HomeMy WebLinkAboutORD 46-XAN 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 WARRENTS.
WHEREAS, The City of Beaumont, pending the collection of
the current tax revenues from all sources, being taxes for the
year 1952, 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
1952;
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%
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 ($300,000.00) DOLLARS
of the current revenue of The City of Beaumont for the year 1952
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 1952 for the operation of and application to the General
Department of the City Government;
x
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 ($300,000.00) DOL-
LARS.
to wit:
The said Deficiency Warrants shall be in the following form,
"THE STATE OF TEXAS
COUNTY OF JEFFERSON
Beaumont, Texas
, 1952.
On demand pay to the order of BEARER
,,;
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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 12th day of
August, A. D., 19529 and is payable out of the tax
levies for the year 1952 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 (1 %) per.annum
from its date until paid."
The said Warrants shall be duly registered before being
negotiated by the Director of Finance.
1952.
PASSED by the City Council this 12th day of August, A. D.,
- Mayor -