HomeMy WebLinkAboutORD 25-Di
AN ORD I'NANCE
Entitled an ordinance authorizing and directing the
.proper officers of the City of Beaumont, named therein, to fortha-
with prdpare 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 this ordinance, for the purpose of defraying the
ourrent expenses for the maintenance and operation of the several
departments of the government mentioned in said ordinance,
appropriating an equal partion of. the revenues of the City of
Beaumont ap ortional')e to the several departments affected, for
the year 2 ;3 for the payment and discharge of said warrants and
decl.ari emergency.
cY-!~ WHEREAS, the City of Beaumont, pending the collection
l / of current tax revenues from sources, being proper proportion
of the taxes for the yr -(1922; is without funds wherewith to pay
its obligations�aecrued an -to be incurred for the operation of
the several departments of the city government, and in order to
acquire funds wherewith to defray expenses of all departments of
the government, pending the collection of the said revenues it
is necessary that the City of Beaumont borrow money in addiison
to the $210,000.00 arranged for -by ordinance passed February 15,
A. D. 1922; in the amount hereinafter named and upon the faith
and credit of said city, and to anticipate and pledge an equal
portion of the current tax revenue of -the City.1for the year 1922,
BE IT THEREFORE ORDAINED BY THE CITY COMMISSION
OF- THE CITY OF BEAUMONT:
SECTION.l.
That B.
,A. Steinhagen,
Mayor 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 time
to time as hereinafter profided,
payable to
"BEARER";
on demand; bearing 6% interest from their date until paid; which
said warrants shall be and are herebys_
( recu ed by the legal and binding
V
pledge and hypothecation of One Hundred Thousand (100,000.00)
Dollars, of the current tax revenues of the City of Beaumont for
the year r2unts
as applied to the funds of the particular departments
and. in t relating to such departments as hereinafter set
forth; the said deficiency warrants to be paid and retired out of
r
i
the first tax revenues collected for the year 1922 for the
operation of and application to the several departments of the
city government, as hereinafter set forth
The staid warrants shall be executed, negotiated and
delivered as and when it is requisite and necessary to raise money
for the payment of existing obligations, and for defraying the
current expenses for the operation of the several departments of the
government, as hereinafter set forth, until such time as there shall
have been collected sufficient moneys from the source 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 warrants
as may be so issued and negotiated to the then owners and holders
thereof; provided,however, the total amount of suchv rrahts of this
issue shall not exceed .the sum of O� e h and (0100;
levies for the year 1922- and chargeable to the particular fund or
department to vdhieh it VZ applies when c ollectedx
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 department
to which it relates.
The particular departments and funds of the City government,
for the operation of which said funds 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 1,500.00 a
Department of Welfare 59000,00
Department of Public Safety 39,600.00
:General Fund 4,000.00
Department of Public Service 50;000.00
The said warrants shall be duly registered before being
negotiated, 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
Z loop
once anticipating and pledging One Hundred Thousand ($100,'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 ordinances whall be read on three (3) separate days
before passage, wherefore said rule is hereby suspended, and this
ordinance shall take effect upon its passage and signature of the Mayor.
Passed by the affirmative vote of all members of the Citi Commission, this
the 19th day of September,1922.
Passed: