HomeMy WebLinkAboutORD 22-MAN ORDINANCE
AUTHORIZING 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 MAAIN-
:_TENANCE AND OPERATION OF THE GENERAL DEPARTiD!'TT OF GOVERNMENT
-MENTIONED INSAID ORDINANCE; FOR -THE PAYMENT AND DISCHARGE=OF
SAID WARRANTS; AND DECLARING AN Eta GENCY
WHEREAS, the City of Beaumont, pending the collection of
the current tax revenues, from all sources, being taxes for the
year 1939, is without funds wherewith to pay its current obliga-
tions 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 1939®
THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF BEAUMONT, TEXAS®
Section 1
That R. A. Coale, 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 99BEARER" on demand, bearing not more then
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 ONE HUNDRED SIXTY THOUSAND DOLLARS
($160 , 000 ®0® ) of the current revenues of the City of Beaumont
for the year 1939 as applied to the General Fund, the said
Deficiency 'Warrants to be paid and retired out of the first
tax revenues collected for the year 1939 for the operation of
r
and application to the General Department of the City Government.
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Section 2
The fact that the City of Beaumont is without funds
now to discharge the current obligations incurred for,the main-
tenance and operation of the General Department of Government,
without at once anticipating and pledging ONE HUNDRED SIXTY
THOUS.A11iD DOLLS.RS ( $160, 400 ®00) of the tax revenues df 1939,
for the maintenance 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 of
the Mayor.
Passed by the affirmative vote of all members of the
City Commission, this the 15th day of august, A.D. 19390
Mayor®