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HomeMy WebLinkAboutORD 85-CAll ORDINANCE Entitled an Ordinance authorizing and directing the Mayor and City Idlanager ; of the City of Beaumont to consummate the purchase of the property from and deliver to W. P. H. McFaddin the notes executed by them, covered by and provided for in that certain ordinance passed by the City Commission of the,City of Beaumont on the i3th. day. of April, 1921, by the affirmative vote of all the members of the Com_missionZ providing -for interest and sinking fund for the retirement of the obligation created and evidenced by sq'id notes; and providing that said ordinance shall tarke_effect on this, the date of its passage. WHEREAS, the Mayor and City Manager of the City of Beaumont have this day reported to the City Commission that they have come to an agreement with W. P.-�H..hicFaddin for the purchase of the property described'in that certain ordinance passed by the City Commission of the City of Beaumont on the 13th. day of April, 1921, on the terms and conditions,set forth and stip- ...' elated therein, and that the said McFaddin has executed and is rbady, to, deliver this deed conveying' •said property to the City, y in,accordance with and upon the terms and conditions set forth and stipulated in said ordinance, and that they, the said 1dayor and City Manager,, in pursuance of said ordinance, have made up - and are now ready to execute and deliver to the said W. P. H. TlcFaadin the four notes for $6250.00 each, aggregating the sum of .;;'25,000.00, bearing 6% interest from date, payable annually, - said notes payable 1, 2, 3 and 4 years from date, as provided for in said ordinance: Therefore,- BE herefore,- BE IT ORDAINED BY THE CITY COMMI SS IOM OF THE CITY OF BE AU1,1011T : Section 1. That the 1.Zayor and the City Manager of the City of Beaumont be, and they. are hereby authorized and directed to deliver to said W. P. H. McFaddin, $25,000.00 of the bonds described in said ordinance dated April kth,. 1921, and the said four promissory vendor's lien notes of the City described therein and in this ordinance, upon delivery to them by the said W. P., H.--TJIcFaddiq 2. of his deed conveying said property to the City, and upon the delivery to them by the said W. P. H. McFaddin of a good and i sufficient bond in the sum of $100,000:00, securing and indemni- Eying the City against any loss whatever on a ce ount ,of the judgment.obtained,against said McFaddin and others, for the sum of X83,212.60, together with costs of $299.26, said judgment obtained on the 3rd. day of November, '1919, in the District Court of Jefferson County, in a suit styled The Texas Rice Land Company vs. W. P. H. ldcFaddin et al-, numbered on the .docket of said court, 11544! Section 2. That for the purpose of paying the interest on, as well as the principal of said four vendor's lien notes; as the same _shall respectively mature, there's hereby levied 'for the year I921, `arld for` eacYi succeeding year thereafter -a- long as .,the same shall be 'necessary to provide for the interest and principal on said vendor ' s ' lie'n notes, on all property in the City of'Beaumont subject to taxation, a straight ad valorem tax of 4W.gI_C.on each $100.00 valuation of all taxable property(in the City of Beaumont; and the same shall be so annually assessed: and collected and applied, and said tax, or so much thereof as may be necessary, is hereby levied for each year hereafter while said notes, or any -one of the same, are outstanding, and the same shall be annually assessed, collected and applied to the purpose named; and said _tax shall ,be chargedto_thePiz b1i_c_.telfax- e Department and constitute a part of and a .charge against the 13¢ rate provided for said Department in the City Charter. Section 3. This ordinance shall take effect on the date of its • 3• Passed, this the 27th. day of April, A. D. 1921, by the affirmative vote of all the members of the City Commission of,the City of Beaumont. Approved this the P.'7th _ ri nw n -F A-nr-i l A _ li l 49l ATTEST: City Clerk.