HomeMy WebLinkAboutORD 56-Xr O �1 r�l r te)
C 0 R D r,, D
P, le.,
&�_
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
A LEGAL AND BINDING OBLIGATION OF THE CITY OF BEAUMONT
IN THE FORM OF A.DEFICIENTY,WARRANT.DESCRIBED IN THIS
ORDINANCE, FOR THE PURPOSE OF PAYING THE.MATURITIES ON
$2,000,000 CITY.OF BEAUMONT: TEXAS, SANITARY SEWER
IMPROVEMENT BONDS., SERIES 1952, WHICH ACCRUE ON OCTOBER
15, 1953, IN THE AMOUNT of $56,000 PRINCIPAL AND
$62,852.50 INTEREST, AND PROVIDING FOR THE PAYMENT
AND DISCHARGE OF SAID WARRANT.
WHEREAS, the City Council of the City of Beaumont, Texas, enacted
an ordinance on the 14th day of October, 1952, issuing $2,000,000 CITY OF
BEAUMONT, TEXAS, SANITARY SEWER IMPROVEMENT BONDS, SERIES 1952, to mature
serially, the first installment of principal and interest maturing October
15, 1953, in the amount of $56,000 principal, and $62,852.50 interest, and
it is deemed advisable and necessary to acquire funds wherewith to pay
said maturities on October 15, 1953, pending the collection of revenues,
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, Texas, and
his successors in office, be, and they are hereby, authorized to forthwith
prepare, or have prepared, and to execute, together with the City Clerk,
and to be countersigned by the City Manager, a legal and binding obligadion
of the City of Beaumont, Texas, in the.form of and evidenced by a deficiency
warrant, dated on the date when negotiated and delivered, payable to bearer
on demand, bearing not more than 1-21% interest from its date until paid,
which said warrant shall be, and is hereby, secured by the legal and bind-
ing pledge and hypothecation of $120,000 of the current revenues of the
City of Beaumont,.Texas,_for the year 1952 as applied to the General Fund,
said deficiency warrantto 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. That said warrant shall be
executed, negotiated and delivered forthwith to raise money for the payment
of maturities due on said bond issue on October 15, 1953, until such time as
.4
there shall have been collected sufficient moneys from the source above
mentioned wherewith to pay off and discharge said warrant, together with
accrued interest thereon.
There is here and now appropriated and set aside out of the first
moneys so to be collected a sufficient scum wherewith to pay off and dis-
charge said deficiency warrant.
That said deficiency warrant shall be in the following form:
"THE STATE OF TEXAS Beaumont, Texas
COUNTY OF JEFFERSON 1952
On demand pay to the order of BEARER
To the Director of Finance
The City of Beaumont
Countersigned:
City Manager
Mayor
ATTEST:
City Clerk
"This warrant is one authorized by the City Council of the
City of Beaumont by ordinance duly passed -on the 28th day
of October, 1952, and is payable out of the tax levies for
the year 1952 and chargeable to the General Department when
collected.
"This warrant bears interest at the rate of not more than
one and one-half per cent (1�) per annum from its date
until paid."
That said warrant shall be duly registered before being negotiated
by the Director of Finance.
PASSED by the City Council of the City of Beaumont, Texas, this 28th
day of October, 1952.
Mayor of the City of Beaumont
Texas