Ord 1975-038 - Laserfiche WebLink

Home Browse Search

97-c semiannually thereafter on February 15 and August 15 in each year. That both principal of and interest on said bonds shall be payable I in lawful money of the United States of America, without exchange or collection charges to the owner or holder, upon presentation and surrender of bonds or proper coupons at The First National Bank of San Marcos, San Marcos, Texas, or at the option of the holder, at the Frost National Bank, San Antonio, Texas (herein called banks of payment). Section 3. That said bonds shall become due and payable on August 15 in each of the years as follows: 1979 to 1983 1984 1985 to 1986 1987 to 1988 AMOUNT (peryear) $ 5,000 20,000 25,000 50,000 MA'IURITY DATES (Inclusive) I Se~tion 4. That each of said bonds shall contain on its face these words: "IN ADDITION to all other rights, the holder or holders of this Bond, and of the series of which it is a part, is and are subrogated to all the rights and has and have all of the remedies of the holders of the original indebtedness refunded by this issue of bonds." Section 5. That each of said bonds and the interest coupons appurtenant thereto shall be executed with the imprinted fac- simile 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 printed, on each of said bonds. Execution in such manner shall have the same effect as I 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, - 3 - !iI.,,_