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<br />I <br /> <br />I <br /> <br />- <br /> <br /> <br />WHEREAS, the City Council deems it advisable and necessary <br />to issue interest bearing time warrants of said City to evidence <br />the indebtedness of the City to be incurred in constructing such <br />extensions and improvements, such warrants to be payable from an <br />ad valorem tax upon all taxable property in the City of San Marcos; <br />and, <br /> <br />WHEREAS, ~he City Council deems it advisable and to the best <br />interest of said City to give notice to bidders and notice of <br />intention to pay all ora part of the contract price by the issu- <br />ance and delivery of such interest bearing time warrants; <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />,TEXAS : <br /> <br />That the Mayor be and he is hereby authorized, ordered and <br />directed to do all things necessaryand!orcClnvenient to have <br />published thenbtice required by Chapter 163, Acts of the Regular <br />3essionof the, 42nd Legislature of Texas, as amended; that said <br />natic:eshall signify the intention of the City Council to receive <br />bidS for the construction of extensions ,andimprovelllents to the <br />waterworks system and the sewer system of the Ci,tyof San Marcos <br />.andshall specify the time and place when and where bids will be <br />received, and it shall be published in said City once each week <br />for two consecutive .weeks prior to the time set for receiving <br />bids, the date of first publication to be at least fourteen (14) <br />full days prior to the date set for receiving bids; said notice <br />shall provide that.all bids shall be accompanied by abidderls <br />bond or certified check in the sum of five (5%) per cent of the <br />total amount of the bid; that said notice shall also convey <br />the information that it is the intention of the City to pay all <br />or a part of the contract price by the issuance and delivery of <br />interest bearing time warrants in an amount not exceedings <br />$35,000.00, to bearinterest at, a ratenot to exceed three and <br />one_half (3-1/2%) percent per annum, and having a maximum <br />maturity date not lat,er than twenty-five (25) years from their <br />date, to be authorized by the City Council of sa:i.d City for <br />the purpose of evidencing the indebtedness of the City of San <br />~arcos to be incurred ill cOl1structing extensions and improvements <br />