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AN ORDINANCE
AUTHORIZING: AND 'DIRECTING THE PROPER OFFICIALS_OF
THE CITY.OF BEAUMONT NAMED HEREIN TO FORTHWITH
PREPARE .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
ORDINANCE, FOR THE PURPOSE OF-DEFRAYING.THE.CUR-
-RENT-EXPENSES FOR THE MAINTENANCE AND OPERATION OF
THE GENERAL DEPARTMENT.OF GOVERNMENT MENTIONED.IN
SAID= ORDINANCE; FOR THE,"PAYMENT` AND DISCHARGE OF ,
SAID WARRANTS.
'WHEREAS, The City of Beaumont, pending the collection of
thecurrent tax revenues from all sources, being- taxes for the .
.year 1955, is. without .funds wherewith to 'pay its current' obliga-
- -tions incurring' and to `be incurred for,'.the operation' of the General
Department of, '.the Government,and.. in order to acquire funds where=
with -.to defray the current expenses ,o.f.:the General Department of
,the - Government, -,.pending the .collection -of- said revenues,; 'it is
necessary that'The City "of Beaumont borrow money upon the faith and
credit ' of _said City,, and to anticipate and 'pledge' an equal .porti:on
of the 'current ,.tax revenues of the ity`,for the. yea.r 1955;
NOW,' THEREFORE, BE IT ORDAINED,
BY. THE CITY OF ..BEAU-
MONT, TEXAS T., _- r ;
;. Section..l.
That Elmo R. -',Bea' rd, - `Mayor of -The: City of' Beaumont, and ..his:
successors in office., be, and they are' hereby;..authorized to forth- .
with 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 evi-
denced;'by Deficiency Warrants, "dated. ori the date or dates when- nego-
tiated, and delivered. from gime to time, as hereinafter provided,
payable, -to 'BEARER" on .,demand; bearing not more than, 21. interest
from their date until paid, which -said warrants shall be, andare
hereby, .secured : by the legal and, binding,; pledges' and hypothecation ,
of FIVE HUNDRED THOUSAND ($5001' 000.-00). DOLLARS -of- the current- revenue
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