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<br />
<br />AN ORDINANCE PROVIDING FOR BORROWING MONEY
<br />AND ISSUING CITY OF SAN MARCOS UTILITY FUND
<br />CURRENT EXPENSE 1'JARRANTS TO THE AMOUNT OF
<br />$50,000.00 FOR THE PURPOSE OF PAYING CURRENT
<br />OPERATING EXPENSES FOR THE FISCAL YEAR 1965-66;
<br />PROVIDING FOR THE PAYMENT OF PRINCIPAL Ai'lD
<br />INTEREST OF SAID WARRANTS.
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<br />WHEREAS, it is necessary in carrying on the business of the
<br />City during the Fiscal Year 1965-66, 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 the
<br />Governing Body that the most practicable and satisfactory method of
<br />borrowing money for the said purpose is to issue current expense
<br />time warrants;
<br />
<br />NOW, THEREFORE, BE IT ORDAINED by the Governing Body
<br />of the City of San Marcos, Texas:
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<br />l. 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
<br />to evidence such indebtedness, current expense warrants of the City
<br />be issued.
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<br />2. That such warrants be designated "CITY OF SAN MARCOS
<br />UTILITY FUND CURRENT EXPENSE WARRANTS, 1965", be dated
<br />June 30, 1965, be fifty (50) in number. numbered consecutively
<br />from one (l) to fifty (50) in number, inclusive, be of the denomination
<br />of $1,000.00 each, all of said warrants to mature on or before June
<br />30, 1966, bearing interest at the rate not to exceed four percent
<br />(4%) per annum from the date of delivery until paid, both principal
<br />and interest payable on or before June 30, 1966. The seal of the City
<br />shall be affixed to each of said bonds and shall be signed by the
<br />Mayor, be attested by the City Secretary, and registered by the
<br />City Treasurer. Said warrants shall be payable to bearer.
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<br />3. That each of said warrants shall be in the following form:
<br />
<br />"NO.
<br />
<br />UNITED STATES OF AMERICA
<br />THE STATE OF TEXAS
<br />COUNTY OF HAYS
<br />
<br />$l,OOO.OO
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<br />CITY OF SAN MARCOS UTILITY FUND CURRENT EXPENSE WARRlu'lTS, 1965
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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
<br />to pay to bearer, the sum of ONE THOUSAND DOLLARS ($1,000.00) in
<br />lawful money of the United States of America, on or before the 30th
<br />day of June, 1966, with interest thereon from the date of delivery
<br />hereof at a rate not to exceed four percent (4%) per annum, such
<br />interest payable at maturity of this warrant both principal and interest
<br />of Warrants Nos. 1 through 25, inclusive, payable at the offices of
<br />the First National Eank in San Marcos, Hays County, Texas, at pre-
<br />sentation and surrender of warrant, and both principal and interest of
<br />Warrants Nos. 26 through 50, inclusive, payable at the offices of the
<br />State Bank and Trust Company in San Marcos, Texas, Hays County, on
<br />presentation and surrender of warrant.
<br />
<br />This warrant is one in a series of fifty (50) warrants,
<br />numbered consecutively from one (1) to fifty (50), both inclusive of the
<br />denomination of ONE THOUSAND DOLLARS ($1,000.00) each, aggregating
<br />Fifty Thousand Dollars ($50,000.00) issued for the purpose of providing
<br />funds for current expenses incurred during the current fiscal year of said
<br />City of San Marcos, said fiscal year beginning on July 1, 1965, and
<br />ending on June 30, 1966.
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