09071955 Regular Meeting - Laserfiche WebLink

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THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: Section 1. That there shall be issued under and by virtue of the Constitution and Laws of the State of Texas, and more particularly 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 FIRE STATION AND EQUIPMENT WARRANTS, for the purpose of evidencing the indebted - ness of the City of San Marcos to be incurred in constructing fire stations and purchasing sites therefor in said City, inclu- ding architect's fee in connection therewith, and purchasing fire equipment for 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 85, inclusive; shall be in the denomination of One Thousand ($1,000.00) Dollars each, aggre- gating Eighty -five Thousand ($85,000.00) Dollars; provided, however, that only such amount of warrants shall be executed and delivered as shall be necessary to evidence the indebtedness of the City of San Marcos actually incurred in constructing fire stations and purchasing sites therefor, in said City, including architect's fee in connection therewith, and purchasing fire equipment for said City. Section 4. That said warrants shall bear interest from date until paid at the rate of three and one -half (3 -1/2%) per cent per annum, payable August 15, 1956, and semi - annually thereafter on February 15th and August 15th in each year.