Laserfiche WebLink
<br />... <br /> <br />Section 10. That there is hereby levied for the current year <br /> <br />and for each succeeding year thereafter while said certificates, or <br />any of them, or any interest thereon, are outstanding, a tax on each <br />$100 valuation of taxable property in said City sufficient to pay <br />the interest on said certificates and to provide the necessary sink- <br /> <br />I <br /> <br />ing fund to pay the principal, full allowance being made for delin- <br />quencies and cost of collection or to provide at least two per cent <br />(2%) of the principal as a sinking fund, whichever amount is greater; <br />and said tax shall be annually assessed and collected and applied to <br />the payment of the interest on and principal of said certificates. <br />There is hereby created an interest and sinking fund for the cer- <br />tificates authorized by this Ordinance. <br />Section 11. The sale of the herein described certificates of <br /> <br />obligation is hereby made and confirmed to First National Bank <br /> <br />of San Marcos, Texas, <br /> <br />for cash at a price of par (there being <br /> <br />I <br /> <br />no accrued interest since they only bear interest from the date of <br />registration by the City Secretary which will be the date of delivery <br />of same to the purchaser or purchasers). <br /> <br />Section 12. That the certificates of obligation and a complete <br />record relating thereto shall be submitted to the Attorney General <br />for his approval and after he shall have approved them, the certifi- <br />cates of obligation shall be deposited with the Comptroller of Public <br />Accounts for registration. The State Comptroller is hereby authorized <br />and directed to deliver said certificates, when they have been duly <br />registered, to the Mayor of the City of San Marcos, Texas, or upon <br />his order. <br /> <br />I <br /> <br />Section 13. Because of the emergency recited in the preamble <br />hereof, this Ordinance shall take effect immediately upon its passage. <br />PASSED AND APPROVED at a meeting open to the public, this the <br />24th day of April, 1972, after public notice of the time, place and <br />purpose of said meeting was given and posted as required by law. <br /> <br />ATTEST: <br /> <br />.n~02 <br /> <br />&lP.:1~U~~ <br /> <br />AP~~.~ <br /> <br />CITY 0 <br /> <br />- 6 - <br /> <br />L <br />