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<br />I <br /> <br />WHEREAS, the City of San Marcos, Texas, has outstanding its <br />legally issued "CITY OF SAN MARCOS JUNIOR LIEN WATERWORKS AND SEWER <br />SYSTEM REVENUE BONDS, SERIES OF 1954", dated January 1, 1954, <br />numbered 118 to 154, inclusive, of the denomination of $1,000 each, <br />aggregating $37,000 (being part of a total authorized issue of <br />($155,000), bearing interest at the rate of two and three-fourths <br />per cent (2-3/4%) per annum, and maturing serially on January 1st, <br />$9,000 in each of the years 1971 and 1972, $10,000 in 1973, and <br />$9,000 in 1974 (Bond numbered 155 having been paid and cancelled); <br />optional on any interest payment date, in inverse numerical order; <br />such bonds being payable from and secured bya lien on the net <br />revenues from the operation of the waterworks and sewer system, the <br />lien on and pledge of the net revenues from the operation of said <br />system to the payment of the principal of and interest on the said <br />Series of 1954 Junior Lien Revenue Bonds being in all things <br />subordinate and junior to the lien on and pledge of said revenues <br />to ,the payment of the above mentioned Series 1951 and Series 1951-A <br />Revenue Bonds, dated January 1, 1951; and <br />WHEREAS, the City Council now deems it advisable and to the <br />best interest of said City to cancel and refund said outstandipg <br />$37,000 Junior Lien Waterworks and Sewer System Revenue Bonds, <br />Series of 1954, by the issuance of refunding bonds in lieu thereof; <br />and -. <br />WHEREAS, on September 1,1966, the City Council of the City of <br />San Marcos, Texas, adopted a resolution and order calling an elec- <br />tion on the questions of the issuance of $433,000 of revenue bonds <br />for the purpose of constructing extensions and improvements to the <br />City's waterworks system, and the issuance of $977,000 of revenue <br />bonds for the purpose of constructing extensions and improvements <br />to the City's sewer system; such bonds to bear interest at a rate <br />not to exceed5~1/2% per annum, to mature serially over a period <br />of years hot to exceed forty (40) years from their date, and to <br />be secured by and payable from a lien on and pledge of the net <br /> <br />. <br /> <br />~ I <br /> <br />- 2 - <br />