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<br />I <br /> <br />I <br /> <br />I <br /> <br />152 <br /> <br />RESOLUTION NO. 129 <br /> <br />A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, EXPRESSING AN OFFICIAL INTENT REGARDING <br />THE ISSUANCE OF CERTIFICATES OF OBLIGATION FOR THE <br />CONFERENCE CENTER PROJECT <br /> <br />WHEREAS, the City Council has approved a resolution directing publication of notice of <br />mtent to Issue one or more series of certificates of obligation (the "Certificates") for the Conference <br />Center project and the City Council desires to express its intentIon regarding the security and payment <br />of such CertIficates; and <br /> <br />WHEREAS, it is expected that the conference center project will generate additional revenues <br />including lease revenues from the project, hotel-motel occupancy taxes and tax increments from the <br />tax increment reinvestment zone to be created to include the conference center project (collectively, <br />"Other Revenues"); and <br /> <br />WHEREAS, in order to achieve the best financial terms and interest rates on the Certificates <br />the City Council expects to pledge ad valorem taxes but currently intends to apply the Other <br />Revenues to the payment of debt service on the Certificates to help ensure the Certificates can be <br />treated as self-supporting and therefore minimize use of ad valorem taxes; and <br /> <br />WHEREAS, it is officially found and determined that the meetmg at whIch this resolution has <br />been considered and acted upon was open to the public and public notice of the time, place and <br />subject of said meeting was given, all as required by Tex. Gov't Code Ann. Ch. 551; Now, Therefore <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: <br /> <br />SectIon 1. Intent to Apply Other Revenues. The City Council intends to apply the Other <br />Revenues to make debt service payments on the Certificates to help ensure the Certificates are treated <br />as self-supporting and minimize the use of ad valorem taxes. <br /> <br />Section 2. Effective Date. This Reso lution shall become effectIve immediately upon adoption. <br />The Mayor and City Clerk are hereby authorized and directed to execute this Resolution on behalf <br />ofthe City and to do any and all things proper and necessary to carry out the intent ofthis Resolution. <br /> <br />[Execution Page Follows] <br /> <br />SanMarcos.06A.InLenl Resolulion <br />