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<br />shall be bonded at all times in an amount at least equal to the
<br />total funds in his custody at anyone time.
<br />Section XXVI. Approval and Registration of Bonds. That the
<br />Bonds and a complete record of proceedings shall be submitted to the
<br />Attorney General for his approval. After the Bonds have been
<br />approved by the Attorney General, they shall be left in the care
<br />and custody of the Comptroller of Public Accounts of the State of
<br />Texas. The State Comptroller is hereby instructed not to register
<br />any of the Bonds herein authorized until he shall have in his
<br />possession for cancellation the following described bonds: CITY OF
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<br />SAN MARCOS JUNIOR LIEN WATERWORKS AND SEWER SYSTEM REVENUE BONDS,
<br />SERIES OF 1954, dated January 1, 1954, numbers 118 to 154, in-
<br />clusive, of the denomination of $1,000 each, aggregating $37,000,
<br />bearing 2-3/4% interest per annum, and maturing on January 1st,
<br />$9,000 in each of the years 1971 and 1972, $10,000 in 1973. and
<br />$9,000 in 1974, and upon receipt and cancellation of said $37,000
<br />of outstanding bonds, the State Comptroller shall register in lieu
<br />thereof Bonds numbered 1 to' 37, inclusive, in the total principal
<br />amount of $37.000, of the issue herein authorized, and shall deliver
<br />all Bonds of the issue herein authorized to The American National
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<br />Bank of Austin, Austin, Texas.
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<br />Section XXVII. Sale of Bonds. That the offer of Ranson &
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<br />Company, Inc., San Antonio, Texas, to purchase $10,000 of the Bonds
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<br />herein authorized, being Bonds numbered 38 and 39,'. in the denomina-
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<br />,tion of '$5,000 each, maturing on January 1 in each of the years
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<br />1975 and 1976, at a price of par and accrued interest to date of
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<br />delivery, constitutes the best and highest bid received by the City
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<br />for such Bonds; that the sale of said $10,000 of Bonds to Ranson
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<br />& Company, 'Inc., San Antonio, Texas, in accordance with the terms
<br />of the offer made and by this City Council duly accepted, is hereby
<br />confirmed; that the Mayor and City Secretary of the City of San
<br />Marcos are hereby authorized and directed and instructed to do all
<br />things necessary to deliver to Ranson & Company, Inc., Bonds numbered
<br />38 and 39, in the total principal amount'of $10,000.
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