Res 1973-011 (2) - Laserfiche WebLink

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I I I ~ L,3-6 " WHEREAS, the said 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 determined 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 in- terest of said City to approve and allow said claim, and to authorize the delivel~ of certain certificates of obligation as previously authorized to evidence said indebtedness; and \iHEREAS, the urgent necessity for the police and courts building 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 indebtedness, legally incurred for the constructing of a police and courts build- ing for, said City, in the amount of $ 22,292.50 be and is hereby declared to be the lawful indebtedness of said City and same be and is hereby approved and allowed. Section 2. That to evidence $ 10,000.00 of said indebtedness there shall be executed and delivered to the aforestated claimant certain CITY OF SAN MARCOS CERTIFICATES OF OBLIGATION, SERIES B OF 1972, dated as of the date of registration, numbered ~ to~, inclusive, in the denomination of $5,000 each, aggregating $ 10,000.00 bearing six per cent (6%) interest per annum, and maturing March 1 in each of the years as follows: MATURITY DATES (Inclusive) March 1, 1987-March 1, 1988 AMOUNTS (Per Year) $5,000.00 and being optional at any time at par and accrued interest. Section 3. That the said City has received full value and consideration for the aforestated certificates.