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<br />:It <br />o~ <br />lliIu <br />~U"............ <br />II <br />\ . , <br /> <br />~ <br />~ ~~ <br />~ ::<:C~ <br />- t&:i:a <br />~ ~J <br />en . <br /> <br />~ 5B <br /> <br />ORDINANCE NO. <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, <br />TEXAS, GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, <br />SERIES 1999; LEVYING AN ANNUAL AD VALOREM TAX TO PAY SAID <br />BONDS; PRESCRIBING THE FORM OF SAID BONDS; AWARDING THE SALE <br />THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING OTHER <br />PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN <br />EMERGENCY <br /> <br />WHEREAS, the City of San Marcos, Texas (the "City") has previously issued, and there are <br />presently outstanding, obligations of the City secured by and payable in whole or in part from ad valorem <br />taxes levied and to be levied, assessed and collected within the City; <br /> <br />WHEREAS, certain of such previously issued and outstanding obligations are intended to be and <br />shall be refunded pursuant to this Ordinance, the obligations to be refunded being described in Schedule I <br />attached hereto and incorporated herein (collectively, the "Refunded Obligations"); <br /> <br />WHEREAS, the City Council of the City (the "City Council") hereby finds, determines and declares <br />that the refunding of the Refunded Obligations will result in a net present value debt service savings of <br />$176,542.75 and an actual debt service savings of $264,768.54 to the City; <br /> <br />WHEREAS, general obligation bonds of the City were duly and favorably voted, pursuantto the laws <br />of the State of Texas, at an election held in the City on the date hereinafter set forth; and the following are <br />among the purposes and principal amounts of the bonds which were authorized, together with the total <br />principal amount previously issued pursuant to each voted authorization, the principal amount therefrom <br />being issued pursuant to this Ordinance, and the principal balance to remain unissued after the issuance of <br />the bonds hereinafter authorized, to-wit: <br /> <br />[Remainder of page left blank intentionally] <br /> <br />R:\SANMARlGORI.99\DOCS\ORDNCEFN. WPD <br /> <br />1 <br />