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24
FILED TJ)IS THEo7
X DAY
J. G. SUTTON,
CITY SEGREtARY.Par lz�
Asstl
Sewer
Bonds,
re
FILED TJ)IS THEo7
X DAY
J. G. SUTTON,
CITY SEGREtARY.Par lz�
Asstl
FILED TTS THE DA y
_ .._ ...............-
J. G. SUTTON,
CITY SEGRE'rARY, A N 0 R D I N A N C E.
Per �ASSt.
Entitled an ordinance authorizing the issuance of bonds
for the purpose of constructing�iblic sewers and necessary laterals
within the City of Beaumont, and providing for the levying; and col-
lection of a tax to pay the interest and creete 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. 1911, a majority of the qualified voters, who
are property tax payers of the City of Beaumont, Texan, voting at
said election, sustained the proposition to issue the bonds herein-
after described, by a vote of 273 for the issuance of said bonds to
a vote of 36 against the issuance of said bonds, Therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BEAU110NT:
Section 1.
That 'there shall be issued by the City of Beaumont, Texas,
the
bonds of said city to be
called"City of
Beaumont Fewer
Bonds",
for
the purpose of borrowing
money _upon -the
credit of_this_city,
such
money to be used in constructing public sewers and necessary laterals
within the Citi of Beaumont.
Section 2.
Said bonds shall be numbered consecutively from one to
fifty (1 to 50) inclusive, and shall be of the denomination of One
Thousand (1,600.00) Dollars each, aggregating the siun of Fifty
Thousand ($50,000.00)iballarss.and shall be payable in lawful money
of the United States of America.
Section 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 twenty years from their date.
Section 4.
Said bonds shall bear interest from their date at the rate
of five per cent per annum, interest payable semi-annually, on, the
first day of June and the first day of December of each year, accord-
ing to the tenor of the interest coupons thereto attached.
Section 5.
Principal and interest on said bonds shall be payable on pre-
septation and surrender of bonds or proper coupon at the office of
the, City Treasurer of the City of Beaumont or 'at the Nei
National Bank of New York City, at the option of the holder.
Section 6.
Said bonds shall be signed by the Mayor, 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 Tlayor and the City Secretary
shall be lithographed on the coupons*
Section Be
It is furthe�r.ordained by the City Council that to pay
the interest on said bonds and create a sinking fund sufficient to
discharge them at maturity a tax of two.and six-t+.enths (.026�j
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 two and six -tenths (-026) cents
on the'one hundred dollars, out 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 indebtedness
of this city by this council on the ��@ day of 'Yv\A. D. 1911,
(the ordinancemaking said levy being of record on page 1 Book 3
of the l,�int.tes of this council) is hereby appropriated and set aside
to pay the interest and create the necessary sinking fund for th-e
current year, and shall be asses -;sed and collected .and so applied, and
said tax, or so Inaah 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.
J4. is further. ordained that the mayor be authori ed and he is
hereby directed to have -prepared the fifty bonds of the City of Beau -
moat of the denomination of One Thousand ($1,000.00) Dollars each as
above described, 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, and upon their approval
. and registration., 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 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 purchaser
in the City of Beaumont, and payment for same shall also be made
in the City of Beaumont.
Passed on -the day of � u, �L 11. D. 1911.
Approved by the Mayor on the day of ���� �. D. 1911.
T4ayor.
Att est
tG
1 y Secretary*.
1