Res 2010-108 - Laserfiche WebLink

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WHEREAS, GBRA has presented to the City Council a plan of finance in which GBRA proposes to issue a series of refunding bonds for the purpose of refunding all of the outstanding Series 1998 Bonds in order to achieve debt service savings for the City (the "Series 2010 Refunding Bonds "); and WHEREAS, the UNITED STATES SECURITIES AND EXCHANGE COMMISSION has adopted Rule 15c2 -12, as amended from time to time (the "Rule "); and WHEREAS, the Rule provides that a broker, dealer or municipal securities dealer of obligations issued after the effective dates set forth in the Rule, may not purchase or sell such obligations in connection with an offering thereof unless, prior to the purchase or sale thereof, "obligated persons ", or entities acting on behalf of "obligated persons ", have undertaken to provide certain updated financial information and operating data annually, and timely notice of specified material events, to certain information vendors; and WHEREAS, due to the fact that the City will be contractually obligated to pay the debt service on the Series 2010 Refunding Bonds, the City is an "obligated person" with respect to the Series 2010 Refunding Bonds within the meaning of the Rule; and WHEREAS, in order to comply with the Rule and facilitate the issuance of the Series 2010 Refunding Bonds, the City and GBRA have agreed that it is deemed appropriate and necessary to enter into the Continuing Disclosure Agreement (the "Continuing Disclosure Agreement ") hereinafter authorized to be executed and delivered; and WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was adopted was open to the public and public notice of the time, place, and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code; THEREFORE, BE IT RESOL VED BY THE CITY CO UNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. APPROVAL OF AMENDMENT TO RESTATED AGREEMENT The City hereby approves the Amendment to the Restated Agreement in substantially the form attached hereto as Exhibit for the purpose of clarifying that the term "Project Debt Instruments" includes any bonds issued by the City or GBRA to refund outstanding Project Debt Instruments so that the provisions of the Restated Agreement relating to the issuance and payment of Project Debt Instruments also shall apply to bonds issued to refund outstanding Project Debt Instruments. The Mayor, the Mayor Pro Tem, and the Acting City Manager of the City each is hereby authorized to approve all changes to, and execute and deliver, and the City Clerk of the City is authorized and directed to attest, the Amendment in final form. SECTION 2. CONSENT TO ISSUANCE OF REFUNDING BONDS The City hereby consents to the issuance of the Series 2010 Refunding Bonds to be issued by GBRA in the principal amount of approximately $7, 060, 000 in order to achieve debt service savings for the City related to the Project N