HomeMy WebLinkAboutORD 37-Nr-: r
• � a v
AN 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 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 EPIERGENCY.
WHEREAS, the City of Beaumont, pending the collection
of the current tax revenues, from all sources, being taxes for
the year 1941, 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 ac-
quire 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 1941.
THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF BEAUMONT, TEXAS:
Section 1.
That Geo. W. Morgan, 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 "BEARER" 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 bind-
ing pledges and hypothecation of ONE HUNDRED SIXTY THOUSAND DOL-
LARS($160,000.00) of the current revenues of the City of Beawnont
for the year 1941 as applied to the General Fund, the said De-
ficiency Warrants to be paid and retired out of the first tax
revenues collected for the year 1941 for the operation of and
application to the General Department of the''City Government.
That said Warrants shall be executed, negotiated and
delivered as when it is requisite and necessary to raise money
for payment of existing obligations and for defraying the cur-
rent expenses for the operation of the General 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 first moneys so to be collected, a sufficient sum
wherewith to pay off and discharge all of such deficiency war-
rents 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 ONE HUNDRED SIXTY THOU-
SAND DOLLARS (01602000.00).
The said Deficiency Warrants shall be in the following
form, to -wit;
"THE STATE OF TEXAS
,COUATY OF JEFFERSON
Beaumont, Texas
1941.
On demand pay to the order of "BEARERrr
DOLLARS _
To the Director of Finance
City of Beaumont
Mayor
Countersigned;
City Manager ATTEST;
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 26th day of
August, A. D. 1941, and is payable out of the tax
levies for the year 1941 and chargeable to the General
Department when collected.
This warrant bears interest at the rate of not more
than six per cent per annum from its date until paid."
The said warrants shall be duly registered before being
negotiated by the Director of Finance.
-2-
f
Section 2.
The fact that the City of Beaumont is without funds
now to discharge the current obligations incurred for the
maintenance and operation of the General Department of Govern-
ment, without at once anticipating and pledging ONE HUADRTD
SIXTY THOUSAND DOLLARS ($160,000.00) of the tax revenues of
1941, for the maintenance and operation of the General Depart-
ment 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 26th day of August, A. D. 1941.
MAYOR.
-3-