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<br /> /50£ <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, ELECTRIC <br /> UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES <br /> 1993, IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> $15,955,000, PRESCRIBING THE FORM OF SAID BONDS; <br /> PROVIDING FOR THE SECURITY FOR AND PAYMENT OF <br /> SAID BONDS; AWARDING THE SALE THEREOF; APPROVING <br /> THE OFFICIAL STATEMENT; CALLING CERTAIN <br /> OBLIGATIONS OF THE CITY FOR REDEMPTION PRIOR TO <br /> MATURITY; ENACTING OTHER PROVISIONS RELATING TO <br /> THE SUBJECT; AND 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 the net revenues of the City's Electric Light and <br /> Power System; <br /> WHEREAS, certain of such previously issued and outstanding <br /> bonds and obligations are intended to be and 9hall be refunded <br /> pursuant to this Ordinance, the bonds and obligations to be refunded <br /> being described as follows (collectively, the "Refunded Bonds"): <br /> City of San Marcos, Texas, Electric Utility <br /> System Revenue Refunding Bonds, Series 1986, dated <br /> October I, 1986, being the serial bonds of such series <br /> maturing on November 1 in the years 1998 and 1999 and <br /> the term bonds thereof maturing on November 1 in the <br /> years 2006 and 2016, aggregating $13,845,000 in <br /> principal amount; <br /> , <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 Bonds should be refunded by the issuance of refunding bonds <br /> pursuant to this Ordinance and in accordance with the general laws <br /> of the State of Texas, particularly Article 717k, Vernon's Annotated <br /> Civil Statutes, as amended; and <br /> WHEREAS, the meeting at which this Ordinance is considered is <br /> open to the public as required by law, and the public notice of the <br /> time, place and purpose of said meeting was given as required by <br /> Article 6252-17, Vernon's Annotated Civil Statutes, as amended; Now, <br /> Therefore <br />