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<br />AND WHEREAS, the City Council has duly ascertained and
<br />determined that said claims were incurred in the construction of
<br />extensions and improvements to the waterworks system of the City
<br />of San Marcos as contemplated and authorized by the aforesaid
<br />ordinance of April 28, 1954; and,
<br />WHEREAS, said claims have been duly audited and found to be
<br />correct and unpaid obligations of said City of San Marcos; and,
<br />WHEREAS, said claims in the total amount of $24,000.00 are
<br />now held and owned by the FIRST NATIONAL BANK, SAN MARCOS, TEXAS;
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<br />and,
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<br />WHEREAS, the City Council desires to approve and allow said
<br />clai~ and to authorize the delivery of CITY OF SAN MARCOS
<br />WATERWORKS IMPROVEMENT WARRANTS, SERIES OF 1954, to evidence said
<br />indebtedness;
<br />THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
<br />SAN MARCOS, TEXAS:
<br />Section 1. That the claims hereinabove listed for indebted-
<br />ness incurred in the construction of extensions and improvements
<br />to the waterworks system of the City of San Marcos, in the total
<br />amount of $24,000.00, are hereby allowed and declared to be the
<br />lawful indebtedness of said City; that the said claims are legally
<br />owned and held by the FIRST NATIONAL BANK, SAN MARCOS, TEXAS:
<br />Section 2. That to evidence said indebtedness, there shall
<br />be executed and delivered to said FIRST NATIONAL BANK, "City of
<br />San Marcos lriaterworks Improvement Warrants, Series of 1954," dated
<br />May 15, 1954, Numbered 1 to 24, inclusive, in the denomination of
<br />$1,000 each, bearing 3-1/2% interest per annum, and maturing on
<br />May 15th, $3,000 in each of the years 1960 and 1961, $5,000 in
<br />1962, $7,000 in 1963, and $2,000 in each of the years 1964 to
<br />1966, inclusive, ~uthorized by the aforesaicl. ordinance of April
<br />28, 1954, which ordinance is duly recorded in the Minutes of the
<br />Ci ty Council of said City.
<br />Section 3. That. the City of San Marcos, Texas, has received
<br />full value and consideration for said Warrants Nos. 1 to 24,
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<br />inclusive.
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