HomeMy WebLinkAboutORD 20-ZAN ORDINANCE
AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE
OF TIME WARRANTS OF THE CITY OF BEAUMONT, TEXAS,
UNDER THE PROVISIONS OF THE "BOND AND WARRANT LAW
OF 1931", BEING ARTICLE 2368a OF THE REVISED CIVIL
STATUTES OF TEXAS, FOR THE PURPOSE OF PURCHASING RE-
INFORCED CONCRETE PIPE FOR THE NORTH END DRAINAGE
PROJECT, SAID WARRANTS TO BE DATED NOVEMBER 15,
1954, TO NATURE SERIALLY AS HEREIN SET FORTH, AI\TD
BEARING INTEREST AT THE RATE HEREIN SET FORTH, PRE-
SCRIBING THE FORM OF SUCH WARRANTS; PROVIDING FOR
THE LEVYING AND COLLECTING OF THE TAX NECESSARY TO
PAY THE INTEREST AND CREATE A SINKING FUND TO PAY
THE PRINCIPAL OF SAID WARRANTS AS THEY MATURE; PRO-
VIDING FOR THE CUSTODY OF SAID WARRANTS PENDING THEIR
DELIVERY TO THE PURCHASER; AUTHORIZING AND DIRECTING
THE MAYOR AND THE CITY CLERK TO EXECUTE SAID WARRANTS
AND IMPRESS THE CORPORATE SEAL OF THE CITY OF BEAUMONT
THEREON, AND TO DO ALL OTHER THINGS NECESSARY IN CON-
NECTION WITH THE SALE AND DELIVERY TO THE PURCHASER
THEREOF; AND REPEALING ALL ORDINANCES AND PARTS OF
ORDINANCES IN CONFLICT HEREWITH.
WHEREAS, The City of Beaumont is engaged in constructing
drainage facilities in the north end of said City, said project
being known as the "North End Drainage Project", and the City
Council has determined that it is necessary to execute time war-
rants in the amount as specified in order to do�such work; and,
WHEREAS, The City of Beaumont is authorized generally to
pass this ordinance authorizing the issuance of Time Warrants
herein mentioned under the Constitution and Statutes of the State
of Texas, pursuant to authority contained in Article 2368a, Re-
vised Civil Statutes of Texas, known as the "Bond and Warrant Law
of 1931", and all laws thereunto enabling; and,
WHEREAS, the City Council of The City of Beaumont now
finds and determines that it is necessary and proper at this time
to issue said warrants;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAU-
MONTI TEXAS:
Section 1.
The City of Beaumont, Texas, shall issue warrants as -,here-
inafter prescribed for and on behalf of and upon the credit of The
City of Beaumont,. Texas, as follows:
Ninety.-Six.Thousand Three•Hundred Forty=Three.Dollars
and Eighty-Cents ($.96,, 343.80)...princi.pal_'; amount. 'of North ' End
Drainage Proj ect. Warrants., Series ,1954' - :for the:-p'urpose 'of - con
structing drainage facilities in the north end .of the City of
Beaumont; to. be"�dated November"1.5, 1954; and,to mature. serially
on or before :No"vember:l5th•...of 'each year; and in, -the. amounts as ..
follows
:..Warrant No. Maturity, Date Amount
1 November `15, 1955 $20; 000:00
2 November 1'5, 1956 20, 000.00
3. November,,.15, 1957 '20, 000.00
4, November 15, 1958. 20, 000.00
5 November. 15, , 1959-,. 16; 343.80
Said warrants -shall bear interest at the''rate 'of-two and
a half (2-1/2%). per cefit per •annum and shall, be�'payable on or be:-
fore .November ..15; 1955, aria thereafter annually. on or before. Nov-
ember 15th of each year.''The principal on said .series of warrants
shall be payable-upon presentation and surrender of-the warrants
at the office of'the'.Director of . Finance of The .Ci"ty of Beaumont;
Texas-- and the_�respect. ve interest instalments.shall.be payable
- at' the office of the Director. of, Finance as they, become due;
That said warrants are to, be'in ';the .following form with'
proper omissions.; insertions, and variation's;',permitted-or other
wise,'. as- -hori ei' ,provided;,
„N0. $20; 000, 00
11.
UNITED ' STATES OF AKERICA
STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF BEAUMONT
NORTH END DRAINAGE PROJECT WARRANTS .
.SERIES 1954.
KNOW ALL MEN` BY THESE PRESENTS:, That the 'City.:of Beau
mont, of Jefferson County, Texas, under and by virtue of the
valid and subsisting contract, acknowledges itself justly indebt
ed to and hereby promises to pay to the'order.of National Concrete
Products.' Inc'.' ..
No Text
No Text
ed, after the. warrants,.,: been_. properly` executed as. hereinabove -
provided' to."keep.said`:warrants in.her:custody to be delivered
by the' said -Cit-y .Manager:'to the Natibnal, Conc.rete' Products., Inc.;
as. and"when it, is ,necessary to-,. "ay said`Nationa.l Concrete .Pro-
ducts'; -,Inc under`the,aerms. of, 'the contract .fo'r -said construct"iori. .
The`,Mayor And, -.'the .City Clerk."are.'authorized and directed to do any- .
and all things .necessary and convenient to effect -delivery there-
of to -.-said' National Concrete Products.,. Inc.
Section" .5 . `
All ordinances and parts of ordinances and all resolu-
tions,and parts -sof resolutions -inconsistent with the provisions
of this ordinance are hereby rescinded. -and repealed in so far as
same .raay..conflict herewith; and' it :is further provided that .if
any portion .of, .this ordinance shall be" declared. invalid, said-
invalidity shall in no way affect the remaining valid portions
thereof.
1954.
PASSED by the City Council this 16th day of November, A.D.
�i'9 -mit_ T �1 �` ,C � `='� r� .� -v�"f• _'c`{}'✓
—Mayor