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HomeMy WebLinkAboutORD 50-Cr ADT ORDINANCE AUTHORIZING THE ISSUANCE OF WARRANTS FOR ZEE PURPOSE OF FUNDING CERTAIN VALID OUTSTANDING WARRANTS HERETOFORE ISSUED BY THE CITY OF BEAUMONT* TEXAS AND PROVIDING FOR THE LEVYING AND COLLECTING OF A TAX TO PAY THE INTEREST AND CREATE A SINKING FUND FOR THE REDEMPTION OF SAID WARRANTS AT MATURITY, AND DECLARING AN EMERGENCY: --------- way— ---- WHEREAS, the City Council of the City of Beaumont deems it advisable to issue Funding Warrants of said City for the purpose hereinafter mentioned; therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT, TEXAS: l: That warrants of said City, to be called "CITY OF.BEAUMONT FODING WARRANTS" be issued under and by virtue of the Constitution and Laws of the State of Texas, for the purpose of funding an equal amount of the warrants of said City, duly and legally issued, and which are valid, subsisting and now outstanding obligations against said City, the claims for which were duly audited and allowecl by the City Council prior to their issuance, and which are to be cancelled and surrendered and the warrants. hereby authorized issued to the holder or holders in lieu thereof; which said original out- standing warrants were issued against the General Fund of said City and are as follows: Vo whom • - .ism Purposit STREET .& BRIDGE Amount 219 March 28-,1919 Jno, F. Kirwin, 14aint. of Streets Payroll 41.,696.5.5 220 April 4, 1919 Jno. F. Kirwin, Plaint of Bridges Payroll 911.95 223 April 109 1919 Jno. F. Kirwin, lWnt. of Sewers Payroll 41,106.65 225 April 18,1919 Jno. F. Kirwin, Maint. of Streets Payroll, 41.153.95 253 April. 25, 1919 Jno. F. Kirwin, Matnt of Bridges Payroll $1,459.20 855 May 2 1919 Jno. F. Kirwin, Maint. of Sewers Payroll. 41,564.15 257 May 8, 1919 Jno. 1'. Kirwin, Maint. of Catch Basins Payr.41.064.45 260 Uly 15, 1919 Jno. F. Kirwin, Maint of..St. Cleaning Payrol41,175.55 262 May 23 1919 Jno. F. Kirwin Maint. of Repairing payroll V19307.95 295 May 29 1919 Jno. F. Kirwin faint. of Sewer New Payroll 2,054.70 296 June 6,1919 Jno.'. Kirwin, Maint. of Sewer New Payroll 10259.95 298 June 12, 1919 Jno. F. Kirwin, Maint of Sewer New Payroll 1,311.35 299 June 209 1919 Jno. F. KirwinB�aint of Sewer New Payroll 1,137.45 I-- - - .-- -- Genesi, ---- -1. -.- ------------------- ------,-- 486 April.25, 1919 Jno. F9 Kirwin, Legal and Office -Payroll 6,425,86 487 May 2 1919 Jno..F, Kirwin, Police & Fire Payroll 10665.80 490 May 9.,. 1919 Jno. V., Kirwin, Police & Fire Payroll 19634.75 491 May 15, 1919 Jno. F. Kirwin, Police & Fire Payroll 1,485.90 492 May 23, 1919 Jno. F. Kirwin, Police & Fire Payroll 10779.70 558 May 29 1919 Jno. k. Kirwin, Garbage & Office Payroll 6,388.80 561 June 6 1919 Jno. Y, Kirwin, Tax -Collection Payroll. 10575.05 I - 562 June 150, 1919 Jno. P'. Kirwin, Police, Fire, .Garbage 2r. 11,737..96 563 June 20, 1919 Jno: -7, -Kirwin, Zegal-j- .Fire--Garbage--Pr..- 602 June 27,1919 Jno.-F.-Kirwin, Office, Polioe,.Fire Sarb♦6,556.40 613 July 11, 1919 Jno. F. Kirwin, Offioe,Polioe.,Fire,@arb.2r.1.776.10 50,064.00 2: Said funding warrants shall be numbered from one (l) to fifty (50), inclusive, shall be of the denomination of one thousand dollars ($1,000.00.) each, aggregating the sum of fifty thousand dollars ($50,000,00). 3. They shall be dated the 7th day of November, 19199 ami shall become• due and payable aerially as follows: Warrant leo. Maturi jZ Amount 1 Nov. 7, 1920 01,000.00 2 Nov. 7, 1920 19,000.00 3 Nov. 7, 1920 1,000.00 4 Nov. 7, 1920 1,000.00 5 Nov. 7, 1920 1,000.00 6 Nov. 7, 1921 1,000.00 7 Nov. 7, 1921 1,000.00 8 Nov. 7, 1921 1,000.00 9 Nov. 7, 1921 1,000.00 10 Nov. 7, 1921 1,000.00 ill Nov. 7, 1922 1,000.00 12 Nov. 7, 1922 1,000.00 13: Nov.. 7, 1922 1,000.00 14 Nov. 7, 1922 1,00j.00 15 Nov. 7, 1922 1,000.00 16 Nov. 7, 1923 1,.000.00 17 Nov. 7, 1923 1,000.00 18 Nov. 7, 1923 ` 1,000.00 19 Nov. 7, 1923 1,000.00 20 Nov. -7; 1923 1,000.00 21 Nov. 7, 1924 1,000.00 22 Nov. 7, 1924 1,000.00 23 Nov. 7, 1924 1,000.00 24 Nov. 7, 1924 1,000.00 25 14ov. 7, 1924 1,000.00 26 Nov. 7, 1925 1,000.00 27 Nov. 7, 1925 1,000.00 28 Nov. 7, 1925 1,000.00 29 Nov. 7, 1925 1,000.00 30 Nov. 7, 1925 1,000.00 31 Nov. 7, 1926 1,000.00 32 Nov. 7, 1926 1,000.00 33 Nov. 7, 1926 19000.00 34 Nov. 7, 1926 1,000.00 35 Nov 7, 1926 1,000.00 36 Nov. 7, 1927 1,000.00 37 Nov. 7, 1927 1,000.00 38 Nov. 7, 1927 Nov. 7, 1927 1110000.00 40 Nov. 7, 1927 1;IDS0:�0 41 ?.:Nov. 7, 1928 1,000.00 42 Nov. 7, 1928 1,000.00 43 Nov. 7, 1928 1,000.00 44 Nov: 7, 1928 1,000.00 45 Nov. 7, 1928 1,000.00 46 Nov. 7, 1929 1,000.00 47 Nov. 7, 1929 1,000.00 48 Novo 7, 1929 1,000.00 49 Nova 7, 1929• 1,000.00 50 Nov. 7, 1929 1,00U.00 4; They shall bear interest from date at the rate of five and one-half per cent per annum, payable semi-annually on the 7th day of May and the 7th day of November of each year, which may be evidenced by coupons atta ched to each of said warrants. 5: Principal and interest shall be payable upon presentation arAl surrender of warrants or proper coupons, in lawful money of the United States of America, at the First National Bank of Beaumont, Texas 6: Said warrants shall be signed by the Mayor, countersigned by the City Secretary and registered by the City Treasurer, and the seal of said City shall be impressed upon each of them. 7: Said warrants shall be payable at any time after two (2) years from the date of same at the option of the City as per special stipulation contained in each of said warrants. 8: Fac -simile signatures of the Mayor and City Secretary may be lithographed upon the coupons attached to said warrants. 9: THE FORM OF WARRANT shall be substantially as follows: No. 1 41,000.00 UNITED STATES OF AMERICA STATE OP TEXAS COUBTY OF JEFFERSON CITY OF BEAUIUOVT FUIMING WARRA T. TH73 CITY OF BEAURIONT, in the State of Texas, for a valuable consideration, acknowledges itself indebted and hereby ob- ligates itself to pay to Bearer on -the 7th day of November, 1920, at the National City Bank of New York, N. Y, for the sum of ONE THOUSAITD DOLLARS in lawful money of the United States of America, together with interest thereon from date hereof at the rate of five and one-half per cent per annum payable semi-annually on the 7th day of --play and - the 7th day of November of each year, upon presentatin and surrender of warrant or proper coupons; which said City is obligated and hereby promises to pay to Bearer, and the Treasurer of said City is hereby authorized, ordered and directed to pay to bearer, at the First National Bank of i f / Beaumont, Texas, the said sum of One Thousand Dollars 01,000.00) on the 7th day of November, 1920, the date of maturity of this warrant, in full settlement of the sum hereby evidenced, from the moneys belonging to the Special r'unding warrant Fund of said City, levied, assessed and created for that purpose. The City of Beaumont hereby reserves the right to pay this warrant at any time after two (2) years from date hereof, by paying principal and accrued interest; and in case the same shall be called in for payment before maturity, notice thereof in writing, shall be given to the National City Bank of New York, B. Y., by the City Treasurer of the City -of Beaumont, Texas, at least thirty (30) days before the date fixdd for payment, and should this warrant not be pre- sented for payment, the sane shall cease to bear interest from and after date so fixed for payment. This warrant is one of a series of fifty (50) warrants, known as "XITY OF BEAUMONT FURDIEG WARRANTS", numbered consecutively from one (1) to fifty (50), inclusive, of the denomination. of One Thousand Dollars (41,000.00) each, aggregating the sum of Fifty Thousand Dollars ($p50,000.00), all of which warrants are issued for the purpose of funding an equal amount of warrants of said Gity heretofore duly and legally issued against the General bund of said City, the claims for which were duly audited and allowed by the City Council prior to their issuance, and for which said City has received full enn- sideration and value, and hereby acknowledges receipt of same, and which warrants were authorized by ordinance duly,and legally adopted prior to their issuance, made and entered upon the Minutes of the City Council of said City. It being known and understood that this warrant, as well as all others of this series, is issued for the sole purpose and intent of funding said outstanding indebtedness into warrants authorized and issued and which are to be paid out of a special fund, made, created and set aside out of the general fund of said Uity, designated as "Special Funding Warrant Fund" which shall be assessed, collected and set aside for said purpose; and the holder hereof shall and will be subrogated to, all the rights and privileges against said City had and possessed by the holders of said original warrants, in accordanee with the Con- stitution and Laws'of the State of Texas, and in pursuance of an ordinance duly and legally passed by the City Council of the City of Beaumont, on the 7th day of November,1919, which ordinance is record- ed in Book 4 page 24 et seq. of the Minutes of said City Council. The date of this warrant, in conformity with the ordinance above mentioned, is i4ovember 7th, 1919; and it is hereby certified and recited that all acts, conditions and things required to be done pursuant to and in the issuance of this warrant, have been properly done, happened and performed, in regular and due time, form and manner, as required by law, and that the total indebtedness of said City, including this warrant, does not exceed the constitutional or statutory limitation. IN TESTIMOI1Y WHEREOF the City of Beaumont, Texas, has caused the corporate seal of said City to be affixed to this warrant, and this warrant to be signed by the Mayor, countersigned by the City Secretary and registered by the City 'Treasurer, this the 7th- day of November, 1919. (Sig) E. J. Diffenbacher, Mayor, City of Beaumont, Texas. Countersigned: Jno. F. Kirwin, City Secretary, City of Beaumont, Texas. THF FOIDA OF COUPON attached to each of said warrants shall be substantially as follows: No. 1 027.50 The City of Beaumont in the State of Texas, is justly indebted to Bearer in the sum of Twenty-seven dollars -and fifty cents (;27.50), and the City Treasurer of said City is hereby authorized and ordered and directed to pay to Bearer out of the "Special Funding Warrant Fund" of said City at the National City Bank, of New York, N. Y., on the 7th day of May, 1920, of said sum; this amount being six months interest on City of Beaumont Funding Warrant No. 1, dated November 7th, 1919, to which this coupon is attabLhed and is a part thereof. (Sig) Jno. F. Kirwin, (Si-) E. J. Diffenbacher, Mayor. City Secretary. 10: A fund is hereby made, created and shall be set aside out of the general fund of the City of Beaumont and designated as the "Special Funding Warrant Fund" which fund when collected shall be set aside to pay the current interest and provide the necessary sinking fund to redeem said warrants at maturity,and shall be used for no other purpose. 11:` IT IS FURTHER ORDAINED by the City Council of the City of Beaumont, Texas, .that said original warrants hereinbefore mentioned and described, be and the same are hereby in all things validated and held and declared to be valid,'subsisting, binding and unsatisfied obligations against said City, and the acts of the City Officials in the issuance of said, warrants are hereby in all things ratified and confirmed. 12: IT IS FURTHER ORDAIDED that to pay interest on said warrants and create a sinking fund sufficient to discharge them at maturity a tax of and at the rate of five (5Q) cents of the One Hundred Dollars valuation of all. taxable property in the City of Beaumont, out -of the General I:und tax of said City, shall be annually levied on said property and annually assessed and collected, or so much thereof as shall be necessary, until all of said warrants and interest coupons are paid, and said tax is here now levied for the current year and for each succeeding year that said warrants, or any of them are outstanding, or so much thereof as maybe necessary, and the same shall be annually assessed and collected, and applied to the purpose named. 13: IT IS FURTHER ORDAINED that E. J. Diffenbacher,Mayor, be and he is hereby authorized to take charge of said Funding Warrants pending their investigation and approval, and upon their approval he shall have authority to deliver said warrants to the holders of the original warrants hereby funded, when the original warrants have been surrendered to him and cancelled. 14: IT IS FURTHER ORDAIERD that due to the fact that the City of Beaumont is indebted for past expenses in the sum greater than the current revenues for the General Fund and is in immediate need of funds to pay these outstanding obligations against the General Fund, an imperative public necessity exists requiring the suspension of the rule that all ordinances shall be read on three separate days, and said rule . is hereby suspended and it is ordered that this .Ordinance shall go into effect from and after its passage. Passed and approved this the 7th day of Vovember,1919. ( Sig) E. J. Diffenbacher. Mayor. W ----- - Attest: Jno. F. Kirwin, City Secretary. THE STATE OF TEXAS i COUNTY OF JEFFERSON I I. John Kirwin, City Secretary of the City of Beaumont, in the County and State aforesaid, do hereby certify that the foregoing is a true and correct copy of an Ordinance passed by the City Council of said City and approved by the Mayor on the 7th day -of -November, 1919, as the same appears on'record in.Book_4,.-__ pages 24 et seq. of the Minutes of said City Council. Said Ordinance having been adopted by the following vote ayes, noes. Given under my hand and seal of office, this the 7th day of November, 1919. (Sig) Jno. F. Kirwin, City Secretary, City of Beaumont. (CITY SEAL) a THF STATE OF TEXAS 6 COUNTY OF JEFFERSON i it J. D. Proctor, City Treasurer of the City of Beaumont, in Jefferson County, Texas, do hereby certify that said City has never defaulted in the payment of principal or interest of any of its outstanding indebtedness, bonds or warrants. I do further certify that saic City of Beaumont was incorporated on the 24th day of lvlarch, 1909. of November, 1919. tiy`ITVESS MY OFFICIAL SIGNATURES this the 27th -day City Treasurer, City of Beaumont, Texas. THE STATE OF TEXAS � JEFFERSON COUNTY ---- -- T, Johnirwin, City secretary of the City- of Beaumont, Texas, do hereby certify that the population of said City of Beaumont, Texas, at this time, carefully estimated and calculated on the 1919 scholastics of said City,is 38890. WIT14ESS MY HAND and seal of office, this the 27th day of November, 1919. City Secretary, City of Beaumont Texas. (CITY SEAL)