HomeMy WebLinkAboutORD 94-A-1lel
An Ordinance authorizing the issuance of bonds for the pur-
pose of erecting a public building to be used for a City Hall, Fire
Station and Calaboose, 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,,
onds: WHEREAS, at an election held for the purpose on the 11th day
of November, 190.2, a majority of the qualified voters who are property
tax payers of the City of Beaumont, Texas, voting at said eler,tion,
sustained the proposition to issue the bonds hereinafter deseribed,by
a vote of for the if:suanee of said bonds and a v ote of
against the issuance of said bonds.
THEREFORE, BE IT ORDAINED,
of Beaumont:
by the City Council of the City
SECTION I: That there shall be issued by -the City Council
of the City of Beaumont, Texas, bonds for and in behalf of the City of
Beaumont, to borrow money upon the credit of the City,. for the purpose
of erecting a public building to be used for a City Hall, Fire Station
and Calaboose.
SECTION 2: That the Mayor is hereby instructed to have
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prepared forty bonds of the denomination of One Thousand Dollars.each,
aggregating the sum of'Forty Thousand Dollars, payable in current coin
or other lawful money of the United States of America, and to be number-
ed consecutively from one to forty inclusive.
SECTION 3: Said bonds shall be dated the first day of Dee -
ember, 1902, and shall run forty years from their date, but the right
sha-11 be reserved--to-the- Clty`to redeehi the--sarne 'at any time after
twenty years from their date.
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
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Beaumont,, to borrow money upon the credit of the City,. for the purpose
of. -erecting a public building to be used_ for a City Hall, Fire Station
and Calaboose.
SECTION 2: That the Mayor is hereby instructed to have
prepared forty bonds of the denomination of One Thousand Dollarseach,,
aggregating the sum of Forty Thousand Dollars, payable in curren-t coin.
or other lawful money of the United Stites of America, and to be number-
ed consecutively from one to forty inclusive.
SECTION 3: Slid bor_d.s shall be dated the first day of Dee -
umber, 1902, and shall run forty years from their date, but the right
shall be reserved' -to -the- City to-redeeii _the_ -same at any time after
twenty years from their date.
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 Mayor, counter -signed by the City Secreta-
ry and. registered by the City Treasurer, and the seal of the City shall
be impressed upon each of them. Toe coupons shall bear the engraved
oret).
44 J go 2..:,. r�
signature of the Mayor and City Secretary..
SECTION 5: Principall and, interest shall be payable o. prese�J i
tation and surrender of bond or proper coupons, at the offi e1 obi 'the.
City Treasurer of the City of Beaumont, Texas, or at
.at the opio- of thholder.
SECTION; It is also ordained that the Mayor be authori4ed
to take and have charge of said bonds pending their investigation by
the Attorney General, and upon their approval and registration, shall
proceed to sell7l the same at public or private sale at not less than
,face value wand=ac-orllied—lnt,:er-est-; the proceeds of the bonds when they
shall have been sold, shall be deposited in the hands of the City Treas –
user, 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 Beaialmont
and that payment shall be made for said bonds by the purchaser thereof
in said City of Beaumont,
SECTION 7: For the purpose of paying; interest on said bonds and
creating a-= �s-inking f�xnd- suffidier to discharge them at maturity, a
tax of !cents on each One Hundred dollars' valuation of all
taxable property in the said City of Beaumont shall be annually levied
on said Property and annually assessed and collected until said bonds
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and interest are paid, and the said tax of 3–W%100 cents on each One
Hundred dollars, out of a tax of fifty cents levied to create the
interest and sinking fund to pay the outstanding bonded indebtedness,
by this Council on the 6th day of May, 1902(the ordinance makin8 said
levy being of record on page 150 Book No;. 1, of the Minutes of 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 1
and shall be assessed and collected and so applied; and said tax, or
as much thereof as may be necessary,. is hereby levied for each year
hereafter, while said bonds are outstanding, and the same shall be annia–
ally assessed and collected and applied for the purposes named.
SBCTION 8: This Ordinance shall take effect and be in force
from and after its Uassage and RDnrnvsl
a -M. o
6—discharge them at maturity, a
tax of *woq.�*-"eents on each One Hundred dollars' valuation of all
taxable property in the said City of Beaivaont shall be annually levied
on said property and annually assessed and collected until said bonds
and interest are paid, and the said tax of 3-Wllo0 cents on each One
Hundred dollars, out of a tax of fifty cents levied to create the
interest and sinking fund to pay the outstanding bonded indebtedness,
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 Ordinances
of the City of Beaumont) is hereby appropiated and set aside to pay
the interest and_ create--the-necessary -s-inking-fund `for- the current- year
and shall be assessed and collected and so applied; and said tax, or
as much thereof as may be necessary... is hereby levied for each year
hereafter while said bonds are outstanding, and the same shall be annu-
ally assessed and collected and applied 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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