Res 1998-192 - Laserfiche WebLink

Home Browse Search

125 RESOLUTION 1998-193R RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING DISCLOSURE AGREEMENT THE STATE OF TEXAS : COUNTY OF HAYS . . CITY OF SAN MARCOS . . WHEREAS, the City of San Marcos, Texas (the "City") and the Guadalupe-Blanco River Authority ("GBRA") have heretofore entered into an "Agreement Between City of San Marcos and Guadalupe-Blanco River Authority", dated as ofJuly 1, 1997 (the "Agreement"), pursuant to which GBRA will construct a raw water pipeline to provide raw water to and for the benefit of the City; and WHEREAS, in connection with the financing of such raw water pipeline, GBRA will issue and deliver bonds (the "Bonds") ofGBRA supported by payments to be made by the City pursuant to the Agreement; and WHEREAS, the United States Securities and Exchange Commission has adopted Rule 15c2- 12, as amended ITom time to time (the "Rule"); and WHEREAS, the Rule provides that a broker, dealer or municipal securities dealer of the Bonds issued after the effective dates set forth in the Rule, may not purchase or sell the Bonds in connection with an offering thereof unless, prior to the purchase or sale thereof, "obligated persons", or entities acting on behalf of "obligated persons", have undertaken to provide certain updated financial information and operating data annually, and timely notice of specified material events, to certain information vendors; WHEREAS, in order to comply with the Rule and facilitate the issuance of the Bonds, the City and GBRA have agreed that it is deemed appropriate and necessary to enter into the Continuing Disclosure Agreement (the "Agreement") hereinafter authorized to be executed and delivered; and WHEREAS, it is hereby officially found and determined that the meeting at which this Resolution was adopted was open to the public and public notice of the time, place, and purpose of said meeting was given, all as required by Chapter 551, Texas Government Code; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. INCORPORATION OF RECITALS. The recitals set forth in the preamble hereof are incorporated herein and shall have the same force and effect as if set forth in this Section. SECTION 2. AUTHORIZATION TO EXECUTE AGREEMENT. The Mayor or the Mayor Pro Tern of the City Council orthe City Manager of the City is hereby authorized and directed to execute and deliver, and the City Secretary of the City is authorized and directed to attest, the Agreement substantially in the form and substance attached hereto as Exhibit A. SECTION 3. EFFECTIVE DATE. This Resolution shall become effective immediately upon its adoption.