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<br />190. <br /> <br />ORDINANCE NO.?OO? 54 <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, <br />AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, ELECTRIC <br />UTILITY SYSTEM REVENUE REFUNDING BONDS, SERIES 2002; PROVIDING FOR THE <br />SECURITY FOR AND PAYMENT OF SAID BONDS; PRESCRIBING THE FORM OF SAID <br />BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; <br />ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN <br />EMERGENCY <br /> <br />WHEREAS, the City of San Marcos, Texas (the "City") has previously issued, and there are <br />presently outstanding, bonds of the City secured by and payable from a lien on and pledge of the net revenues <br />of the City's electric light and power system; <br /> <br />WHEREAS, certain of such previously issued and outstanding bonds are intended to be and shall <br />be refunded pursuant to this Ordinance, the bonds to be refunded being described in Schedule I attached <br />hereto and incorporated herein (collectively, the "Refunded Bonds"); <br /> <br />WHEREAS, it is hereby found and determined and declared that the refunding of the Refunded <br />Bonds will result in a net present value debt service savings of $1,003,997.84 and a gross debt service <br />savings of$I,397,411.02 to the City; <br /> <br />WHEREAS, it is further found and determined that the Refunded Bonds should be refunded by the <br />issuance of refunding bonds pursuant to this Ordinance and in accordance with the general laws ofthe State <br />of Texas, particularly Tex. Gov't Code Ann. ch. 1207, as amended; and <br /> <br />WHEREAS, it is officially found, determined and declared that the meeting at which this <br />Ordinance has been adopted was open to the public and public notice of the date, hour, place and subject <br />of said meeting, including this Ordinance, was given, all as required by the applicable provisions of Tex. <br />Gov't Code Ann. ch. 551; Now, Therefore <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: <br /> <br />ARTICLE I <br /> <br />DEFINITIONS AND OTHER PRELIMINARY MATTERS <br /> <br />Section 1.01. Definitions. <br /> <br />Unless otherwise expressly provided or unless the context clearly requires otherwise, in this <br />Ordinance the following terms shall have the meanings specified below: <br /> <br />"Additional Parity Obligations" means those obligations the City reserves the right to issue on a <br />parity with the Bonds, herein authorized in accordance with the terms and conditions prescribed in Section <br />9.02 hereof. <br /> <br />"Bond" means any of the Bonds. <br /> <br />R\San MarcoslEUS Rfdg.02IDocs\OrdinanceIFinal. wpd <br />