HomeMy WebLinkAboutORD 95-A-111
peal.
An Ordinance authorizing the issuance of bonds for the pur—;
pose of erecting School buildings in the City of Beatmiont, 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 11th day
of November, 1902, a Majority of the qualified voters who are property
tax payers of the City of Beaii mont, Texas, voting at said election, sus—
tained the proposition to issue the bonds hereinafter described by a
vote of �1,� for 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
Beal)nont :
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 Bealznonft to borrow money upon the credit f the City, for the pur-
pose of erecting school buildings in the City of Reay mont.
SECTION 2: That the Mayor is hereby- instructed to have
prepared seventy—five bonds of the denomination of One Thousands Dol—
lars each,' aggregating the sum of Seventy—five Thousand Dollars, paya—
ble in current coin orother lawflxl 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
December, 1902 and shall run forty years from their date, but the right
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
- at- the rate- cif four per c ent--- per annum, - payabl-e semi=annually -7, off the T
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 Secretary, and regis-
That the Mavor 1s
ruc ,t ea TO nave
prepared seventy-five bonds of the denomination of One Thousands Dol-
lars each,' aggregating the sura of Seventy-five Thousand Dollars, paya-
ble in ci.lrrent coin orother latah 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
December, 1902 and shall run
forty
years
from their date, but the right
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
at- the- : t -e - of- fo%zr per c ent - per annum; payable seirti=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 Payor, counter -signed by the City Secretary, and regis-
tered by the City Treasurer, and the seal of the City shall be impres-
sed upon each of them. The coupons shall bear the engraved signature
of the Mayor and the City Secretary.
J t
SECTION 5: Principal and interest shall be payable o .Iresen- L,
L 1 r
tatioxl or surrender of bond or proper coupons a t !off �c obi t e
of the City of eaumo , _ i!'I' -
City Treasurer or st - �t the opt' o o ,'the' old
SECTION 6: It is also ord4ned that the Mayor be au °ized
to ,take and have charge of the said bonds pending their inves�ig�t9ion
by the Attorney General, and upon their approval and registration, steal -1 -
proceed to sell the dame at public; .or private sale at not I-ess. than
their face value an: ac nlod-=- n-tP-est - and the proceeds of the bonds
when they shall have been sold, shall be deposited in the hands of
the City Treasurer, and it is -hereby made the duty of the Mayor to
provide that the said bonds shall be delivered tD the purchaser in the
r
City of Bealx-,,ont, and that payment jpshall be made for the said bonds by
the purchaser thereof in the said City of Beaumont.
-SECTION 7: For the purpose of paying interest on the said
I
bonds and creating a sinking fund sufficient to discharge them at
A- �"Q-cents
6
maturity, a tax of 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- co33eeted until. -sa d -----
gy��� --17
bonds and interest are paid, and the said- tax of 7-2100 -dents,,l4
to create the interest and sinking fund to pay the outstanding bo:hded
indebtedness by this coia.ncil on the 6th day of May,19020(the ordinance
making the said- levy being of record on page 1500 Book �,?o.l of the Min-
utes of the Ordinances of the City of Beaumont) is hereby app'ropiated
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 rmach thereof as s;:all be necessary, is
hereby levied for each year hereafter while said bonds are outstanding
and the same shall be annually assessed and collected and applied
for the purposes named.
SECTION 8: This Ordin ance shall take effect and be in force
from and after its passage and approval.. 3
bonds and-interest'are paid, and the said. tax of 7-2100 4ents,,,,,l
to create the interest and sinking fund to pay the outstanding bobded
indebtedness by this council on the 6th day of Mayp1902p(the ordinance
making the said levy being of record on page 150, Book !o.l of the Min-
utes 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 miach thereof as si,iall be necessary, is
hereby levied for .each year hereafter while =said bonds are outstanding
and the same sha-11- be annually assessed and 'collected and applied.
forthe Purposes named.
SECTION 8: This Ordin ante shall take effect and be in force
i
from and after its passage and approval.
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