HomeMy WebLinkAboutORD 11-Knka //4
7-1-1933
AN ORDINANCE
AUTHORIZING_ AND DIRECTING THE PROPER OFFICERS OF THE CITY
OF BEAUMONT NAMED HEREIN TO FORTHWITH PREPARE AND EXECUTE AND TO
NEGOTIATE AND DELIVER, FROM TIME TO TI1V1E, AS NECESSITIES REQUIRE,
LEGAL AND BINDING OBLIGATIONS OF THE CITY OF BEAUMONT.IN THE
FORM OF DEFICIENCY WARRANTS, DESCRIBED IN SAID.ORDINANCE, FOR THE
PURPOSE.OF DEFRAYING -THE CURRENT EXPENSES FOR THE MAINTENANCE AND
OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN
SAID ORDINANCE; FOR THE PAM1ENT AND DISCHARGE OF SAID WARRANTS;
AND DECLARING AN EMERGENCY.- :;
WHEREAS, the City of Beaumont, periling the collection of
the current tax revenues, from all sources, being taxes for -the
year 1933, is without funds wherewith to pay its current obliga-
tions incurring '"and to be incurred for the operation of the Gener-
al 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 por-
tion of the current tax revenues of the City for the year 1933.
THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF BEAUMONT:
Sect -ion 1.
-That.E. A. Fletcher, 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 provid-
ed, payable to "BEARER" on demand, bearing not more than 6O interest
from their date until paid; which said warrants shall be,,and are
hereby secured by the legal and binding pledges and hypothecation
of SIXTY-SEVEN THOUSAND DOLLARS (.$67.,000.00) of the current revenues
of the City of Beaumont for the year 1933, 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 1933 for the operation of, and
application to the General Department of the City Government.
That said Warrants shall be executed,.negotiated and deliver-
ed as when it is requisite and necessary to raise money for payment
of existing obligations and for defraying the current expense2s 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'f 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 thi-s issue
shall not exceed the sum -of SIXTY-SEVEN THOUSAND DOLLARS ($6720000).
to -wit:
The said Deficiency Warrants shall be, in the following form'
"THE STATE OF TEXAS- Beaumont, Texas
COUNTY OF JEFFERSON 1933
On demand pay to the order of "BEARER11
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 Comission of
the City of Beaumont by ordinance duly passed
on the 1st day of August; A. D. 1933, and is
payable out of -the tax levies for the year
1933 and chargeable 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.
#3.
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 SIXTY-SEVEN THOUSAND DOLLARS
($6'7,000.00) of the tax revenues of 1933, for the maintenancea.nd
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 passage; wherefore, said rule is hereby sus
pended, l ari,d this ordinance shall take effect upon its passage and
signature �of the Mayor.
Passed by the affirmative vote of all members of the City
Commission, this the 1st--day of August,. A. D: 1933.
AYOR