11171954 Regular Meeting - Laserfiche WebLink

Home Browse Search

I be and the same is hereby approved and allowed, and that in accordance with said contract, there shall be executed and delivered to said JOHN NEENTS CONSTRUCTION COMPANY, Contractor, CITY OF SAN MARCOS WATERWORKS AND SEWER SYSTEM IMPROVEMENT WARRANTS, SERIES OF 1954, Numbers 1 to 15, inclusive, in the denomination of $1,000 each, aggregating $15,000.00, dated September 1, 1954, bearing 3-1/2% interei3t per annum, and maturing on September 1st, $2,000 in each of the years 1967 to 1970,inc1usive, $3,000 in 1971, and $4,000 in 1972, in part payment of the contract price due said Contractors under con- tract between said City and said Contractors dat.ed September 16, 1954; said warrants being part of a total authorized issue of $35,000,00, authorized to be issued for the purpose of evidencing the indebtedness of said City to be incurred in constructing extensions and improvements to the waterworks system and the sewer system of said City. 2. Due to the- fact that the amount of the estimate exceeds the amount of the warrants authorized to be delivered hereunder, occasioned by the even denominations of the warrants, the Contractor is entitled to a credit of $883.72, which amount shall be carried forward until the next estimate .is filed and approved. 3. That the City of San Marcos having received full value and consideration for the warrants hereinabove described, the City Treasurer is hereby authorized and instructed to register said warrants, and after registration thereof, to deliver the same to said Contractor, and the Mayor, City Secretary and City Treasurer are hereby authorized to execute such other and further instruments, certificates and statements as shall be necessary, convenient and appropriate to reflect the entire validity of said warrants. 4. By reason of the fact that the City Council considers the passage of this ordinance necessary for the immediate I II