01081968 Regular Meeting - Laserfiche WebLink

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I I I The City Council hereby finds and determines that the finan- cial condition of the City of San Marcos will not permit the issuance of said bonds in such installments as will make the burden of taxation to support same approximately uniform throughout the term of said bond issue, save and except as said object is accom- plished by the schedule of maturities hereinabove set out, which maturities are hereby found to be necessitated by the financial condition of said City. Section 4. That said bonds shall bear interest from date until paid at the rate of four and one-half per cent (4-1/2%) per annum, interest payable March 1, 1968, and semi-annually thereafter on September 1st and March 1st in each year, which interest shall be evidenced by proper coupons attached to each of said bonds. Section 5. That the principal of and interest on said bonds shall be payable in lawful money of the United States of America, without exchange or collection charges to the owner or holder, upon presentation and surrender of bond or proper coupon at The American National Bank of Austin, Austin, Texas. Section 6. That said bonds and interest coupons appurtenant thereto shall be executed by the imprinted facsimile signatures of the Mayor and City Secretary of the City of San Marcos, Texas, and the official seal of said City shall be impressed, or a facsimile thereof shall be printed, on each of said bonds. Execution in such manner shall have the same effect as if such bonds and coupons had been signed by said Mayor and City Secretary in person by their manual signatures. Inasmuch as such bonds are required to be registered by the Comptroller of Public Accounts of the State of Texas, only his signature, or that of a deputy designated in writing to act for the Comptroller, shall be required to be manually subscribed to such bonds in connection with his registra- tion certificate to appear thereon as hereinafter provided, all in accordance with the provisions of Article 717j-l, Vernon's Civil Statutes of Texas, 1925, as amended.