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<br /> 1 ~Cj £ <br /> ORDINANCE NO. <br /> AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br /> SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND <br /> SALE OF CITY OF SAN MARCOS, TEXAS, GENERAL <br /> OBLIGATION REFUNDING BONDS, SERIES 1993; <br /> PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR <br /> THE SECURITY FOR AND PAYMENT OF SAID BONDS; <br /> AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL <br /> STATEMENT; CALLING CERTAIN OBLIGATIONS OF THE <br /> CITY FOR REDEMPTION PRIOR TO MATURITY; ENACTING <br /> OTHER PROVISIONS RELATING TO THE SUBJECT; AND <br /> DECLARING AN EMERGENCY <br /> WHEREAS, the City of San Marcos, Texas (the "City") has <br /> previously issued, and there are presently outstanding, bonds and <br /> other obligations of the City secured by and payable from a lien on <br /> and pledge of ad valorem taxes; <br /> WHEREAS, certain of such previously issued and outstanding <br /> bonds and obligations are intended to be and shall be refunded <br /> pursuant to this Ordinance, the bonds and obligatiðns to be refunded <br /> being described as fol1ows (collectively, the "Refunded <br /> Obligations"): <br /> (i) City of San Marcos, Texas, General Obligation <br /> Bonds, Series 1985, dated June 1, 1985, maturing on August 1 <br /> in each of the years 1996 through 2003, both inclusive, <br /> aggregating $1,945,000 in principal amount (the "Series 1985 <br /> Refunded Bonds"); and <br /> (ii) City of San Marcos, Texas, General Obligation <br /> Bonds, Series 1988, dated February 1, 1988, maturing on <br /> August 1 in each of the years 1999 through 2004, both <br /> inclusive, aggregating $975,000 in principal amount (the <br /> "Series 1988 Refunded Bonds"); <br /> WHEREAS, the City Council of the City (the "City Council") <br /> hereby finds, determines and declares that the total debt service of <br /> the refunding bonds herein authorized to be issued will amount to <br /> less than the total debt service on the Refunded Bonds; <br /> WHEREAS, the City Council has found and determined that the <br /> Refunded Obligations should be refunded by the issuance of refunding <br /> bonds pursuant to this Ordinance and in accordance with the general <br /> laws of the State of Texas, particularly Article 717k, Vernon's <br /> Annotated Civil Statutes, as amended; and <br />