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41. Regular Meeting November 8, 2004 Page 9 IO'Leary stated the applicant has no plans for this property yet. The Council then voted unanimously for adoption of the Resolution. Mayor Narvaiz introduced for consideration a public hearing and adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING THE FUTURE LAND USE MAP OF THE MASTER PLAN OF THE CITY, FROM COMMERCIAL AND HIGH DENSITY RESIDENTIAL TO COMMERCIAL FOR All. 7028 ACRE, MORE OR LESS, TRACT OF PROPERTY IN THE 2600 BLOCK OF HUNTER ROAD, AND FROM COMMERCIAL AND HIGH DENSITY RESIDENTIAL TO PUBLIC AND INSTITUTIONAL FOR A 23.8711 ACRE, MORE OR LESS, TRACT OF PROPERTY LOCATED IN THE 2600 BLOCK OF HUNTER ROAD; AND DECLARING AN EFFECTIVE DATE. Mayor Narvaiz opened the public hearing and asked if anyone wished to speak. No one did, so Mayor Narvaiz closed the public hearing. Mr. Guerrero moved for adoption of Resolution, 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: I AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2004; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES; PRESCRIBING THE FORM OF SAID CERTIFICATES; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT. Mr. Thomaides moved for adoption of the Ordinance on emergency, and Mr. Mihalkanin seconded the motion. Mr. O'Leary stated this Ordinance is authorizing the issuance and sale of combination tax and revenue certificates of obligation, which included $17,700,000.00 for street projects, $3,604,000.00 for drainage improvement projects and $875,000.00 for public safety projects. Dan Wegmiller, First Southwest Company, provided the Council with a summary of rating for the sale of the Certificates of Obligations bonds, which were sold this morning. He stated Standard & Poors gave the City an A+ rating and Moody's gave the City an Al rating. He stated he feels the City received high ratings because of the City's strong financial policies. He stated the bonds were sold today of a 4.23% rate for 20 years. Rick Fisher, Fisher and Newson, IPrOVided a handout of the pricing and insurance requirements and stated the Council would need to amend the Ordinance to include the pricing and insurance requirements. Mr. Thomaides moved to amend the Ordinance to read as read into the record by bond counsel Rick Fisher and attached here