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ORDINANCE NO. 2010-63 <br />• AN ORDINANCE OF THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS, AMENDING THE CITY'S 2010- <br />2011 BUDGET TO AUTHORIZE THE EXPENDITURE OF <br />FUNDS OUT OF GENERAL FUND SUPPORTED CIP <br />INTEREST EARNINGS IN THE SUM OF $75,000.00 FOR <br />AN ECONOMIC DEVELOPMENT INCENTIVE UNDER <br />CHAPTER 380 OF THE TEXAS LOCAL GOVERNMENT <br />CODE TO BOLTON REAL ESTATE INVESTMENTS, <br />L.L.C.; AND PROVIDING AN EFFECTIVE DATE. <br />RECITALS: <br />In accordance with Section 8.16 of the City Charter, the City Council declares that a <br />public necessity exists that requires an amendment to the City's 2010 -2011 Budget. <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />SECTION 1. The City Budget Ordinance for the 2010 -2011 Fiscal Year is amended as <br />set forth in the attached Exhibit A, in order to provide additional funding in the sum of <br />$75,000.00 from General Fund Supported CIP Interest Earnings for purposes of providing an <br />economic development incentive under Chapter 380 of the Texas Local Government Code to <br />• Bolton Real Estate Investments, L.L.C. <br />SECTION 2. These revisions and reappropriations will be incorporated into the 2010- <br />2011 City Budget. <br />SECTION 3. If any word, phrase, clause, sentence, or paragraph of this ordinance is <br />held to be unconstitutional or invalid by a court of competent jurisdiction, the other provisions of <br />this ordinance will continue in force if they can be given effect without the invalid portion. <br />SECTION 4. All ordinances and resolutions or parts of ordinances or resolutions in <br />conflict with this ordinance are repealed. <br />SECTION 5. This ordinance will take effect immediately after its passage, approval and <br />adoption on second reading. <br />PASSED AND APPROVED on first reading on October 19, 2010. <br />PASSED, APPROVED AND ADOPTED on second reading on November 1, 2010. <br />Susan Narva <br />• Mayor <br />