02161955 Regular Meeting - Laserfiche WebLink

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.1 I II "------ 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 Meents Construction Company, Contractor, CITY OF SAN MARCOS WATERWORKS AND SEWER SYSTEM IMPROVEMENT WARRANTS, SERIES OF 1954, Numbers 28 to 31, inclusive, in the denomination of $1,000 each, aggregating $4,000.00, dated September 1, 1954, bearing 3-1/2% interest per annum, and matur- ing on September I, 1974, in part payment of the contract price due said Contractor under contract between said City and said Contractor dated 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 the 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 claim exceeds the amount of the warrants authorized to be delivered hereunder, occasioned by the even denominations of the warrants, the Contractor is entitled to the sum of $458.96 in cash. 3. That the City of San Marcos having received full value and consideration for the wanants 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 instru- ments, 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 preservation of the public peace, property, health and safety of said City of San Marcos, it is hereby declared to be an emergency