HomeMy WebLinkAboutORD 47-KLJ
AN ORDINANCE
PROVIDING FOR THE ISSUANCE OF $27'5,,000.00 -CITY OF BEAUPt20NT
REFUNDING BONDS FOR THE PURPOSE OF REFUNDING 1 LIKE;
J
�2.
and that Fifty-five Thousand Dollars ( $55_,000.00) of such bonds
are still outstanding.
And it further appearing to the ' Ci ty Commission that all
of the hereinbefore described bonds have reached their optional date
and that it is advisable and to the best interest of the City of
Beaumont that they should be called for redemption, and should be
refunded ata lower .rate of interest, as hereinafter more fully
set out, by the issuance of the hereinafter described refunding
bonds.
N0W, THEREFORE, BE IT ORDAINED BY THE CITY CO1.11MISSION
OF THE CITY OF BEAUMONT.
Section 1
That the City of Beaumont shall issue refunding bonds of
said City to the extent of $275,000.00 for the purpose of refunding
and canceling and in lieu of like amount of the hereinbefore de-
scribed outstanding bonds of the City of Beaumont, said refunding
bonds to be issued for the following purposes, to wit.
City of Beaumont Street & Severer Refunding Bonds
Series A; to the amount of $120,000.00;
City of Beaumont Wharf & Dock Refunding Bonds
Series A, to the amount of. $100, 000.00;
City of Beaumont School Refunding Bonds Series
A, to the amount of $55,000.00.
That said refunding bonds provided for herein shall be
and are issued under and by virtue of the Constitution and laws
of the State of Texas and the Charter of the City of Beaumont,
including Articles 717 and 725 Revised Civil Statutes of 1925, and
Section 16, sub -section 99 of the Charter of the City of Beaumont.
Section 2
That said refunding bonds in the sum of Two Hundred
Seventy-five Thousand Dollars ($275,000.00) shall be divided into
three series, and each series of said bonds divided into fifteen
(15) installments, and said series of said bonds shall be known and
called each respectively,., "City of Beaumont Street and Sewer Refund-
ing Bonds Series P.11; "City of Beaumont Wharf & Dock Refunding Bonds
Serres All; and "City of Beaumont School Refunding Bonds Series A"9
and the Mayor of the City of Beaualont is hereby authorized and
directed to have prepared alzd executed a set of bonds for each of
said purposes as follows.
#3
ol
30 193,T
STREET AND SEWER REFUNDING BONDS SERIES Lq $12O,000.00,. Street and
Sewer Refunding Bonds Seri -es n, One Hundred Twenty Thousand Dollars
($120,000.00) to bo divided into one hundred twenty (120) bonds of
the denomination of One Thousand Dollars (,?1,000.00) each, to be
numbered from one (1) -to one hundred twenty (12:.0), inclusive, payable
as follows, respectively.
1-1os.
1
to
4
of
01,000.00
each
payable
lst
day
of
June,
1936
Nos.
5
to
8
of
1$1,000.00
each
payable
lst
day
of
June,
1937
Nos.
9
to
12
of
511,000.00
each
payable
lst
day
of
June,
1938
Nos.
13
to
20
of
-,,1,000.00
each
payable
lst
day
of
June,
1939
Nos.
21
to
28
or
1;15000.00
each
payable
lst
day
of
June,
1940
Nos.
29
to
36
of
$1,000.00
each
payable
lst
day
of
June,
1941
Nos.
_. 3-7
to
44
of
x1:;000.00
each
payabl-e
lst
day
of
June,
194:2
Nos.
45
to
52
of
01,000.00
-aa ch
payable
lst
day
of
June,
1943
Nos.
53
to
60
of
$1,000.00
oa.ch
payable
lst
day
of
June,
1944
Nos.
61
to
68
of
Y12000.00
each
payable
1st
day
of
June,
1945
Nos.
69
to
78
of
01.,000.00
each
payable
lst.
day
of
Juana,
1946,
Nos.
79
to
88
of
$15000.00
each
payable
lst
day
of
June,
1947
Nos.
89
to
98
of
$1,000.00
oach
payable
1st
day
of
June,
1.948
Nos.
99
to
109
of
$1,000.00
each
payable
lst
day
of
June,
1949
Nos.
110
to
120
-of'
$1,000.00
each
payable
lst
day
of
Juno,
1950
�ATHARF & DOCK REFUNDING BONDS SMIES A 1±:100, 000.00 :; Vill .-f &; Dock
Refunding Bonds Series A, Ono Hundred Thousand Dollars (u.100,000.00)
to be divided into one hundred (100) bonds of the denomination of One
Thousand Dollars ($1,000.00) each, to be numb.'.Ired from one (1) to
one hundred (100), inclusive, payable as follows, respectively. -
Nos.
1
to
4
of
01,000.00
each
payable
lst
day
of
June,
1936
Nos.
5
to
8
of
$15000.00
each
payable
lst
dray
of
June,
1937
Nos.
9
to
12
of
$1,000.00
each
payable
lst
day
of
June,
1938
Nos.
13
to
20
of
$1,000.00
each
payable
lst
day
of
June,
1939
Nos.
21
to
28
of
$12000.00
each
payable
lst
day
of
June,
1940
Nos.
29
to
36
of
$1,000.00
each
payable
lst
day
of
June,
1941
Nos.
37
-to
44
of
$1,000.00-
-each
payable
1st
day
of
June,
1942
Nos.'
45
to
52
of
$1,000.00
each
payable
lst
day
of
Juno,
1943
Nos.
53
to
60
of
$1,000.00
each
payable
lst
day
of
June,
1944
Nos.
61
to
68
of
51,000.00
each
payable
lst
day
of
June,
1945
Nos.
69
to
74
of
$1,000.00
each
payable
lst
day
of
June,
1946
Nos.
75
to
80
o f
$1, 000.00
cac'r�
;�ayabl e
l s t
da,y
of
Junta
1947
Nos.
81
to
86
of
$1,000.00
cash
pay,-ble
1st
day
of
June,
1948
Nos.
87
to
91
of
01,000.00
each
payable
lst
day
of
June,
1949
Nos.
92
to
100
of
$1,000.00
each
payable
lst
day
of
June,
1950
SCHOOL REFUNDING BONDS SERIES A3 $55,000.00. School Refunding Bonds
Series A, Fift -five Thousand Dollars ($55,000.00) to be divided into
fifty-five (55� bonds of the denomination of One. Thousand Dollars
($1,000.00) each, to be numbered. from one (1) to fifty-five (55) , in-
clusive, payable as folloviis, respectively-,
Nos.
1
and
2
of
;11,000.00
each
payable
lst
day
of
June,
1936
Nos.
3
and
4
of
11 .15000.00
each
payabi-
lst
day
of
June,
1937
Nos.
5
and
6
of
'.;1,000.00
each
payable
lst
day
of
June,
1938
Nog.
7
to
10
of
01,000.00
each
payable
lst
day
of
June,
1939
Nos.
11
to
14
of
$1.9000.00
each
payable
lst
day
of
June,
1940
Nos.
15
to
18
of
$1,000.00
each
payable
1st
day
of
June,
1941
-- Noso
19--
to
22
of
$1,000.00
each
payable
lst
day
of
June,
1942 -
Nos.
23
to
26
of
1.1,000.-00
each
payable
lst
day
of
June,
1943
Nos.
27
to
30
of
$1,000.00
each
payable
lst
day
of
June,
19441
Nos.
31
to
34
of
$12000.00
oa.ch
payable
lst
day
of.
June,
1945
Nos.
35
to
38
of
$1,000.00
each
payable
lst
day
of
June,
1946
Nos.
39
to
42
of
01,000.00
oath
payable
lst
day
of
June,
1947
Nos.
43
to
46
of
$1,000.00
each
payable
lst
day
of
June,
1948
Nos.
47
to
50
of
$1,000.00
each
payable
lst
day
of
June,
1949
Nos.
51
to
55
of
$1,000.00
each
payable
lst
day
of
June,
1950.
#5.
This bond is one of a series of one hundred twent (120)
bonds of the denomination of One Thousand Dollars ($1,000.00 each,
known and called Street and Sewer Refunding Bonds Series A• of like
tenor and date excet as to maturity, numbered from one 1 to one
hundred twenty (120Y inclusive, bonds numbered from one �1 to forty-
four (44) inclusive bearing interest at four and one-half percent
(42%) per annum, and bonds numbered from forty-five (45) to one hun-
dred twenty (120) inclusive bearing interest at four and one-quarter
percent (44%) per annum, aggregating in amount One Hundred Twenty
Thousand Dollars ($120,000.00), said bonds issued for the purpose of
refunding and canceling and in lieu of a like amount of valid outstand-
ing street and sewer bonds of said city, under and by virtue of the
Constitution and laws of the State of Texas, and the Charter of the
-City of Beaumont including Articles 717 and -725, Revised Civil Statutes
of 1925, and Section -16, sub -section 9, of the Charter of the City
of Beaumont, and pursuant to an ordinance passed by the City Commis-
sion of the City of Beaumont, which ordinance is of record in the
Minutes of said Commission.
The date of this bond in conformity with the ordinance
above mentioned, is June 1, 1935.
And 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 that all acts, 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, form and manner as required
by law, and that the total indebtedness of said city, including the
entire series of bonds of which this is one, does not exceed any
constitutional or statutory limitation.
IN WITNESS WHEREOF the City Commission of the City of
Beaumont, Texas, has caused its corporate seal to be affixed hereto
and this bond to be signed by its Ida-yor, counters. fined and attested
by its City Clerk, and registered by its Director of Finance, and_ -
the interest coupons hereto attached to be executed. by the facsimile
signatures of its 1dayor and its City Clerk, as of the lst day of June,
A. D. 1935.
Mayor, City of Beau�iont, Texas.
Countersigned and Attested
City Clerk, City of Beaumont,
Texas. Registered.
Director of Finance, City of�'
Beaumont, Texas.
FORM OF COUPON
No.
$22.50
On the lst day of ; 19__, the City of Beaumont,
Texas,- promises to -pay to bearer a -t the office of the Director of
Finance of the City of Beaumont, at Beaumont, Texas, or at the Chase
National Bank of New York City, New York, at the option of the holder,
the sum of TWENTY-TWO .DOLLARS AND FIFTY CET+TTS in lawful money of the
United States of America, being six Months? interest due that date on
its City of Beaumont Street �lnd 'evver Refunding Bonds Series A, dated
June 1, 1935, numbered
Attestz
Mj yor, City of Baaumon t, Texas.
City Clerk, City of Beaumont,
Texas.
The remaining interest coupons of said bonds shall be
in substantially the above form, but those attached to bonds
numbered from one (1) to forty-four (44) inclusive shall be for
the sum of :22.50, being six months' interest on said bonds, and
those attached to bonds numbered from forty-five (45) to one
hundred twenty (120) inclusive, shall be in the sum of $21.25,
being six months' interest on said bonds. Said coupons shall be
payable every six months on the lst day of June and the lst day
of December of each year until fully paid.
SECOND.
FORM OF BOND
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY -OF JEFFERSON
CITY OF BEAUMON T
WHARF & DOCK REFUNDING BOND SERIES A
No. 1 $1,000.00
KNOW ALL MEN BY THESE PRESENTS, That the City of Beaumont,
in the State of Texas, for value received, acknowledges itself
indebted and hereby promises to pay to bearer on the lst day of
June, 1936, the sum of
ONE THOUSL�ND DOLLARS - - - - - - - - - - - - - - - - -($1,000.00)
in lawful money of the United States of America, with interest
thereon from the date hereof at the rate of 42% per annum, interest
payable on December 1, 1.935 and semi-annually thereafter on June
lst and December lst on each year, principal and interest payable
upon presentation and surrender of bond or proper coupon at the
office of the Director of Finance of the City of Bo,aumont, at
Beaumont, Texas, or at the the Chase National Bank of New York City,
New York, at the option of the h�;lder, and said city is hereby
held and firmly bound and its full faith and credit and all taxable
real and personal prnporty therein are hereby dodged for -the prompt
payment of the principal of this bend and the interest thereon as
it matures.
This bond is one of a series of one hundred (100) bonds of
the denomination of One Thousand Dollars ($1,000.00) each, known and
called 61harf & Dock Refunding Bonds Scries i_, of like tenor and date
except as to maturity, numbered from one (1) to one hundred (100)
inclusive, bonds numbered from one (1) to forty-four (4.4) inclusiv e
bearing interest at four and one-half percent (42%) per annum, and
bonds numbored from forty-five (45) to one hundred (100) inclusive
bearing interest at four and cne-quarter percent (4'61,00,000.00),
%), per annum,
aggregating in amount One Hundred Thousand Dollars 6100, 000.00) ,
said bonds issued for the purpose of refunding and canceling and in
lieu of a like amount of valid outstanding wharf and dock bonds of
said city, under and by virtue of the Constitution and lavas of the
S.tate of Texas, and the Charter of the City of Beaumont including
Articles 717 and 725, Revised Civil Statutes of 1925, and Section 16,
sub -section 9, of the Charter of the City of Beaumont, and pursuant
to an ordinance passed by the City Commission of the City of Beaumont,
which ordinance is of record in the Minutes of said Commission.
The date of thi s - bend in -conformity with -the -ordinance
above mentioned, is June 1, 1935.
And it is hereby certified and recited that the issuance
of this bond au. -id the series of 1�,hicb it is a part is duly authorized
by law, and that X11 acts, conditions, and things required to be
done precedent to anal in the issuance of this bond and of the series
of wd chi it is a part have been properly done, have happened and
been performed in regular and due time, form and manner as required
by law, and that the total indebtedness of said city, including the
entire series of bonds of which this is one, does not exceed any
constitutional or statutory limitation.
IN WITNESS WHEREOF the City Commission of the City of
Beaumont, Texas, has caused its corporate seal to be affixed hereto
and this bond to be signed by its Mayor, countersigned and attested
by its City Clerk, and registered by its Director of Finance, and the
interest coupons hereto attached to be executed by the facsimile
signatures of its Mayor end its City Clerk, as of the lst day of
June, A. D. 1935.
Mayor,, City of Beaumont, Texas.
Countersigned and attested.
City Clerk, City of B eaurion t,
Texas.
Registered;
Director of Finance, City of
Beaumont, Texas.
FORM OF COUPON
No. _ $22.50
On the lst day of 19_, the City of Beaumont,
Texas, promises to pay to bearer at the office of the Director of
Finance of the City of Beaumont, at Beaumont, Texas, or at the
Chase National Bank of New York City, New York, at the option of
the holder, the sum of TWENTY-TWO DOLLARS FIFTY CENTS in lawful
money of the United States of America, being six months' interest
due that date on its City of Beaumont Wharf & Dock Refunding Bonds
.Series A, dated June 1, 1935, numbered
Attest.
City Clerk, City of Beaumont,
Texas.
.Mayor, City of Beaumont, Texas
The remaining interest coupons of said bonds shall be
in substantially the above form, but those attached to bonds
numbered from one (1) to forty-four (44) inclusive shall be for
the sum of $22.50, being six months' inter: st on said bonds, and
those attached to bonds numbered from forty-five (45) to one
hundred (100) inclusive shall be for the sum of $21.25, being six
months' interest on said bonds. Said coupons shall be payable every
six months on the lst day of June and the lst day of December of
each year until fully paid.
THIRD
FORM OF BOND
UNITED STATES OF dC`ERICfz
STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF BEhUjIONT
SCHOOL REFUNDING BOND SERIES A
No. 1 $1,000000
KN0W ILL MEN BY THESE PRESENTS., That the City of Beaumont,
in the State of Texas, for value received, acknovledges itself indebt-
ed and hereby promisas to pay to bearer on the lst day of June, 1936,
the sum of
ONE THOU Ski D DOLLE,RS - - - - - -- - - - - - - - -- - - - - - 01, 000.00)
0
in lawful money of the United States of America, with interest
thereon from the date hereof at the rate of 4 o per annum, interest
payable on December 1, 1935 and semi-annually thereafter on June
lst and December lst of each yoar, principal and interest payable
upon presentation and surrender of bond or proper coupon at the
office of the Director of Finance of theCity of Beaumont, at
Beaumont, Texas, or at the Chase National Bank of New York City,
New York, at the option of the holder, and said city 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.
This bond is one of a series of fifty-five (55) bonds of
the denomination of One Thousand .Dollars (IP'1,000.00) each, kno.vn and
called School Refunding Bonds Series A, of like tenor and date except
as to maturity, numbered from one (1) to fi ft-fi ve' (55) inclusive,
bonds numbered from one (1) to twenty-two (22' inclusive bearing
interest at four and one-half percent (42/) per annum, and bonds
numbered from twenty-three (23 ) to fifty-five (55) inclusive bearing'
interest at four and one-quarter percent (4n%),per annum, aggregating
in amount Fifty-five Thousand Dollars ($55,000 . 00) , said bonds issued
for the purpose of refunding and canceling and in lieu of a like amount
of valid outstanding school bonds of said city, under and by virtue of
the Constitution and law' of the State of Tetras, and the Charter of the
City of Beaumont, including Articles 717 and 725, Revised Civil
Statutes of 1925, and Section 16, sub -section 9, of the Charter
of the City of Beaumont, and pursuant to an ordinance passed by the
City Commission of the City of Beaumont, which ordinance is of record
in tyre Minutes of said Commission.
The ; ate of this bond in conformity with the ordinance
above mentioned, i.s _June 1, 1935.
1935.
And it is hereby certified ^nd recited that the issuance
of this bond and the series of which it is a part is duly authorized
by law, and that all acts, 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, form and manner, as required
by law, and that the total indebtedness of the City of B-3,aumont and
the Beaumont independent School District, including the entire series
of bonds of which this is one, does not exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF the City Commission of the City of
Beaumont, Texas, has caused its corporate soa.l to be affixed hereto
and this bond to be signed by its Mayor, countersigned and attested
by its City Clerk, and registered by its Director of Fin -:ince, and the
interest coupons hereto attached to be executed by the facsi-mile
signatures of its Mayor and its City Clerk, as of the lst day of June,
A. D. 1935.
Mayor, City of Beaumont, Texas.
Countersigned and attested'
City Clerk, City of Beaumont,
Texas.
Registered'.
Director of Finance, City of
Beaumont, Texas.
#90
FOAM OF COUPON
!B C., P • f�
No. .r ----X220 5U
On the lst day of _ lam____, the City of Beaumont,
Texas, promises to pay to bearer at the office of the Director of
Finance of the City of Beaumont, at Beaumont, Texas, or at the Chase
National Bank of New York City, New York, at the option of the holder,
the sum of TWENTY-TWO DOLLARS FIFTY CENTS in .lawful money of the United
States of America, being six monthsf interest due that date on its City
of Beaumont School Refunding Bonds Series A, dated 'June 1, 1935,
numbered
Attest.,
City Clerk, City of Beaumont,
Texas
Mayor, City of Beaumont, Texas.
The remaining interest coupons of said bonds shall be
in substantially the above foam, but those attached to bonds numbered
from one (1) to twenty-two (22.) inclusive shall be for the sum of
4220 50, being six months' interest on said bonds, and those attached
to bonds numbered from twenty-three (23) to fifty-five (55) inclusive,
shall be in the sum of ! 2 10 25, being six months' interest on said
bonds. Said coupons shall be payable every six months on the lst day
of June and the lst day of December of each year until fully paid.
Section a
The following certificate shall be printed on the back of
each bond°
- OFFI-CE OF -COMPTROLLER
THE 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 him as
required by law and that he finds that it has been issued in con-
formity with the Constitution and laws of the State of Texas,
and it is a valid and binding obligation upon said City of Beaumont,
Texas, and said bond has this day been registered by me.
ti'VITNESS my hand and seal of office at Austin, Texas, this
day of , 1935.
Comptroller of Public accounts
of the State of Texas.
Section 5
Be it .further orda.ined that for the purpose of paying the
in-tbrest-on said--Street--anal Sewer Refunding Bonds Series A9 as well
as the various installments of principal as the same shall respectively
mature, there is hereby levied for the year 1935 and for each year
thereafter so .long as the same may be necessary to provide for the
interest and annual installments of principal of said bonds, on all
of the property in the City of Beaumont aubj ect to taxation, an
additional tax of 1.025 on each one hundred dollars valuation of
all taxable property within the City of Beaumont, or so much thereof
or such other .rate of tax as shall be necossary, and the same shall
be so annually assessed, collected and applied, and said tax or so
much thereof or such other tax as may be necessary is hereby levied
for each year hereafter while said bonds or any number thereof are
outstanding, and the same shall be annually assessed, collected and
applied to the purpose naDedo The taxes heretofore levied for the
purpose of paying the bonds being rafunded hereby are ratified, brought
forward and consolidated into the levy.
#10
It is further ordained that for the pu.cpose of paying the
interest on said V:fharf & Dock Refunding Bonds 8ories A, as Well as
the various installments of principal as tho same shall respectively
mature, there is heroby levied for the year 1935 and for each year
thereafter so long as th.e sai-iie may be necess<<.ry to provide for the
interest and.. G.nnua.l installments of principal. of said bonds, on all
of the property in the City of Beaumont subject to taxation an
a.dditional tax of $.02 on each one hundred dollars valuation of
all taxable property within the City of Beaumont, or so much thereof
or such other rate of tax as shall be necessary., and the same shall
be so annually assessed, Collected :and applied, and said tax or so
much thereof or such other -tax as may be necessary is hereby levied
for each year hereafter while said bonds or any number thereof are
outstanding, and the shall be annually assessed, collected and
applied to the purpose nTfiet o The taxes heretofore levied for the
purpose of paying the bonds being refunded hereby are ratified,
brought forward and consolidated into the levy.
It is further ordained- that for the purpose of paying the
interest on said School Refunding Bonds Series t',, as v°ell as the
various installments of principal as the same sh a.11 respectively
1_.ature, there is hereby levied for the year 1935 and for each year
thereafter so long as the same may be necossa.ry to provide for. the
interest and annual i.nstallm.ents of principal of said bonds, on all
of the property in the Beaumont Independant School District subject
to taxation, an additional tax of $00125 on each one hundred dollars
valuation of all taxable property Zvi thin the Beaumont Independent
School District, or so much thereof or such other rate of tax as shall
be necessary, and the same shall be so annually assessed, collected
and applied, and said tax or so much thereof or such other tax as may
be necessary is hereby levied for each year hereafter while said bonds
or any number thereof are outstanding, and. the same shall be annually
assessed, collected and applied to the purpose named. The taxes here-
tofore levied for the purpose of paying said __bonds being refunded - -- - -
hereby are rati-fiecl; brougYit forvTrd and consolidated into the levy.
Section 6
It is further ordained that the IMayor of said City is hereby
authorized to take and have charge of said bonds pending their in-
vestigation by the Attorney General and .registration by the Comptroller
of Public Accounts, anal is also authorized to deliver the same either
all at one time or in installments in exchange for the surrender and
cancelation of an equal ai-dount of the h,�.reinbefore described bonds
that are being refunded, and in the event such deliveries shall be
made in installments, the Mayor is hereby authorized to deliver any of
the new bonds in exchange for the surrender and. cence;lation of a like
anount of any of the old bonds vvhi ch are being refunded.
Section 7
The fact that it will be to the advantage of the financial
condition of the City of Beautiiiont to complete the refunding herein
provided constitutes an emergency and an imperative public necessity
requiring that the rule requiring ordinances to be passed at more than
one -meeting be suspenaeci, end. such rule is hereby suspended; an -d- this
ordinance shall be in force and effect from and after its passage.
Passed by the affirmative vote of all members of the City
Commission this the 30th d'ay of 11pril, 1935.
il. T, 70-7. l -----_