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HomeMy WebLinkAboutORD 48-Aea q -8,A. AN ORDINANCE,,_ Entitled In Ord.i.nance to amend Section Eight of an Ordinance,entitled: "An Or dinance,entitled an Ordinance authorizing the issuance of bonds for the purpose of I puxchasi-ng- land within th-e---limits of the City of Beaumont, and constructing thereon.wharves,wharf terminals,ineludin g docks,t,varehouses,elevators,loading and unloading devixes and terminal railways for the City of Beaumont, and pro- vidinp; for the, levying and aollecting of a tag to pay the interest and create a sinking fund for the redemption of l said bonds",adopted by the City Council of the City of { Beaumont,June 2nd,1914,and recorded on pages 289,290. Vol•3,11inutes of Ordinances, and declaring an emergency. Whereas,the City Council of the City of Beaumont adopted an Ordinance,June 2nd,1914,authorizing the issuance of bonds for the purpose of purchasing land within the limits of the City of Beaumont,a.nd constructing thereon wharves,wharf terminals,etc. ,and providing for the levying and collecting of a tax to pay the interest and create a sinking fund for the redemption of said bonds, and, Whereas,Section Eight. of said ordinance provides for a levy of six cents and two tenth mills,or as much thereof as may be . necessary on each one hundred valuation of all taxable property within - the City of Beaumont to pay the interest on said bonds,and create a sinking fund sufficient to discharge them at maturity;' and, Whereas, the levy provided for in Section eight of said Ordinance it°insuffiei6nt to pay the interest on said bonds,and create a sinking fund sufficient to discharge them at';maturity , and Whereas,a levy of:'Si==--= :r= -and one-half cents on each one hundred dollars valuation of all taxable property In the city of Beaumont,is necessary and will be sufficient to pay,the interest on said bond.s,and create a sinking fund sufficient to discharge them at maturity,now,therefore, BE IT ORDAINED BY THE CITY.COUNCIL OF THE CITY OF 'BEATTiiONT: Section One . That Section Eight of An Ordinance adopted June 2nd, 1914,and recorded on pages 289,290,Vo1.3,14inutes of Ordinances of the City of Beaumont,entitled:- "An Ordinance,entitled an Ordinance authorizing the issuance of bonds for the purpose of.purchasing land within the -limits of the City of Beaumont, and constructing thereon wharves,wharf terminals,including docks,warehouses.elevators. AN ORDINANCE. Entitled An Ord.inance to amend Section .Eight of an Ordinance,entitled: "An Ordinance,entitled an Ordinance authorizing the issuance of bonds for the purpose of purchasing land within the limits of the City of Beaumont,-� and constructing thereon.wharves,whaxf terminals,including docks,,�arehouses,elevators,loading and unloading deviates and terminal railways for the City of Beaumont, and pro- vidinp,, for the levying and oaollecting of a tax to pay the interest and create a sinking fund for the redemption of said bonds",adopted by the City Council of the City of Beaumont,June 2nd,1914,and recorded on pages 289,290. Vo1.3,114inutes of Ordinances, and declaring an emergency. Whereas,the City Council of the City of Beaumont adopted an Ordinance,Ju.ne 2nd,1914,authorizing the issuance of bonds for the purpose of purchasing land within the limits of the City of 3eaumont,and constructing thereon wharves,wharf terminals,etc.,and providing for the levying and collecting of a tax to pay the interest and create a sinking fund for the redemption of said bonds, and, Whereas,Section Eight, of said ordln,�:nce provides for a levy of six cents and two tenth mills,or as much thereof as may be. necessary on each one hundred valuation of all taxable property witrin.the City of Beaumont to pay the interest on said lionds,and create a sinking fund sufficient to discharge thein at maturity;' and, Whereas, the levy provided for in Section eight of said Ordinance is_31n8uffieidnt to pay the interest on said bonds,and create a sinking fund sufficient to discharge them at, matur ity, , and Whereas,. a levy of f'Sijc�-='.T-­-and one-half cents on each one hundred dollars valuation of t11 taxable property in the city of Beaumont, -is necessary and will be sufficient to pay -the interest on said bond.s,and create a sinking fund sufficient to discharge them at maturity,now,therefore, BE IT ORDAINED BY THE CITY• COUNCIT, OF THE CITY OF BEATMONT: Section One. That Section Eight of .An Ordinance,adopted June 2nd, 1914,and recorded on pages 289,290,Vo1.3,1ytinutes of Ordinances of the City of Beaumont,entitled:- "An Ordinance,entitled an Ordinance authorizing the issuance of bonds for the purpose of.purchasing land within the limits of the City of Beaumont and constructing thereon wharves,wharf terminals,including dock s, warehouses,elevators, loading and, unloading devices and terminal railways for the City of Beaumont,and providing for the levying and eolleet- ing of a tax fog pay the interest and. create a sinking fund for the redemption of said bonds", be so amended that it shall hereafter read as follows:- "Se.ction 8. It is further ordained by the City Council that to pay the interest on said bonds and create a sinking fund - sufficient to discharge them at maturity, a tax of six and one half (.065) cents,or do much thereof as may be necessary r � U on each One Hundred ($100.00) Dollars valuation of all taxable property in said -City of Beaumont shall be annually levied on said property and shall be annually assessed and collected until the said bonds and interest are paid". Section Two. .The fact that the former levy of six cents and two tenth mills provided only two per cent for the sinking fund for the redemption of said bonds, and that this levy of six and one half cents will provide sufficient funds to pay the interest on said bonds,and create a sinking fund. of two and one half per cent,and the ltri;nar fact that there is a necessity Existing for the creation of a sufficient sinking fund,creates a,public emergeney,necessitating the suspension of the sule,requiring ordinances to be read at three regular meetings, so that said rule is hereby suspended, and this ordinance is placed on its third and final reading', and shall go pinto force and take effect, and take the place of the former levy,'up'on its passage and approvad,and lawful publication. �\ ✓ = Pa.ase d this the 17th day of June . A. D.1914 . Approved by the Mayor ,this the 17th day of June ,1914 . .. laYar o Attest°- / City Secretary. _ x FILED 'PHIS. f ��7rPLCRET collected until the said bonds and interest are paid". Section Two. .The fact that the former levy of six cents and two tenth mills provided only two per cent for the sinking fund for the redemption of said bonds, and that this levy of six and one half cents will provide sufficient funds to pay the interest on said bonds,and create a sinking fund. of two and one half per cent,and the fc�ri;uar fact that there is a necessity Existing for the creation of a sufficient sinking fund,creates a.public emergency,necessitating the suspension of the sule,requiring ordinances to be read at three regular meetings, so that said rule is hereby suspended, and this ordinance is placed on its third and final readin'g, and shall go into force and take effect. and take -the place of the former levy ,--,upon its passage and approval,and lawful publication. Paased this the 17th day of June,A•D•1914. >_,Approved by the Mayor,this the 17th day of June,1914. 1.4 YJ1 lay or , Attest:- _.--- (rl/L�� 9 ity Secretary. FILED 'mis Tq / OF • G./SUTTON,-, l ! SRCPXTA -Y, a 4A Beaumont_,TexasvJune 1701914. Honorable Mayor and City Council, City. Gentlemen:- We,your Ordinance Committee,to Whom was referred an Ordinance amending Section eight of an Ox dinance,authorizing the issuance of $175,000 Wharf & Docks Bonds, beg to report that we have carefully investigated said Ordinance , and find that same'is correct,and that it provides a sufficient tax to pay the interest.on said bonds and create a sinking fund sufficient to redeem them at maturity;'and we therefore recom- mend that said ordinance be adopted and passed under a suspen- sion of the rule. Respectfully 1 Ordinance Committee.