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HomeMy WebLinkAboutORD 35-W575d- 53 AN 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 REMODELING THE MUNICIPAL HOShTAL BUILDING AND MAKING ADDITIONS THERETO, SAID WARRANTS TO BE DATED .:MAY 11 1951 TO NATURE SERIALLY AS HEREIN SET FORTH, AND BEARIN& INTEREST AT THE RATE HEREIN SET FORTH; PRESCRIBING THE FORM OF SUCH WARRANTS; PROVIDING.FOR THE LEVYING AND COLLECTING OF THE TAX NECESSARY TO PAY -THE INTER- EST AND CREATE A SINKING FUND TO PAY THE PRINCIPAL OF SAID WARRANTS AS THEY MATURE; PROVIDING FOR THE CUS- TODYJ0F 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 CONNECTION 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 remodeling the Munici- pal Hospital Building and making additions thereto, and the City Council has determined that it is necessary to issue Time Warrants in the amount hereinafter 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 Warrant,2 here- in mentioned under the Constitution and Statutes of the State of Texas, pursuant to authority contained in Article 2368a, Revised 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 BEAUMONT, TEXAS: Section 1. The City of Beaumont, Texas, shall issue warrants as herein- after prescribed for and on behalf of and upon the credit of The City of Beaumont, Texas, as follows: Thirty -Four Thousand Six Hundred Eighty Three ($34.,6$3.00) Dollars principal amount of Municipal Hospital Building Warrants, Series 1951, for the purpose of remodeling the Municipal Hospital Building and making additions thereto, for The City of Beaumont, to be dated May 1, 1951, and to mature serially on or before July 1st of each year, and in the amounts as follows: Warrant No. Maturity Date Amount 1 to 10, inc. July 1, 1952 $10,000.00 11 to 20, inc. July 1, 1953 .109000.00 21 to 30, inc. July 1, 1954. 10,000.00 31 to 34., inc. July 12 1955 4., 000.00 35 July 1, 1955 683.00 Said warrants shall bear interest at the rate of two and a half (2W per cent per annum and shall be payable on or before July 1, 1952, and thereafter annually on or before July lst 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 City of Beaumont, Texas, and the respec- tive interest instalments shall be payable at the office of the Dir- ector of Finance as they become due; That said warrants are to be in the following form with proper omissions, insertions, and variations, permitted or otherwise, as herein provided: "NO. $1,000.00 UNITED STATES OF AMERICA STATE. OF TEXAS COUNTY.OF JEFFERSON CITY OF BEAUMONT MUNICIPAL HOSPITAL BUILDING WARRANTS SERIES 1951 KNOW ALL MEN BY THESE -PRESENTS: That The City of Beaumont, of Jefferson County, Texas, under and by virtue of valid and sub- sisting contracts, acknowledges itself justly indebted to and hereby promises to pay to the order of Beaumont Plumbing Company ONE THOUSAND DOLLARS ($10000.00) in lawful money of the United States of America on or before the 1st day of July, 1952, with interest thereon from date hereof until paid, at the rate of two and a half (21%) per cent per - 2 - 3 /1-, annum, interest payable on or before July 1, 1952, and annually thereafter on or before July 1st of each year; and the Director of Finance of The City of Beaumont, Texas, is hereby authorized, or- dered and directed to pay to the order of Beaumont Plumbing Company on or before the 1st day of July, 1952, the date of maturity of this warrant, the sum of One Thousand ($1,000.00) Dollars, and shall pay the respective interest instalments on or before the date same become due. Both principal and interest of this warrant are payable at the office of the Director of Finance of The City of Beaumont, Tex- as; and The City of Beaumont, Texas, is hereby held and firmly bound, and its full faith and credit and all taxable real and personal property therein are hereby pledged for the prompt payment of the principal and interest of this warrant as it matures. This warrant is one of a series of thirty-five (35) warrants, as follows: Thirty-four (34.) warrants of the denomination of One Thousand ($12000.00) Dollars each, numbered consecutively from One (1) to Thirty-four (34.), inclusive, each of said warrants being of like tenor and effect, except as to number and maturity date, and one warrant of the denomination of Six Hundred and Eighty -Three ($6$3.00) Dollars, numbered Thirty-Five'(35), issued by The City of Beaumont, Texas, for the purpose of remodeling the Municipal Hospital Building and.for making additions thereto, for The City of Beaumont, under contract with Beaumont Plumbing Company as Plumbing Contractor for the plumbing, heating and ventilation for said Municipal Hospital Building and additions thereto, issued under and by virtue of the Constitution and Laws of the State of Texas and the Charter of The City of Beaumont, and in strict conformity with Article 2368a, and the amendments thereto, of the Revised Civil Statutes of Texas, and all laws thereunto enabling. It is hereby certified and recited that the issuance of this warrant and the series of which it is a part is duly authorized by law, pursuant to an ordinance passed on the 13th day of March, 1951. - 3 - It is hereby certified, recited, and declared that the issuance of this warrant and the series of which it is a part is duly authorized by law, and that all acts, conditions and things required to be done precedent to and in the issuance of this war- rant and of the series of which it is a part have been properly done, have happened and been performed in regular and due time, form, and manner as required by law; that sufficient and proper provisions for the levying and collection of an ad, valorem tax have been made, which, when collected, shall be appropriated exclusively to the payment of this warrant and of the series of which it is a part, and to the payment of the interest as the same shall become due and payable, and that the total indebtedness of The City of Beaumont, including the entire series of warrants of which this is one, does tot exceed any constitutional or statutory limitation. It is hereby recited, certified, and declared that the ad- ditional tax levied and made necessary to be levied in order to provide for the interest and principal of this issue of warrants, together with rate of tax existing at the time of the issuance of these warrants, is within the limitations of the Constitution and Laws of the State of Texas and the Charter of The City of Beaumont. The date of this warrant, in conformity with the ordinance above mentioned, is ,=,May 1, 1951. In witness whereof the City Council of The City of Beaumont, Texas, has caused the corporate seal of The City of Beaumont to be affixed hereto and this warrant to be signed by its Mayor and coun- tersigned and attested by its City Clerk, as of the 1st day of `MLy, 1951. Mayor of The City of Beaumont, Texas. Attest: City Clerk of The City of Beaumont, Texas." Section 2. That for the purpose of paying the interest on said Munici- pal Hospital Building Warrants, Series 1951, and to create a sinking - 4 - fund to pay various instalments of principal as the same shall respectively mature, a sufficient tax on each One Hundred ($100.00) Dollar valuation of all taxable property in The City of Beaumont, Texas, shall be annually levied on said property and annually as- sessed and collected and applied to the purpose named. Section 3 That each of said warrants shall be signed by the Mayor and countersigned by the City Clerk of The City of Beaumont, Texas, and the corporate seal of The City of Beaumont, Texas, shall be impressed upon each of them. Section 4. The City Manager of The City of Beaumont is hereby directed, after the warrants have been properly executed as hereinabove pro- vided, to keep said warrants in her custody to be delivered by the said City Manager to the Contractor, Beaumont Plumbing Company, Plumbing Contractor for the plumbing, heating and ventilation for said Municipal Hospital Building and additions thereto, as and when it is necessary to pay said Contractor under the terms of the contract for said construction. The Mayor and the City Clerk are authorized and directed to do any and all things necessary and con- venient to 'effect delivery thereof to said Contractor. Section 5. All ordinances and parts of ordinances and all resolutions and parts of resolutions inconsistent with the provisions of this ordinance are hereby rescinded and repealed in so far as same may 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. PASSED by the City Council this-Uth day of March, A.D. 1951. - Mayor - - 5 -