04101957 Regular Meeting - Laserfiche WebLink

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I I I 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 out- standing and unpaid, there shall be annually levied, assessed and collected in due time, form and manner, a tax upon all taxable property in the City of San Marcos, sufficient to pay the current interest on said bonds and create a sinking fund sufficient to pay each installment of the principal as the same becomes due; and there is hereby levied for theyear 1957 a sufficient tax on each $100.00 valuation of taxable property in said City to pay the current interest on said bonds and provide the necessary sinking fund to pay the principal, full allowance being made for delin- quencies and costs of collection, or to provide at least two (2%) per cent of the principal as a sinking fund, whichever amount is greater, and the same shall be assessed and collected 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 provide the necessary sinking fund to pay the principal, full allowance 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, respec- tively, 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. 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.