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<br />~ <br /> <br />7-1l <br /> <br />the manner required by law; and, <br /> <br />WHEREAS, the City Council affirmatively finds that no <br /> <br />I <br /> <br />petition was presented to the City Council to submit to a <br /> <br />referendum vote the question as to the issuance of refunding <br /> <br />bonds for such purpose; and, <br /> <br />WHEREAS, it Is now in order that the City Council proceed <br />with the issuance of said refunding bonds; <br /> <br />THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF SAN MARCOS, TEXAS: <br /> <br />I. <br /> <br />That, under and by virtue of the Constitution and Laws of <br /> <br />the State of Texas, including Chapter 163, Acts of the 42nd <br /> <br />Texas Legislature, Regular Session, 1931, as amended, bonds of <br /> <br />I <br /> <br />said City, to be known as CITY OF SAN MARCOS WATERWORKS AND SEWER <br />IMPROVEMENT REFUNDING BONDS, SERIES OF 1955, be issued in the <br />principal amount of Thirty-one Thousand ($31,000.00) Dollars, for <br />the purpose of refunding, canceling and in lieu of a like amount <br />of outstanding warrants of said City. <br /> <br />II. <br /> <br />That said bonds shall be numbered consecutively from 1 to 31, <br />inclusive, and shall be in the denomination of One Thousand <br />($1,000.00) Dollars each; shall be dated March 1, 1955, and shall <br /> <br />become due and payable as follows: <br /> <br /> BOND NUMBERS MATURITY DATES AMOUNTS <br /> 1 - 2 March 1, 1967 $ 2,000 <br /> 3 - 4 March 1, 1968 2,000 <br /> 5 - 6 March 1, 1969 2,000 <br /> 7 - 8 March 1, 1970 2,000 <br /> 9 -11 March 1, 1971 3,000 <br />I 12 - 16 March 1, 1972 5,000 <br />17 - 21 March 1, 1973 5,000 <br /> 22 - 31 March 1, 1974 10,000 <br /> III; <br /> <br />The City Council hereby finds and determines that the finan- <br />cial condition of the City of San Marcos will not permit the <br />