Loading...
HomeMy WebLinkAboutORD 5-O(-; AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE CITY OF BEAUMONT NAMED HEREIN TO FORTHVIITH PREPARE AND EXECUTE AND TO NEGOTIATE AND DELIVER, FROM TLi4E TO TIME, AS NECESSITIES RE- QUIRE, LEGAL AND BIITDING OBLIGATIONS OF THE CITY OF BEAUMONT IN THE FORK OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAIN- TEITANCE AND OPERATION OF THE GENERAL DEPARTP,ENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS; AND DECLARING AN EMERGMiGY. WEEREAS,_. the City of Beaumont, pending the collection of the current tax revenues, from all sources, being taxes for the year 1942, 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 1942. THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BEAUMONT, TEXAS: Section 1. That Leslie Lowry, 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 warrantsshall be, and are hereby secured by the legal and bind- ing pledges and hypothecation of ONE HUNDRED THOUSAND DOLLARS ($100,000.00) of the current revenues of the City of Beaumont for the year 1942 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 1942 for the operation of and application to the'General Department of the City Government. V 1 h JAM' jjj t * �i 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 our- ' rent expenses for the operation of the General Department of the Government, until such time as there shall have been collected sufficient moneys from. the source above mentioned wherewith to pay off, discharge and retire such warrants, to- gether 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 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 ONE HUNDRED THOUSt5ML DOLLARS (01009000.00). The said Deficiency Warrants shall be in the following form, to -wit: "THE STATE OF TEXAS Beaumont, Texas ,19 42 COUNTY OF JEFFERSON On demand pay to -the order of "BEARER" DOLLARS To the Director of Finance City of Beaumont Countersigned: City Tanager ATTEST: Mayor City Cler 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 17th day of r` November, A. D. 1942, and is payable out of the tax L/ levies for the year 1942 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." Thea said warrants shall be duly registered before being negotiated by the Director of Finance. 1. ; . 1 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 Government, without at once anticipating and pledging ONE HUNDRED THOUSAND DOLLARS ($100,000.00) of the tax revenues of 1942, for the maintenance and operation of the General Department mentioned in this Ordinance, creates an imperative public emergency necessitat- ing 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 17th day of November, A. -D.,1942. MAYOR.