HomeMy WebLinkAboutORD 83-CE
AN ORDINANCE
Entitled an Ordinance authD rizing and directing the mayor
and the City Manager of the City of Beaumont to purchase from
W. P. H. IMcFaddin, the property West of Magnolia Park and on
the gest side of Gulf Street, containing approximately 39
acres, being the same property.* referred to and dealt with in
that certain resolution adopted by the City Council of the
City of Beaumont, August 5th, 1919; providing for the purchase
price and terms of purchase; authorizing said officers to
execute_ vendQr's_ lien-no-tes covering-part--of--the purchase price;
providing for interest and sinking fund for retirement of said
notes; and providing that said ordinance shall take effect on
the date of its passage.
BE IT ORDAIP]ED BY THL CITY COLUISSION OF THE
CITY OF BEAUMONT
Section 1.`
That the kayor and City Manager of the City of
Beaumont be and they are hereby authorized and directed- to
forthwith purchase from W._ P. H. McFaddin, the property West
of the Magnolia Park and on the West side of Gulf Street,
containing approximately 39 acres, and being the same property
referred to and dealt with in that certain resolution adopted by
the City Council of the City of Beaumont, in the year 1919, and
dated August 5th. of said year, the purchase price of said property
to be Fifty Thousand ($60,000.00) Dollars, and to be paid as fol-
lows-. Twenty-five Thousand ($25,000.00) Dollars to be paid in
the bonds of the City of Beaumont, voted at.�an election held in -
said city on August 7th, 1917, and issued on November 20th,
1917, said Twenty-five Thousand ($25,000.00) Dollars of bonds to
be delivered to said McFaddin upon, and not before delivery to
the City of his deed_, properly executed, conveying Asaid property
unconditionally to; the City; -an-d the balance -of- the purchase
price, towit, Twenty-five Thousand (25,000.00) Dollars, to
be paid in four. (4) equal installments of Six Thousand, Two
Hundred and Fifty (6250.00) Dollars each, said deferred
payments to bear 6 o interest per annum from date,
interest payable annually, and to be evidenced by the vendor's
lien notes of the City-, payable one, (1), two (2), three (3) and
four (4) year is, 'respectively, from date; and said officers are
,
ti ,
hereby further authorized and directed to execute said instru-
ments of writing and deliver the same to said McFaddin upon,
and not before delivery to them of said deed.
SECTION 2.
That immediately upon consummation of said deal and on the
same day said notes are executed creating said debt, the Mayor
and Cify Manager,shall.report the fact to,the Commission for its
further action.
SECTION 3.
This ordinance shall take effect on the date of its passage.
Passed, this the, 13th. day of April, A. D. 1921, by the
affirmative vote:of all members of the City Commission of the
City of Beaumont..
Approved this the 13th. day of April, A. D., 1921.
ATTEST:
D
CI TY CLERIC.