12191967 Regular Meeting - Laserfiche WebLink

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I I 1 Section 8. That substantially the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER STATE OF TEXAS REGISTER NO. I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this bond has been examined by him as required by law and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding obligation,upon said City of San Marcos, Texas, and said bond has this day been registered by me. WITNESS MY HAND and seal of office at Austin, Texas, this Comptroller of Public Accounts of the State of Texas Section 9. IT IS FURTHER ORDAINED by the City Council of the City of San Marcos, Texas, that while said bonds, or any of them, are outstanding and unpaid, there shall be annually levied, assessed and collected in due time, form and manner a tax upon all taxable property in the City of San Marcos sufficient to pay the current interest on said bonds and create a sinking fund sufficient to pay each installment of the principal as the same becomes due; and there is hereby levied for the current year a sufficient tax on each $100.00 valuation of taxable property in said City, and the same shall be assessed and collected and applied to the purpose named; and while said bonds, or any of them, are outstanding and unpaid, a tax for each year at a rate from year to year, as will be ample and sufficient to provide funds to pay the, current interest on said bonds and to provide the necessary sinking fund to pay the principal, full allowance being made for delinquencies and costs of collection, or to provide at least two per cent (2%) of the prin- cipal as a sinking fund, whichever amount is greater, shall be, and is hereby levied for each year, respectively, while said bonds, or