Government Code, Section 551.087, to discuss commercial or financial information the City has received from a business prospect that the City seeks to have locate, stay or expand in or near the City and with which the City is conducting economic development negotiations, or to deliberate the offer of a financial or other incentive to such a business prospect (proposed Hotel and Conference Center) at 8:32 p.m. and Mr. Diaz seconded the motion, which passed unanimously. Mr. Mihalkanin moved the Council reconvene at 9:01 p.m. and Mr. Guerrero seconded the motion, which passed unanimously. Mr. O'Leary stated the proposed Ordinance is for the approval of considering the sell of Revenue Bonds for Water/Wastewater projects. He stated the City will be selling $20,000,000.00 worth of bonds over the next several months. Dan Wegmiller of First Southwest Company, stated the selling of bonds involves a couple of processes. He stated one is applying for Bond Ratings, which the City has received two Bond Ratings of A-2 and A on the Utility System, Water and Wastewater System Revenue Bonds from Moody's and Standard and Poor. He stated the amount of bonds which is selling today is $7,420,000.00 for the purpose of acquiring, constructing and installing additions, improvements and extensions to the City's Waterworks and Sewer System. He stated the three bids submitted today on the Revenue Bonds were from Wokovia Security at 4.329161 percent, UBS Financial Services with CitiGroup RBCDane Rouscher, Southwest Securities at 4.344389 percent, and First Southwest Company at 4.37785 percent. He stated he recommends the low bid of Wokovia Securities. Mayor Narvaiz inquired how long Mr. Wegmiller has been the City's Bond Advisor and why it is customary for the Council to adopt these Ordinances on emergency. Mr. Wegmiller stated he has been the City's Bond Advisor for twelve years. He also stated the law