Loading...
HomeMy WebLinkAboutORD 7-CCAN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICIALS OF THE CITY.OF BEAUNIONT NAMED.HEREIN TO FORTHWITH PRE- PARE 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 ORDI- NANCE, FOR THE PURPOSE OF -DEFRAYING THE CURRENT EX- PENSES FOR THE MAINTENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE;,FOR THE PAYMENT AND DISCHARGE OF.SAID.- WARRANTS. WHEREAS, The City of Beaumont, pending the collection of the current tax revenues from all sources, being taxes for the year 1958, is without funds wherewith to pay its current obligations incurring and to be incurred for the operation of the General Department of the government, and in order to acquire funds wherewith to defray the current expenses of the General Department 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 1958; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS: Section 1. That Jimmie P. , Cokinos, Mayor of The City of Beaumont,, 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, legal and binding obligations of The City of Beaumont, in the form of and evi- denced by Deficiency Warrants, dated on the date or dates when nego- tiated, and delivered from time to time, as hereinafter provided, payable to "BEARER" on demand, bearing not more than � interest from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypothecation of ONE MILLION ($10000,000.00) DOLLARS of the current revenue of The City of Beaumont for the year 1958 as applied to the General Fund, and said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1958 for the operation of and application to the General Department of the City government; That said Warrants shall be executed, negotiated and deliv- ered as and when it is requisite and necessary to raise money for payment of existing obligations and for defraying the current expenses for the operation of the General Department of the government, until such time as there shall have been collected sufficient moneys from the source above mentioned wherewith to pay off, discharge and retire such warrants, together with accrued interest thereon; And there is here and now appropriated and set aside out of the first moneys so to be collected a sufficient sum wherewith to pay off and discharge all of such deficiency warrants as may be so issued and negotiated to the then owners and holders thereof, provided, how- ever, the total amount of such warrants of this issue shall not exceed ONE MILLION ($l,000,000.00) DOLLARS; The said Deficiency Warrants shall be in the following form, to wit: "THE STATE OF TEXAS Beaumont, Texas ..COUNTY OF JEFFERSON , 1958. On demand pay to the order of BEARER To the Director of Finance The City of Beaumont \ ayor Countersigned: 17 My Manager ATTEST: City- Clerk "This warrant is one of a series of several warrants authorized by the City Council of The City of Beaumont by ordinance duly passed on the 17th day of June, A.D. 19581 and is payable out of the tax levies for the year 1958 and chargeable to the General Department_ when collected. 'This warrant bears interest at the rate of not more than per cent per annum from its da e unti I pay . The said Warrants shall be duly registered before being negotiated by the Director of Finance. PASSED by the City Council this 17th day of June, A.D. 1958. - Mayor - a 7 - I e AN ORDINANCE AUTHORIZING AND DIRECTI14C `ME PROPER OFFICIALS OF THE CITY OF BEALMONT TdMMID HEREI11 TO FOR`MITH PRE- PARE Alu-D EXECUTE AND TO NEGOTIATE AND DELIVER, FRO1.1 TIT?E TO TIM, 10 HECE:iSITIES REQUIRE, LEGAL A10 DIMING 0BLIGATIONS OF TM CITY OF BEAUT!ON'11 IN TIM FORT.1 OF DEFICIENCY VTARPANTS, DESCRIBED IN SAID ORDI- NANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EX- PENSES FOR THE TM11TENANCE AIdD OPERATION OF THE GENERAL DEPARTT. EIVT OF GOVERM"IENT T:ENTIONED IN SAID ORDINANCE; FOR THE PAY1I ENIT faildD DISCHARGE OF SAID WARRANTS'. WHEREASr The City of Beaumont, pending the collection of the current tax revenues from all sources, being taxes for the year 19586 is without funds --aherewith to pay its current obligations incurring and to be incurred for the operation of the General Department of the government, and in order to acqmire funds %-;herewith to defray the current expenses of the General Department 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 revenuea of the City for the year 1958; l OW8 T- E.REFOPE- p .13E IT ORDAII'IED BY THE CITY OF BEAUtfOI,TT, `.TEXAS ; - Section 1. That Jimmie P. Cokinos, 1.1ayor of, -The City of Beaumont, 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 14dnager, legal and binding obligations of The City of Beaumont, in the form of and evi- denced by Deficiency 11arrants, dated on the date or dates when nego- tiated, and delivered from tire to time, as hereinafter provided, payable to "BEARER" on demand, bearing not more than interest from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypothecation of ONE MILLION ($11000, 000.00) DOLLARS of the current revenue of The City of Beaumont for the year 1958 as appliedto the General Fund, and said Deft dency Warrants to be paid and retired out of the first tax revenues collected for the year'1958 for the operation of and application to the General Department of the City government; That said 'darrants shall be executed, 'negotiated and deliv- ered as and when it is requisite and necessary to raise money for payment of existing obligations and for defraying the current expenses for the operation of the General Department of the government, until such time as there shall have been collected sufficient moneys fron the source above mentioned whereLtith to pay off, discharge and retire such warrants, together with accrued interest thereon; And there is here and now appropriated and set aside out of the first moneys so to be collected a sufficient sure wherewith to pay off and discharge all of such deficiency S,arrants as may be so issued and negotiated to the then o,-iners and holders thereof, provided, how- ever, the total amount of such warrants of this issue shall not exceed OIM I,ILLION (�1, OOQ, 000.00) DOLUiR3; to 1ri t: The said Deficiency ':darrants shall be in the following forr:t, "T IE 3TATM OF TEXAS Beaumont, Texas COUncy OF JEFFERSOI3 1958. On demand pay to the order of BEARL-R To the Director of Finance The City of Beaumont Countersigned: City Mianager Al1EST: .Mayor City er "This urarrant is ono of a aeries of several warrants authorized by the City Council of The City of Beaumont by ordinance duly passed on the 17th day of June, A.D. 19580 and is payable out of the tax levies for the No Text