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<br />70 <br /> <br />RESOLUTION 1987-4R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS, INSTRUCTING THE CITY'S <br />BOND COUNSEL, FINANCIAL ADVISOR, AND <br />UNDERWRITER TO DEVELOP A REFUNDING PROGRAM FOR <br />THE CITY'S CERTIFICATES OF OBLIGATION, <br />AUTHORIZING PARTIES TO ACCOMPLISH SAID <br />REFUNDING, AND DECLARING AN EFFECTIVE DATE. <br /> <br />WHEREAS, the City Council deems it advisable to proceed with <br />the refunding of all the City's outstanding Certificates of <br />Obligation debt for which a refunding may be accomplished, if such <br />refunding will result in an interest savings and other economies on <br />behalf of the City; now, therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. That the City's bond counsel (Hutchison, Price, Boyle <br />& Brooks), the City's financial advisor (First Southwest Company), <br />and the City's underwriter (Texas Capital Markets), are hereby <br />instructed to proceed with the development of a refunding program <br />for the City's Certificates of Obligation indebtedness, in order to <br />achieve an interest savings and other economies for the City. <br /> <br />PART 2. That the above-named parties are hereby authorized to <br />proceed, on behalf of the City, to undertake the accomplishment of <br />the refunding of the City's certificates of Obligation, in reference <br />to their respective duties as bond counsel, financial advisor and <br />underwriter. <br /> <br />PART 3. That the City's officers and employees are hereby <br />directed nd instructed to cooperate with such firms as necessary in <br />order to ::ssist in the preparation of this refunding program. <br /> <br />PART 4. That it is expressly understood that the City's bond <br />counsel, financial advisor and underwriter will proceed with this <br />refunding program at no cost to the City unless and until a specific <br />refunding program is officially adopted by the City Council, at <br />which time said entities shall be compensated in the usual and <br />customary manner for their services. <br /> <br />PART 5. That the City Council specifically reserves the right <br />to reject any and all proposals for refunding made to it by the <br />City's bond counsel, financial advisor and/or underwriter. <br /> <br />PART 6. That this Resolution <br />effect from and after its passage. <br /> <br />shall <br /> <br />be <br /> <br />in <br /> <br />full <br /> <br />force <br /> <br />and <br /> <br />ADOPTED this <br /> <br />26 day of January <br /> <br /> <br />(~ <br />\\, ......,.~..II'....~.......y~.). .-----' <br />,.~ - ".I - <br />~- .. --. v \,~ / <br />,~. . Younger <br />Mayor <br /> <br />, 1987. <br /> <br />Attest: <br /> <br />c4'iÞd 11f~ <br /> <br />Jfriis K. Womack <br />City Secretary <br />