09151954 Regular Meeting - Laserfiche WebLink

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i , I g{fI Section 9. BE IT FURTHER ORDAINED by the City Council of the City of San Marcos, that aspecia1 fund, to be designated "Waterworks and Sewer ImprovelilentWarrants, Series of 1954,'und," be and the same is hereby made, .created and set .aside, which shall be used to pay the interest on said warrants and the principal thereof at maturity, and tor no other purpose. That to create said tund to pay the interest on said warrants and create a sinking fund sufficient to pay the pr11'icipal thereof as the same becomes due, there is hereby levied for the year 1954 a sufficient tax on.each $100.00 valuation of taxable property in said City, and the same shallbeas!3essed and collected and applied to the purpose named; and while said warrants, or any of them, are outstanding and unpaid, a tax for each year at a rate from year to year, as wll1 be ample and sufficient to provide funds to pay the curre.nt interest on said warrants and to provide t.he necessary Sinking fund, full allowance being made for delinquencies and costs of collection, shall be, and 1s hereby levied for each year,respectively, while said warrants,or any of them, are out- standing and unpaid, and said tax shall each year be assessed and collected. and applied to the payment of the interest on and prin- cipal of said warrants. Section 10. Byreason of the fact that the City Council of the City of San Marcos, Texas, considers the passage of thie ordinance necessary for the general welfare of said City and of its citizens, it is hereby declared to be an emergency measure demanding that the rule requiring ordinances to be read at more than one meeting of the City Council be suspended, and that this ordinance. take effect immediately from. and after its passage, and it is so ordained.