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55 ~~ RPF:dz:27.09 ~ ORDINANCE 1984-14 '-:r - AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, CALLING A BOND ELECTION TO BE HELD IN SAID CITY; MAKING PROVISION FOR THE CONDUCT OF THE ELECTION; CONTAINING OTHER PROVISIONS INCIDENT AND RELATED TO THE PURPOSE THEREOF; REPEALING THE PREVIOUSLY PASSED ORDINANCE CALLING SAID ELECTION; AND DECLARING AN EMERGENCY WHEREAS, the City Council of the City of San Marcos, Texas, finds and determines that it is necessary and advis- able to call and hold an election within said City on the propositions hereinafter set forth; and WHEREAS, this City Council finds that it is to the best interest of the City and its inhabitants that the City provide funds for such purposes at the earliest possible date and considers this Ordinance an emergency measure for the immediate preservation of public peace, health and safety; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: Section 1. An election shall be held in the City of San Marcos, Texas, on April 7, 1984, in conjunction with the election of City officers to be held on said date, at which election the following propositions shall be submitted in accordance with law: PROPOSITION NO. 1 SHALL THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, BE AUTHORIZED TO ISSUE THE BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $4,000,000, WITH THE BONDS OF EACH SUCH SERIES OR ISSUE, RESPECTIVELY, TO MATURE SERIALLY WITHIN NOT TO EXCEED 40 YEARS FROM THEIR DATE, AND TO BE SOLD AT SUCH PRICE OR PRICES AND BEAR INTEREST AT SUCH RATE OR RATES AS SHALL BE DETERMINED WITHIN THE DISCRETION OF THE CITY COUNCIL OF SAID CITY AT THE TIME OF ISSUANCE, FOR THE PURPOSE OF CONSTRUCTING AND IMPROVING STREETS IN SAID CITY, PROVIDING DRAINAGE FACILITIES IN CONNECTION THEREWITH, AND PURCHASING LAND AND INTERESTS IN LAND AND PROPERTIES NECESSARY THERE- FOR; AND SHALL SAID CITY COUNCIL BE AUTHORIZED TO LEVY AND CAUSE TO BE ASSESSED AND COLLECTED ANNUAL AD VALOREM TAXES IN AN AMOUNT SUFFICIENT TO PAY THE ANNUAL INTEREST ON SAID BONDS AND PROVIDE A SINKING FUND TO PAY SAID BONDS AT MATURITY? PROPOSITION NO. 2 SHALL THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, BE AUTHORIZED TO ISSUE THE BONDS OF SAID CITY, IN ONE OR MORE SERIES OR ISSUES, IN THE AGGREGATE PRINCIPAL AMOUNT OF $400,000, WITH THE BONDS OF EACH SUCH SERIES OR ISSUE, RESPECTIVELY, TO MATURE SERIALLY WITHIN NOT TO EXCEED 40 YEARS FROM THEIR DATE, AND TO BE SOLD AT SUCH PRICE OR PRICES AND BEAR INTEREST AT SUCH RATE OR RATES AS SHALL BE DETERMINED WITHIN THE DISCRETION OF THE