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<br />Q79
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<br />AN ORDINANCE PROVIDIN3 FOR BORRO,vING MONEY AND ISSUING OF
<br />CURRENT EXPENSE WARRANTS TO THE AMOUNT OF $25,000.00 FOR
<br />THE PURPOSE OF PAYIN3 CURRan OPERATING EXPENSES DURING THE
<br />FISCAL YEAR 1958-59: PROVIDING FOR THE PAYMENT OF THE
<br />PRINCIPAL AND INTEREST OF SAID WARRANTS
<br />
<br />Whereas, it is necessary in carrying on the business of the City
<br />during the fiscal year 1958-1959 to borrow money for the purpose of paying
<br />current operating expenses; and
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<br />Whereas, it has been ascertained and determined by this Governing
<br />Body that the most practicable and satisfactory method of borrowing money
<br />for the said purpose is to issue current expense time warrants;
<br />
<br />NON, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY
<br />OF SAN MARCOS, TEXAS:
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<br />1. That there be borrowed by, for and on behalf of the City of San
<br />Marcos, funds to the maximum extent of $25,000.00, and that to evidence such
<br />indebtedness current expense warrants of the City be issued.
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<br />2. That such warrants be designated "CITY OF SAN MARCOS CURRENT
<br />EXPENSE WARRANTS, 1958-1959," be dated June 11, 1958, be twenty-five (25) in
<br />number, numbered, consecutively, from one (1) to twenty-five (25), inclusive,
<br />be of the denomination of $1,000.00 each, all of said warrants to mature on
<br />or before January 15, 1959, bearing interest at the rate of four per cent (4%)
<br />per annum from the date of delivery until paid, both principal and interest
<br />payable on or before January 15, 1959. The seal of the City shall be affixed
<br />to each of said bonds and shall be signed by the '~yor, be attested by the
<br />City Clerk and registered by the City Treasurer. Said warrants shall be pay-
<br />able to bearer.
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<br />3. That each of said warrants shall be in the following form:
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<br />"No.
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<br />UNITED STATES OF AMERICA
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<br />$1,000.00
<br />
<br />THE STATE OF TEXAS
<br />
<br />COUNTY OF HAYS
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<br />CITY OF SAN WARCOS CURRENT EXPENSE WARRANTS,- 1958-1959
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<br />This is to certify that the City of San Marcos, in the State of Texas,
<br />is justly indebted to, and, for value received, hereby promises to pay to
<br />bearer, the sum of ONE THOUSAND DOLLARS ($1,000.00) in lawful money of the
<br />United States of America, on or before the 15th day of January, 1959, with
<br />interest thereon from the dat.e of delivery hereof at the rate of four per
<br />centum (4%) per annum, such interest payable at maturity of this warrant, .
<br />both principal and interest of Warrants Nos. 1 through 20, inclusive, payable
<br />at the offices of the State Bank &. Trust Company in San Marcos, in Hays County,
<br />Texas, on presentation and surrender of warrant, and both principal and interest
<br />of Warrants Nos. 21 through 25, inclusive, payable at the offices of the First
<br />National Bank in San Marcos, in Hays County, Texas, on presentation and surrender
<br />of warrant.
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<br />This warrant is one of a series of twenty-five (25) warrants, numbered,
<br />consecutively, from one (1) to twenty-five (25), both inclusive, of the denomina-
<br />tion of ONE THOUSAND DOLLARS ($1,000.00) each, aggregating Twenty-Five Thousand
<br />Dollars ($25,000.00), issued for the purpose of providing funds for current ex-
<br />penses incurred during the current fiscal year of said City of San Marcos, said
<br />fiscal year beginning on April 1, 1958, and ending on March 31, 1959.
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<br />It is hereby certified, recited, and represented that all acts, conditions
<br />and thin'3s necessary to be done precedent to and in the issuance of this warrant
<br />have ceen properly done, have happened, and been performed in regular and due
<br />time, form, and manner, as required by law; that the faith and credit of said
<br />City are hereby irrevocacly pledged for the prompt payment of the principal and
<br />interest of this warrant at maturity; that due provision has been made for
<br />levying and collecting by taxation during the current year a sufficient amount
<br />to pay the principal and interest on this warrant at maturity; and the issue of
<br />warrants, of which this is one, together with all other indebtedness of said City,
<br />is within every debt and other limit prescribed by the Constitution and Laws of
<br />the State of Texas.
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