HomeMy WebLinkAboutORD 33-A-1? 04-/
An Ordinance.,
To authorize the.issuance-of School House Repair Bonds-of.'the City of
Beaumontsand ..to provide for ,the payment of the interest to accrue thereon,
and,' --to oreat4 a sinking fund for .their redemption'at maturity.
Be It Ordained By the..=City Council of the City 'of Beaun.ont. Texas.: -
Sec 1. That for -the purpose of repairing the public school buildings of
the City of Beamont, thereshall be issued -bonds of 'thb City,of'Beaumont
in +"3ie- sw' nof Tw6_ Thotisand- Dollars , saidd-sum to - be dilvdle.d, into -four bonds
of the deno mination of Five Hundred Dollars each,bearinglnt6rest at, the
-1P"a-/
4 k
rate of five per cent per 4nniVhe interest and principal payable, at.
the National Bank -of Beaumont Texas.
See 2.Said bonds shall be dated AevvAJ
19,05 and mature_,�
yearts after date,with the right "j6,Aervp_d on the part Of the City of
Beaumont to.iredeem and retire the same on the payment of ,the principal'
interest
andA due thereon at any timeafte r—LL__Years from the date Of issuance
See 3#Said.bonds shall,be signed by the Mayor and c6untersigne'd- by the
City Secretariy,and after -approval =d -registration of-: he same. as re-
quired by __gpneral _.law. the. Mayor is hereby, authorized to dispose of the
same at any sum not less than par and accrued intere.'stsand the.proceeds
of such sale shall be deposited tolthe .credit of the proper fund in the
hands of,the-City Treazuer and such fund shall 'not be-, used -or diverted
to any other purpose*
See 4.For the purpose of paying the interest accruing on, such bonds,and
to *create a sinking fund to meet the payment of-the,priheipal ther8of at
maturityl,or redemption thereof before maturityta tax of
on each one.hun.dred'dollare valuation of all property in the City of
Beatmont,made taxable by law,is hereby levied and'asses'sedand shall
f
hereater be annually leviedlaseessed-and collected by the'City of Beau-
Xontfand the sum_ so cdllected_shall_ _b,e. deposited with the.. City. Treasuer_.
to the credit of the School House Bond Sinking Fund No -41 and shall be
applied to the payment of said interest and the, redenp,tion of said bonds
as herein providediand each and every year while said bonds are o*utztajad-
ing_the City of Beaumont acting through its dify Council shall set aside
and apportion to said Bond Sinking. Fund . from the taxes levided.,a sun
sufficient to' pay each yVars interest. and Provide said sinking fund with
one A of thing e s nk g fund or principal of saidbondpe
A
Passied by :thq city Council and approved thin 16th 'day',af May -1905o'
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Attests lG Mayer«
City, Seoretary
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