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ORDINANCE NO. 2018-51 <br /> AN AMENDED AND RESTATED ORDINANCE OF THE CITY OF SAN <br /> MARCOS APPROVING AN UPDATE TO THE SERVICE AND <br /> ASSESSMENT PLAN FOR THE TRACE PUBLIC IMPROVEMENT <br /> DISTRICT; MAKING A FINDING OF SPECIAL BENEFIT TO THE <br /> PROPERTY IN THE DISTRICT; LEVYING ADDITIONAL <br /> ASSESSMENTS AGAINST PROPERTY WITHIN THE DISTRICT; <br /> ESTABLISHING A LIEN ON SUCH PROPERTY; APPROVING AN <br /> UPDATED ASSESSMENT ROLL FOR THE DISTRICT; PROVIDING FOR <br /> PAYMENT OF THE ADDITIONAL ASSESSMENTS IN ACCORDANCE <br /> WITH CHAPTER 372, TEXAS LOCAL GOVERNMENT CODE; <br /> PROVIDING FOR THE METHOD OF ASSESSMENT AND THE <br /> PAYMENT OF THE ADDITIONAL ASSESSMENTS; PROVIDING FOR <br /> PENALTIES AND INTEREST ON DELINQUENT ASSESSMENTS; <br /> PROVIDING FOR A SEVERABILITY CLAUSE; PROVIDING AN <br /> EFFECTIVE DATE; AND PROVIDING FOR RELATED MATTERS <br /> WHEREAS, the Trace Public Improvement District (the "District") was created on <br /> October 20, 2015 by Resolution No.2015-145R approved by the City Council (the "City Council") <br /> of the City of San Marcos, Texas, (the "City) and on October 18, 2016, Ordinance No. 2016-42 <br /> levying assessments (the "Initial Assessments") on property within the District was approved by <br /> the City Council pursuant to Texas Local Government Code, Chapter 372 (the "PID Act"); <br /> WHEREAS, the City Council has determined that pursuant to the PID Act, additional <br /> assessments (the "Additional Assessments" and collectively with the Initial Assessments, the <br /> "Assessments") are necessary to be levied on property within the District relating to the total cost <br /> of the improvements in the District; <br /> WHEREAS,after proper notice was given and a hearing was held,the City Council levied <br /> the Additional Assessments pursuant to Ordinance No. 2018-38 on October 16,2018; <br /> WHEREAS, after such levy, the City determined it was necessary to defer collection of <br /> such Additional Assessments until January of 2020; <br /> WHEREAS, the City determined that the appraised value of taxable real property liable <br /> for the Additional Assessment is $7,635,170 and the cost of the Public Improvements is <br /> $24,881,329, pursuant to Section 372.0055 of the PID Act; <br /> WHEREAS, such deferral is required to be included in an ordinance levying assessments <br /> pursuant to Section 372.017 of the PID Act; <br /> WHEREAS,the City now desires to amend and restate Ordinance No. 2018-38 to provide <br /> for such deferral of collection of the Additional Assessments and further publish and mail the <br /> , appropriate notices as if the Additional Assessments were being levied as of the date of this <br /> amendment and restatement; <br /> 1 <br />