05281956 Special Meeting - Laserfiche WebLink

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I %d:le'Mn ~;~J-: -;Z~: -~~' 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 BONDS IN THE PRINCIPAL SUM OF THREE HUNDRED FIFTY THOUSAND ($350,000.00) DOLLARS, FOR THE PURPOSE OF PAYING THE COST OF CONSTRUCTING STREET IMPROVEMENTS, INCLUDING THE PURCHASE OF RIGHT- OF-WAY, AND ALL NECESSARY EXPENSES IN CONNECTION THERE- WITH, FOR U. S. HIGHWAY NO. 81, WITHIN SAID CITY; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX ON ALL THE TAXABLE PROPERTY WITHIN THE LIMITS OF SAID CITY TO PAY THE INTEREST AND CREATE A SINKING FUND FOR THE REDEMPTION THEREOF; PRESCRIBING THE FORM OF BOND AND THE INTEREST COUPON; AWARDING THE SALE OF THE BONDS; AND DECLARING AN EMERGENCY. I WHEREAS, the City Council of the City of San Marcos, Texas, has heretofore on June 22, 1955, adopted a resolution and order calling an election on the question of the issuance of $350,000.00 bonds of said City for the purpose of paying the cost of construc- ting street improvements, including the purchase of right-of-way, and all necessary expenses in connection therewith, for U. S. Highway No. 81, within said City, and the levying of a tax suffi- cient to pay the interest on said bonds and create a sinking fund sufficient to redeem them at maturity, said bonds to bear interest at a rate not to exceed 3-1/2% per annum, and to mature serially not to exceed thirty (30) years from their date; and, WHEREAS, said election was held pursuant to said resolution I and order, and in accordance with law, on July 20, 1955, and re- sulted favorably to the issuance of said bonds; and, WHEREAS, the City Council has heretofore adopted a resolu- tion canvassing the returns and declaring the result thereof; and, WHEREAS, the City Council now deems it advisable and to the best interest of the City of San Marcos to proceed with the issuance of such bonds;