Ord 1974-005 - Laserfiche WebLink

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I 59-b I WHEREAS, the owners and holders of said outstanding $90,000 of certificates of obligation have agreed and consented to the refunding thereof as hereinafter provided; and WHEREAS, an election was held on September 27, 1966, on the propositions for the authorizations of $100,000 of bonds of said City for the purpose of constructing and equipping a public building to be used as a civic center in said City and of $120,000 of bonds of said City for the purpose of constructing and equipping a public building to be used as a city hall in said City, and said election resulted favorably for the issuance of said bonds for both said purposes, and said election was regu- lar in all respects and was duly and lawfully canvassed, and the need and purpose of said bonds still exist and now the City Council deems it advisable and to the best interest of the City of San Marcos, Texas, to issue all of the aforesaid bonds and combine same with the aforementioned refunding bonds into one issue of general obligation bonds in the aggregate amount of $310,000; and WHEREAS, the urgent necessity for the refunding of the securities as stated herein and for the constructing and equipping of a civic center building and for the constructing and equipping of a city hall building 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 bonds of the City of San Marcos, Texas, to be known as "CITY OF SAN MARCOS, TEXAS, GENERAL OBLIGATION BONDS, SERIES 1974", be issued under and in strict conformity with the Constitution and laws of the State of Texas, in the principal sum of Three Hundred Ten Thousand Dollars ($310,000), for the purpose of cancelling, refunding and in lieu of valid and subsisting certificates of obligation of the City of San I I - 2 - ~