05281956 Special Meeting - Laserfiche WebLink

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I SECTION IX. IT IS FURTHER ORDAINED by the City Council of the City of San Marcos, Texas, that while said bonds, or any of them, are outstanding and unpaid, there shall be annually levied and assessed and collected in due time, form and manner a tax upon all taxable property in the City of San Marcos, suffi- cient to pay the current interest on said bonds and to create a sinking fund sufficient to pay each installment of the principal as the same becomes due; and there is hereby levied for the year 1956 a sufficient tax on each $100.00 valuation of taxable property in said City, and the same shall be assessed and collec- ted and applied to the purpose named; and while said bonds, 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 pro- vide funds to pay the current interest on said bonds and to pro- vide the necessary sinking fund to pay the principal, full allow- ance 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 bonds, or any of them, are outstanding 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 bonds. SECTION X. The bonds and a complete record relating there- to shall be submitted to the Attorney General of the State of Texas for his apprOVal, and after he shall have approved them, the bonds shall be deposited with the ComptrOller of Public Accounts for registration. The State Comptroller is hereby authorized and instructed to deliver the bonds herein authorized, when they have been registered by him, to The American National Bank of Austin, Austin, Texas. SECTION XI. That the bid of Shearson, Hamm1ll & Co. and The Mercantile National Bank at Dallas, jointly, on the bonds I I