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<br /> revenues from the operation of he city's combined waterworks and <br />I sewer system; and <br />WHEREAS, said election was eld pursuant to said resolution and <br /> order on September 27, 1966, an resulted favorably to the issuance <br /> of said $1,410,000 revenue bond , and the City Council adopted 8. <br /> <br />. <br /> <br />resolution on September 27, canvassing the returns and <br />declaring the result of the tion and determining the specific <br />authority of the City to issue revenue bonds; and <br />WHEREAS, the City it advisable and to the best <br />interest of said City to issue refunding bonds in the principal <br />amount of $37,000 and the bonds authorized at said election held on <br />September 27, 1966, in the prin ipal amount of $1,410,000, as one <br />series of bonds in regate principal amount of <br />$1,447,000, and to pledge t revenues of the combined water- <br />works and sewer system of said ity to the payment of the principal <br />of and interest on said bonds, he lien on and pledge of such net <br />revenues to the payment of such bonds to be made junior and <br />subordinate in all respects to he lien on and pledge of said <br />revenues to the payment of the bove mentioned Series 1951' and <br />Series 1951-A Revenue Bonds, da ed January 1, 1951; <br />BE IT ORDAINED BY THE CITY UNCIL OF THE CITY OF SAN MARCOS: <br />Section I. That the City C uncil of the City of San Marcos, <br />Texas, pursuant to the general aws of the State Of Texas, par- <br />ticularly Articles 1111 - 1118, both inclusive, and Article lIlla, <br />of the Revised Civil Statutes 0 Texas, 1925, as amended, has de- <br />termined that there shall be is ued, and there is hereby issued <br />a series of coupon Bonds, in th total principal sum of ONE <br />MILLION FOUR HUNDRED FORTY-SEVE THOUSAND DOLLARS ($1,447,000), of <br />which $37,000 of Bonds shall be issued for the purpose of paying <br />off, refUnding and canceling an equal amount of outstanding indebted- <br />ness of the City's waterworks d sewer system, as evidenced by <br />II City of San Marcos Junior Lien Waterworks and Sewer System Revenue <br />BondS, Series of 1954", dated January 1, 1954; $433,000 of Bonds <br />- 3 - <br /> <br />I I <br />