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<br /> shall be issued for the purpose of constructing extensions and <br />I improvements to the City's waterworks system, and $977,000 of Bonds <br />shall be issued for the purpose Of constructing extensions and <br /> improvements to the City's sewer system. That said Bonds shall be <br /> <br />designated "CITY OF SAN MARCOS, TEXAS, JUNIOR LIEN WATERWORKS AND <br />SEWER SYSTEM REVENUE BONDS, SERIES 1968", and shall be payable, <br /> <br />as to both principal and interest, solely from and secured by a <br /> <br />lien on and pledge of the net revenues to be'derived from the <br /> <br /> <br />operation and/or owners~ip of the water and sewer system subject <br /> <br />only to the first lien securing the City's Waterworks and Sewer <br /> <br />Improvement and Extension Revenue Bonds Series 1951 and 1951-A, <br /> <br />III <br /> <br />after deduction of reasonable operation and maintenance expenses, <br />as said expenses are defined by statute (herein sometimes called <br />"Current Expenses"). <br />Section II. Date, Numbers, and Denominations. That said Bonds <br />shall be dated July I, 1968; Bonds numbered One (1) to Thirty-seven <br />(37), both inclusive, shall be of. the denomination of One Thousand <br />Dollars ($l,OOO) each, and Bonds numbered Thirty-eight (38) to <br />Three Hundred Nineteen (319), both inclusive, shall be of the <br />denomination of Five Thousand Dollars ($5,000) each. <br />Section III. That said Bonds shall bear interest from date <br /> <br />until the principal sum thereof shall be paid as follows: <br /> <br />'. <br /> <br />r I <br />I <br /> <br />Bonds numbered 1 to 37l inclusive, at the rate of two and three- <br />fourths per cent (2-3/~%) per annum; <br /> <br />Bonds numbered 38 and 39 at the rate of five and one-half per <br />cent (5-l/2%) per annum; and <br /> <br />Bonds numbered 40 to 319, inclusive, at the rate of four and <br />one-half per cent (4-1/2%) per annum; <br /> <br />which interest shall be evidenced by proper coupons attached to <br /> <br />each of said Bonds and shall be payable January 1, 1969, and semi- <br /> <br />annually thereafter on July 1 and January lof each year. That <br /> <br />both principal of and interest on said Bonds shall be payable in <br /> <br />lawful money of the United States of America, and without exchange <br /> <br />or collection charges to the owner or holder, at The American <br /> <br />L <br /> <br />- 4 - <br />