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<br />ORDINANCE NO. 07-8-36 <br /> <br />AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF <br />SCHERTZ, TEXAS AUTHORIZING THE ISSUANCE OF "CITY OF <br />SCHERTZ, TEXAS GENERAL OBLIGATION BONDS, SERIES 2007", <br />LEVYING AN ANNUAL AD VALOREM TAX, WITHIN THE <br />LIMITATIONS PRESCRIBED BY LAW, FOR THE PAYMENT OF THE <br />BONDS; PRESCRIBING THE FORM, TERMS, CONDITIONS, AND <br />RESOLVING OTHER MATTERS INCIDENT AND RELATED TO THE <br />ISSUANCE, SALE, AND DELIVERY OF THE BONDS; AUTHORIZING <br />THE EXECUTION OF A PAYING AGENTIREGISTRAR AGREEMENT <br />AND A PURCHASE AND INVESTMENT LETTER; COMPLYING WITH <br />THE REQUIREMENTS IMPOSED BY THE LETTER OF <br />REPRESENTATIONS PREVIOUSL Y EXECUTED WITH THE <br />DEPOSITORY TRUST COMPANY; AND PROVIDING FOR AN <br />EFFECTIVE DATE <br /> <br />WHEREAS, the City Council (the City Council) of the City hereby finds and determines <br />that general obligation bonds of the City in the total principal amount of $6,000,000 should be <br />issued and sold at this time, being the second installment of general obligation bonds approved <br />and authorized to be issued at an election held on May 13, 2006, the respective authorized <br />purposes and amounts authorized to be issued therefor, amounts previously issued, amounts <br />being issued pursuant to this ordinance, and amounts remaining to be issued from such voted <br />authorizations subsequent to the date hereof being as follows: <br /> <br />Date Amount Previously Bonds Amount <br />Voted PurDose Authorized Issued Bonds Issued Unissued <br /> Herein <br />5-13-06 Library Facility $6,000,000 $6,000,000 $0 $0 <br /> Improvements <br />5-13-06 Construct and Equip $7,500,000 $0 $2,000,000 $5,500,000 <br /> Recreation Center <br />5-13-06 Construct Street, Curb, $20,000,000 $7,000,000 $2,000,000 $11,000,000 <br /> and Sidewalk <br /> Improvements <br />5-13-06 Construct drainage $4,000,000 $2,000,000 $2,000,000 $0 <br /> Improvements <br /> <br />WHEREAS, the City Council intends to issue an aggregate principal of $6,000,000 in <br />general obligation bonds the proceeds of which will be utilized to provide for the (i) purpose of <br />making permanent public improvements and for public purposes described above, and <br />(ii) payment of the costs of issuance of the general obligation bonds; <br /> <br />WHEREAS, the City Council hereby finds and determines that the issuance of the <br />general obligation bonds is in the best interests of the citizens of the City, now, therefore, <br /> <br />45954915.1 <br />