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Home My WebLink AboutORD 9-W& 6-�, �., h 5-6 0 6-d, 0' &v 10.3-19' 0 AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICERS 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 CURRENT 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 the current tax revenues from all sources, being taxes for the year 1950, is without funds wherewith to pay its current obliga- tions incurring and to be incurred for the operation of the Gen- eral Department of the Government, and in order to acquire funds wherewith to defray the current expenses of 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 por- tion of the current tax revenues of the City for the year 1950; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS: Section 1. That Otho Plummer, 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 evidenced by Deficiency Warrants, dated on the date or dates when negotiated, and delivered from time to time, as hereinafter pro- vided, payable to "BEARER" on demand, bearing not more than 12°' in- terest from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypo- thecation of THREE HUNDRED THOUSAND ($300,000.00) DOLLARS of the current revenue of The City of Beaumont for the year 1950 as applied to the General Fund, the said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1950 for the operation of and application to the General De- partment of the City Government;' That said Warrants shall. -be executed, negotiated and de- livered as when it is requisite and necessary -to raise money for payment of existing obligations and for defraying the current ex- penses for the.operation of the General Department of the Govern- ment, until such time as there shall have been collected sufficient moneys from the source above mentioned wherewith to'pay off, dis- charge 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 a sufficient sum 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 such warrants of this issue' shall not exceed THREE HUNDRED THOUSAND ($3001,000.00) DOLLARS. to wit: The said Deficiency Warrants shall be in the following form, "THE STATE OF TEXAS COUNTY OF JEFFERSON Beaumont, Texas IV 1950. On demand pay to the order of BEARER To the Director of Finance The City of Beaumont Countersigned: City Manager 2. ATTEST: Mayor City Clerk "This warrant is one of a series of several warrants authorized by the City Council of The City of Beau- mont by ordinance duly passed on the 3rd day of Octo- ber, A. D. 1950, and is payable out of the tax levies for the year 1950 and chargeable to the General De- partment when collected. "This warrant bears interest at the rate of not more than one and a half per cent (12%) per annum from its date until .:paid." The said warrants shall be duly registered before being negotiated by the Director of Finance. 1950. PASSED by the City Council this 3rd day of October, A. D. - Mayor - AN ORDINANCE AUTHORIZING AND. *� THE PROP OFFICERS OF THE CITY OF BEAUMONT NAMED HEREIN TO FORTHWITH PREPARE -AND EXECUTE AND TO NEGOTIATE AND -DELIVER, FROM TIME TO TIME AS -NECESSITIES -.REQUIRES LEGAL AND BINDING OBLIRTIONS OF THE CITY OF.BEAUMONT -IN THE FORD OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOIR THE PURPOSE'OF DEFRAYING THE-, CURRENT EXPENSES FOR THE MAINTENANCE AND .OPERATION O. THE GENERAL DEPARTIVIENT OF GOVERNMENT -MENTIONED IN SAID ORDINANCE; FOR THE -PAYMENT AND DISCHARGE OF SAID. WARRANTS. WHEREAS, The City of Be,umont, pending; the:collection;of the current tax revenues from all. sources, being taxes for the year 1950, 1--a'without funds wherewith to pay-ite.current obliga- tione incurring and to be incurred for the operation o£ -the Gen - oral -Department of the Government, -'and in order.to acquire funds wherewith to defray the eurrent.'expenass of the General Department of the Government; pending the colleetion'of said revenues, it is necessary that The City of Beaumont borrow money.upon the.faith and credit of:.asaid City; and ta, anticiate sand pledg® an. equal por- tion of the current 'tax revenues of the City. for the year 1950,.. NOW, THEREFORE, BE, IT ORDAINED BY tliE CITY OF BEAUbMNT, TE7CAS;. Section 1. That Otho Plummer, Mayor of The City of Beaumont., and his successors in office, be,-and.they are hereby, authorised 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 evidenced by Deficiency Warrants, dated'on the :datte .or dates when negotiated, and delivered from time to;time,.as hereinafter pro- vided, payable to "BEARER" bft demand,'bearing not more than 1j% in- terest from their date until paid. which -said warrants ,shall be, and.are hereby, secured by the legal and;,binding pledges and hypo thecation of THREE; HUNDRED THOUSAND ($300,000.00) DOLLARS of the ' A .• .. �. _- .. it - . -. current revenue, .of. The City of Beaumont for the year .1950 as applied `to the .General -.Fund, 'the, said beficiency..Warrants to be, paid• and retired ' .out of.,-. the first , tax revenues collected for the year- 1950 for " the . operat ion of -and application -to' the General - De partikent of the City. Government; That said farrahts . shall be'.exacu'tod; nagotiated _ and de- -livered ..as when it IS requisite and necessary tot rains .money for •: payment of existing obligations 'and for:'defraying the current, ex— pennon for the operation of the ..General.Department of the Govern= ment, until such 'time, air there_ shall have, been collacted` aufficie'nt moneys from the ,aourct :above mentioned_ wherewith to, pay off,dia charge. and''rstire such_war•.ranta,,_-together with ':accrued interest .thereon; . . And there is here.and now appropriated and set .aside out . of -the,. -Virst moneys, sa' t'a` be collected- a sufficient sum 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, howevery the,. total amount of. such warrants'of this issue - shall not exceed THREE, HUNDRED THOUSAND. -(,3.00,000-.00) DOLLARS... The said; Deficiency Warrants eha].1 be in the following form,_ to wit: "THE., STATE OF TEXAS Beaumont, Te=s COUNTY.OF JEFFERSON , .1950. On -demand - pay to the . order. of .' BEARER, To the Director. :of Finance The City of Beaumont - Countersigneds CityMAnager _. ATTEST:. City Clerk No Text INTER -OFFICE MEMORANDUM CITY OF BEAUMONT, TEXAS Date: SEPTEMBER 25, 1950 To: 17RS. WILLIE J. BROCKMAN, CITY MANAGER From: R. E. RICHARDSON, AUDITOR Subject: DEFICIENCY WARRANTS COMMENT: PLEASE ASK THE CITY COUNCIL IIN TOMORROW'S SESSION FOR AUTHORITY TO BORROW UP ,TO $ 300 000 00 ON DEFICIENCY WARRANTS TO OPERATE ON UNTIL TAXES START COMING IN. G bd��