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<br />::E en <br />to 0 <br />01 C) ::x:~ <br />C) octO <br /><:'.I w~ <br />W~ LQ ..Jc: <br />-10 ....-4 OtO <br />>-CI) <br />u::~ z 1-- <br />-0 <br />:::> 0:>., <br />~ ...., - <br /> 0 <br /> <br />119. <br /> <br />ORDINANCE NO. 2005- 52 <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, AMENDING THE 2004-2005 CITY <br />BUDGET TO PROVIDE FUNDING FOR AN ECONOMIC <br />DEVELOPMENT AGREEMENT BETWEEN THE CITY AND <br />GLOBAL ROCK INVESTMENTS, LTD.; AND INCLUDING <br />PROCEDURAL PROVISIONS. <br /> <br />RECITALS: <br /> <br />1. The City and Global Rock Investments, Ltd. have entered into an Economic <br />Development Agreement (the "Agreement") pursuant to a program of the City under Chapter <br />380 of the Texas Local Government Code, for the purpose of facilitating the renovation of the <br />historic building located at 100 South LBJ Drive in San Marcos, Hays County, Texas, known <br />commonly as the "Too Bitter" building. <br /> <br />2. In accordance with Section 8.16 of the City Charter, the City Council declares that a <br />public necessity exists that requires an amendment to the City's 2004-2005 Budget to provide <br />funding for the Agreement. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />SECTION 1. The City Budget Ordinance for the 2004-2005 Fiscal Year is amended as <br />set forth in the attached Exhibit A, in order to provide funding for the Agreement. <br /> <br />SECTION 2. These revisions and reappropriations will be incorporated into the 2004- <br />2005 City Budget. <br /> <br />SECTION 3. If any word, phrase, clause, sentence, or paragraph of this ordinance is <br />held to be unconstitutional or invalid by a court of competent jurisdiction, the other provisions of <br />this ordinance will continue in force if they can be given effect without the invalid portion. <br /> <br />SECTION 4. All ordinances and resolutions or parts of ordinances or resolutions in <br />conflict with this ordinance are repealed. <br /> <br />SECTION 5. This Ordinance will take effect ten days after the date of its final passage, <br />and the City Clerk will publish notice of its adoption in a newspaper of general circulation in the <br />City. <br /> <br />PASSED on first reading on June 21, 2005. <br /> <br />PASSED on second reading on July 5, 2005. <br /> <br />PASSED, APPROVED AND ADOPTED on <br /> <br />July 19, 2005. <br />