Ord 1975-023 - Laserfiche WebLink

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I I I 29-b WHEREAS, the City Council finds and determines that said claim was incurred for the purpose contemplated and authorized by the ordinance authorizing said certificates of obligation, and the contractor has complied with the terms of the contract; and WHEREAS, said claim has been duly audited, found and deter- mined to be correct, and is a valid and unpaid obligation of said City, and said City Council finds and determines it is to the best interest of said City to approve and allow said claim, and to authorize the delivery of certain certificates of obligation as previously authorized to evidence said indebtedness; and WHEREAS, the urgent necessity for the city hall and related matters for said City requires that this ordinance be passed as an emergency measure for the immediate preservation of the public peace, property, health, welfare and safety of said City and its inhabitants; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: Section 1. That the claim hereinabove listed for indebted- ness, legally incurred for the constructing of a city hall for said City, in the amount of $24,445.80 be, and is hereby declared to be, the lawful indebtedness and legal contractual obligation of said City and same be and is hereby approved and allowed. Section 2. That to evidence $ 20,000.00 of said indebtedness and legal contractual obligation of said City, there shall be executed and delivered to the aforestated claimant certain CITY OF SAN MARCOS CERTIFICATES OF OBLIGATION, SERIES 1974, dated as of the date of registration, numbered ~ to~, inclusive, in the denomination of $5,000 each, aggregating $20,000.00 bearing seven per cent (7%) interest per annum, and maturing June 1 in each of the years as follows: MATURITY DATES ( Inclusl ve) 1991 1992 AMOUNTS (Per Year) $10,000.00 $10,000.00