Ord 1993-038 - Laserfiche WebLink

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l:$oðJ" SELECTED DATA FROM THE OFFICIAL STATEl\1E;.'!T The selected data on this page is subject in all respects to the more complete infonnaíÌon and definitions 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 infonnation concerning the Bonds, the revenues pledged to payment of the Bonds, the description of the revenue base and other pertinent data, all as more fully described herein. The Issuer .......... The City of San Marcos, Texas (the "City"), is a political subdivision located in Hays County operating as a home-rule city under the laws of the State of Texas (the "State") and a charter approved by the voters in 1967. The City operates under the Council/Manager fonD of government where the mayor and six councilmembers are elected for staggered three-year tenDs. The Council fonnulates 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 Infonnation Regarding the City"). /" The Bonds .......... The Bonds are being issued in the principal amount of $15,955,000 pursuant to the general laws of the State, particularly Article 717k, V A TCS, and an Ordinance passed by the City Council of the City (see "Bond Infonnation - Authority for Issuance"). Security for the Bonds .. The Bonds constitute special obligations of the City payable, both as to principal and interest, and secured by a first lien on and pledge of the Pledged Revenues of the City's Electric Utility System. Pledged Revenues mean (1) the Net Revenues of the System, plus (2) any additional revenues, income, receipts, or other resources, including without limitation, any grants, donations, or income received or to be received from the United States Government, or any other public or private sources, whether pursuant to an agreement or otherwise, which hereafter may be pledged to the payment of the Bonds or additional bonds issued on a parity with the Bonds. The City has not covenanted or obligated itself to pay the Bonds from monies raised or to be raised from taxation (see "Bond Information - Security for Bonds"). Optional and ~fandatory Redemption. . . . . . . . The City reserves the right, at its option, to redeem Bonds having stated maturities on and after November 1, 2003, in whole or in part in principal amounts of $5,000 or any integral multiple thereof, on November 1, 2002, or any date thereafter, at the par value thereof plus accrued interest to the date fixed for redemption. Additionally, the Bonds maturing November 1, 2016, are subject to mandatory sinking fund redemption (see "Bond Infonnation - Redemption of Bonds"). Tax Exemption ....... In the opinion of Bond Counsel, the interest 0Ir the Bonds will be excludable from gross income for federal income tax purposes under existing law, subject to the matters described under "Other lnfonnation - 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 refund a portion of the City's outstanding Series 1986 Electric Utility System Revenue Bonds (the "Refunded Bonds"), aggregating $13,845,000 in principal amount. Proceeds from the sale will also be used to pay the costs of issuance related to the Bonds. Payment Record ...... The City has never defaulted. Municipal Bond Insurance Municipal 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 ap,ç'roval of the Insurer (see "Appendix E - Specimen Municipal Bond Guaranty Insurance Policy"). 6