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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'OPERATING EXPENSES DUR-
<br />ING THE FISCAL YEAR OF JANUARY 1, 1966, TO DECD4BER 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 First National Bank, San Marcos, Texas, funds
<br />to the maximum extent of $60,000.00, and that to evidence such indebt-
<br />edness current expense warrants of the City of San Marcos be issued
<br />and executed in favor of the said First National Bank.
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<br />2. That such warrants be designated "CITY OF SAN MARCOS GENERAL
<br />FUND CURRENT EXPENSE WARRANTS, 1966", be dated July 1, 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 Dollars
<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-quarter 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 atteste:l by the Deputy City Secretary,
<br />registered by the City Treasurer. Said warrants shall be payable to
<br />the order of the First National Bank, 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 />"No.
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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 MARCOS 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 First National Bank, San Marcos, Texas, the sum of TWENTY THOUSAND
<br />DOLLARS ($20,000.00) in lawful money of the United States of America, on
<br />or before the 31st day of December, 1966, with interest thereon from the
<br />date of delivery hereof at the rate of four and one-quarter (4 1/4%) per-
<br />centum per annum, such interest payable at maturity of this warrant, both
<br />principal and interest and Warrant Nos. 1 through 3, inclusive, to be
<br />payable at the offices of the First National Bank, San Marcos, Hays County,
<br />Texas, on presentation 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 Sixty
<br />Thousand Dollars ($60,000.00), issued for the purpose of providing funds
<br />for current expenses incurred during the current fiscal year of said
<br />City of San Marcos, said fiscal year beginning on January 1, 1966, and
<br />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 is-
<br />suance 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
<br />pledged for the prompt payment of the principal and interest of this
<br />warrant at maturity; that due provision has been made for levying and
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