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141 ORDINANCE 1988-22 AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING AN ORDINANCE ENTITLED "AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 1988, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,320,000, PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY" TO PROVIDE FOR CERTAIN FUNDS TO BE ACCUMULATED AND MAINTAINED AS SECURITY FOR SAID BONDS AND PROVISION FOR MUNICIPAL BOND GUARANTY INSURANCE; CONTAINING OTHER PROVISIONS RELA TING THERETO: AND DECLARING AN EMERGENCY WHEREAS, on February 17, 1988, this City Council adopted an Ordinance entitled "AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE AND SALE OF CITY OF SAN MARCOS, TEXAS, WATERWORKS AND SEWER SYSTEM REVENUE BONDS, SERIES 1988, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,320,000, PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL STATEMENT; ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; AND DECLARING AN EMERGENCY" as an emergency measure; and WHEREAS, it is found and determined that it is necessary to amend said Ordinance as hereinafter set forth; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: Section 1. Ordinance Amended. (a) Section 7.01 of the Ordinance described in the preamble of this Ordinance is hereby amended to provide as follows: Section 7.01. Special Funds: Use of Surplus Funds. The City covenants, agrees and confirms that so long as any of the Outstanding Bonds, Bonds or Additional Bonds are outstanding, it will maintain in a bank which is a member of the Federal Deposit Insurance Corporation, the special account established pursuant to the Ordinance authorizing the Outstanding Bonds known as the "Water and Sewer System Revenue Fund", into which Fund shall be deposited as received all income and revenue arising from the operation or ownership of the combined waterworks and sewer system, and shall be kept separate and apart from all other funds, and shall be expended and used only in the manner and order specified below, all as permitted and defined by applicable statutes: 2411f