HomeMy WebLinkAboutORD 31-Zge
AN ORDINANCE
AMENDING THE LAST PARAGRAPH OF SECTION 1 OF AN
ORDINANCE''AUTHORIZING AND DIRECTING THE ISSUANCE
OF A PORTION OF THE SERIAL BONDS OF THE CITY OF
BEAUMONT, TEXAS, AUTHORIZED AT AN ELECTION HELD
IN SAID CITY ON THE 17th DAY OF JULY, 1954, THE PORTION
THEREOF HEREBY AUTHORIZED AND DIRECTED TO BE IS-
SUED TO BE AS FOLLOWS: STREET AND HIGHWAY IMPROVE-
MENT BONDSL SERIES 1955, IN THE AMOUNT OF ONE MILLION
DOLLARS ($1, 000, 000) FOR THE PURPOSE OF EXTENDING,
IMPROVING AND REPAIRING THE HIGHWAYS AND STREETS
OF THE CITY OF BEAUMONT,, INCLUDING A FREEWAY AND
THE APPROACHES AND APPURTENANCES THERETO, AND
ACQUIRING NECESSARY RIGHTS OF WAY THEREFOR, SAID
BONDS HEREBY AUTHORIZED TO BE ISSUED TO BE DATED
FEBRUARY 15, 1955, TO MATURE SERIALLY AS HEREIN
SET FORTH; PRESCRIBING THE FORM OF SUCH BONDS;
PROVIDING FOR THE LEVYING AND COLLECTING OF THE
NECESSARY TAXES TO PAY THE INTEREST AND CREATE
A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS
AS THEY MATURE; PROVIDING FOR THE CUSTODY OF SAID
BONDS PENDING THEIR APPROVAL AND DELIVERY TO THE
PURCHASERS; AUTHORIZING AND DIRECTING THE MAYOR
AND THE CITY CLERK TO EXECUTE SAID BONDS AND THE _
INTEREST COUPONS THERETO ATTACHED AND IMPRESS
THE CORPORATE SEAL OF THE CITY OF BEAUMONT THERE-
ON, AND TO DO ALL OTHER THINGS NECESSARY IN CON-
NECTION WITH THE SALE AND DELIVERY TO THE PURCHAS-
ERS THEREOF; REPEALING ALL ORDINANCES AND PARTS
OF ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING
THAT THIS ORDINANCE SHALL TAKE EFFECT ON THE DATE
OF ITS PASSAGE", SO AS TO CHANGE THE TAX THEREIN
LEVIED TO 6� PER $100 VALUATION.
WHEREAS, an ordinance was adopted by the City Council of the City
of Beaumont, Texas; at its regular meeting on the 8th day of February, 1955,
authorizing the issuance of $1, 000, 000 principal amount of Street and Highway
Improvement Bonds, Series 1955, for the purpose of extending, improving and
repairing the highways and streets of the City of Beaumont, including a freeway
and the approaches and appurtenances thereto, and acquiring necessary rights
of way therefor, to be dated February 15, 1955; and,
WHEREAS, in said ordinance a tax of four and one-half cents ($ .045)
on the $100 valuation was levied to pay the current interest on and create a
sinking fund to pay the maturities of said bonds, and it has been determined
that such rate of taxis insufficient, and that the rite of six cents (6�) per $100
valuation should be levied; therefore:
BE IT ORDAINED BY THE CITY OF BEAUMONT
SECTION 1
The last paragraph of Section 1 of the ordinance entitled, "An ordinance
authorizing and directing the issuance of a portion of the serial bonds of the
City of Beaumont, Texas, authorized at an election held in said city of the
17th day of July, 1954, the portion thereof hereby authorized and directed
to be issued to be as follows: Street and Highway Improvement Bonds,
Series 1955, in the amount of one million dollars ($1, 000, 000), for the
purpose of extending, improving and repairing the highways and streets of
the _ City of Beaumont, including a freeway and the approaches and appurten-
ances thereto, . and acquiring necessary rights of way therefor, said bonds
hereby authorized to be issued to be dated February 15, 1955, to mature
serially as herein set forth; prescribing' the form of such bonds; provid-
ing for the levying and collecting of the necessary taxes to pay the interest
and create a sinking fund to pay the principal of said bonds as they mature;
providing for the custody of said bonds pending their approval and delivery
to the purchasers; authorizing and directing the Mayor and the City Clerk
to execute said bonds and the interest coupons thereto attached and impress
the corporate seal of the City of Beaumont thereon, and to do all other things
necessary in connection with the sale -and delivery to the purchasers thereof,
repealing all ordinances and parts of ordinances in conflict herewith; and
providing that this ordinance shall take effect on the date of its passage",
adopted by the City -Council of the -City of Beaumont on the 8th day of February,
1955, be and the same is hereby amended so that said paragraph shall here-
after read as follows:
It is further -ordained that for the purpose of paying the interest on said
STREET AND HIGHWAY IMPROVEMENT BONDS,,.SERIES 1955, and to create
a sinking fund to pay the various installments of principal as the same shall
respectively mature, a sufficient tax on each $100 valuation of all taxable
property in the City of Beaumont, Texas, shall be annually levied on said
property and annually assessed and collected, and a tax of six cents (6�) on
each $100 valuation of all taxable property within the City of Beaumont, Texas,
is here and now levied for the year 1955, and said tax, or so much thereof as
shall be necessary or in addition thereto as may be required, is hereby
levied for each succeeding year while said bonds or any of them are outstanding,
and the same shall be annually assessed and collected and applied to the purpose
named.
ADOPTED this 8th day of March, 1955, by the affirmative vote of all
members of the -City Council of the City of Beaumont, Texas.
V�Iayor of the . ity o Bea ont, Texas
Atte st:
CAf Clerk of the City of Beaumont,
Texas
THE STATE OF TEXAS i
COUNTY OF JEFFERSON i
I, Jas. T. Garrard, City Clerk of the City of Beaumont, Texas, do
hereby certify that the above and foregoing is a true and correct copy of an
ordinance passed by the City C-ouncil of the City of Beaumont on the 8th day
of March, 1955, as recorded in Volume y_, Pageset
seq. , in the minutes of ordinances of the City of Beaumont in the office of
the City Clerk.
Given under my hand and seal of the City of Beaumont, Texas, this
dl_�_ day of March, 1955.
Clerk of the City of Bealimont,
Texas