HomeMy WebLinkAboutORD 96-A-113
An Ordinance authorizing the issuance of bonds for the ��izrpose
of extending and permanently improving the paving. system of the A
City of Beaumont, and providing for the levy and collection_ of a :
tax to pay the interest and create a sinking fund for the rederr�ption
of said bonds:
WHEMEAS, at -an- election held- for- the pzrpose--ori the- 11t1i day
of November, 1902, a majority of the qualified voters who are prop-
erty tax payers of the City of Beaumont, Texas, voting at said election
sustained the proposition to issue the bonds hereinafter described
by a vote of 4./ 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
Beaumont:
SEC,T'ION 1: 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 extending and permanently improving the paving system of
the City of Bealzmont.
SECTION 2: That the mayor is hereby instructed to have
prepared Ninety-five bonds of the denomination of One Thousand Dol-
lars each, aggregating the sum of Ninety-five Thousanrl Dollars, payable
in current coin or other lawful money of the United States of America,
and to be numbered consecutively from one to ninety-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 tirrie after
twenty years from their date.
SECTION 4:
Said bonds shall bear interest from their date
at the rate of four oer cent per annum, payable semi-annually
,on ,on the r
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purpose of extending and permanently improving the paving system of
the City of Beaumont.
SECTION 2:
That the Mayor is hereby instructed to have
prepared Ninety-five bonds of the denomination of One Thousand Dol-
lars each, aggregating the yam of Ninety-five Thousand Dollars, payable .
in current coin or other lawful money of the United States of America,
and to be niunbered consecutively from one to ninety-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 thitir date
at the rate of four per cent per anni=, 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, countersigned by the City Secretary and regis-
tered by the City Treasurer, and the seal of the City shall be impres-
sed upon_ each of there. The coupons shall bear the engraved signature
of the Mayor and the City s ecre tare
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SECTION 5: Principal and interest shall be payable �oi��psen� 4
tation or surrender of bond or proper coupons at th offie of tlye -C,itY
T easurer of the City of B eauniont, Texas, or at the °
at the o tion_ of the holder.
SECTION 6: It is also ordained that the Mayor be authorized
to take and have charge ' of said bonds pending .their investigation
by the Attorney General, and upon their approval and registration,
shall proceed to sell the same at publ-id, or private sale at not less
than face value 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 to the purchaser in the City
of Beaiunont, and that payment shall be made for said bonds by the
Purchaser thereof in the said City of Beaumont.
SECTION 7: For the purpose 'bf paying interest on said bonds and
creating -a sinking fund -sufficient to discharge them at maturity, a
--tax -of 94/100 cents -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 9-101100 cents, Xav�_to cre—
ate the interest and sinking fund to pay the outstanding bonded indebt—
edness by this council on the 6th day of May, 19021(the ordinance
making said levy being of record on page 150, Book No. 1 of the Minutes
of the OJRdihances of the City of. Beaumont) is hereby approptated and
set aside to pay the interest and create the necessary sinking t)znd
for the current, year and shall be assessed and collected and so
_ - applied;and- said -tax, or as much th-ere6f as shall be nepessary, 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.
• - _, _ �'rr`e�xn e . _o ars va ua Zon o ' all 1,
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 9-1a�100 centsVtoe e—
ate the interest and sinking fund to pay the outstanding bonded indebt—
edness 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 Oftinanees 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 rmzeh th-ere6f as shall be nepessary, 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 Ordinance shall take effect and be in force
from and after its passage and approval.
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