Ord 1972-005 - Laserfiche WebLink

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r-~ --- I AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE ISSUANCE OF $200,000 TAX BONDS FOR THE PURPOSE OF PURCHASING LANDS TO BE USED FOR PARK PURPOSES FOR SAID CITY; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX ON ALL THE TAXABLE PROPERTY WITHIN THE LIMITS OF SAID CITY TO PAY THE INTEREST AND CREATE A SINKING FUND FOR THE REDEMPTION THEREOF; ENACTING PROVISIONS INCIDENT AND RELATING TO THE SUBJECT 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 per- sonally, in advance, of the time, place and purpose of this meeting; and WHEREAS, proper notice of this meeting has been duly and timely posted as provided by law; and WHEREAS, an election was held in the City of San Marcos on September 27, 1966, on the question of the issuance of $200,000 of II bonds for the purpose of purchasing lands to be used for park pur- poses for said City, and said bonds to mature serially over a period of years not exceeding 40 years from their date and bear interest at a rate not exceeding five and one-half per cent (St%) per annum; and WHEREAS, said election was duly held and the returns were canvassed by the City Council in accordance with law and resulted favorably in the issuance of said bonds; and WHEREAS, the urgent necessity for immediate action to be taken towards the accomplishment of the purposes for which this ordinance is designed requires that same be passed as an emergency measure for the immediate preservation of the public peace, property, health, II and safety of said City and its inhabitants; and WHEREAS, the City Council deems it advisable and to the best interest of said City to issue and sell the bonds so authorized at said election in the aggregate principal amount of $200,000; therefore,