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<br />The Mayor announced that the ordinance had been finally <br /> <br />passed. <br /> <br />I I <br /> <br />The ORDINANCE is as follows: <br /> <br />AN ORDINANCE <br /> <br />BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, <br />AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS REFUNDING <br />BONDS, SERIES OF 1954, FOR THE PURPOSE OF CANCELING, <br />REFUNDING AND IN LIEU OF A LIKE AMOUNT OF OUTSTANDING <br />WARRANTS OF SAID CITY; PRESCRIBING THE FORM OF THE BONDS <br />AND INTEREST COUPONS; PROVIDING FOR THE LEVY, ASSESSMENT <br />AND COLLECTION OF AN ANNUAL TAX ON EACH ONE HUNDRED <br />DOLLARS' VALUATION OF ALL TAXABLE PROPERTY WITHIN THE <br />TERRITORIAL LIMITS OF THE CITY TO PAY THE PRINCIPAL AND <br />INTEREST ON SAID BONDS AT MATURITY; ENACTING PROVISIONS <br />INCIDENT AND RELATING TO THE SUBJECT AND PURPOSE OF THIS <br />ORDINANCE; AND DECLARING AN EMERGENCY. <br /> <br />WHEREAS, the City Council of the City of San Marcos, Texas, <br /> <br />has heretofore passed an ordinance authoriZing the issuance of <br /> <br />I <br /> <br />CITY OF SAN MARCOS AUTOMOTIVE E~UIPMENT AND STREET I~CHINERY <br />WARRANTS, dated August 1, 1954, Numbered 1 to 35, inclusive, in <br />the denomination of $1,000 each, aggregating $35,000.00, bearing <br />3-1/2% interest per annum, and maturing on August 1st, $2,000 in <br />each of the years 1962 to 1966, inclusive, and $5,000 in each of <br />the years 1967 to 1971, inclusive, of which issue there are now <br />outstanding and unpaid warrants aggregating $26,000.00, being <br />Warrants Nos. 10 to 35, incluSive; and, <br /> <br />WHEREAS, the City Council of said City deems it advisable <br />and to the best interest of said City to cancel the above <br /> <br />described warrants now outstanding by the issuance of refunding <br />bonds in lieu thereof; and, <br /> <br />I <br /> <br />WHEREAS, the Mayor of the City of San Marcos has heretofore <br /> <br />been directed to give notice of the intention of the City Council <br /> <br />to refund said warrants, as required by Chapter 163, Acts of the <br /> <br />Forty-second Texas Legislature, Regular SeSSion, as amended; and, <br /> <br />WHEREAS, said notice was duly given by publication of said <br /> <br />notice of intention to issue said refunding bonds in a newspaper <br /> <br />of general circulation published in said City for the time and <br />in the manner required by law; and, <br />