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AN ORDINANCE
AUTHORIZING AND DIRECTING THE ISSUANCE OF SERIAL BONDS OF THE CITY
OF BEAUMONT, TMSj AUTHORIZED AT AN ELECTION REID IN SAID CITY ON TEE 7th
DAY OF DECEMBER, 1948., As FoLLows: WATERWORKS IMPROVEMENT BONDS, SERIES 1949,
IN TEE AMOUNT OF $1,000.,000 FOR THE PURPOSE OF IMPROVINGY EXTENDING AND
REPAIRING THE WATERWORKS SYSTEM OF THE CITY OF BEAUM01"., SAID BONDS TO BE
DATED FEBRUARY 1. 1949, TO MATURE SERIALLY AS BEREIX SET FORTH,, AND BEARING
INTEREST AT THE RATES HER IN SET FORTH; PRESCRIBING THE FORM OF SUCH BONDS;
PROVIDING FOR THE LETnNG AND COIJECTING OF THE TAX NECESSARY To pAy THE
INTEREST AND CREATE A SINKING FUND TO PAY THE PRINCIPAL OF SAID BONDS AS
THEY MATURE; PROVIDING FOR THE CUSTODY OF SAID BONDS PENDING THEIR APPROVAL
AND DELIVERY TO TFE PURCHASER; AUTHORIZING AND DIRECTING THE MAYOR AND THE
CITY CLERK TO EXECUTE SAID BONDS AND THE INTMST COUPONS THERETO ATTACHED
AND IMPRESS THE CORPORATE SEAL OF THE CITY OF BEAUMONT THEREON., AND TO DO
ALL OTHER THINGS NECESSARY IN CONNECTION WITH THE SALE AND DELIVERY TO TEE
PURCHASER THEREOF; REPEALING ALL ORDINANCES AND PARTS OF ORDINANCES IN COX-
FLICT HEREWITH; AND PROVIDING THAT THIS ORDINANCE SHAM TAKE EFFECT FROM
AND AFTER THE DATE OF ITS PASSAGE.
WMMSJ, on the 18th day of November, 19418., the city council of
the City of Beaumont, Texas, passed an ordinance calling an election to be
held in.the City of Beaumont., Texas, on the 7th day of December., 1948., at
which election there was," submitted to the qualified electors of said city
who ovn taxable property in said city and who have duly rendered the same for
-th
taxation:,", e following proposition:
SHA1L the City Council of the City of Beaumont,
Texas, be authorized to issue serial bonds of said
cityinthe amou_nt__of$l,,OOO,000 for the purpose --of- -
improving, extending and repairing the waterworks
system of the City of Beaumont, said bonds maturing
serially in such installments as may be fixed by the
City Council over a period of years., not to exceed
twenty-five years from their date, bearing interest
at a rate not to exceed 3% per annum; and shall
-there be annually levied., assessed and collectedwhile
said bonds or any of them are outstanding an annual
ad valorem tax on all taxable property in the City of
Beaumont sufficient to pay the interest on all of said
bonds and create a sinking fund sufficient to retire
the same at maturity.' The probable period of useful-
ness of the improvements for which.the bonds are to
be expended is more than.twenty-five years; and
WHEREAS., at said election held in the City of Beaumont Texas
I , on
the 7th day of December., 19k8, pursuant to said ordinance Calling the BaMe.,
and pursuant to notice thereof duly given as provided by law, a maJority of
the qualified.electors residing within the City of Beaumont., who own taxable
property in said city and,who have duly rendered the same for taxation, voting
at said election voted In favor of the proposition as above BtatedY to issue
the bonds therein described., by the following vote:
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And,
FOR THE ISSUANCE OF THE SERIAL BONDS OF THE CITY OF
BEAUMONT FOR THE PURPOSE OF IMPROVING; EXTENDING AND
REPAIRING THE WATER WORM SYSTEM OF THE CITY OF
BEAUMONT., AND THE LEVMG OF A TAX IN PAIMENT THEREOF 727 votes
AGAINST THE ISSUANCE OF THE SERIAL BONDS OF THE
CITY OF BEAUMONT FOR ME PURPOSE OF IMPROVING., EX-
TENDING AND REPAIRING THE WATER WORKS SYSTEM OF THE
CITY OF BEAUMONT, AND THE LEVMG OF A TAX IN PAIMENT
THEREOF 257 votes
MAJORITY FOR THE ISSUANCE OF SAID BONDS
470 votes
WHEREAS., the City of Beaumont is authorized generally to pass this
ordinance authorizing the issuance of the bonds herein mentioned under the
Constitution and statutes of.th.e State of Texas., pursuant to authority con-
tained in Article 11., 'Section 5. of the Constitution of the State of Texas
and Articles n75, et seq., Revised Civil Statutes of Texas
and all laws
thereunto enabling; and.,
WEE REA S. the City Council of the City of Beaumont now finds and
determines that it is necessary and proper at this time to issue said bonds;
now, therefore:
BE IT ORDAINED By M CITY OF BEAUMONT., TEXAS:
SECTION I
The City of I 'Beaumont, TexasV shall'issue-bonds., as,hereinafter
prescribed., for and on behalf ofand upon the credit of the City of Beaumont,
Texas, as follows:
$1.,000,,000 principal amount of waterworks improvement bonds,
Series - 1949', for the purpose of improving, extending and repairing the
waterworks system of the City of Beaumont., tobe dated February 1. 1949, and
to mature serially on February J., of each year,, and in the amounts as follows:
*RnnA TTnvn1%a-r
1 to
37,
ine -
38 to
75,
inc:
76 to
115y
inc,
116 to
i56.V
inc.
157 to
198�
ine.
199 to
241.9
inc.
242 to
285,
inc.
286 to
3312
inc,-�
332 to
3781V
inc. -mr-
379 to
427P
inc.----
428 to
477p
inc,._1
478 to
529,
inc.-"'-
530 to
582�
inc.-�'
583 to
637P
inc. ---
638 to
694.7
ince-
695 to
753-
inc.,"�
754 �to
813'�
inc.' 1�/'
814 to
875,
inc../.,
876 to
938,
inc.
939 to
l000,
inc.,/,'
EU
9
Maturity Date
Amount
February 11
1950
$ 37, 000
February 11
1951/-
38,000
February 11
February 1,
19.52
4o,000
1953
411000
February 11
1954
42�000
q
February 11
1955
43.,000
February 11
1956
44mo
February 11
1957--
46,000
February 11
1958—
47,000
17
February 1.,
1959,
49,Ooo
February lY
196o.--
507000
February 11
1961,---
52,000
February 1,
1962,----
53,000
February 1 '
1963,--_�_
55,000
February 1 '
1964
57,000
February 1,
1965,
5qj00O
February 1
1966
6o-000
February 1
1967
62' 00
'0
February 11
1968-11,
/
63,000
February 11
1969
62,000
2-
The City of Beaumont expressly reserves the right to redeem any
one or all of the bonds numbered 695 to 1000., inciusive, prior to maturity,
on February 1J. 1964.9 and on any interest payment date thereafter,, provi ded
notice of. such redemption is published in a financial publication in the City
of New York., New York., at least once not less than thirty (30) days before
the time fixed for prior payment., and thirty (30) days' notice inwriting
is given to the place of payment before the time so fixed for prior redemption.,
and the money for their redemption or payment., including the interest then
due., shall have been deposited with the paying agent within ten (10) days
prior to or on the date required for payment. If upon the happening of the
above condition said bonds are not presented for payment they shall not
thereafter bear interest. Unless on or prior to the redemption date the city
shall pay or cause to be paid to the paying agent the principal amount of
the bonds to be redeemed., or make funds available to the paying agent therefor.,
together with interest thereon to date.of redemption., such redemption shall
fail and said bonds shall continue to be in full force and effect the same
as if such redemption proceedings had never been started., and interest on
said bonds shall continue to run until maturity and payment or subsequent
redemption,, as provided herein.
Said bonds shall bear interest at the rates as follows.,
Bonds numbered 1 to 115, both inclusive., at 4% per annum; bonds
numbered 116 to 1000Y both inclusive., at 2-gl% per annum., which interest shall
be payable on February 1, 1950, and thereafter semi-annually on August 1 and
February 1, of each year.
The principal and interest on said series of bonds shall be payable
upon presentation and surrender of the bonds or proper coupons at The First
National Bank of Beaumont', Beaumont, Texas., or at the fimerican National Bank
and Trust Company of Chicago, Chicago, Illinois.
That said bonds and coupons to be attached thereto), and the State
Comptroller's certificate of registration to be endorsed thereon, are to be
in the following forms., respectively, with proper omissions, insertions., and
variations, permitted or otherwise., as herein provided:
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26
NO. 1 $1:000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF BEAUMONT
WATERWORKS IMPROVEMENT BOIM
SMUES 1949
IMMI ALL MEN BY THESE PRESENTS: That the City of Beaumont., Of
Jefferson County, Texas, for value received, acknouledges itself indebted
to and hereby promises to pay to bearer.,
-ONE THOUSAND DOLLARS
($i$000.00) in . lawful money of the United States of America., on the 18t day
of February, 1950,, with interest thereon from date hereof until paid at the
rate of four per cent per annum interest payable Februaby 1 and
? $ 1950.7
semi-annually thereafter on August 1 and February 1, of each yearY on pre-
sentation and surrender of the annexed interest coupons as they'severally
mature.
Both principal and interest of this bond are payable at The First
National Bank of Beaumont., Beaumont., Texas,, or at the American National Bank
and Trust Company of Chicago., Chicago., Illinois at the option of the holder;
and the City of Beaumont., Texas., is hereby held and firmly bound., and its
full faith and credit and all taxable real and personal property therein
are hereby pledged for the prompt payment of the principal of this bond and
the interest thereon as it matures.
*The City of Beaumont., Texas., hereby expressly reserves the right
to redeem this bond prior.to maturity, on February 1., 1964., and on any
interest payment date thereafter provided notice of such redemption is
published in a financial publication in the City of New York, New York, at
least once not less than thirty (30) days before the time fixed for prior
payment and thirty (30) days'.notice in writing is given to the place of
payment before the time so fixed for prior redemptionA and'the money for
its redemption or payment., including interest then due, shall have been
deposited with the paying agent within ten (10) days prior to or on the date
required for payment. If upon the happening ofthe above condition said bond
is not presented for payment it shall not thereafter bear interest. Unless
on or prior to the redemption date the city shall pay or cause to be paid
to the paying agent the principal amount of this bond., or make funds available
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_51
to the paying agent therefor., together with interest thereon to date Of
redemption., such redemption shall fail and said -bond shall continue to be
in full force and effect the same as if such redemption proceedings were
never started, and interest on said bond shall continue to run until maturity
and payment or subsequent redemption.
This bond is one of a series of 1000 bonds., of the denomination of
one thousand dollars ($1,000.00) each, numbered consecutively from 1 to 1000,
inclusive., each of said bonds being of like tenor and effect, except as to
number, rate of interest., and maturity, and option of redemption before
maturity, issued by the City of Beaumont, TexasY for the purpose of improv-
ing, extending, and repairing the waterworks system of the City of Beaumont,
issued under and by virtue bf the Constitution and laws of the State of Texas.,
and the charter of the City of Beaumont., and in strict conformity with Article
11J. Section 5,, of the Constitution of the State of Texas., and Articles 1175,
et seq., and the amendments thereto, of the ]Revised Civil Statutes of Texas,,
and all laws thereunto enabling. It is hereby certified and recited that
the issuance of this bond, and the series of which it is a part,, is duly
authorized by law and by a majority vote of the resident qualified electors
of the City of Beaumont., Texas., who oim taxable property in said city and who
have duly rendered the same for taxation., voting at an election held for the
purpose within the City of Beaumont on the 7th clay of December., 1948, pursuant
to an ordinance duly passed on the 18th day of November, 1948, ordering said
election.
It is hereby certified., recited., and declared that the issuance of
this bond and the series of which it is a part is duly authorized by law and
that all act's., conditions., and things required to be done precedent to and
in the issuance of this bond and of the series of which it is a part have
been properly done, have happened and been performed in regular and due time,
formP and manner as required by law; that sufficient and proper provisions
for the levy and collection of an ad valorem tax have been made, which when
collected shall be appropriated exclusively to the payment of this bond and
of the series of which it is a part., and to the payment of the interest
coupons hereto annexed as the same shall become due and payable., and that the
total indebtedness of the City of Beaumont, including the entire series of
bonds of which this is one, does not exceed any constitutional or statutory
limitation.
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e
It is hereby recited., certified,, and declared that the additional
tax levied and made necessary to be levied in order to provide for the
interest and principal'of this issue of bonds together with the rate of tax
existing at the -time of the issuance of these bonds., is within the limitations
of the Constitution and laws of the State of Texas and the charter of the City
of Beaumont.
The date of this bond, in conformity with the ordinance above men-
tioned., is February 1., 1949.
In witness whereof., the City Council of the City of Beaumont Texas
has caused.the corporate seal of the City of Beaumont to be affixed hereto
and this bond to be signed by its mayor and countersigned and attested by
its city clerk., and the interest coupons hereto attached to be executed by
the facsimile signatures of its mayor and its city clerkY as of the lst day
of February,, 1949.
Mayor of the City of Beaumont., Texas
Attest:
City Clerk of the City of
Beaumont., Texas
*(This paragraph should be omitted from bonds numbered 1 to 694., inclusive).
The form of interest coupons attached to said bonds shall be sub-
stantially as follows:
On the lst day of February, 1950., the City of Beaumont., Texas., will
pay to bearer at The First National Bank of Beaumont, Beaumont, Texas, or at
the American National Bank and Trust Company of Chicago., Chicago,, Illinois.,
the sum of $ in lawful money of the United States of-,Pmerica., said sum
being six . monthst interest due that day on its WATERWOPXS IMOVEMENT BOIqD.,
SERIES 1949,, bearing the number hereinafter specified., dated February 1. 1949.
Bond No.
Mayor of the City of Beaumont., Texas
City Clerk of the City
of BeaumontY Texas
Coupons on said bonds numbered 69.5 to l000., inclusive., shall include
the following clause after the interest payment date: "Unless the bond to
which this coupon is attached has been called for prior redemption and payment
made orprovided for as therein recited."
The form of the Comptroller's certificate which shall be printed
on the back of each bond shall be substantially as follows.o
OFFICE OF COMPTROLLER
REGISTER NO.
STATE OF TEXAS
I hereby certify that there is on file and of record in my office
a certificate of the Attorney General of the State of Texas to the effect
that this bond has been examined by himP as required by law, and that he.
finds that it has been issued -in conformity with the Constitution and laws
of the State of Texas,, and that it is a valid and binding obligation upon
said City of Beaumont, Texas, and said bond has this day been registered by
me .
Witness my hand and seal of office at Austin, Texas., this., the
day of 1949.
Comptroller of Public Accounts
of the State of Texas
It is further ordained that for the purpose of paying the interest
on said WATERWOPZS IMPROVEMENT BOIMS., SERIES 1949, and to create a sinking
fund to pay the various installments of principal as the same shall respective-
ly mature, a sufficient tax on each $100 valuation of all taxable property in
the.City of Beaumont., Texas) shall be annually levied on said property and
annually assessed and collected., and a tax of $ .12 on each -$100 valuation
of all taxable property within the City of Beaumont., Texas., is here and now
levied for the year 1949 and said tax, or so much thereof as shall be neces-
sary or in addition thereto as may be required., is hereby levied for each
succeeding year while said bonds or any of them are outstanding, and the
same shall be annually assessed and collected and applied to the purpose named.
SECTION 2
That each -,of said bonds shall be signed by the mayor and counter-
signed by the city clerk of the City of Beaumont, and the corporate seal of
the City of Beaumont., Texas., shall be impressed upon each of them. The
facsimile signatures of the mayor and city clerk may be printed or litho-
graphed on said bonds., and said facsimile signatures shall have the same
effect as if they had been executed manually by said officials.
SECTION 3
The mayor of the City of Beaumont is hereby directed to submit the
record Of said bonds and the bonds themselves to the Attorney General of the
State of Texas for approval) and thereafter to have them registered by the
Comptroller of the State of Texas., and said bonds., when properly executed by
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the city officials., shall be held by the mayor -of the City of Beaumont to be
delivered by the mayor to the purchaser or purchasers thereof. The mayor and
city clerk are authorized and directed to do any and all- things necessary
and convenient to effect delivery thereof to the purchase.
SECTION 4
All ordinances and parts of ordinances and all resolutions and
parts of resolutions inconsistent with the provisions of this ordinance are
hereby rescinded and repealed in so far as same may conflict herewith, and
it is further provided that if any portion of this ordinance shall be de-
clared invalid., such invalidity shall in no way affect the remaining valid
portions thereof.
PASSED this., the 8th day of February, 1949, by the affirmative vote
of all members of the City Council of the City of Beaumont, Texas.
Ma *0ro 'the City of Beaumont, Texas.
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