04201955 Regular Meeting - Laserfiche WebLink

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-- I I I - 7/1 Section 1. That there shall be issued under and by virtue of the Constitution and Laws of the state of Texas, and more particu- larly Chapter 163, Acts of the Regular Session of the 42nd Legislature, 1931, as amended, interest bearing time warrants of said City, to be known. as CITY OF SAN MARCOS STREET IMPROVEMENT WARRANTS, SERIES OF 1955, for the purpose of paying claims to be incurred by the City of San Marcos in constructing street improve- ments in said City. Section 2. That said warrants shall be delivered to and accepted by claimants or their assignees, in full settlement of the indebtedness due them by the City of San Marcos, Texas, after claims have been duly approved, audited and allowed by the City Council of said City. Section 3. That said warrants shall be payable to bearer and shall be numbered from 1 to 40, inclusive; shall be in the denomi- nation of One Thousand ($1,000.00) Dollars each, aggregating Forty Thousand ($40,000.00) Dollars; provided, however, that only such amount of said warrants shall be executed and delivered as shall be necessary to pay claims a.ctually incurred in constructing such street improvements, the remaining warrants, if any, shall be can- celled and destroyed. Section 4. That said warrants shall be dated April 15, 1955, and shall mature as follows: WARRANT NUMBERS (Inclusive) MATURITY DATES AMOUNTS 1 - 10 11 - 20 21 - 30 31 - 40 April 15, 1972 April 15, 1973 April 15, 1974 April 15, 1975 $10,000 10,000 10,000 10,000 Section 5. That said warrants shall bear interest from date at the rate of three and one-half (3-1/2%) per cent per annum, payable April 15, 1956, and semi-annually thereafter on October 15th and April 15th in each year.