Ord 1995-047 - Laserfiche WebLink

Home Browse Search

33F ORDINANCE NO. AN ORDINA1~CE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS , TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN j\'1ARCOS, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING AND llvIPROVE:rvfENT BONDS, SERIES 1995, IN THE AGGREGATE PRINCIPAL AMOUNT OF $8,350,000; PRESCRIBING THE FORNI OF SAID BONDS; PROVIDING FOR THE SECURlTY FOR A1'ID PAYMENT OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL ST A1ENIENT; ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING A1~ E:rvfERGENCY WHEREAS, the City of San Marcos, Texas (the "City") has previously issued, and there are presently outstanding, obligations ofthe City secured by and payable from a lien on and pledge of the net revenues of the City's waterworks and sewer system; WHEREAS, all of such previously issued and outstanding obligations are intended to and shall be refunded pursuant to this Ordinance, such obligations to be refunded being described in Schedule I attached hereto and incorporated herein (collectively, the "Refunded Obligations"); WHEREAS, the City Council of the City (the "City Council") hereby finds and determines that the Refunded Obligations should be refunded as provided in tills Ordin~ce in order to permit the replacement of certain covenants contained in the ordinances authorizing the Refunded Obligations with covenants more favorable to the City and that will provide the City more flexibility in management of its funds, including provision for substitution of a surety insurance policy or policies for all or portions of cash balances required to be maintained in the reserve fund to be established and maintained with respect to the City's waterworks and sewer system revenue bonds, and reduction of the coverage requirement for the issuance of additional parity bonds; 'WHEREAS, the City Council hereby finds and determines that the total debt service of the refunding bonds herein authorized to be issued will amount to less than the total debt service on the Refunded Obligations, and that the Refunded Obligations should be refunded by the issuance of refunding bonds in combination with the revenue bonds hereinafter mentioned, in accordance with the laws of the State of Texas, including, particularly, Tex. Rev. Civ. Stat. Ann. art. 7l7k, as amended; 'WHEREAS, waterworks and sewer system revenue bonds of the City were duly and favorably voted, pursuant to the laws of the State of Texas, at an election held in the City ,on the date hereinafter set forth; and the following are among the purposes and amounts of the bonds which were authorized, together with the total amount previously issued pursuant to each voted authorization, the amount therefrom being issued pursuant to this Ordinance, and the balance to remain unissued after the issuance of the bonds hereinafter authorized, to-wit: R.:.\!A.....'MA1l\WWSStlU~DOCS\OIWNCE.O!7..s l:F