09071955 Regular Meeting - Laserfiche WebLink

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City Secretary, and registered by its City Treasurer, as of the 15th day of August, 1955• y c7y of an Mareos.,>Texas COUNTERSIGNED: City Secretary, City of an rcos, Texas REGISTERED: City Treasurer, city of an rcos, Texas Section 9. IT IS FURTHER ORDAINED by the City Council of the City of San Marcos, that a special fund, to be designated "Fire Station and Equipment Warrants Fund," be and the same is hereby made, created and set aside, which shall be used to pay the interest on said warrants and the principal thereof at matur- ity and for no other purpose. That to create said fund to pay the interest on said war- rants and create a sinking fund sufficient to pay the principal thereof as the same becomes due, there is hereby levied for the year 1955 a sufficient tax on each $100 valuation of taxable property in said City,and the same shall be assessed and collected and applied to the purpose named; and while said warrants, 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 warrants and to provide the necessary sinking fund, full allowance being made for delinquencies and costs of collection, or to provide at least two (2,%) per cent of the principal as a sinking fund, whichever amount is greater, shall be, and is hereby levied for each year, respectively, while said warrants, or any of them, are outstand- ing and unpaid, and said tax shall each year be assessed and collected and applied to the payment of the interest on and principal of said warrants.