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<br />I <br /> <br />to pay each installment of the principal as the same becomes due; <br />and there is hereby levied for the current year a sufficient tax on <br />each $100.00 valuation of taxable property in said City, and the <br />same shall be assessed and collected and applied to the purpose <br />named; and while said bonds, or any of them, are outstanding and <br />unpaid, a tax for each year at a rate from year to year, as will be <br />ample and sufficient to provide funds to pay the current interest on <br />said bonds and to provide the necessary sinking fund to pay the <br />principal, full allowance being made for delinquencies and costs of <br />collection, or to provide at least two per cent (2%) of the principal <br />as a sinking fund, whichever amount is greater, shall be, and is <br />hereby levied for each year, respectively, while said bonds, or <br />any of them, are outstanding and unpaid, and said tax shall each <br />year be assessed and collected and applied to the payment of the <br />interest on and principal of said bonds. <br />Section 11. It is further ordained that all moneys in the <br />Sinking fund for the benefit of the warrants hereby refunded and <br />all taxes in process of collection for the benefit of the warrants <br />hereby refunded, are hereby appropriated to the interest and sinking <br />fund of this issue of refunding bonds. <br />Section 12. It is further ordained that the Mayor of said <br />City shall be authorized to take and have charge of all necessary <br />records pending investigation by the Attorney General and shall <br />take and have charge and c6ntrol of the bonds herein authorized <br />pending their approval by the Attorney General and registration by <br />the Comptroller of Public Accounts. After the record and the bonds <br />have been approved by the Attorney General, the bonds shall be left <br />in the care and custody of the Comptroller of the State of Texas, <br />and the state Comptroller is hereby authorized to accept from The <br />First National Bank of San Marcos, Texas, the obligations hereby <br />refunded, and, after cancellation thereof, register a like amount <br />of the bonds herein authorized and deliver same to The First <br />National Bank of San Marcos, Texas. <br /> <br />I <br /> <br />I <br />