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HomeMy WebLinkAboutORD 48-CCGC7 pv7s' AN ORDINANCE AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICIALS -OF THE CITY.OF BEAUMONT NAMED.HEREIN TO FORTHWITH PREPARE AND EXECUTE AND TO NEGOTIATE AND DELIVER.FROM TIME TO.TIME, AS NECESSITIES REQUIRE, LEGAL AND. BINDING OBLIGATIONS OF THE.CITY OF BEAU- MONT IN THE.FORM OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATION OF THE.GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCt; FOR THE PAYMENT AND.DISCHARGE OF .SAID VIARRANTS . WHEREAS, The City of Beaumont, pending the collection of the current tax revenues from -all sources, being taxes for the. year 1959, 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 1959; 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 .and they y, are-hereb authorized to forth- with 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, pay- able to'"BEARER" on.demand, bearing not more than interest from their date until paid, which said warrants shallbe, and are hereby, secured by,.;: the legal and binding pledges and hypothecation of FIVE HUNDRED,THOUSAND (3500,000.00).DOLLARS, of the current revenue of r The City of Beaumont for',the year-1959 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 1959 for the operation of and, -ap- plication to the General Department of the City government; That said Warrants shall,be executed, negotiated and delivered 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 war- rants, 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 ex- ceed FIVE HUNDRED THOUSAND ($5001000.00) DOLLARS; The said.Deficiency Warrants shall be in the following form, to wit: "THE STATE OF TEXAS Beaumont, Texas, - ..COUNTY OF JEFFERSON 1959 On'demand.pay to the order of BEARER To the Director of Finance The City of Beaumont. Countersigned: City. anager ATTEST: Mayor 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 29th day of September, A. D. 1959, and is .payable out of the tax levies 'for the year 1959 and chargeable to the General'Department when collected. -2- "This warrant bears interest at the rate of not inore