05281956 Special Meeting - Laserfiche WebLink

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I THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION I. That the bonds of said City, to be called CITY OF SAN MARCOS STREET IMPROVEMENT BONDS, SERIES OF 1956, be issued under and by virtue of the Constitution and Laws of the State of Texas, for the purpose of paying the cost of construct- ing 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. SECTION 2. That said bonds shall be numbered consecutively from 1 to 350, inclusive, and shall be of the denomination of One Thousand ($1,000.00) Dollars each, aggregating Three Hundred Fifty Thousand ($350,000.00) Dollars. SECTION 3. That said bonds shall bear interest from date until paid as follows: Bonds Numbers 1 to 131, inclusive, at the rate of three and one-fourth (3-1/4%) per cent per annum, Bonds Numbers 132 to 177, inclusive, at the rate of three and one- eighth (3-1/8%) per cent per annum, and Bonds Numbers 178 to 350, inclusive, at the rate of three and one-fourth (3-1/4%) per cent per annum; which interest shall be evidenced by proper coupons attached to each of said bonds and shall be payable June 1, _1957 and semi-annually thereafter on December 1st and June 1st in each year. That principal of and interest on said bonds shall be payable in lawful money of the United States of America upon presentation and surrender of bonds or proper coupons at The Mercantile National Bank At Dallas, Dallas, Texas, without exchange or collection charges to the owner or holder thereof. SECTION 4. That said bonds shall be dated June 1, 1956 and shall mature serially as follows: I ~.