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<br />r- <br /> <br />Section 9. IT IS FURTHER ORDAINED by the City Council of the <br /> <br />City of San Marcos, Texas, that while said Bonds, or any of them, <br /> <br />I <br /> <br />are outstanding and unpaid, there shall be annually levied, assessed <br />and collected in due time, form and manner a tax upon all taxable <br /> <br />property in the said City sufficient to pay the current interest on <br /> <br />said Bonds and create a sinking fund sufficient to pay each install- <br /> <br />ment of the principal as the same becomes due; and there is hereby <br /> <br />levied for the current year a sufficient tax on each $100 valuation <br /> <br />of taxable property in said City, and the same shall be assessed <br />and collected and applied to the purpose named; and while said Bonds, <br />or any of them, are outstanding and unpaid, a tax for each year at a <br />rate from year to year, as will be ample and sufficient to provide <br />funds to pay the current interest on said Bonds and to provide the <br /> <br />necessary sinking fund to pay the principal, full allowance being <br />made for delinquencies and costs of collection, or to provide at <br />II least two per cent (2%) of the principal as a sinking fund, which- <br />ever amount is greater, shall be, and is hereby levied for each year, <br />respectively, while said Bonds, or any of them, are outstanding and <br />unpaid, and said tax shall each year be assessed and collected and <br />applied to the payment of the interest on and principal of said Bonds. <br />Section 10. That the Bonds and a complete record relating <br />thereto shall be submitted to the Attorney General of the State of <br />Texas for his approval; and after he shall have approved same, the <br /> <br />Bonds shall be deposited with the Comptroller of Public Accounts for <br />registration. The State Comptroller is hereby authorized and in- <br />structed to deliver the registered Bonds to American National <br />Bank, Austin, Texas <br /> <br />I <br /> <br />Section 11. That the sale of the bonds herein authorized to <br /> <br />Columbian Securities Corporation of Texas, San Antonio, Texas, at a <br />price of par and accrued interest thereon to date of delivery, plus <br />a premium of $110.00, is hereby confirmed. <br />Section 12. By reason of the fact that the City Council of the <br /> <br />City of San Marcos considers the passage of this ordinance necessary <br /> <br />- 6 - <br />