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HomeMy WebLinkAboutORD 56-Wt 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 PAYMENV 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 1951, 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 Depart- ment 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 portion of the current tax revenues of the City for the year 1951; 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% ►: r interest from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypothecation of THREE HUNDRED THOUSAND ($3000000.00) DOLLARS of the current revenue of The City of Beaumont for the year 1951 as applied to the General Fund, and said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1951 for the operation of and application to the General Department 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 suffi- cient moneys from the source above mentioned wherewith to pay off, discharge and retire such warrants, together with accrued inter- est 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 there- of, provided, however, the total amount of such warrants of this issue shall not exceed THREE HUNDRED THOUSAND (0300,000.00) DOL- LARS. to wit: The said Deficiency Warrants shall be in the following form, "THE STATE OF TEXAS COUNTY OF JEFFERSON Beaumont, Texas 1951. On demand pay to the order of BEARER IIII To the Director of Finance The City of Beaumont mayor Countersigned: City Manager ATTEST: 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 11th day of August, A. D. 1951, and is payable out of the tax levies for the year 1951 and chargeable to the Gen- eral Department when collected. "This warrant bears interest at the rate of not more than one and a half per cent (11%) per annum from its date until paid." The said Warrants shall be duly registered before being negotiated by the Director of Finance. 1951. PASSED by the City Council this 11th day of August, A.D. - Mayor -