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<br />, <br /> <br />j:.gR <br /> <br />--. <br /> <br />I <br /> <br />WHEREAS, the City Council deems it advisable and necessary <br />to issue interest-bearing time warrants of said City for the <br />purpose of paying claims to be incurred in the construction of <br /> <br />such street improvements, such warrants to be payable from an <br />ad valorem tax upon all taxable property in said City; and, <br />WHEREAS, it is proper and necessary that the City Council <br />give notice of its intention to issue such interest-bearing time <br /> <br />warrants; <br /> <br />THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS: <br /> <br />I <br /> <br />That the Mayor be, and he is hereby authorized, ordered and <br />instructed to do all things necessary and/or convenient to have <br />published the notice required by Chapter 163, Acts of the Regular <br />Session of the Forty-second Legislature of Texas, as amended; that <br /> <br />said notice shall signify the intention of the City Council of <br />said City to issue not exceeding $40,000.00 of interest-bearing <br /> <br />time warrants, to mature serially, the maximum maturity of which <br /> <br /> <br />shall be not later than twenty-five (25) years from their date, <br /> <br />to bear interest at a rate not to exceed three and one-half <br /> <br />(3-1/2%) per cent per annum, and to be payable out of an ad valor- <br /> <br />em tax to be levied against the taxable property in said City, <br /> <br />such time warrants to be issued for the purpose of paying claims <br /> <br />to be incurred by the City of San Marcos in constructing street <br /> <br />I <br /> <br />Texas <br />