HomeMy WebLinkAboutORD 30-KV C.
AN ORDINANCE
AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE
CITY OF BEAUIMONT NAMED HEREIN TO FORTHWITH PREPARE AND EXECUTE
AND TO NEGOTIATE AND DELIVER FROM TIME TO TIME AS NECESSITIES
REQUIRE LEGAL AND BINDING OhLIGATIONS OF THE-CfTY OF BEAUMONT.
IN THE FORM OF DEFICIENCY WARRANTS DESCRIBED IN SAID ORDINANCE
FOR THE PURPOSE OF DEFRAYING THE ChRENT EXPENSES FOR THE MAIN-'
TENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT
MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF
SAID WARRANTS; AND DECLARING AN EMERGENCY.
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 obliga-
tions incurring and to be incurred for the operation of the.
General Department of the Government, and in order to acquire
funds wherewith to defray the current expenses of the General
Department of the Government, pending the collection of -said
revenues, it is necessary 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 CITY COMMISSION OF
THE CITY OF BEAUMONT, TEXAS:
Section 1.
That P. -D. Renfro, Mayor of the City of Beaumont, and his
successors in office be, and they are hereby authorized to forth-
with prepare, or have prepared, and to execute, together with the
City Clerk, and to be countersigned -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 negotiated, and delivered from time.to time, as'.hereinafter
provided, payable to "BEARER" on demand, bearing not more than
6% interest from their .date until paid, which said warrants
shall be, and are hereby secured by the legal and binding
pledges and hypothecation of.ONE HUNDRED THOUSAND DOLLARS
($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 tax
revenues collected for'the year 1934 for the operation of, and
application to the -General Department of the City Government.
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That said Warrants shall be executed, negotiated and
delivered as when it is requisite and necessary to wise 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, to-
gether 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 sum
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 ($100,000.00).
The said Deficiency Warrants shall be in the following
form, to -wit:
"THE STATE OF TEXAS Beaumont, Texas.
COUNTY OF JEFFERSON 1934
On demand pay to the order of 1°BEARER11
To the Director of Finance )
City of Beaumont )
Countersigned:
City Manager
DOLLARS
MAYOR
ATTEST:-
CITY
TTEST:_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 14th day
of August, A. D. 1934, and is payable out of the
tax levies for the year 1934 and chargeahle to the
General Department when collected.
This warrant bears interest at the rate of not more
than six percent 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 mainte-
nance 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 imperative public emergency
necessitating the suspension of the rule requiring that all
ordinances shall be read on three separate days before pass-
age; 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 14th day of August, A. D. 1934.
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