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HomeMy WebLinkAboutORD 48-F• AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICERS 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 OBLIGA' TIONS OF THE CITY - OF BEAUMONT, IN THE FORI1111. OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATION OF THE SEVERAL DEPARTMENTS OF THE GOVERNMENT,, MENTIONED IN SAID ORDINANCE, APPROPRIATING AN EQUAL POR— TION OF THE REVENUES OF THE CITY OF BEAUMONT APPORTION ABLE TO THE SRVERAL DEPARTMENTS AFFECTED, FOR THE YEAR 19275, FOR -THE PAYMENT AND DISCHARGE OF SAID WARRANTS AND-- DEC"LARING AN EMERGENCY, WHEREAS, the City of Beaumont, pending the collection of current tax revenues, from all sources, being taxes for, the year 1927, is without funds wherewith to pay its current obligations incurred and to be incurred for the operation of the several departments of the -government, and in order to acqud re funds wherewith to defray the: current expenses of all departments 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 antici— pate and pledge -an equal portion of the current tax revenues of the City for the year 1927. BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BEAUIUIONT SECTION I. That J., Austin Barnes, Mayor of the- City of Beaumont, be and he is 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 herein— after 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 -Two Hundred and Ten Thousand Dollars ($210,000.00) of the current tax revenues of the City of Beaumont, for the year 1927, as applied to the funds of the particular departments and in the amounts relat— d Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1927 for the operation of 11nd application to the several departments of the City Govern— ment, as hereinafter set forth. . The said Warrants shall be executed, negotiated and delivered as and when it is requisite and necessary to raise money for the payment of existing obligation, and for defray— ing the current :expenses- for .the operation of the se#leral departments of the government, as hereinafter set forth, 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 above mentioned and apportioned among the several departments as below shown, a sum sufficient 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, however, the total amount of such warrants of this issue shall not exceed the sum of TWO HUNDRED AND TEN THOUSAND DOLLARS (6210,000.00). The said Deficiency Warrants shall be in the fol— lowing form, to—wit: "The State of Texas, County of Jefferson. Beaumont, Texas. On Demand, pay to the order of "BEARER" DOLLARS To the Director of Finance ) ) City of Beaumont ) Mayor. ATTEST: 192 This Warrant is one of a series of several Warrants authorized by the City Commission of -the City of Beaumont, by Ordinance duly passed , 192_2 A. D. , and is payable -out of the tax levies for the year 1927; and chargeable to the particular fund or department to which it applies when collected. This warrant bears interest at the rate of not more than six per cent per annum from its date until paid. Each Warrant shall cyy on its face the name of the department to which it relates. The particular departments and funds of the City Government, for the operation of which said funds are hereby raised for the support, maintenance and operation of said departments from which said warrants shall be: paid, and the amount to be taken therefrom for that purpose shall be and are according to the following table Department of Finance ............. $42500.00 General Fund ......................... 8,500.00 Department of Public Safety......... 90,000.00 Department of Public Service..-::...- 90,000. -00 - Department of Public Welfare.....:.. 17,000.00 The said Warrants shall be duly registered before being negotiated by the Directof of the Department of Finance SECTION 2. That the fact that the City of Beaumont is without funds now to discharge the current obligations incurred for the maintenance and operation of the several departments of govern— ment, without at once atticipating and pledging TWO HUNDRED AND TEN THOUSAND DOLLARS ($210,000.00) of the tax revenues of 1927, for the maintenance and operation of the several departments mentioned in this ordinance creates an imperative public emergency,. necessitating the suspension of the rule requiring that all or— dinances shall be read on three (3) separate days befdre passage, wherefore sa.td rule is hereby suspended, and this ordinance shall The State of Texas,. Countp of Jefferson Befor me, the undersigned authority, on this day personally appeared------------------ i _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - knowrLto me, who being by me duly sworn, on his oath de- poses and says, that he is the ----U ----- of the A �� BEAUMONT JOURNAL, a newspaper published in said county; that a copy of the within and I - Ohm*SAW` ; ; r : regoing was published in said newspaper, such publication being on the F l o dates: A. D. 192_ _ _ and a newspaper copy of which is hereto at- - taclSed. CkA id subscribed before me, this --- �_`------- day of ---- _---- _________A, D. 192_ - - - - - - - - - - - - - - C_/- - - - - - - - - - - - - - - - - - - - - - Notary Public, Jefferson unty, Texas. THE BEAUMONT JOURNAL _ i.__. •;..,LEGAL NOTICES. LEGAL NOTICES. t 7�7