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<br />AN ORDINANCE OF Trill CITY OF SAN MARCOS, TEXAS, PROVIDING FOR BORROWING
<br />MONEY AND ISSUING OF GENERAL FUND CURRENT EXPENSE "ARRANTS TO THE AMOUNT
<br />OF $30,000.00 FOR THE PURPOSE OF PAYING CURRENT OPERATING 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 First National Bank, San Marcos, Texas, funds
<br />to the maximum extent of $15,000.00, and from the State Bank & Trust
<br />Company, San Marcos, Texas, funds to the maximum extent of $15,000.00,
<br />and that to evidence such indebtedness current expense warrants of the
<br />City of San Marcos be issued and executed in favor of the said Banks.
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<br />2. That such warrants be designated "CITY OF SAN MARCOS GENERAL
<br />FUND CURRENT EXPENSE WARRANTS, 1966", be dated August 23, 1966, be
<br />two (2) in number, be numbered consecutively from one (1) to two (2),
<br />be of the denomination of Fifteen Thousand Dollars ($15,000.00) each,
<br />all of said warrants to mature on or before December 31, 1966, bearing
<br />interest at the rate not to exceed four and one-half percentum (4 1/2%)
<br />per annum from the date of delivery until paid, both principal and
<br />interest payable on or before December 31, 1966. The seal of the City
<br />shall be affixed to each of said warrants and shall, be signed by the
<br />Mayor, be attested by the City Secretary, and be registered by the City
<br />Treasurer. Said warrants shall be payable to the order of the First
<br />National Bank and 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 />I'No.
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<br />$15,000.00
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<br />UNITED STATES OF AMERICA
<br />THE STATE OF TEXAS
<br />COUNTY OF HAYS
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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 [State Bank and Trust Company], San Marcos,
<br />Texas, the sum of FIFTEEN THOUSAND DOLLARS ($15,000.00) in lawful money
<br />of the United States of America, on or before the 31st day of December,
<br />1966, with interest thereon from the date of delivery hereof at the rate
<br />of four and one-half (4 1(2%) percentum per annum, such interest payable
<br />at maturity of this warrant, both principal and interest and Warrant No.
<br />1 [2] to be payable at the offices of the First National Bank [State
<br />Bank and Trust Company], San Marcos, Hays County, Texas, on presentation
<br />and surrender of warrants.
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<br />This warrant is one of a series of two (2) warrants, numbered con-
<br />secutively, from one (1) to two (2), of the denomination of FIFTEEN
<br />THOUSAND DOLLARS ($15,000.00) each, 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 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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