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<br />li) <br /> <br />AYES: Councilmen Craddock, Damon, Pool, Flores, Serur <br />~~~ and Korff; <br /> <br />NOES: NONE . <br /> <br />I <br /> <br />The Ordinance is as follows: <br /> <br />AN ORDINANCE <br /> <br />BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHOR- <br />IZING THE ISSUANCE OF REFUNDING BONDS IN THE AMOUNT OF ONE <br />HUNDRED NINETY -FIVE THOUSAND DOLLARS ($195,000) FOR THE <br />PURPOSE OF CANCELING, REFUNDING AND IN LIEU OF A LIKE AMOUNT <br />AMOUNT OF VALID AND SUBSISTING OUTSTANDING INDEBTEDNESS OF <br />SAID CITY; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION <br />OF A TAX ON ALL THE TAXABLE PROPERTY WITHIN THE LIMITS OF <br />SAID CITY TO PAY THE INTEREST AND CREATE A SINKING FUND FOR <br />THE REDEMPTION THEREOF; ENACTING PROVISIONS INCIDENT AND <br />RELATING TO THE SUBJECT AND PURPOSE OF THIS ORDINANCE; AND <br />DECLARING AN EMERGENCY. <br /> <br />--------------------------------------------------------------- <br /> <br />WHEREAS, the City of San Marcos, Texas, has outstanding the <br />following described warrants: <br /> <br />I <br /> <br />CITY OF SAN MARCOS GENERAL PURPOSE WARRANTS, SERIES 1967, <br />dated April 1, 1967, Numbers 1 to 200, inclusive, of the <br />denomination of $1,000 each, aggregating $200,000, bearing <br />4-1/2% interest per annum, and maturing on April 1st, $5,000 <br />in each of the years 1968 to 1970, inclusive, $10,000 in each <br />of the years 1971 and 1972, $15,000 in each of the years <br />1973 to 1979, inclusive, and $20,000 in each of the years <br />1980 to 1982, inclusive; and <br /> <br />WHEREAS, the City Council has heretofore determined the ad- <br /> <br />visability and necessity of canceling the above described outstand- <br /> <br />ing warrants by the issuance of refunding bonds in lieu thereof; <br /> <br />and <br /> <br />WHEREAS, the Mayor has been heretofore directed to give notice <br /> <br />of the intention of the City Council to pass an ordinance on this <br /> <br />the 8th <br /> <br />day of January, 1968, authorizing the issuance of such <br /> <br />I <br /> <br />refunding bonds; and <br />WHEREAS, said iiOtice was duly given by publication of said <br />notice of intention to issue said Refunding Bonds in a newspaper of <br />general circulation published in said City for the time and in the <br /> <br />manner prescribed by law; and <br /> <br />WHEREAS, the City Council affirmatively finds that no petition <br /> <br />has been presented to the City Council to submit to a referendum <br /> <br />vote the question as to the issuance of refunding bonds for such <br /> <br />purpose; and <br />