San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1893-09-02

' prlnclpal anC ali interests 10 Una
date be paid, no steps to be takel
to collect the balance of said judg
meIt until June 80, 1896, and if, OF
or before that date, One-half of tn,
balance Of the principal of saiC
judgment and all the interest t.
that date be paid, then no steps
shall be taken by plaintiff to col
lect the balance until June 30, 1897
"Third: The San Antonio Ma
tiOnal bank will purchase at pal
from the date of the adoption and
satisfaction of this proposition as
presented from the parties to whom
same may be originally issued
(but not from assignees thereof
warrants drawn by the city evil
dencing claims due by the city to
the parties to whom issued, for
current expenses for the fiscal year
beginning June l, 1898, and ending
May 81, 1894, TO the extent of $780,
600; said warrants TO specify on
their face the purpose for which is
sued and that they are to be paid
out Of taxes that may be
levied for general purposes
during the fiscal year beginning
June |, 1893, and ending May 81,
1894, said warrants, when present.
ed by the holders thereof, to be
transferred by such holder to the
San Antonio National bank, it be-
ing understood that the bank to
which said warrants are so trans
ferred shall be subrOgated to and
have all the rights and remedies
against the city, and the holders of
other warrants which the parties
to whom such warrants were is
sued would have had, had the same
not been so transferred.
"Fourth-The city to enter into
a contract with the San Antonio
National bank, whereby it agrees
to pay said bank interest at the
rate Of 6 per cent. per annum on all
money it may pay out in the pur-
chase Of the warrants above re-
ferred to, the interest to run from
the date the money is advanced on
such purchase until such warrants
are paid.
"Fifth-The city obligates itself
to levy sufficient tax each year, be-
ginning with the fiscal year 1884,
%, to raise the funds with which
to pay the installments on the
Judgment as they become due.
,SiXth-The injunction granted
in said cause is to remain in full
force and effect until said judy
ment is entered with the proviso,
however, that the city may use as
funds collected from the general
taxes for the year 1928 between
this date and the second day of
court aforesaid, as they may deem
necessary, and upon the entry of
the judgment the Injunction shall
be finally dissOlVed.'
DENMAN d FRANKLIN,
CPSON d BERGSTROM,
Houston BROS,
Attorneys for the San Antonio Ma
tiOnal bank"
Continuing the ordinance says,
be and the same is hereby accepted
and adopted.
Section =. That the mayor be and
is hereby authorized to carry out
the provisions of the above recited
contract.
"This seems to be self eXplana-
tory. AS financial result, if this
proposition is adopted we will ac-
cOmplish about the same as if we
would issue notes." said Mayor
Paschal.
Alderman Mackey wanted to
know if the mayor thought this
the most advisable plan out Of the
difficulty.
"The chairman of the finance
committee and myself have
thoroughly looked into the mat
ter" said Mayor Paschal, "and he
will explain it to you"
Alderman Elmendorf stated that
it was his belief that the best way
out of the difficulty would be to
adopt the plan as appears above.
"All right" said Alderman Mac
key, 81 move we accept the plan as
proposed by the bank"
at will have to be done by or
dinance," said Mayor Paschal, "and
the ordinance is embraced in the
proposition"
Upon motion of Alderman
Mackey the ordinance was placed
on its second reading, the rules be-
ing suspended.
On motion of Alderman HOef-
ling the rules were suspended and
the ordinance was placed on it's
third reading and final passage.