HomeMy WebLinkAboutORD 49-KA
AN ORDINANCE
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PROVIDING FOR THE ISSUANCE OF '108,000.00 CITY OF BEAUMONT
REFUNDING BONDS FOR THE PURPOSE OF REFUNDING A LIKE AMOUNT OF OUT-
STANDING CITY OF BEAUMONT BONDS FOR THE RESPECTIVE PURPOSES AND
IN THE RESPECTIVE AMOUNTS AS FOLLOWS) TO -WIT. (1) FOR THE PURPOSE
OF REFUNDING PART OF THE OUTSTANDING INDEBTEDNESS OF THE CITY OF
BEAUMONT REPRESENTED BY $58.,000.00 CITY OF BEAUMONT STREET AND
SEWER BONDS. (2) FOR THE PURPOSE OF REFUNDING PART OF THE OUTSTAND-
ING INDEBTEDNESS OF THE CITY OF BEAUMONT REPRESENTED BY $50,000-00
CITY OF BEAUMONT WHARF & DOCK BONDS; PROVIDING FOR THE LEVY AND
COLLECTION OF THE NECESSARY TAX TO PAY THE INTEREST AND CREATE A
SINKING FUND FOR THE REDEMPTION OF SAID REFUNDING BONDS AT MATURITY;
PRESCRIBING THE FORA! OF SUCH BONDS, AND DECLARING AN EMERGENCY.
It appearing affirmatively to the City Commission that
the City of Beaumont has heretofore issued the following bonds
bearing interest at the rate of five per cent (5%) per annum,
maturing forty (40) years after their date with option of redemption
at any time after twenty (20) years from their date:
$30,000.00 City of Beaumont Sewer Bonds dated
July 1, 1915;
$85,000.00 City of Beaumont Street Imprgvement
and Repair Bonds dated July 1, 1915;
and that Fifty-eight Thousand Dollars (058,000°00) of such bonds
are still outstanding;
And it further appearing affirmatively to the City Commis-
sion that the City of Beaumont has heretofore issued the following
bonds bearing interest at the rate of five per cent (5%) per annum,
maturing forty (40) year -'s -after their date with option of redemption
at any time after twenty (20) years from their date.
$100,000.00 City of Beaumont Wharf & Dock Bonds.
dated July 1, 1915;
and that Fifty Thousand Dollars 050,000.00) of such bonds are
still outstanding.
And it further appearing to the City Commission that all
of the hereinbefore described bonds will have reached their optional
date by July 1, 1935, and that it is advisable and to the best in-
terest of the City of Beaumont that they should be called for re-
demption, and should be refunded at a lower rate of interest, as
hereinafter more fully set out, by the issuance of the hereinafter
described refunding bonds.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COiIWIISSION
OF THE CITY OF BEAUMONT-
Section 1
That the City of Beaumont shall issue refunding bonds of
said City to the extent of One Hundred Eight Thousand Dollars
($108,000.00) for the purpose of refunding and canceling and in
lieu of like amount of the hereinbefore described outstanding
bonds of the City of Beaumont, said refunding bonds to be issued
for the following purposes, to -wit'.
City of Beaumont Street & 8cwer Refunding
Bonds Series B, to the amount of $58,000.00!
City of Beaumont Wharf & Dock Refunding
Bonds Series B, to the amount of $50,000.00..
#2.
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 19259 and
Section 16, sub -section 9, of the Charter of the City of Beaumont.
Section 2
That said refunding bonds in the sum of One Hundred Eight
Thousand Dollars ($108.,000.00) shall be divided into two series,
and each series of said bonds divided into fifteen (15) installments,
and said series of said bonds shall be known and called each respect-
ively' "City of Beaumont Street and Sewer Refunding Bonds Series Bll;
and City of Beaumont Wharf & Dock Refunding Bonds Series B11; and
the Mayor of the City of Beaumont is hereby authorized and directed
to have prepared and executed a set of bonds for each of said pur-
poses as follows --
STREET AND SEWER REFUNDING BONDS SERIES B, $58.,000.00' Street and
Sewer Refunding Bonds Series B, Fifty-eight Thousand Dollars
($58,000..00) to be divided into fifty-eight (58) bonds of the denom-
ination of One Thousand Dollars ($1.,000.00) each, to be numbered
from one (1) to fifty-eight (58), inclusive, payable as follows,
respectively'
Nos.
1 -to
3
of
$1.,000.00
each
payable
ist
day
of
July,
1936
1937
Nos.
_4
7
to
to
6
9
of
of
$1,000.00
$1,000.00
each
each
payable
payable
ist
lst
day
day
of
of
July,
July,
1938
Nos.
Nos.
10
to
13
of
$1,000..00
each
payable
lst
lst
day
day
of
of
July,
July,
1939
1940
Nos.
Nos.
14
18
to
to
17
21
of
of
$1.,000.00
$1,000.00
each
each
payable
payable
lst
day
of
July,
1941
Nos.
22
26
to
to
25
29
of
$1,000.00
$1,000.00
each
each
payable
payable
lst
lst
day
day
of
of
July,
July,-
1942
1943
Nos.
Nos.
30
to
34
of
of
$12000.00
each
payable
lst
day
of
July,
1944
Nos.
35
40
to
to
39
44
of
of
$1,000.00
$1,000.00
each
each
payable
payable
lst
lst
day
day
of
of
July,
July,
1945
1946
Nos.
Nos.
45
to
49
of
$1,000.00
each
payable
ist
day
of
July.,
1947
Nos.
50
to
52
of
$1.,000.00
each
payable
ist
day
of
July,.
1948
Nos.
53
to
55
of
$1.,000.00
each
payable
lst
lst
day
day
of
of
July,
July,
1949
1950
Nos.
56
to
58
of
$1.,000.00
each
payable
payable
1st
day
of
July,
WHARF & DOCK REFUNDING BONDS SERIES B, $50,000-00. Wharf & Dock Re-
funding Bonds Series B Fifty Thousand Dollars (50.,000.00) to be
divided into fifty (50j bonds of the denomination of' One Thousand
Dollars ($1,000.00) each., to be numbered from one (1) to fifty (50),
inclusive., payable as follows, respectively:
Nos.
1
to
3
of
81.,000.00
each
payable
lst
day
of
July,
1936
Nos.
4
to
6
of
$1.,000.00
each
payable
ist
day
of
July.,
1937
Nos.
7
to
9
of
$1,000.00
each
payable
lst
day
of
July,
1938
Nos..
10
to
-
13
of
$1,000.00
each
payable
lst
day
of
July,
1939
Nos.
14
18
to
to
17
21
of
of
$1,000.00
$1,000.00
each
each
payable
payable
ist
lst
day
day
of
of
July,
July,
1940
941
Nos.
Nos.
22
to
25
of
$12000.00
each
payable
ist
day
of
July,
1942
Nos.
26
to
29
of
$1,000.00
each
payable
lst
day
of
-July,
1943
Nos.
30
to
to
32
35
of
$1,000.00
1.,000.00
each
each
payable
payable
lst
ist
day
day
of
of
July,
July,
1944
1945
Nos.
Nos.
33
36
to
38
of
of
1.,000.00
each
payable
ist
day
of
July,
1946
Nos.
39
to
41
of
$1,000.00
each
payable
ist
day
of
July,
1947
Nos.
42
to
44
of
$1,000.00
each
payable
1st
day
of
July,
1948
Nos.
45
to
47
of
$'1,000.00
each
payable
lst
day
of
July,
1949
.Nos'.
48
to
50
of
$1,000.00
each
payable
ist
day
of
July,
1950
#3.
Said bonds to be payable in lawful -money of the United States
of America and each dated the first day of July, A. D. 1935, each
bond of Street and Sewer Refunding Series B numbered from one (1)
to fifty-two (52), inclusive, shall bear interest at the rate of
41% per annum, and bonds numbered from fifty-three (53) to fifty-
eight (58) , inclusive, shall bear interest at the rate of 44% per
annum; and each bond of Wharf & Dock Refunding Series B numbered
from one (1) to forty-four (44). inclusive, shall bear interest at
the rate of 42% per annum, and bonds numbered from forty-five (45)
to fifty (50), inclusive, shall bear interest at the rate of 44%
per annum; interest payable on January 1, 1936, and semi-annually
thereafter on July lst and January 1st of each year until fully
paid.
The Mayor shall sign said bonds, and they shall be counter-
signed and attested by the City Clerk, and registered by the Director
of Finance, and the seal of the City of Beaumont shall be impressed
upon each one of them. The coupons shall be executed with the lith-
ographed signatures of the 'Mayor and City Clerk. Said bonds and
interest coupons shall be payable upon presentation and surrender
at the office of the Director of Finance of the City of Beaumont,
at Beaumont, Texas, or at the Chase National Bank of Nev; York City,
New York, at the option of the holder.
Section 3
The bonds and interest coupons above provided for upon their
face shall be substantially in words and figures as follows' •
FIRST -
FO RN OF BOND
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF BEAUMON T
STREET AND SEWER REFUNDING BOND SERIES B
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 July, 1936,
the sum of
ONE THOUSAND DOLLARS - - - - - - - - - - - - - - - - - - ($1)000.00)
in lawful money of the United States of America, with interest there-
on from the date hereof at the rate of 42% per annum, interest pay-
able on January 1, 1936, and semi-annually thereafter on July lst
and January lst of 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 Beaumont, 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-eight (58) bonds o -f the
denomination of One Thousand Dollars ($1,000.00) each, known and
called Street and Sewer Refunding Bonds Series B of like tenor and
date except as to maturity, numbered from one (lj to fifty-ei ht
(58), inclusive, bonds numbered from one (1) to fifty-two (52f, in-
clusive, bearing interest at four and one-half percent (42%) per
annum, and bonds numbered from fifty-three (53) to fifty-eight (58)
#4.
inclusive, bearing interest at four and one-quarter percent (44%)
per annum, aggregating in amount Fifty-eight Thousand Dollars
($58,000.00). said bonds issued for the purpose of refunding and
canceling and in lieu of a like amount of valid outstanding 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 Beau-
mont, including Articles 717 and 725, Revised Civil Statutes of 19252
and Section 16, sub -section 9, of the Charter of the City of Beau-
mont, 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 this bond in conformity with the ordinance above
mentioned, is July 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 Mayor, countersigned and attested by its
City Clerk, and registered by its Director of Finance, and the in-
terest coupons hereto attached to be executed by the facsimile signa-
tures of its 1dayor and its City Clerk, as of the lst day of July,
A. D. 1935.
Countersigned and Attested°
City Clerk, City of Beaumont,
Texas.
Mayor, City of Beaumont, Texas.
Registered:
Director of Finance, City of
Beaumont, Texas.
FORM OF COUPON
No. _ $22.50
On the 1st day of _, 19e, 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 AND 50/100 DOLLARS (022.50) in lawful money of the
United States of America, being six months' interest due that date
on its City of Beaumont Street and Sewer Refunding Bond Series B,
dated July 1, 1935, numbered
Mayor, City of Beaumont, Texas.
Attest:
City Clerk, City of Beaumont,
Texas.
#6.
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 Beau-
mont, 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 and its City Clerk, as of the 1st day of
July, A. D. 1935.
Countersigned and attested;
City Clerk, City of Beaumont,
Texas.
Mayor, 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 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 AND 50/100 DOLLARS ($22.50) in
lawful money of the United States of America, being six months'
interest due that date on its City of Beaumont Wharf & Dock Refunding
Bond Series B, dated July 1, 1935, numbered
Mayor, City of Beaumont, Texas
Attest.
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 fifty (50), 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 July and the lst day of January of each year until fully paid.
Section 4
The following certificate shall be printed on the back of
each bond.
or such other rate of tax as shall be necessary, and the same Shall
be so annually assessed, collected cnd 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 heretofore levied for the
purpose of paying the bonds being refunded hereby are ratified,
brought forward and consolidated into the levy.
Section 6
It is further ordained that the Mayor 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 Comp-
troller of Public Accounts, and 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 amount of the hereinbefore
described bonds that are being refunded, and
deliveries shall be made in installments, the
authorized to deliver any of th,e new bonds in
surrender and cancelation of a like amount of
which are being refunded.
Section 7
in the event such
%Mayor is hereby
exchange for the
any of the old bonds
The fact that it will be to the advantage of the financial
condition of the City of Beaumont 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 suspended, and such rule is hereby suspended,
and 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 28th day of May, ha Do 19350
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