Res 2023-050R Issuance of Certificate of obligation and notice of intention to issue Tax and Surplus Revenue Certificate

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RESOLUTION NO. 2023-50R A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING PROCEEDING WITH ISSUANCE OF CERTIFICATES OF OBLIGATION AND FURTHER DIRECTING THE PUBLICATION OF NOTICE OF INTENTION TO ISSUE CITY OF SAN MARCOS, TEXAS COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION FOR CERTAIN DRAINAGE AND FLOOD CONTROL IMPROVEMENTS IN AN AMOUNT NOT TO EXCEED $1,120,000. WHEREAS, this City Council deems it advisable to give notice of intention to issue certificates of obligation of the City of San Marcos, Texas (the "City"), as hereinafter provided; and WHEREAS, prior to the issuance of the Certificates, the City Council is required under Section 271.041 et seq., Local Government Code to publish notice of its intention to issue the Certificates in a newspaper of general circulation in the City and continuously on the City's website, the notice stating: (i) the time and place tentatively set for the passage of the ordinance authorizing the issuance of the Certificates, (ii) the purpose of the Certificates to be authorized; and (iii) the manner in which the Certificates will be paid; (iv) the then -current principal of all outstanding debt obligations of the issuer; (v) the then -current combined principal and interest required to pay all outstanding debt obligations of the issuer on time and in full; (vi) the maximum principal amount of the certificates to be authorized; (vii) the estimated combined principal and interest required to pay the certificates to be authorized on time and in full; (viii) the estimated interest rate for the certificates to be authorized or that the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (ix) the maximum maturity date of the certificates to be authorized. WHEREAS, it is officially found and determined that the meeting at which this resolution has been considered and acted upon was open to the public and public notice of the time, place and subject of said meeting was given, all as required by Tex. Gov't Code Ann. Ch. 551; Now, Therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: Section 1. Form of Notice. Attached hereto is a form of "Notice of Intention to Issue Certificates of Obligation" the form and substance of which is hereby adopted and approved. Section 2. Publication of Notice. Said Notice shall be published, in substantially the form attached hereto, in a newspaper, as defined in Tex. Gov't Code Ann. §2051.044, of general circulation in the area of said City, once a week for two consecutive weeks, the date of the first publication thereof to be before the 45th day before the date tentatively set for passage of the ordinance authorizing the issuance of the Certificates. SanMucos.CTRCO2023.1ntent Resolution