Ord 2020-045/Issuance Of The "City Of San Marcos, Texas Special Assessment Revenue Bonds, Series 2020 (Whisper Public Improvement District)"; Approving And Authorizing An Indenture Of Trust, A Bond Purchase Agreement, An Offering Memorandum, A Continuin

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ORDINANCE NO. 2020-45 AN ORDINANCE AUTHORIZING THE ISSUANCE OF THE "CITY OF SAN MARCOS, TEXAS SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2020 (WHISPER PUBLIC IMPROVEMENT DISTRICT)"; APPROVING AND AUTHORIZING AN INDENTURE OF TRUST, A BOND PURCHASE AGREEMENT, AN OFFERING MEMORANDUM, A CONTINUING DISCLOSURE AGREEMENT, A LANDOWNER AGREEMENT AND OTHER AGREEMENTS AND DOCUMENTS IN CONNECTION THEREWITH; MAKING FINDINGS WITH RESPECT TO THE ISSUANCE OF SUCH BONDS; PROVIDING FOR APPROVAL OF THIS ORDINANCE ON ONLY ONE READING AS AUTHORIZED BY TEXAS GOVERNMENT CODE, SECTION 1201.028; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of San Marcos, Texas (the "City"), pursuant to and in accordance with the terms, provisions and requirements of the Public Improvement District Assessment Act, Subchapter A of Chapter 372, Texas Local Government Code (the "PID Act"), has previously established the "Whisper Public Improvement District" (the 'District"), pursuant to Resolution No. 2014-149R adopted by the City Council of the City (the "Council") on October 21, 2014; and WHEREAS, the authorization creating the District became effective upon publication of its authorization in the San Marcos Daily Record, a newspaper of general circulation in the City; and WHEREAS, no written protests of the District from any owners of record of property within the District were filed with the City Clerk within 20 days after the date of publication of such notice; and WHEREAS, pursuant to the PID Act, on May 8, 2020, the Council published notice of the assessment hearing in the San Marcos Daily Record, a newspaper of general circulation in the City, and held a public hearing on May 19, 2020, which remained open until June 2, 2020, regarding the levy of special assessments within the District, and on June 2, 2020, the Council adopted Ordinance No. 2020-45 (the "Assessment Ordinance"); and WHEREAS, in the Assessment Ordinance, the Council approved and accepted the initial Service and Assessment Plan (the "Service and Assessment Plan") relating to the District and levied the Initial Assessments (as defined in the Service and Assessment Plan, the "Assessments") against the Assessment Roll (as defined and described in the Service and Assessment Plan); and WHEREAS, the Council has found and determined that it is in the best interests of the City to issue its bonds to be designated "City of San Marcos, Texas Special Assessment Revenue Bonds, Series 2020 (Whisper Public Improvement District)" (the 'Bonds"), such Bonds to be payable from and secured by the Pledged Revenues, as defined in the Indenture (defined below); and WHEREAS, the City is authorized by the PID Act to issue the Bonds for the purpose of (i) paying or reimbursing all or a portion of the costs of the Major Improvements (as defined herein), (ii) paying a portion of the interest on the Bonds during and after the period of acquisition and construction of the Major Improvements, (iii) funding a reserve fund for payment of principal of and interest on the Bonds, (iv) paying a portion of the costs incidental to the organization of the District, and (v) paying the costs of issuance of the Bonds; and