HomeMy WebLinkAboutORD 44-A-3Doaumcn t, �' 4� N, :': �'a `� f 1911.
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b ";noon as t�� t;�i. of nc€ju-?ont School house Building Bonds,
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FILED T S THE W:7'_vAy
OF
J. G. SU7"TG.N,
CITY SECIR TARY.
Per Assf.
�h
FILED T S THE NY
J. rSbTT0N,
CITY SECRETARY,
A N
0RDI NANC E.
Entitled an ordinanceauthorizing the issuance of bonds
for constructing; one public school building within the City- of
Beaumont, and providing for the levying and collection of a tag tpa
to pay the interest and=create;a sinking fund for the redemption
of said bonds&
Whereas, at an election held.for the purpose on the 11th
day of August, A. D.;.191,1, a majority, of. the qualified voters, who
are property tax payers of the. ,City 'of Beaumont, Texas, voting. at
said election, sustained the proposition to issue the bonds_herein-
after described, .by a:vote of 277 for the issuance.of the'i3aid,
bonds to a vote of 2;8_;against. ,the issuance. of said bonds, Therefore,
BE IT ORDAhTED BY THE CITY COUiTCIL OF THE CITY OF BEAUMONT:
f
Section 1.
That the rd. shoAl beissued by the City of .Beaumont, Teas,
the -bonds of said city �_to be called "City of Beaumont 03chool House
Building Bonds", for:.thie purpose of borrowing money upon the credit
of this city, such money to be used in constructing one"school
building within the City of Beaumont.
Section, 2.
Said, bonds shall be numbered from one to', twenty-five
( 1 to 25) inclusive, 'a d-' shall b e- ' of the .denomination of ' One Thou-
sand ($1000.00) Dollars each, aggregating .the sum of Tvienty-five.
Thousand ($?25,0;000.00) Dollars,' and shall .be payable .. in. lawful Honey
of the Unit ed States , of America.
Section 3. '
Said bonds ,shall be dated the first day of Decemb er, A.' D.
1911, and shll' becoma due and .payable (arty years from their date,
but -the right is hereby. reserved by the City of Beaumont to redeem
said bonds or any number thereof at any time after twenty years from ---�-
their date.
'Section 4.
Said bonds shall bear interest from their date at .the
G, rate of five per cent (50).
per : annum, interest..payable semi --annually,
on the first day. of June and the first: day of December of each
year, according. to the tenor. of the interest coupons thereto at, -
tacked.
Section '5.
,Principal and int erest on- said bonds shall be 'payab1e' on
presentation and surrender of bonds or proper coupon at t�hel office
of the City Treasurer of the City of Beaumont or at the �!+
National Bank, of New York City, at the option of the holder.
Section 6.
Said bonds shall be signed by the Mayor, countersigned
by the City Secretary and registered by the City Treasurer, and
the seal of the City shall be impressed upon each one of them.
Section 7.
The fae-simile signature of the Payor and the City See-,
retary shall be_lithographed an the coupons.
Section 8. ,
It is further ordained by.t.he City Council that to pay
the interest on said bonds and create a sinking fund sufficient to
discharge them at maturity a tax of one and three tenths (.0130
cents on each one hundred dollars valuation of all taxable property
in said City of Beaumont shall be annually levied on said property
and shall be annually, assessed and collected until, such bonds.and
interest are paid, and said tax of one and three tenths
c eats on the one hundred dollars, :')ut of a tax of fifty two (. 52� )
cents on each one hundred dollars property valuation levied to create
the interest and sinking fund to pay the outstanding bonded indebted-
ness of this city by this council on the �d of "Y�a_v
A. D. 1911 (the ordinance makin6 said levy being of record on page J
Book of the Hinutes of this council) is hereby a_pprop-riated
a.nd set aside to pay the interest and create the necessary sinking
fund for th% current year,_ and shall be aspessed and collected and
so applied, and said tax,, or so much thereof as may be necessary is here-
by levied for each year hereafter iti.le said bonds, or any number
thereof, are outstanding, and the'same shall be annually assessed and
collected and applied -to the purposes named.
Section 9.
It is further ordained that the Payor be authorized .and he
is hereby directed to have prepared twenty-five 'bohds of the City of
Beaumont of the denomination of One Thousand ($l,o00.CQ Dollars each
as above described; and that the Mayor be authorized to tape and have
charge of said bonds pending their investigation by the Att.orney
General of the Mate of Texas,_ and upon their approval and registra-
tion, he shall proceed to sell same -at not less than their face value
at public or private sale, and the proceeds of such sale shall be de-
posited with the. City Treasurer of the City of Beaumont, and it is
hereby made -the duty of thea Mayor to provide that raid bonds shall be
delivered to the purchaser in the City of Beaumont, and payment for
sane shall also be made in 11 th e City of Beaumont®
Passed on the �� day of D. 1911.
Approved by the Mayor on the ';Cday of �� ��� A. D.. 1911.
ayor
Attest:
I
- C1 Secre ary.
CERTIFI CATE OF -PASSAGE:
STAT -E- OF TEXAS
COUNTY OF JEI'FERSON)
I J'. G. Suttgh,City--Secretary,:,':do
hereby' certify t#at., the ' attahced ordinance was.
duly passed by the City Council on - the ' 7th day, of"
September, A. D. 191-1s and, same. iso -ori: file' in -iny
Office.,
_.. C' ecretary;.
CERTIFICATE 01?' PUBLICATION:
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