HomeMy WebLinkAboutORD 93-A-193-A-1 d
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An Ordinance authorizing the issuance of bonds for the purpose
of extending 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 sinking fund for the redemption of
said bonds:
WHEREAS, at an election held for the purpose on the llth day
of November, 1902, a majority of the qualified voters who are prop—
erty tax payers of the City of Beaumont, Texas, voting at saaid election
sustained the proposition to issue the bonds hereinafter described by
a vote off the issuance of said bonds and a vote of
against the issuance'of said bonds.
THEREFORE, BE IT ORDAINED by the City Council of the City
of Beaumont:
SECTION I:' That there shall be insued by the City Council
of the City of Beaumont, Texas, bonds for and in behalf of the City of
Beaumont, to borrow, coney -upon the credittof the City, for -the purpose
of extending and permanently improving the sewerage system of the City
of Beaumont,
SECTION 2:
That the Mayor is hereby instructed to have
Prepared seventy—five bonds of the denomination_ of One Thousand
Dollars each, aggregating the sum ofS:eAnty—:five Thousand Dollars
payable in current coin or other lawful money of the United States of
America, and to be numbered consecutively from one to seventy—five
inclusive.
SECTION 3: Said bonds shall be dated the first day of Dec—
ember, 2A02;..and sh.4q!, run forty y_e�rs�from.__dheir_ date; but_ _the_. righ.t"..,w , -- �
shall be reserved to the City to redeem the same at any time after
twenty years from their date.
SECTION 4: Said bonds shall bear; interest from their. date
of extending and permanently improving the sewerage system of the City
of Beaizmont.
SECTION 2:
That the Mayor is hereby instructed to have
prepared seventy—five bonds of the denomination of One Thousand
Dollars each, aggregating the sum ofS:eu,enty—five Thousand Dollars
payable
in current
coin or other lawf)a.l money of the
United States of
America,
and to be
numbered consecutively from one to
seventy—five
inclusive.
SECTION 3: Said bonds shall be dia.ted the first day -of Dec—
ember, 1902; _and shall run foxty_years_from-Ah-eir date; but the-righ.t_�,:.,.�.
shall be reserved to the City to redeem the same at any time after
twenty years from their date.`.. L
SECTION 4: Said bonds shall bear- interest from their. date
at the rate of four per cent per annum., payable semi—annually on the
first day of December and the first day of June of each year, according
to the tenor of interest coupons thereto attached. Said bonds shall
be signed by the Mayot, counter—signed by the City Secretary and reg—
istered by the City Treasurer., and the seal of the City shall be im—
pressed upon each of them, The coli ons shall bear the engraved signa—
tore of the Mayor and the City Secretary.
SECTION 5: Principal and interest shall be payableon pre-
senation or surrender of bona, or proper coupons at the ffice of the
City Treasurer ' of the City of Beaumont, T exas, or at;I uUrJ
f h
at th� ion o the oIde t'
SECTION 6: It is also ordained that the Mayor be ,6i thorized. to
take__ann_ have charge of sapid bonds periding rivestigation by the
aAttorney General, and upon_ their approval and registration, shall pro-
ceed to sell the same at public or private sale at not less than their
face value and>�iccr?led�int_ere.s.t; and the proceeds of the bonds when
they shall have been sold, shall be deposited in the hands of the
City Treaswer, and it is hereby made the duty of the Mayor to provide
that the said
bonds shall be
delivered
to the purchaser
in the
City
of Beaumont,
and that payment
shall be
made for the said
bonds
by the
Purchaser thereof in the said City of Bealmont.
SECTION 7: For the purpose of paying interest on said bonds
and creating a sinking fund sufficient to discharge them at mati)rity,
a `tax ofcents on each one hundred dollars' valuation of all
taxable property in the City of Beaumont shall be annually levied on
said property and annually assessed and collected until said bonds _
and interest are paid, and the said tax of �O eentrleviLed to °bre-
ate the i terest and- sinking fund to pay the outstanding bonded in-
debtedness, by this council on the 6th day of May, 1902(the ordinance
making said levy being of record on page 150, Book No. 1 of the minutes
of the Ordinances of the City of Beaumont) is hereby appropiated and
set aside to pay the interest and create the necessary sinking fund
for the current year and shall be assessed and collected and so applied;
and said tax; or as rm1eh—thereof _6A dha11 -be necessary, is hereby levied
for each year hereafter Yvhile said. bonds Bre outstanding, and the same
shall be annually assedsed and collected and apblied for the purposes
nRTnp.r1 _
a tax of w 0 - cents on each one hundred dollars' valuation of all
taxable property in the City of Beatvnont shall be annually levied on
said property and annually assessed and collected until said bonds _
and interest are paid, and the said tax of Z OO pent .levied to vre—
ate the iA ere,st.-and. sinking fund to pay the outstanding bonded in—
debtedness, by this council on the 6th day of May, 1902(the ordinance :
making said leery being of record on page 150, Book No. 1 of the Minutes
of the Ordinances of the City of Beaumont) is hereby appropiated and
set aside to pay the interest and, create the necessary sinking fund
for the current year and shall be assessed and collected and so applied;
rand said tax; or as-mucYi—tYiereof -as shall be necessary, is hereby levied
for each year hereafter while sairy bonds Pre outstanding, and the same
shall be annually assedsed and collected and ap3)lied for the purposes
named.
SECTION 8: This ordinance shall take effect and be in force
from and after its passage and approval.
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