Ord 2011-075 - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 2 011- 7 5 AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE USE OF UNEXPENDED PROCEEDS FROM THE SERIES 2008 BONDS, AND OTHER MATTERS RELATED THERETO WHEREAS, on October 23, 2006, the City Council of the City of San Marcos, Texas (the "City ") entered into a Pass - Through Toll Agreement (the "Agreement ") with the Texas Department of Transportation (the "Department ") whereby the City receives certain finds pursuant to the Agreement in connection with traffic on the expansion of FM 3407 (Wonder World Drive) as f4rther provided in the Agreement; and WHEREAS, on March 4, 2008, the City Council of the City adopted a "Master Ordinance Establishing the City of San Marcos, Texas Pass - Through Toll Revenue Financing Program" (the "Master Ordinance ") and a "First Supplemental Ordinance to the faster Ordinance Establishing the City of San Marcos, Texas Pass - Through Toll Revenue Financing Program" (the "First Supplemental Ordinance ") in connection with the issuance of the $42,950,000 "City of San Marcos, Texas Pass, Through Toll Revenue and Limited Tax Fonds, Series 2008 (the "Series 200813onds ") to finance the construction, acquisition, extension, expansion and/or improvement of FM 3407 (Wonder World Drive) in accordance with the Agreement; and WHEREAS. the Series 2008 Bonds are payable from payments received under the Agreement and. to the extent such Agreement payments are not available or sufficient, an ad valorem tax pledge of the City, within the limits required by Texas law; and WHEREAS, the expansion of FM 3407 (Wonder World Drive) is substantially complete and the City has approximately $10,000,000 in unspent proceeds from the Series 2008 Bonds (the "Unexpended Proceeds "),. and WHEREAS, the City has additional projects approved by the Department to be constructed on the State highway system for which the Unexpended Proceeds may be utilized to construct and improve in accordance with Chapter 1 � 10 of the Texas Government Code; and WHEREAS, the City is authorized to adopt a supplemental ordinance pursuant to the provisions of the Master Ordinance and the First Supplemental Ordinance to add to the agreements to be observed by the City in connection with the Series 2008 Bonds as well as to make any changes necessary or desirable wh ch shall not, in the judgment of the City, materially adversely affect the interests of the bondholders; and WHEREAS, the City has received an opinion of bond counsel to the City that supplementing the Master Ordinance and the First Supplemental Ordinance to authorize expending the unexpended Proceeds for other projects authorized pursuant to Chapter 1510 of the Texas Government Code does not materially adversely affect the interests of the bondholders; and