03071956 Regular Meeting - Laserfiche WebLink

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j , , 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 bonds, or any of them, are outstanding and unpaid, and said tax shall be assessed and collected and applied to the payment 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 pending 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 left in the care and custody of the Comptroller of the state of Texas, and the State Comptroller is hereby authorized to accept from Russ & Company, San Antonio, Texas, or their duly authorized agents, in installments or otherwise, the obligations hereby refunded, and, after cancellation thereof, to register a like amount of the bonds herein authorized and deliver same to the said Russ & Company, or their agent. XII. The importance of this measure, and its intent and purpose being declared to be for the immediate preservation of the public business of the City of San Marcos, Texas, and it being to the financial interest of said City to promptly cancel the outstanding warrants herein refunded by the issuance and delivery of the