HomeMy WebLinkAboutORD 7-A-1A
N- 4 'yR D I I N 'A NC "•E
Authorizing the issuance of bonds for the purpose of -::
within the 'City. of Beaumont , and. providing for
the levy aiid"•cdl ection . of a• tax to pay 'the interest' arid- ereat.e , a sink-
ing -fund. for 'the redemption of said bonds.
WEQRREAS�. at an =election held: for the purpose on the 25th day of
Septemberi A. D. 1906, a majority of -the qualified voters, who, are prop-
erty -tax payers of, the City of . Beaumont, Texas- voting at said electron,
sustained. the' praposition to issue. the bonds hereinafter• described' by a
vote of
-for the issuance of - said bonds, to a vote of
against the issuance , -.:of said bonds, therefore
BE IT ORDAIP)FD BY THE. - CITY COUNCIL OF. THE CITY'' OF BEAUMONT
Seeti on' 1. That there shall be issued ,by the City of Beaumont,
Texan, the ''bo ds ,of the • said•City, to: be called. "City of Beaumont
Bonds", for the.purpose
oP borrowing money upon the credit, of this City; such money to, be used in
Section „2. Said bonds shall,,be numbered consecutively from 1.'.`to
inclusitre, and shall be ok tyre denomination- of One. Thousand
(1,000.00}''.Dollar s,each, aggregating, the suft' of -
Thausand (- 7�,~�d0��� ) Dollars; and., shall be:, Payable in
.-lawful money l of the.,United States of America.
`Section 3: `Said bonds shall -.be .datedi day of,
A. D. 1906, and.shall becZe'.due and payables Forty,
(40) years' from. their, date, but the . right ishereby expressly -reserved
by the City. of Beaumont to r:ediem said ' bonds o or any number • thereof,• at
any time. after Twenty,' (20) Years f roam-- :-the it date-* :
Section, 4. Said bonds ..shall ' •bear :.interest from -their' -date at the '
rate of Five ' (5�) percent.per annum, the ' interest payable :semi-annually,
on the day -.of .,and the ay' of
of each year, pocordaing .to the tenor :af' the interest
coupons' thereto' attached.
Section �5.. �'.'.Principal acrd' interest .on said bonds shall be payable
onpreseritation and. surrender ' of -bond or proper . coupon -at the Office of
the . City Treasu.re.r'.-of the City of Beaumont or at
�'%i �A,,fGoo'��� e •^ ,�,�,„ 'at' the option_ of the holder.
Seotion' 6 . Said bonds' shall be- signed '-by the : Mayor �,` counter
signed, by,the`., City,' ecretary.> and registered ,,b . the .'Ci'ty Treasurer, and
the seal. of :the City: shall -be ..impressed, up'on,'`�eaoh- one -of, thea:
Section 7. The': fac 'similesignatures of the Mayor and the City
Secr:et•ary-.shall be lithographed :on the" ;coupons.
section. 8. It --is further ordained. by ._the , City Council,; that to
pay the interest .on :said; bonds arid_ :create a stinking fund -,sufficient to ..
discharge them at maturity: a tax of
f ' ) cents o 'eaQii one. hundred dollars
valuation of all taxable, ,property in said .'City; of Beaumont shall be ari
nually levied., on said property and annually assessed and 'collected until' '
said bonds and interest, are .paicT; 'and said tax of..�.o, a
cents on the :
one hundred dollars' -out of : a 'tax of',!ifty: (;.50)' Cents „on:each 'one hundred; -
dolldr.s property valuation levied to create `'the • interest and-, sinking fund
to pay toe outstanding -bonded' indebtedness of this-.City.,by this', this,
Council on the J Tay .of
(the -o"r-
_.........� ..�..� "T ..
dinance making said levy being -..-of redor.d on -,page -` • Y . Book er~of
the Minutes of . this -.Council) -', is hereby. 'appropra.ated -and. set .'aside =:ta
pay"..the inter. est `and create the necessary sinking fund for . th6 :'current_
year,_,,and ahgLll bG: assessed. and- collected and.,so applied.; and said ta'x'i,
or 'so much ' thereof as mmay -be necessary, is- hereby .l-evied`for each year
hereafter'. *hil,e.' said" bonds, or any number, thereof,j,- outstanding, anil,
the same shall fbe' annually ,assessed aril 'collected"_and applied to the pur-
poses -named: „ Section. -9,. St is further ordained that the Mayor 'be authorized ;
and he.is hereby directed- to'',have prepared the,-
or
bonds of the . City of . Beaumont of the..denomiriation _ of ;Qne. Thousand ( 1-, 000)
Dollars; each j; :-as-:above described; , and .that: th.e_ said -Mayor be authorized,
to take and .have' charge.,of . said bonds pending their .rovestigat�iot. by the
Attorney. General of ';the :State of Texas;` and upon their, approval ":and rcg-
istrAtion, be ,shall proceed t o s611 the eamc, at not "less than thear fae®:
Val, at- _.public or •private. : sa3:e, and the proceeds of such sale shall be
de.pbsi,t�ed, w3 th the City Treasur; er: of the City, of Beaumont, and +it' is here=
by made -..tae- :.duty of .-the payor' '*101 to., -provide -that ':said -bonds,, shall . be
delivered `.tamthe, purchasers ifiAhe",,City of'Beauz' ont: arid';payment .;for. same
sha1l='a1.so`%be' made, in`,`the aumont' �/lr
Passed -on he � aa,,YY 0 016 be , ' A.:�. 1906.-,', Appr. ved by the ,
Mayor -or the " -& .' day of �f`,. D: 1906.
Atte st
- �� Mayor.
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