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<br />ORDINANCE
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<br />AN ORDINANCE OF THE CITY OF SAN MARCOS, TEXAS, PROVIDING FOR BORROWING
<br />MONEY AND ISSUING OF GENERAL FUND CURRENT EXPENSE WARRANTS TO THE AMOUNT
<br />OF $60,000.00 FOR THE PURPOSE OF PAYING CURRENT OPERP?ING EXPENSES DUR-
<br />ING THE FISCAL YEAR OF JANUARY 1, 1966, TO DECEMBER 31, 1966; PROVIDING
<br />FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST OF SAID WARRANTS.
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<br />WHEREAS, it is necessary in carrying on the business of the City
<br />of San Marcos, Texas, during the fiscal year of January 1, 1966, through
<br />December 31, 1966; to borrow money for the purpose of paying current
<br />operating expenses; and,
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<br />WHEREAS, it has been ascertained and determined by the City Council
<br />of the City of San Marcos, Texas, that the most practicable and satis-
<br />factory method of borrowing money for the said purpose is to issue
<br />current expense time warrants;
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<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL 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
<br />of San Marcos, from the State Bank and Trust Company, San Marcos, Texas,
<br />funds to the maximum extent of $60,000.00, and that to evidence such
<br />indebtedness current expense warrants of the City of San Marcos be
<br />issued and executed in favor of the said State Bank and Trust Company.
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<br />2. That such warrants be designated "CITY OF SAN MARCOS GENERAL
<br />FUND CURRENT EXPENSE WARRANTS, 1966," be dated March 15, 1966, be
<br />three (3) in number, be numbered consecutively from one (1) to three
<br />(3) inclusive, be of the denomination of Twenty Thousand Dolla.rs
<br />($20,000.00) each, all of said warrants to mature on or before Decem-
<br />ber 31, 1966, bearing interest at the rate not to exceed four and
<br />one-~uarter percentum (4 1/4%) per annum from the date of delivery
<br />until paid, both principal and interest payable on or before December
<br />31, 1966. The seal of the City shall be affixed to each of said warrants
<br />and shall be signed by the Mayor, be attested by the City Secretary and
<br />registered by the City Treasurer. Said warrants shall be payable to
<br />the order of the State Bank and Trust Company, San Marcos, Texas.
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<br />3. That each of said warrants shall be in the following form:
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<br />IINo.
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<br />UNITED STATES OF AMERICA
<br />THE STATE OF TEXAS
<br />COUNTY OF HAYS
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<br />$20,000.00
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<br />CITY OF SAN !1ARCOS GENERAL FUND CURRENT EXPENSE WARRANTS, 1966.
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<br />This is to certify that the City of San Marcos, Texas, is justly
<br />indebted to, and for value received, hereby promises to pay to the order
<br />of the State Bank and Trust Company, San Marcos, Texas, the sum of
<br />TWENTY THOUSAND DOLLARS ($20,000.00) in la.Tful money of the United
<br />States of America, on or before the 31st day of December, 1966, with
<br />interest thereon from the date of delivery hereof at the rate of four
<br />and one-~uarter (4 1/4%) percentum per annum, such interest payable
<br />at maturity of this warrant, both principal and interest and Warrant
<br />Nos. 1 through 3, inclusive, to be payable at the offices of the State
<br />Bank and Trust Company in San MaTcos, Hays County, Texas, on presentation
<br />and surrender of warrants.
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<br />This warrant is one of a series of three (3) warrants, numbered
<br />consecutively, from one (1) to three (3), both inclusive, of the denom-
<br />ination of TWENTY THOUSAND DOLLARS ($20,000.00) each, aggregating
<br />Sixty Thousand Dollars ($60,000.00), issued for the purpose of providing
<br />funds for current expenses incurred during the current fiscal year of
<br />said City of San Marcos, said fiscal year beginning on January 1, 1966,
<br />and ending on December 31, 1966.
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<br />It is hereby certified, recited, and represented that all acts,
<br />conditions and things necessary to be done precedent to and in the
<br />issuance of this regular and due time, form and manner, as required by
<br />law; that the full faith and credit of said City are hereby irrevocably
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