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<br />;.: <br /> <br />AYES: Councilmen Craddock, Damon, Pool, Flores, Serur, <br />w~itt~~2~Xg and Korff; <br /> <br />I <br /> <br />NOES: NONE . <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 BONDS IN THE AMOUNT OF FIVE HUNDRED <br />THOUSAND DOLLARS ($500,000.00) FOR THE PURPOSE OF CONSTRUCTING <br />STREET IMPROVEMENTS IN SAID CITY, INCLUDING THE PURCHASE AND <br />INSTALLATION OF A SYNCHRONIZED TRAFFIC SIGNAL LIGHT SYSTEM <br />AND NECESSARY CURB AND SIDEWALK INSTALLATION; PROVIDING FOR <br />THE LEVY, ASSESSMENT AND COLLECTION OF A TAX ON ALL THE <br />TAXABLE PROPERTY WITHIN THE LIMITS OF SAID CITY TO PAY THE <br />INTEREST AND CREATE A SINKING FUND FOR THE REDEMPTION <br />THEREOF; AND ENACTING PROVISIONS INCIDENT AND RELATING TO <br />THE SUBJECT AND PURPOSE OF THIS ORDINANCE; AND CONFIRMING <br />SALE OF THE BONDS; AND DECLARING AN EMERGENCY. <br /> <br />-------~------------------------------------------------------- <br /> <br />WHEREAS, the City Council of the City of San Marcos, Texas, <br />has heretofore on the 1st day of September, 1966, adopted a resolu- <br />tion and order calling an election on the question of the issuance <br />of $740,000 of bonds for the purpose of constructing street improve- <br /> <br />I <br /> <br />ments in said City, including the purchase and installation of a <br /> <br />synchronized traffic signal light system and necessary curb and <br /> <br />sidewalk installation; such bonds to bear interest at a rate not <br />to exceed 5-1/2% interest per annum, and to mature serially over <br />a period of years not to exceed forty (~O) years from their date; <br />and <br /> <br />WHEREAS, said election was held pursuant to said resolution <br />and order and in accordance with law on September 27, 1966, and <br /> <br />resulted favorably to the issuance of said bonds; and <br /> <br />I <br /> <br />WHEREAS, the City Council has heretofore on September 27, <br />1966, adopted a resolution canvassing the returns and declaring <br />the result of the election; and <br />WHEREAS, on December 19, 1967, the City Council passed an <br />ordinance authorizing the issuance of CITY OF SAN MARCOS, TEXAS, <br />GENERAL OBLIGATION BONDS, SERIES 1968, dated January 1, 1968, <br />in the principal amount of $200,000.00, of which bonds $35,000.00 <br /> <br />were issued for the purpose of constructing street improvements in <br /> <br />said City, including the purchase and installation of a synchronized <br />