HomeMy WebLinkAboutORD 45-A-3FTDED T,41S TNE_D.A.Y
AIJ 0R,DI NA•Td0E.
J. G. SUTTON,
CITY SECRETARY .
ss .
�n-itled an ordinance authorizing the is'suanee of bonds for
the purpose of purchasing, constructing and maintaining Parks, either
within the limits of the City of Beaumont, or without the limits of
the City of Beaumont, and providing for the levying and collecting of
a tax to pay the interest' and create a, sinking fund for the . redempt-
ion of said bonds.
Whereas, at an election held for the purpose on the 11th day
of August, A. D. 1911, 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 hereinafter
described, by a vote of 246 for' the issuance of said, bonds to a vote
of 65 against the issuance of said bonds, Therefore
Be It Ordained By The.City Council Of The City Of Beaumont:
Section 1.
That there shall: be issued by the City of Beaumont , Texas,
the bonds of said City.to' be called "City of Beaumont Fark Bonds", for
the purpose of borrowing -money upon the credit of this city, such
money
t -o be used in purchasing,
constructing
and
maintaining
public
parks,
either within or outside
of the limits
of
the City of
Beatunont.
Section 2.
Said bonds shall be numbered from one to sixty (1 to 60)
inclusive,' and shall be of the denomination of One Thousand (,11,000.00)
Dollars"each, aggregating the sum of Sixty.Thousand (60,QO0.00) Dol-
lars and shall be payable. in lawful money .of 'the United States of
America.
Sectidn 3.
Said bonds shall be dated the first day of December, A. D.
1911, and shall become due and payable forty 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 tiventy -years from their
date.
Section 4.
Said bonds shall bear interest from their date at the rate
of five per (5%) cent per •annum, interest payable semi-annua111r, on
the first day of June 'and- the first day of December of each year, ac-
cording to the tenor of the interest coupons thereto attached.
Section 5.
Principal and-_int'erest on said bonds shall be payable on pre-
oft
sentation and surrender_ of bonds or proper coupon at the office of the
City Treasurer of the' City of Beaumont or at the Z/1cw�
National Bank of New York City, at the option of the holder.
Section. 6.,
Said bonds shall be signed by the Ilayor, counter -signed 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 fac-simile signature of the Mayor and City Secretary
shall be lithographed on the coupons.
Section S.
It is further ordained by the City Council that to pay the
interest on said bonds and create a sinking'fun.d sufficient to dis-'
charge them at maturity a tax of three and one tkenth (.031) 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 axe paid,
and said tax of three.and one tenth (.031) cents on the one hundred
dollars, out of a tax of ,'fifty-two (. 62c�) cents on each one hundred
dollars property valuation levied to create the interest and sinking
fund to pay the outstanding bonded indebtedness of this city by
this council on the 'D- day of A. D • 1911 (the or=
l�
dinance making said levybeing of record on page t `Yd Book ' Z
of the Minutes of this council) is hereby appropriated and set
aside to pay the interest and create the necessary sinking fund for
the current year, and shall be assessed and collected and so applied,
and said tax, or so mueh�thereof as may be necessary is hereby levied
for each year hereafter while 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 tho P,Wor be authorized and he is
hereby directed to have prepared sixty bonds of the City of Beaiunont;
of the denomination of One Thousand ($1000.00) Dollars each as above
de'scrib'ed; and that the Mayor .be authorized to take and have charge of
said bonds pending their, investigation by the Attorney -General of the
State of Texas, andupon their a'' royal and registration, he shall '
pro &ee,.to sell same at not less than their face value at :Public .or
private sale, and the proceeds of such sale shall be deposited with the
City Treasurer of the City of Beaumont, and it is .hereby made the duty
of the Mayor to provide -that said bonds shall be delivered -to the pure
chaser in the .City of Be"aumorit, and payment for same shall also be made
in the City of Beaumont.,;_
Passed on the /f ay of .__— A D. 1911.
Approved I;y the Mayor on the -'f ay of ✓� - A. D. 1911.
t
,- Mayor*
Attest:' tC
-Ci .y 'Seore arys
No Text
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