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HomeMy WebLinkAboutORD 73-CE AN ORDINANCE. Entitled an ordinance authorizing and di_r.ecting the proper officers of the City of Beaumont, named therein, to forthwith prepare and ex- ecute, and to negotiate and deliver from time to time as necessities requicve, 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 maintenance and operation of the several departments of the government menti&ned in said ordinance, appropriating the. revenues of the City of Beaumont apportionable to the several departments. affected, for the year 1920, for the payment and discharge'of said warrants, and declaring an emergency. WHEREAS, the City of: Beaumont; pending -the collection of current revenues from all sources, including taxes for the year 1920, is without funds wherewith to pay its current obligations incurred and to be incurred for the operation of the several departments of the government, and in order to acquire funds wherewith to defray the current expenses df all departments of the government, pending the collection of said revenues, it is necessary that the City of Beau— mont borrow money upon the faith and credit of said city, and to anti- cipate and pledge the current revenues of the city for the year 1920. . BE IT THEREFORE ORDAINED BY THE CITY COMMISSION OF THE CITY OF BEAUMONT : r' SECTION 1. That By A. Steinhagen, Mayor of the City of Beaumont, be and he is hereby authorized and directed to forthwith prepare, or i 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 for4i 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", February 10th, 1921; bearing 6% interest from their date until paid, -rwhieh said warrants shall be and are hereby secured by the legal and binding pledge and hypothecation o� the current revenues of the City of Beaumont, from all sources, for the year 1920, including local tax levies for said year, as applied to the funds of the particular _departments and in the amounts -relating to such departments as here- inafter set forth; the said deficiency warrants to be paid and re- tired out --of the first current revenues collected for said year 1920, for the operation of and application to the several departments of the city government, as hereinafter set forth, including local tax legies for said year. The said warrants shall be executed, negotiated and deliver- ed as and when it is requisite and necessary to raise money for the jayment of existing obligations,;.and for defraying the currentex- -2- penses for the operation of the several departments of the govern- ment, as hereinafter set forth, uhtil such time as there shall have been collected sufficient moneys from the sources 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 above mentioned and apportion- ed among the several departments as below shown, a sum sufficient wherewith to pay off and discharge all of such deficiency warrantz as may be so issued and negotiated to the then owners and holders thereof; provided, however, the total amount of such warrants shall ndt exceed the sum of Three Hundred Thousand ($300,000,00Y Dollars. The said deficiency warrants shall be in the following form, to -wit: The State of Texas, County of Jefferson, Beaumont, Texas. 192 ---- On February 10th, 1921 after date, pay to the order of "BEARER" ( ) Dollars. To the Treasurer, ).' City of Beaumont, ) MAYURO • ATTEST: CITY C Counter -signed; CITY GER. This warrant is one of a series of several warrants authorized by the City 0 W"nission of the City of Beaumont, by ordinance .duly passed on October 2 th, A. D., 1920, and is payable out of the tax levies for the year &920V and all other - revenues from -all sources for said year 1920 and chargeable to the particular fund or department to which applies when collected. This warrant bears interest at the rate of 6% per annum from its date until paid. Each warrant shall carry on its face the name of the depart- ment to which it relates. The particular departments and funds of the City government,' for the operation of which said funds shall be.raised, and the appor#- 4ionment between said departments of said funds and the revenues raised from all sources, including local tax levies, for the support, main- v 1 tenance and operation off said departments from which said warrants shall be paid, and the amount to be taken therefrom for that pur- pose shall be and are according to the following table: Department of Finance, $16,000.00 General Fund, 23,000.00 Dellartment of Safety, 105,000.00 Department of Public Service, 125;000.001, Department of Welfare, 31,000.00 The laid warrants shall be duly registered before negoci- ated, by the Director of the Department of Finance. SECTION 2. That the fact that the City of Beaumont is without funds now to discharge the current obligations incurred for the m&kntenance and operation of the several departments of government, without at once anticipating and pledging all sources of revenue for the maintenance and operation of the several departments mentioned in this ordinance, including funds to be raised from local tax levies, creates an imperative public emergency, necessitating the suspen- sion 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. /B Passed October 27th, 1920. OR. CHAS. D. SMITH STEVE M. KING LAMAR HART r 1 1 , OFFICE OF SMIT'I,IKING SC HART ATTORNEYS AND COUNSELLORS AT LAW 202-208-210.212 WIESS BUILDING BEAUMONT. TEXAS Oct.25th,1920. .14r. Geo. J. Roark, City Manager, C i t Y. :Dear Sir: - I hand you herewith ordinance relating to issuance by the Cite of deficiency warrants, with which to raise money to defray the current expenses of the several depart- ments of the government, as finallti formulated by i.Ir. Pondrom and me in joint conferences. If it is desired that the amount authorized be increased from y"300,000.00 to a higher sum, it of course may be done by changing the figures set forth in the proposed ordinance, and re -adjusting the items set opposite the several departments on the last page the_eof. r Very truly yours, ODS/z. City Attorney. Enc. 1.