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<br />AN ORDINANCE PROVIDING FOR BORROWING MONEY AND ISSUING
<br />OF GENERAL FUND CURRENT EXPENSE WARRANTS TO THE AMOUNT
<br />OF $50,000.00 FOR THE PURPOSE OF PAYING CURRENT OPER-
<br />ATING EXPENSES DURING THE FISCAL YEAR 1961-62; PROVIDING
<br />FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST OF SAID
<br />WARRANTS
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<br />Whereas, it is necessary in carrying on the business of the
<br />City during the fiscal year 1961-62 to borrow money for the purpose
<br />of paying current operating expenses; and
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<br />Whereas, it has been ascertained and determined by this
<br />Governing Body that the most practicable and satisfactory method of
<br />borrowing money for the said purpose is to issue current expense time
<br />warrants;
<br />
<br />NOW, THEREFORE, BE IT ORDAII'/ED BY THE GOVERNING BODY OF THE
<br />CITY OF SAN MARCOS, TEXAS:
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<br />1. That there be borrowed by, for and on behalf of the City
<br />of San Marcos, funds to the maximum extent of $50,000.00 and that to
<br />evidence such indebtedness current expense warrants of the City be issued.
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<br />2. That such warrants be designated "CITY OF SAN MARCOS GEN:-.
<br />ERAL FUND CURRENT EXPENSE WARRANTS, 1961-62," be dated June 15, 1961, be
<br />fifty (50) in number, numbered, consecutively, from qne (1) to fifty
<br />(50), inclusive, be of the denomination of $1,000.00 each, all of said
<br />warrants to mature on or before January 31, 1962, bearing interest at the
<br />rate not to exceed four per cent (4%) per annum from the date of delivery until
<br />paid, both principal and interest payable on or before January 31, 1962.
<br />The seal of the City shall be affixed to each of said bonds and shall be
<br />signed by the Mayor, be attested by the City Secretary and registered by
<br />the City Treasurer. Said warrants shall be payable to bearer.
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<br />3. That each of said warrants shall be in the following form:
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<br />tlNo.
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<br />UNITED STATES OF AMERICA
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<br />$1,000.00
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<br />THE STATE OF TEXAS
<br />
<br />COUNTY OF HAYS
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<br />CITY OF SAN MARCOS GENERAL FUND CURRENT EXPENSE WARRANTS, 1961-62
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<br />This is to certify that the City of San Marcos, in the State of
<br />Texas, is justly indebted to, and for value received, hereby promises to
<br />pay to bearer, the sum of ONE THOUSAND DOLLARS ($1,000.00) in lawful
<br />money of the United States of America, on or before the 31st day of Jan-
<br />uary, 1962, with interest thereon from the date of delivery hereof at the
<br />rate of four per centum (4%) per annum, such interest payable at maturity
<br />of this warrant, both principal and interest of Warrants Nos. 1 through
<br />25, inclusive, payable"-at the offices of the First National Bank in San
<br />Marcos, in Hays County, Texas, on presentation and surrender of warrant,
<br />and both principal and interest of Warrants No. 26 through 50, inclusive,
<br />payable at the officeS of the State Bank & Trust Company in San Marcos,
<br />in Hays County, Texas, on presentation and surrender of warrant.
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<br />This warrant is one of a series of fifty (50) warrants, num-
<br />bered, consecutively, from one (1) to fifty (50), both inclusive, of
<br />the denomination of ONE THOUSAND DOLLARS ($1,000.00) each, aggregating
<br />Fifty Thousand Dollars ($50,000.00), issued for the purpose of pro-
<br />viding funds for current expenses incurred during the current fiscal
<br />year of said City of San Marcos, said fiscal year beginning on April 1,
<br />1961, and ending on March 31, 1962.
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