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<br />r-J <br />0- 29 <br />a- <br />- <br /> ORDINANCE 1992-17 <br /> AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF <br /> SAN MARCOS, TEXAS, CALLING A BOND ELECTION TO BE <br /> HELD WITHIN SAID CITY; MAKING PROVISION FOR THE <br /> CONDUCT OF THE ELECTION; CONTAINING OTHER <br /> PROVISIONS INCIDENT AND RELATED TO THE PURPOSE OF <br /> THIS ORDINANCE: AND DECLARING AN EMERGENCY <br /> <br />THE STATE OF TEXAS § <br />COUNTY OF HAYS § <br />CITY OF SAN MARCOS § <br /> WHEREAS, the City Council of the City of San Marcos, Texas <br /> (the "City") finds and determines that it is necessary and advisable <br />to call and hold an election within the Ci ty on the propositions <br />hereinafter set forth; Now, Therefore <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS: <br /> Section 1. Findinqs. <br /> <br /> The statements contained in the preamble of this Ordinance are <br /> true and correct and are adopted as findings of fact hereby, which <br /> findings are conclusive and incontestible. <br /> Section 2. Election Ordered: Date: Pro?ositions. <br /> <br /> An election shall be held in the City of San Marcos, Texas, on <br /> May 2, 1992, in conjunction with the general and special election to <br /> be held for and within the City on said date, at which election the <br /> following propositions shall be submitted in accordance with law: <br /> PROPOSITION NO. 1 <br /> SHALL THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS, BE AUTHORIZED TO ISSUE AND SELL THE BONDS OF <br /> SAID CITY IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> $4,600,000, FOR THE PUBLIC PURPOSE OF CONSTRUCTING, <br /> RECONSTRUCTING AND IMPROVING STREETS IN SAID CITY, <br /> PROVIDING DRAINAGE IN CONNECTION THEREWITH, AND <br /> PURCHASING LAND AND INTERESTS IN LAND AND PROPERTIES <br /> NECESSARY THEREFOR; WITH SAID BONDS TO BE ISSUED IN ONE <br /> OR MORE SERIES OR ISSUES, TO MATURE SERIALLY OR <br /> OTHERWISE AND BEAR INTEREST AT SUCH RATE OR RATES, NOT <br /> TO EXCEED THE RESPECTIVE LIMITS PRESCRIBED BY LAW AT <br /> THE TIME OF ISSUANCE, AND TO BE SOLD AT SUCH PRICE OR <br /> PRICES, AS THE CITY COUNCIL IN ITS DISCRETION SHALL <br /> DETERMINE; AND SHALL THERE BE LEVIED AND PLEDGED, <br /> ASSESSED AND COLLECTED ANNUALLY AD VALOREM TAXES ON ALL <br /> TAXABLE PROPERTY IN SAID CITY IN AN AMOUNT SUFFICIENT <br /> TO PAY THE ANNUAL INTEREST ON SAID BONDS AND PROVIDE A <br /> SINKING FUND TO PAY SAID BONDS AT MATURITY? <br /> 4304f/1 <br />