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<br />I <br /> <br />RESOLUTION 2007- 140 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS RATIFYING THE EXPENDITURE OF $413,614 <br />IN INTEREST PAYMENTS TO THE NATURE CONSERVANCY <br />RELATED TO THE PURCHASE OF SPRING LAKE PARKLAND, <br />AND DECLARING AN EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. City voters on November 8, 2005, approved a proposition for the issuance of $2 <br />million in general obligation bonds for the purchase of green space land in the Rogers <br />Ridge area and the Spring Lake/Sink Creek watershed. <br /> <br />2. The Nature Conservancy executed a purchase agreement with RYS, Ltd. for the <br />purchase of a 250.7 acre tract of property in this area in December of 2005, for <br />$4,869,000. As part of the contract with the Nature Conservancy, the City agreed to <br />pay interest on the funds expended by the Nature Conservancy. <br /> <br />3. The City closed on the Spring Lake property on July 31, 2007. The interest owed, <br />as of that date, was $413,614.00. <br /> <br />I <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />SECTION 1. The expenditure of $ 413,614.00 for the payment of interest to the <br />Nature Conservancy for the purchase of the Spring Lake park property is hereby ratified <br />and approved. <br /> <br />SECTION 2. This Resolution is in full force and effect from and after its <br />passage. <br /> <br />ADOPTED on the 6th day of August 2007. <br /> <br />~tCUCs <br /> <br />Mayor <br /> <br />Attest: <br /> <br />~.f. ~- / - <br />I ., 0'''/''''-- r' <br />~-"v~ \ / t' - l'~"'!-(l !', j <br />~~~~-GO~dWi/' \) I, !~ v <br />Interim CityClerk <br /> <br />:. ;' <br /> <br />I <br />