Ord 2011-057 - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 2011- ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS, TEXAS GENERAL OBLIGATION REFUNDING BONDS, SERIES 2011; APPROVING AN OFFICIAL STATEMENT, A PAYING AGENT/REGISTRAR AGREEMENT, A BOND PURCHASE AGREEMENT AND AN ESCROW AGREEMENT; ESTABLISHING THE PROCEDURES FOR SELLING AND DELIVERING THE BONDS; AND AUTHORIZING OTHER MATTERS RELATING TO THE BONDS THE STATE OF TEXAS § COUNTIES OF HAYS, CALDWELL AND GUADALUPE § CITY OF SAN MARCOS § WHEREAS, the City of San Marcos, Texas (the "City ") has previously issued several series of obligations payable from ad valorem taxes and waterworks and waste water revenues; and WHEREAS, the City Council of the City deems it advisable and in the best interest of the City to refund the Refunded Obligations, as defined in Exhibit "A" attached hereto, in order to achieve a net present value debt service savings of not less than 3.0% of the principal amount of the Refunded Obligations net of any City contribution with such savings, among other information and terms to be included in a pricing certificate to be executed by the City Manager, acting as the designated pricing officer of the City, or, in the absence of the City Manager, the Director of Finance, all in accordance with the provisions of Chapter 1207, including 1207.007, of the Texas Government Code thereof, and WHEREAS, Chapter 1207, Texas Government Code, as amended ( "Chapter 1207 ") authorizes the City to issue refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds or resources, directly with a place of payment (paying agent) for the Refunded Obligations or with a trust company or commercial bank that does not act as depository for the City, and such deposit, if made before such payment dates, shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Obligations; and WHEREAS, Chapter 1207 further authorizes the City to enter into an escrow agreement with a paying agent for the Refunded Obligations or with a trust company or commercial bank that does not act as depository for the City with respect to the safekeeping, investment, reinvestment, administration and disposition of any such deposit, upon such terms and conditions as the City and such escrow agent may agree, provided that such deposits may be invested and reinvested in Defeasance Securities, as defined herein; and San Marcos GORB 2011 - Delegated: Ordinance 1