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<br />[;1 <br /> <br />LAW OFFICES <br /> <br />I <br /> <br />c. F. GIBSON 11674-1949) <br /> <br />GIBSON. SPENCE & GIBSON <br /> <br />AUSTI N! TEXAS 7870 I <br /> <br />June 27, 1967 <br /> <br />WE HEREBY CERTIFY that we have examined a certified copy of the <br /> <br />proceedings of the City Council of the City of San Marcos, Texas, <br /> <br />I <br /> <br />authorizing the issuance of CITY OF SAN MARCOS GENERAL PURPOSE <br />WARRANTS. SERIES 1967, dated April 1, 1967, Numbers 1 to 23. in- <br />clusive, of the denomination of $1,000 each, aggregating $23,000, <br />(being part of a total authorized issue of $200,000), bearing inter- <br />est at the rate of 4-1/2% per annum, payable April 1, 1968, and semi- <br />annually thereafter on October 1st and April 1st in each year, and <br />maturing on April 1st, $5,000 in each of the years 1968 to 1970, <br />inclusive, and $8,000 in 1971; and we are of the opinion that such <br />proceedings show lawful authority for the issuance of said warrants <br />under the Constitution and laws of the State of Texas and the Charter <br /> <br />of said City. <br />WE FURTHER CERTIFY that we have examined the form of warrant <br /> <br />prepared for said issue and find same in due form of law, and we are <br />of the opinion that said issue, to the amount of $23,000 aforesaid, <br />constitutes a valid and legally binding obligation upon the City of <br />San Marcos, Texas, and that all of the taxable property in said City <br />is subject to the levy of a tax to pay the same, within the limitations <br />prescribed by law and the Charter of said City. <br />IN OUR OPINION, the interest on said warrants is exempt from <br /> <br />I <br /> <br />Federal income taxes under existing statutes, regulations, rulings <br /> <br />and court decisions. <br /> <br />RWS:ES <br /> <br />Re spectfully, <br /> <br />/~~~, Jb~, ~ ~~~ <br />