Ord 1993-037 - Laserfiche WebLink

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)2~ß.r SELECTED DATA FROM THE OFFICIAL STATEMENT The selected data on this page is subject in all respects to the more complete information and defirútions contained or incorporated in this Official Statement. The offering of the Bonds to potential investors is made only by means of this entire Official Statement. No person is authorized to detach this data page from this Official Statement or to otherwise use it without the entire Official Statement. This data page was prepared to present the purchasers of the Bonds information concerning the Bonds, the ad valorem taxes pledged to payment of the Bonds, the description of the ad valorem base and other pertinent data, all as more fully described herein. The Issuer .......... The City of San Marcos, Texas, is a political subdivision located in Hays County operating as a home-rule city under the laws of the State of Texas and a charter approved by the voters in 1967. The City operates under the Council/Manager form of government where the mayor and six councilmembers are elected for staggered three-year terms. The Council formulates operating policy for the City while the City Manager is the chief administrative officer. The City is approximately 17.4 square miles in area (see Appendix A - "General Information Regarding the City"). The Bonds .......... The Bonds are being issued in the principal amount of $3,415,000 pursuant to the general laws of the State of Texas, particularly Article 717k, V A TCS, and an Ordinanœ passed by the City Council of the City (see "Bond Information - Authority for Issuance"). Security for the Bonds .. The Bonds constitute direct obligations of the City payable from a continuing ad valorem tax levied on all taxable property within the City in an amount sufficient to provide for payment of principal of and interest on all ad valorem tax debt, within the limits prescribed by law (see "Bond Information - Security for Bonds"). Optional Redemption ... The City reserves the right, at its option, to redeem Bonds h'àving stated maturities on and after August!. 2002, in whole or in part in principal amounts of $5,000 or any integral multiple thereof. on August 1, 2001, or any date thereafter, at the par value thereof plus accrued interest to the date fixed for redemption (see "Bond Information - Redemption of Bonds"). Tax Exemption ....... In the opinion of Bond Counsel, the interest on the Bonds will be excludable from gross income for federal income tax purposes under existing law, subject to the matters described under "Other Information - Tax Exemption" herein, including the alternative minimum tax on corporations. Use of Bond Proceeds. . . Proceeds from the sale of the Bonds will be used to provide funds which will be sufficient to refund a portion of the City's outstanding general obligation bonds in order to lower the overall annual debt service requirements of the City and to pay the costs of issuance related to the Bonds. Payment Record ...... The City has never detàulted. Municipal Bond Insurance.......... :\!unicipal Bond Investors Assurance Corporation (the "Insurer") has issued a commitment for municipal bond guaranty insurance relating to the Bonds. Each Bond will bear a legend referring to the insurance. The purchaser, holder or owner is not authorized to make any statements concerning the insurance beyond those set out here and in the bond legend without the approval of the Insurer (see" Appendix D - Specimen Municipal Bond Guaranty Insurance Policy"). 5