Ord 1975-038 - Laserfiche WebLink

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97-g Comptroller of Public Accounts of the state of Texas I Se~tion 9. IT IS FURTHER ORDAINED by the City Council of the City of San Marcos, Texas, that while said bonds, or any of them, are outstanding and unpaid, there shall be annually levied and assessed, and collected, in due time, form and manner, a tax upon all taxable property in the City sufficient to pay the current interest on said bonds and create a sinking fund suf- I ficient to pay each installment of the principal as the same becomes due; and there is hereby levied for the current year a sufficient tax on each $100 valuation of taxable property in the City, and the same shall be assessed and collected and applied to the purpose named; and while said bonds, or any of them, are outstanding and unpaid, a tax for each year at a rate from year to year, as will be ample and sufficient to provide funds to pay the current interest on said bonds and to provide the necessary sinking fund to pay the principal, full allowance being made for delinquencies and costs of collection, or to pro- vide at least two per cent (2%) of the principal as a sinking fund, whichever amount is greater, shall be, and is hereby levied for each year, respectively, while said bonds, or any of them, are outstanding and unpaid, and said tax shall each year be assessed and collected and applied to the payment of the interest on and principal of said bonds. Section 10. That all moneys in the sinking fund and all I taxes heretofore levied or in process of collection for the benefit of the certificates of obligation being refunded by said bonds shall be and the same are hereby appropriated and transferred to the benefit of the said bonds. Section 11. That the bonds herein authorized and a com- pleted record of proceedings pertaining thereto shall be sub- mitted to the Attorney General of the State of Texas for his - 7 - l __ _