04101957 Regular Meeting - Laserfiche WebLink

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~, ~ y /1 \...--- The Mayor announced that the ordinance had been finally passed. The ORDINANCE is as follows: I AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS FIRE STATION AND EQUIPMENT REFUNDING BONDSN SERIES OF 1957, FOR THE PURPOSE OF CANCELING, REFUNDI G 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 TAXABLE 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 outstanding its CITY OF SAN MARCOS FIRE STATION AND EQUIP- MENT WARRANTS, dated August 15, 1955, Numbered 1 to 85, both inclusive, in the denomination of $1,000 each, aggregating $85,000.00, bearing 3-1/2% interest per annum, and maturing on August 15th, $10,000 in 1974 and $25,000 in each of the years 1975 to 1977, inclusive; and, WHEREAS, the City Council of said City deems it advisable and to the best interest of said City to cancel the above described warrants by the issuance of refunding bonds in lieu thereof; 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 $85,000.00 outstanding warrants, as required by Chapter 163, Acts of the Forty-second Texas Legislature, Regular I Session, as amended; and, WHEREAS, said notice was duly given by publication in a newspaper of general circulation published in said City for the time and in the manner required by law; and WHEREAS, the City Council affirmatively finds that no petition was presented to the City Council to submit to a refer- endum vote the question as to the issuance of refunding bonds for such purpose;