HomeMy WebLinkAboutORD 85-112 n �
ORDINANCE NO.
ENTITLED AN ORDINANCE AUTHORIZING THE ISSUANCE
AND SALE OF $6. 7 MILLION OF COMBINATION TAX
AND REVENUE REFUNDING BONDS, SERIES 1985-A TO
REFUND $6.65 MILLION IN WATERWORKS AND SEWER
SYSTEM CERTIFICATES OF OBLIGATION, SERIES 1985;
AUTHORIZING REDEMPTION PRIOR TO MATURITY OF
CERTAIN OBLIGATION.
WHEREAS, the City of Beaumont, Texas has heretofore
issued bonds and certificates of obligation which are payable in
whole or in part from ad valorem taxes of which $6.65 Million of
Waterworks and Sewer System Certificates of Obligations remain
outstanding (the "refunded bonds" ) ; and,
WHEREAS, the City of Beaumont finds it necessary and
desirable to refund the $6.65 Million in Waterworks and Sewer
System Certificates of Obligation in advance of their maturities in
order to restructure the debt service payable by the city and
reduce its annual debt service requirements in the years 1986
through 1990;
NOW, THEREFORE, BE IT ORDAINED BY THE
CITY OF BEAUMONT:
Section. 1
THAT the City Council authorizes the proposed issuance and sale of
$6.7 Million in -General Obligation Combination Tax and Refunding
Bonds, Series 1985-A.
Section 2 .
That the City Council authorizes the refunding of $6 .65
Million in Waterworks and Sewer System Certificates of Obligation,
Series 1985.
Ila-
Section 3 .
That the City Manager be, and he is hereby, authorized to
take all the necessary steps for the issuance and refunding of the
$6.7 Million in Combination Tax and Revenue Refunding Bonds, Series
1985-A and $6.65 Million in Waterworks and Sewer System
Certificates of Obligation, Series 1985 and to pay all costs
associated with these issues.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the day of 1985.
l
Mayor -
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