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<br />WHEREAS, the City Council affirmatively finds that no <br /> <br />petition was presented to the City Council to submit to a <br /> <br />I <br /> <br />referendum vote the question as to the issuance of refunding <br /> <br />bonds for such purpose; and, <br /> <br />WHEREAS, it is now in order that the City Council proceed <br /> <br />with the issuance of said refunding bonds; <br /> <br />THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS: <br /> <br />I. <br /> <br />That, under and by virtue of the Constitution and Laws of <br />the State of Texas, including Chapter 163, Acts of the 42nd <br /> <br />Texas Legislature, Regular Session, 1931, as amended, bonds of <br /> <br />I <br /> <br />said City, to be known as CITY OF SAN MARCOS REFUNDING BONDS, <br />SERIES OF 1954, be issued in the principal amount of Twenty-six <br />Thousand ($26,000.00) Dollars, for the purpose of refunding, <br />canceling and in lieu of a like amount of outstanding warrants <br /> <br />of said City. <br /> <br />II. <br /> <br />That said bonds shall be numbered consecutively from 1 to <br />26, inclusive, and shall be in the denomination of One Thousand <br />($1,000.00) Dollars each; shall be dated September 1, 1954, and <br />shall become due and payable as follows: <br /> <br /> BOND NUMBERS MATURITY DATES AMOUNTS <br /> (Irdusi ve) <br /> 1 September 1, 1966 $1,000 <br /> 2 - 6 September 1, 1967 5,000 <br /> 7 - 11 September 1, 1968 5,000 <br /> 12 - 16 September 1, 1969 5,000 <br /> 17 - 21 September 1, 1970 5,000 <br />I 22 - 26 September 1, 1971 5,000 <br /> III. <br /> <br />The City Council hereby finds and determines that the <br />financial condition of the City of San Marcos will not permit the <br />issuance of said bonds in such installments as will make the <br /> <br />burden of taxation to support the same approximately uniform <br />