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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 OBLIGATIONS OF THE CITY OF BEAUMONT
IDT THE FORM OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE,
FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAIN-
TENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT
MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF
SAID WARRANTS; AND DECLARING AN EMERGENCY.
WHEREAS, the City of Beaumont, pending the collection of
the current tax revenues, from all sources, being taxes for the
year 1935, 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
funds wherewith to defray the current expenses of the General
Department 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 anticipate and
pledge an equal portion of the current tax revenues of the City
for the year 1935.
THEREFORE' BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF BEAUMONT, TEXAS:
Section 1
That P. D. Renfro, 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 HUNDRED EIGHTY THOUSAND DOLLARS ($1800000.00)
of the current revenues of the City of Beaumont for the year 1935
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 1935 for the operation of, and application to the General
Department of the City Government.
_ ¢t
i A
That said Warrants shall be executed, negotiated and
delivered as when it is requisite and necessary to raise money
for payment of existing obligations and for defraying the current
expenses for the operation of the General Department of the Govern-
ment, until such time as there shall have been collected sufficient
moneys from the source above mentioned wherewith to pay off, dis-
charge and retire such warrants, together with accrued interest
thereon.
.And there is here and now appropriated and set aside out-
of
ut-
of the first moneys so to be collected, a sufficient sum 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 ONE HUNDRED EIGHTY THOUSAND DOLLARS ($180,000.00).
The said Deficiency Warrants shall be in the following
form, to -wit:
"THE STATE OF TEXAS
COUNTY OF JEFFERSON
Beaumont, Texas.
1935.
On demand pay to the order of "BEARER't
To the Director of Finance )
City of Beaumont
Countersigned:
City Manager
DOLLARS
MAYOR
ATTEST:
City Clerk
This warrant is one of a series of several warrants
authorized by the City Commission of the City of
Beaumont by ordinance duly passed on the 9th day of
July, A. D. 1935, and is payable out of the tax
levies for the year 1935 and chargeable to the
General Department when collected.
This warrant bears interest at the rate of not more
than six percent per annum from its date until paid.fl
The said warrants shall be duly registered before being
negotiated by the Director of Finance.
Section 2
The fact that the City of Beaumont is without funds now
to discharge the current obligations incurred for the maintenance
and operation of the General Department of Government, without
at once anticipating andpledging ONE HUNDRED EIGHTY THOUSAND
DOLLARS ($180,000.00) of the tax revenues of 1935, for the main-
tenance 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 separate days before passage; wherefore, said
rule is hereby suspended, and this Ordinance.: shall take effect
upon its passage and signature of the Mayor.
Passed by the affirmative vote of all members of the City
Commission, this the 9th day of July, A.D. 1935.
MAYOR