HomeMy WebLinkAboutORD 27-A-1An Ordinance.
An Ordinance .authorizing andproviding, for the issuance 'of bonds for
the purpose ,of exlending and permanently improving the sewerage system
of the City of Beaumont, and providing, .for the levy and collection of a
tax. to pay the interest and . create a s inking fund" fo r " the redemption of
said bonds.
Whereas-- at -an --election -held for -the purpose on -th'e _ +qday of �V T 1904
a majority of the qualified voters,whe were property tax payers of
the City of Beaumont-Texas,veting at said election sustained the propo-
sition to issue Sewerage Bonds,by a vote of � � for the issuance of
such bonds,ar_d. a vote of against the issuance of such,
Therefore Be It Ordained by the City,Council of - the ' City of Beaumont:
Section 1.
That
there
shall be
issued .b'y
-the
City of Beaumont Sewerage Bonds of
the
City of
Beaumont
Texas,for.the
purpose of.,borrowing money upon the
credit of this city,such money to 'be- used in extending and permanently
improving.the„sewerage system of the said City.of,Beaumont.
Section 2.
That the Mayor of the City. of Beaumo t i s hereby instructed and author-
ized to have prepared o7 bonds of the City,of Beaumont
of the denomination of 7/ (y® Dollars each,aggregating the
sum Thousand Dollars,payable in current coin or
other lawful money of the United States of America and -to be numbered
consecutivly from One to tri# inclusive.
Section 3r. d. ¢,,
`Said bonds shall be dated the -M 0
�- 19 and
day of
shah __run forty years from their daae,but� _ e ._right is,_hereby.. expressly, _ ___
reserved by the City of Beaumont to redeem the said bonds,or any number
thereof`,, at any time after twenty years from their date.
Section 4th.
Said bonds shall bear interest from their date.at the rate of five per
cent(5%) per a'nnum.the interest payable semi-annually on the lst,day of
and the 1st day of. - of each year,ac
ccVing to the tenor of the interest coupons thereto attached.Said
bonds shall'be signed by.the Mayor,counter-signed by the City Secretary
and registered by the City ;T:.'e�asue-r a d the seal of the City—f be
Ole
2
impressed upon' each of them:The. coupons, attached to such b.onds-.shall.
bear the engraved si-gna,ture .of the Mayor- and -',City' Secretary.
Section 5th.
The principal and interest of said bonds shall be paid•,.on- surrender of
the bond or_ proper ,�coupon,at the office of the City Tr.easuer. of: the City.
of Beaumont Texas.
Section 6th.
The Mayor is. hereby.',authorized,.to take . charge of said ' b.onds- pending their
approval by the At t'orney..General -.of 'Texas,, and- upon their approval: and'
registration, he shall` proceed to sell the same at public or.private sale
at -not less than their face 'value,and'the proceeds of such sale shall be
deposited with the City Treasuer of the City. _of Beaunont,and it -_is hereby
made ' the duty of the 1Tayor to provide that said bonds shall be delivered .
for the purchaser -in the City of Beaumont and that payment for the same,
shall also .be made in the City of Beaumont.
Section 7th.
For the purpose of. paying the interest on said bonds'.and cregt3ng a
sinking fund sufficient to pay off and discharge the same at maturity
a tax off- +
on. each one 'hundred dollars..valuation. of- all taxable property in :the
City of Beaumont shall be. annually le"Iried.,'assessed and collected -.on such
-property until - said bonds and interest: are paid,,and the -'said :tax of
out of .a tax 'of fifty
cents on each one. -hundred dollars property valuation levied to create
the interest and sinking fund to pay the out-standing•,bonded indebtedness
_,_of:---this--City-;levied ?by -,the-: Ci.t.y,,Council, of _the..City of Beaumont -on the
- -- - - ,_-
4th day of Achy 1904Sthe Ordinance making said levy being of record on
page 295 and 296:.,.Book 1 of the minutes of Ordinances of the City of.:
Beaumont) is hereby appropriated and.set-aside to pay the interest and
create the necessary sinking.fund for the current year and shall be
assessed,eollected and so applied,and said tax ,o' so much thereof as may
be necessary,is herebylevied and shall hereafter be" levied for each year
while said bonds,or- any.number thereof,are outstanding,and the same shall
be annually assessed and collec,ted'and be applied for the purposes
named.
3
Section .8th.
This Ordinance shall Aake effect and'be in force from and after its
final passage and'approval.
Ap`prov�d t�hisday ,of 1904.
r May
y o eawnont.
c'
- = v
CM, ~S,e-cre -ary —,-' - - - -- -
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