04201955 Regular Meeting - Laserfiche WebLink

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~ J I I 7- r'l~ IX. IT IS FURTHER ORDAINED by the City Council of the City of San Marcos, Texas, that while said bonds, or any of them, are outstand- ing and unpaid, there shall be annually levied, assessed and collected in due time, form and manner, a tax upon all taxable property in the City of .San Marcos, sufficient to pay the current interest on said bonds and create a sinking fund sufficient to pay each installment of the principal as the same becomes due, and for the year 1955; there 1s hereby levied a sufficient tax on each $100.00 valuation of taxable property in said City, and the same shall be assessed and collected and applied to the purpose named; and while said bonds, or any of them, are outstanding and unpaid, a tax for each year at a rate from year to year, as will be ample and sufficient to provide funds to pay the current interest on said bonds and to provide the necessary sinking fund, full allow- ance being made for delinquencies and costs of collection, shall be, and is hereby levied for each year, respectively, whilesaid bonds, or any of them, are outstanding and unpaid, and said tax shall each year be assessed and collected and applied to the pay- ment of the interest on and principal of said bonds, X. IT IS FURTHER ORDAINED that all moneys in the, sinking fund for the benefit of the warrants hereby refunded, and all taxes in process of collection for the benefit of the warrants hereby refunded are hereby appropriated to the interest and sinking fund of this issue of refunding bonds. XI. IT IS FURTHER ORDAINED that the Mayor of said City shall be authorized to take and have charge of all necessary records pend- ing investigation by the Attorney General and shall take and have charge and control of the bonds herein authorized pending their approval by the Attorney General and registration by the State Comptroller of Public Accounts. After the record and the bonds have been approved by the Attorney General, the bonds shall be ~