HomeMy WebLinkAboutORD 70-CCAN 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 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 1960,
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 1960;
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 evidenced by
Deficiency Warrants, dated on the date or dates when negotiated, and
delivered from time to time, as hereinafter provided, payable to
ItBEARER" 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
r e i.
($1,000,000.00) DOLLARS, of the current revenue of The City of Beau-
mont for the year 1960 as applied to the General Fund, and.said
Deficiency Warrants to be paid and retired out of the first tax reve.
nues collected for the year 1960 for the operation of and application
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 exceed
ONE MILLION ($1,000,000.00) DOLLARS;
to wit:
The said Deficiency Warrants shall be in the following form,
"THE STATE OF TEXAS Beaumont, Texas
COUNTY OF 'JEFFER.SON , 1960
On demand pay to the order of BEARER
$
To the Director of Finance
The City of Beaumont
Countersigned:
City Manager
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 March,
j'• l Zl ' ! l' 4
r
V
A. D. 196o, and is payable out of the tax levies for
the year 1960 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 date until paid.'r
The said Warrants shall be duly registered before being nego-
tiated by the Director of Finance.
42
PASSED by the City Council this �9�h day of A.D. 196o.
.. Mayor