Ord 1975-038 - Laserfiche WebLink

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97-a AN ORDINANCE II BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE OF CITY OF SAN MARCOS, TEXAS, GENERAL OBLIGATION REFUNDING BONDS, SERIES 1975, IN THE PRINCIPAL AMOUNT OF $195,000 FOR THE PURPOSE OF CANCEL- LING, REFUNDING AND IN LIEU OF VALID AND SUBSISTING CERTIFICATES OF OBLIGATIONS OF SAID CITY; PRESCRIBING THE FORM OF THE BONDS AND THE FORM OF THE INTEREST COUPONS; PROVIDING FOR THE LEVY, ASSESSMENT AND COL- LECTION OF AN ANNUAL TAX ON EACH $100 VALUATION OF ALL TAXABLE PROPERTY SITUATED WITHIN THE CITY TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS AT MATURITY; ENACTING PROVISIONS INCIDENT AND RELATING TO THE SUB- JECT AND PURPOSE OF THIS ORDINANCE: AND DECLARING AN EMERGENCY. ' -------~---------------------------------------------- WHEREAS, each and all of the members of the City Council of said City was duly and sufficiently notified, officially and personally, in advance, of the time, place and purpose of this meeting; and WHEREAS, proper notice of this meeting has been duly and II timely posted as provided by law; and WHEREAS, the City of San Marcos, Texas, has outstanding the following described legally issued certificates of obligations; "CITY OF SAN MARCOS CERTIFICATES OF OBLIGATION, SERIES 1974, numbered 2 to 40, inclusive, of the denomination of $5,000 each, aggregating $195,000, bearing 7% inter- est per annum; maturing on June 1, $5,000 in 1976 to 19791 inclusive, $10,000 in 1980 to 1989, inclusive, and ~15,000 in 1990 to 1994, inclusive; with all cer- tificates being subject to prior redemption at any time after their date by paying principal and accrued interest thereon;" AND WHEREAS, the City Council deems it advisable and to the best interest of the City of San Marcos, Texas, to cancel and refund $195,000 of the above-described outstanding certificates of obligation by the issuance of refunding bonds in lieu thereof, I and said refunding to be by authority of the Constitution and laws of the State of Texas, particularly Article 7l7k-3, V.A.T.C.S., 1925, as amended; and WHEREAS, the owners and holders of said outstanding $195,000 of certificates of obligation have agreed and consented to the refunding thereof as hereinafter provided; and ...