03071956 Regular Meeting - Laserfiche WebLink

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A YES: Aldermen Hill Allen \1 De Viney Smith A',:u::III''',...nf+ NOES: None. The Mayor announced that the ordinance had been finally passed. The ORDINANCE is as follows: AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS. AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS STREET IMPROVEMENT REFUNDING BONDS, SERIES OF 1956, FOR THE PURPOSE OF CANCELING. REFUNDING AND IN LIEU OF A LIKE AMOUNT OF OUTSTANDING WARRANTS OF SAID CITY;PRESCRIBING THE FORM OF THE BONDS AND INTEREST COUPONS; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF AN ANNUAL TAX ON EACH ONE HUNDRED DOLLARS' VALUATION OF ALL TAX- ABLE PROPERTY WITHIN THE TERRITORIAL LIMITS OF THE CITY TO PAY THE PRINCIPAL AND INTEREST ON SAID BONDS AT MATURITY; ENACTING PROVISIONS INCIDENT AND RELATING TO THE SUBJECT AND PURPOSE OF THIS ORDINANCE; AND DECLARING AN EMERGENCY. I WHEREAS, the City Council of the City of San Marcos, Texas, has heretofore on April 20, 1955, passed an ordinance author~ng the issuance of CITY OF SAN MARCOS STREET IMPROVEMENT WARRANTS, SERIES OF 1955, dated April l5, 1955, Numbered 1 to 40, inclusive, in the denomination of $1,000 each, aggregating $40,000.00, bearing 3-1/2% interest per annum. and maturing $lO,OOO.OO on April 15th in each of the years 1972 to 1975, inclusive, all of WhiCh warrants are now outstanding and unpaid; and, WHEREAS, the City Council deems it advisable and to the best interest of said City to cancel the above described outstand- ing warrants by the issuance of refunding bonds in lieu thereof; I and, WHEREAS, the Mayor of the City of San Marcos has heretofore been directed to give notice of the intention of the City Council to refund said warrants, as required by Chapter 163, Acts of the 42nd Texas Legislature, Regular Session, as amended; and, WHEREAS, said notice was duly given by publication of said notice of intention to issue said refunding bonds, in a newspaper