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Home My WebLink AboutORD 37-IAN ORDINANCE AUTHORIZING AND DIRECTING TIM PROPER -OFFICERS OF TIE CITY OF BEAM -10 -NT NAMED HEREIN TO FQi TH�''TITH PREPARE AND EXECUTE AND TO NEGOTIATE AND DMIVER FR G,11 TIP,_E TO TME AS NECESSITIES RE9,UIRE, LEGAL AND BINDING OBLIGATIONS OF THE CITY OF BEAMIONT IN THE FORM OF DEFICIENCY WARRANTS, DESCRIBED 1%N SAID ORDINANCE, FOR TIE PURPOSE OF DEFRAYING THE CURRENT E!,TENSES FOR, THE IQAM- TENANCE AND OPERATION OF = GENERAL DEPARMENT OF GOVERNMENT MENTIONNEED IN SAID ORDINANCE; FOR THE PAYMENT AND TFC SCHARGE OF SAID loWARRANTS; AND DECLARING AN EIIrLM_ GENCYm WHEREAS, the City of Beaumont, pending the collection of the current tax revenues; from all sources, being taxes for the year 19319 is without funds wherewith to pay its current obliga- tions incurring and to be incurred for the operation of the General Department of the government; and in order to acquire f=ds wherewith .to defray the current expenses of tho General Department of the government pending the collection of said revenues9 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 1931e THEREFORE, BE IT ORDAINED BY THE CITY C OMMIS S ION OF THE CITY OF BEAUNIONT: Section 1; That E. A. Fletche-t 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 "BEARER" on demand, bearing not more than 6% 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 'PUN DRED SEVENTY-FIVE THOUSAND DOLLARS (175900000} of the current tax revenues of tb� City of Beaumont for the year 1931, as applied to the General Fund, the said. Deficiency Warrants to be paid and retired - out of the first tax revenues collected for the year 1931 for the operation of and application to the General Department of the City Goveinment as hereinafter set 'forth's' The said warrants shall be executed. negotiated and delivered • :D 6 yG-'./n- ? • 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 -O' And there is here and now appropriated and set aside out of the first moneys so to be collected, a sufficient surd wherewith to pay off and discharge all of such deficiency warrants as may be so issued azxl negotiated to the then owners ard holders thereof; provided however,, the total amount of such warrants of this issue sha11 not exceed the sum of ONE HUNDRED SEVENTY FIVE THOUSAND DOLLARS (6175, 000'a'00)'@- The said Deficiency +farrants shall be in the following foam., to wit: tPTHE STATE OF TEXAS,, County of Jefferson', Beaumont, Texas;; 1931® On Demand,, pay to the order of "BEARER" ti� DOLLARS: To the Director of Finance ) City of Beaumont Countersigned: Attest: City iitanager _ Mayor. City Clerk, This ,,*Tarrant is one of a series of several warrants authorized by the City Commission of the City of Bea'waont by Ordinance duly passed on the 5th day of May,, A. D. 1931,, and is payable out of the tax levies for tine year 19319 and chargeable to the General Department when collected This Warrant bears interest at the rate of not more than six per cent per annum from its date until paid®" The said warrants shall be duly registered before being negotiated by the Director of Finance, Section 2m ml,--P,n4- 4-Y, o4- -Pke. ri 4 -Yr n -P RAA9RY1nn4 7 e tarp 4 k ni,4' fiinrl c nnvn i.A anticipating and- pled:ging ONE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($175" 000®00) of the tax revenues 'of 1-931; for the maintenance and operation of the General Department mentioned in this Ordinance, creates an. imperative public emergency,'-necessitating the suspension of the rule requiring that all Ordinances shall be read on three (3) separatedays days before pass-age, wherefore said rule is hereby suspended and this -ordinance -shall take Effect upon its passage and signature of the .Mllayor`® Passed by the affirmative vote of all members of the City Commission, this the-5th, day of May, A.D, 1931. '14 The State of Texas, County of Jefferson Before me, the undersigned authority, on this day personally appeared ------------------------------------ 14, H. R! LEY _________________________________known to me, who being by nae duly sworn, on his oath de- CWS1FIc1� lsii vCb poses and says that he is the ...............................:................ o.A� _________of the T E, BEAUMONT JOURNAL, a newspaper published in said county; that a copy of the within and foregoing was published in said newspaper, such publication being on the follow- ingdates -------- M ----------------------------------------------------- A. D. 1 and a newspaper c py o ich is hereto attached. n 1 _ __Sworn toand subscribed before me, this__ ----#1 � ay of AN ORDINANCE ' Authorizing and directing th'e proper, 1 officers of the City of 'Beaumont named I .herein to, forthwith prepare and execute.; and to negotiate -and. deliver from time . to time as necessities require, legal andi_ .................................. ...... .,_.__. binding obligations of the City of Beou-, . mont in the form of deficiency: warrants described in said ordinance, for the pur-, Pose of defraying thecurrent expenses for the maintenance and operation of the + general department of government- ,;nen- tioned in. said ordinance; for the pay -1 ment • and - discharge ' of said warrants; and declaring an emergency. Whereas, the'City of Beaumont; pending the collection. of the current tax, reve- - nueg, from all sources, being _taxes Yor.177--- 11 ._A. D. 193__ / ' z Texas. Whereas, one o'er �e current.rtax.- reve- tho of m7"oug� Sj- _being taxes for the - year 193113 currentwithoutoblig�tions funds where - the with to Pay curring and toh b general incurred iOl! the oof tration of the gto the government, and in order the acurrent funds wherewith' to defray eicpenses of the general department of the. government pending tlm collectiiont01 said revenue, it is necessary n City of Beaumont borrow money 'Pon and upo the faith and credit of said oi� oion anticipato te and pledge an equalP the city Of the current tax revenues of for the year 1931. Therefore, be it ordained by the City Commission of the City of Beaumont: Section 1. That E. A. Fletcher, mayor of the City -'of Beaumont, and his suc- cessors in offioe, 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 'ori the date or dates when negotiated, and delivered from time to time as hereinafter provided, payable -arer's-,._on._ demand, bearing not more .than' 6 per cent "fnterestfrom-their.. date until paid, which said warrants ' shall be and are hereby _secured by the legal and binding pledges and hypothe- cation of. One Hundred Seventy-five Thousand Dollars ($175,000) of the cur- rent tax revenue of the City of Beaumont for the year 1931, as applied to.the gen- ' oral ,fund, the said deficiency warrants to be paid and retired out of the first tax revnues _ for the¢ operat oncf oand applited for, the cation ear 93ationto i the general department,of the city goV- ernment as hereinafter set' forth. The said warrants shall be executed, . _A„1i _i as when it is for the payment of existing � oougalions and for defraying the current enpensee for the operation of the general .depart- ruent of the government, until such time as there shall have been collected sut- ficient moneys from the source above mentioned wherewith to pay off, dis- ,h,a.._..anA—reCiroav911ch"'"waTT3nfSy' to. here and now appropri, ated and set aside out of the first mon- eys. so to be collected, a sufficient, sum wherewith to pay Off and' discharge all of such deficiency warrants az may be so issued and negotiated to the then owners and holders thereof; provided, however, the total amount of such war. ' rants. of this issue shall not exceed the sum of One Hundred Seventy-five Thou. sand Dollars ($175,000). , The said .deficiency warrants shall be Jr the following form, to -wit: Beaumont, Texas, 1931. The State of Texas,' _ County of Jefferson. On demand, pay to the o;der of "bear. er,.. $......:.'..... dollar$: rSTo.the Director of Finance, --.•city' of, Beaumont. CC! ,. ............. :R4ayor, untersigned- ....................., .... , ...... .;:rr.: Y•:r;,Citymanager. Attest: ....-._,........'......._.City Clerk... This warrant is one of a series of sev- eral warrants authorized by the City Commission of the City of Beaumont by 'ordinance duly passed on the. 5th day of L,, ay,' A. D. 1931, and is payable out of the. tax levies for the year 1931, and chargeable to:the general department .- =-ints=xewarrarit bears interest - at the rate of not -more--than six per, cent per anrum from its* date until paid:' The said warrants shall be duly 'reg- fstered before being negotiated by the Di-: rector of Finance. - Section 2. The fact that the City of Beaumont is without fonds now to dis- charge the current obligations incurred -for the maintenance and operatton of the general; department 'eif government, wrth- 1931, for the `maititeiianoe x revenues of of the general eePartmeiat mentioned lo 'this ates all in lie emerlgency, c , necessitating pub. Sion of the rule requiring that all or, dinances shall be read on three (3) Sep. ante days before passage, wherefore said rule is hereby suspended and this or- dinance shall take effectupon .its passage and. signature of the mayor, Passed by the affirmative vote of all members • of the City Commission, this the 5th day of May, A. D. 1931. E. A. FLETCHF.R