Ord 1988-024 - Laserfiche WebLink

Home Browse Search

143 - ORDINANCE 1988-24 Ci"\ 1£ 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, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1988, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,340,000, PRESCRIBING THE FORM OF SAID CERTIFICATES; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES; AWARDING THE SALE THEREOF; APPROVING THE OFFICIAL ST A TEMENT; 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 RELATING 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, COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1988, IN THE AGGREGATE PRINCIPAL AMOUNT OF $1,340,000, PRESCRIBING THE FORM OF SAID CERTIFICATES; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES; 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. The Ordinance described in the preamble of this Ordinance is hereby amended by addition thereto of the following Section 13.03: Section 13.03. Municipal Bond Insurance. If municipal bond guaranty insurance is obtained by the Purchaser, the Certificates, including the Initial Certificate, shall bear an appropriate legend, as provided by the insurer. Section 2. Ordinance in Effect. Except as amended hereby, said Ordinance is and shall remain in force and effect according to the terms thereof. Section 3. Emergency Declaration. The public importance of this measure and the fact that it is to the best interest of the City to provide funds for proposed improvements at the earliest possible date, for the immediate preservation of the public peace, health and safety, constitutes and creates an emergency and an urgent public necessity requiring that the Charter rule requiring ordinances to be read on three several days be dispensed with for the purpose of adopting this Ordinance as an emergency measure; and said Charter rule is hereby dispensed with and this Ordinance is accordingly passed as an emergency measure, effective and in force immediately upon and after its passage.