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<br />AN ORDINANCE PROVIDING FOR BORROWING MONEY
<br />AND ISSUING CITY OF SAN' MARCOS UTILITY FUND'
<br />CURRENT EXPENSE WARRANTS TO THE AMOUNT OF
<br />$40,000.00 FOR THE PURPOSE OF PAYING CURRENT
<br />OPERATING EXPEN SESI PROVIDING FOR THE PAYMENT
<br />OF THE PRINCIPAL AND INTEREST OF SAID WARRANTS.
<br />
<br />WHEREAS, it is necessary'in carrying on the business of the City
<br />during the year 1964 to borrow money for the purpose' of paying current operat-
<br />ing expenses of the Utility Department; and
<br />
<br />WHEREAS, the City of San Marcos Utility Fund has outstanding
<br />Accounts Receivable from the State of Texas and the Federal Government in
<br />excess of Fifty Thousand Dollars \S50, 000.00), due and payable for the re-
<br />location of utility lines on Project 135-3(26)204; and,
<br />,
<br />
<br />WHEREAS, it has been ascertained and determined by the 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 />NOW,THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE
<br />CITY OF SAN MARCOS, TEXAS, . ,
<br />
<br />1. That there be borrowed by, for and on behalf of the City of San
<br />Marcos, funds to the maximum extent of $40,000. DO, and that to evidence
<br />such indebtedness current expense warra'nts be issued..
<br />
<br />2. That such warrants be designated "CITY OF SAN MARCOS UTIL1TY
<br />FUND CURRENT EXPENSE WARRANTS, 1964," be dated February l~ 1964, be
<br />forty (40) in number, numbered consecutively fro'm one (1) to forty (40), in-
<br />clusive, be of the denomination of $1,000.00 each, all of said warrants to
<br />mature on or before December 31, 1964, bearing interest at a rate not to
<br />exceed fOllr per cent (4%) per annum from the date of delivery until paid,
<br />both principal and interest payable on or before December 31, 1964. the seal
<br />of the City shall be affixed to each of said bonds and shall be signed by the
<br />Mayor, be attested by the City Secretary and registered by the City Treasurer.
<br />Said warrants shall be payable to bearer.
<br />
<br />3. That each of said warrants shall be in the following form:
<br />
<br />No.
<br />
<br />UNITED STAtES OF AMERICA
<br />
<br />$1,000.00
<br />
<br />THE STATE OF TEXAS
<br />COUNTY OF HAYS
<br />
<br />CITY OF SAN MARCOS UTILITY FUND CURRENT EXPENSE WARRANTS, 1964
<br />
<br />This is to certify tha t 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 December,
<br />1964, with interest thereon from the date of delivery hereof at a rate not to
<br />exceed four per centum (4%) per annum, such interest payable at maturity
<br />of this warrant, both principal and interest of Warrants 'Nos. 1 through 20,
<br />inclusive, payable at the offices of the State Bank and Trust Company of
<br />
<br />98(,
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