HomeMy WebLinkAboutORD 29-KAN ORDINANCE
AUTHORIZING AND DIRECTING THE PROPER OFFICERS
OF TIE -CITY OF BEAUMONT NAMED HEREIN TO FORTHWITH PREPARE AND
U E'CUTE AND TO -NEGOTIATE AND DELIVER, FROM TIME TO TIME, AS
NECESSITIES REQUIRE, LEGAL AND BINDING OBLIGATIONS OF THE CITY
OF BEAUMONT IN TIIE FORM OF DEFICIENCY VVARRANTS, DESCRIBED IN
SAID ORDINANCE, FOR -THE PURPOSE OF DEFRAYING TIE CURRENT -EX-
PENSES FOR THE MAINTENANCE AND OPERATION OF THE GENERAL DE-
PARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE: FOR THE
PAYMENT AND DISCHARGE OF SAID WARRANTS;- AND DECLARING AN EMER-
GENCY.
WHEREAS, the City of Beaumont, pending the
collection of the current tax revenues, from all sources,
being taxes for the year 1934, is -without funds wherewith
to pay its current obligations incurring and to be incurred
for the operation of the General -Department of the Govern-
ment, and in order-to.acquire.funds wherewith to defray the
current expenses of the General Department of the Govern-
ment, pending the collection of said revenues, it is neces-
sary that the City of. Beaumont borrow money upon the faith
and credit of said City, and to anticipate and pledge an
equal portion of the current tax revenues of the City for
the year 1934.
THEREFORE, BE IT ORDAINED -BY -THE
C ITY C OlVXISS ION OF THE C ITY: OF BEAUMONT:
Section 1.
That P. D. Renfro, Mayor of the- City of Beau
mont, and his successors in office be, and they are hereby
authorized to forthwith prepare, or have prepared, and to
execute, together with the City.Clerk, and to be counter-
signed by the City Manager, legal and binding- obligations -
of the City of Beaumont, in the form of, and evidenced by
Deficiency Warrants, .dated on the date or dates when. nego-
tiated, and delivered from time to time, as hereinafter pro-
vided, payable to BEARER on demand, bearing n-ot more than
6% interest -from -their --date until paid., which said warrants
shall be,_- --arid are hereby secured by the legal and binding
pledges and hypothecation of ONE HUNDRED THOUSAND DOLLARS -
(.q, -100.000.00) of -the current revenues of the City of Beaumont
for the year 1934, as applied to the General Fund, the said
Deficiency Warrants to be paid and retired out of the first
tan revenues collected for the year 1934 for the operation
of, and application to the General Department of the City
Government.
That said I!Varrants shall be executed, nego-
tiated and delivered as when it is requisite and necessary
to raise money for payment of existing obligations and for
defraying the current expenses for the operation of the'
General Department of the Government, until such time as
there shall have been collected_ sufficient moneys from the
source above-mentioned wherewith to pay off, discharge and
retire such warrants, together with accrued interest thereon.
And there is here and now appropriated and set
aside out of the first moneys so to be collected, a sufficient
sysn wherewith to pay off and discharge all of such deficiency
warrants as may be so issued and negotiated to the then owners
and holders thereof; provided, however, the total amount of
such warrants of this issue shall not exceed_ ONE HUNDRED
THOUSAND DOLLARS (9}',100, 000. 00) .
The said Deficiency Warrants shall be in
the following form, to -wit:
"THE STATE OF TEXAS
COUNTY OF JEFFERSON
Beaumont, Texas
1934
On demand pay to the order of "BEARER"
4� DOLLARS.
To the Director of Finance }
City of Beaumont _ )
Countersigned:
City Manager
MAYOR
Attest:
City Clerk
This warrant is one of a- series of several
warrants authorized by the City Commission
of the City of Beaumont by ordinance duly
passed. on the 26th day of April, A. D.
1934, and' is payable . out of the tax
levies for the year 1934 and charge-
able to the General Department when
collected.
This warrant bears interest at the
rate of not more than six per cent'
per annum from its date until paid."
The said warrants shall be duly registered
_
before being negotiated by the Director of Finance.
Section 2.
The fact that the City of Beaumont is without
funds now to discharge the current obligations incurred for
the maintenance and operation.of the General Department of
Government, without at once anticipating and pledging ONE
HUNDRED THOUSAND DOLLARS (,;100, 000.00) of the tax revenues
of 1934, for the maintenance and operation of the General
Department mentioned in this Ordinance, creates an impera-
tive public emergency necessitating the suspension of -the
rule requiring that all ordinances shall be read on three
separate days before passage; wherefore, said rule is hereby
suspended, and this Ordinance shall take effect upon its
passage and signature of the Mayor.
Passed by the affirmative vote of the City
Commission, this the 26th day of April, A. D. 1934.
PJI A Y 0 R