HomeMy WebLinkAboutORD 8-D' .+
AN ORDINANCE.
Entitled an ordinance authorizing and directing the proper
officers of the City of Beaumont, named therein, to'forthwith pre-
pare and execute, and to negotiate and deliver from time to time as
necessities require, legal and binding obligations of the City of
Beaumont, in the form of Deficiency Warrants, described in said or-
dinance, for the purpose of defraying the current expenses for the
maintenance and operation of the several departments of the govern-
ment, mentioned in said ordinance, appropriating an equal portion of
the -revenues of the City of Beaumont apportionable to the several
departments affected, for the year 1922, for the payment and discharge
of said warrants and declaring an emergency.
WHEREAS, the City of Beaumont, pending the collection of
current tax revenues, from all sources, being taxes for the year 1922,
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 def&ay the
current expenses of all departments of the government pending the
collection of said revenues, it is necessary that the City ofBeaumont;
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 1922.
BE IT THEREFORE ORD ilII1tD BY THE CITY C 01MIIISS ION
OF THE CITY 01" BEAUIHORT :
SEC`T'ION 1.
That B. A. Steinhagen, Iayor of the City of Beaumont, be and
he is hereby authorized and directed 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
elivered
from time to time as hereinafter provided, payable to, "BEARER", on
Demand, bearing 6% interest from their date until paid, which said
warrants shall be and are hereby secured by the legal and binding
pledge and hypothecation of Two- Hundred and Ten Thousand (.`jp210,000d00)
Dollars, of the current tax revenues of the City of Beaumont, for the
year- 1922, as applied to the funds -of the particular departments and
in the amounts relating to such departments as hereinafter set forth;
the said deficiency warrants to be paid and retired out of the first
tax revenues collected for the ,year 1922 for the operation of and
application to the several departments of the city government, as
hereinditer set forth.
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The said warrants shall be executed, negotiated and delivered
an and when it is requisite and necessary to raise money for the
payment of existing obligation;'and for defraying the current expenses
for the operation of the several di epartments of the government as
hereinafter set forth,until such time as there shall have been
collected sufficient moneys from the source above mentioned where
with 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 colla. eted above mentioned and apportioned among
the several departments as below shown, a sum sufficient wherewith to
pay off and discharge all of such deficiency yr arrants as maybe so
issued and negotiated to the then owners and holders thereof;provided
however, the totalamount of suchvmrrants of this issue shall not
exceed the sum of Two Hundred and Ten Thousand ( $210'DOO.00)Dollars.
The said deficiencyw arrants shall be in the following form;
to -wit: --
The State of Texas,
County of Jefferson.
Beaumont, Texas,
192r
On demand" pay to the order of "BEARER"
( ) Dollars.
To the Treasurer )
City of Beaumont )
MAYOR .
ATTEST:
CITY CLERK*
Counter -signed:
This, warrant is one of a series of several warrants -authorized
by the City Oommis sion of the City of Beaumont, by cr dinance duly
passed February % ;'1922,A.D.; and is payable out of the tax
levies for the year 1922, `and chargeable to the particular fund or
department to which it applies when collected.
A
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This warrant bears interest at the rate of 6% per annum from
its date Lentil paid.
Each warrant shall carry on its face the name of the department
to which it relates.
The particular departments and funds o.f the City government, for
the operation of which said fiends acs are hereby raised for the support,
maintenance and operation of said departments from which said warrants
shall be paid, and the amount to be taken therefrom for that ?purpose
shall be and are according to the following table:
Department of Finance, 11;'000.00
General Fund, 9,000.00
Department of Safety, 80,Q00.00
Department of Pablic Service, 98,000.00
Department of Welfare 12,000.00
The said warrants shall be duly registered before being neg01
aced, 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 maintenance and
operation of the several departments of government, without at once
anticipating and pledging Two Hundred and Ten Thousand ($210,000.00)
Dollars of the tax revenue of 1922 ,for the maintenance and operation
of the several departments mentioned in this ordinance creates an
imperative public emergency, necessitating the suspension of the rule
requiring that all ordinance shall be read on three (3) separate days
before passage, wherefore said rule is hereby suspended, and this or-
dinance shall take effect upon its -Passage and signature of the mayor.
Passed this (J day of