HomeMy WebLinkAboutORD 52-JAUTHORIZING 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 TIME, 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 MAIN-
TENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT
MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF
SAID WARRANTS; AND DECLARING AN EMERGENCY,
t WHEREAS, the City of Beaumont, pending the collection
of the current tax revenues, from all sources, being taxes for
the year 1932, is without funds wherewith to pay its current
obligations incurring and to be incurred for the operation of
the General 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 portion of the current tax revenues of the City
for the year 1932.
THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF BEAUMONT, TEXAS:
Section to
That E. A. Fletcher, Mayor of the City of Beaumont, and
his successors in office be, and they are hereby authorized to
forthwith 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
provided, payable to "BEARERn on demand, bearing not more than 6/
interest from their date until paid, which said warrants shall be
and are hereby secured by the legal and binding pledges and
hypothecation of TWENTY-TWO THOUSAND DOLLARS (22,000.00) of the
current tax revenues of the City of Beaumont for the year 1932, as
applied to the General Fund, and the said Deficiency Warrants to
be paid and retired out of the tax revenues collected for the year
1932 for the operation of and application to the General Department
of the City Government as hereinafter set forth.
That said warrants shall be executed, negotiated and
delivered as when it is requisite and necessary to raise money
-- _.V. G V.LV1L Us ulle ueneral Department of
the government, until such time as there shall have been collect-
ed 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 said moneys so to be -collected, a sufficient sum where-
with to pay off.zand 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
this issue shall not exceed the sum of TWENTY-TWO THOUSAND DOLLARS
(0222000.00).
The said Deficiency Warrants shall be in the following
form, to -wit:
"THE STATE OF TEXAS Beaumont, Texas
COUNTY OF JEFFERSON 1932
On demand pay to the order of "BEARER"
DOLLARS.
To the Director of Finance
City of Beaumont
Countersigned:
City Manager
Attest:
MAY 0
City Clerk
This warrant is one of a series of several
warrants authorized by the City Commission
of the City of Beaumont by ordinance duly
passed on the 21st day of December, A. D.
1932,, and is payable out of the tax levies
for the year 19329 and chargeable to the
General Department when collected.
This warrant bears interest at the rate of
not more than six per cent per annLm;, from
its date until paid."
The said warrants shall be duly registered before being
negotiated by the Director of Finance.
Section 2.
The fact that the City of Beaumont is without funds
now to discharge the current obligations incurred for the
maintenance andoperation of the General Department of Government,
without at once anticipating and pledging TWENTY-TWO THOUSAND
DOLLARS ($22,000.00) of the tax revenues of 19323, for the main-
tenance and 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 suspended and this ordinance shall
take effect upon its passage and signature by the Mayor.
Passed by the affirmative vote of all members of the
City Commission this the 21st day of December, A. D. 1932.