HomeMy WebLinkAboutORD 39-A-1► //jam/�/y �j� _ A
AN ORDINANCE
Providing for the issuance and sale of 19.bonds of the City of Beaumont
for the purpose of repairing the public school buildings of'said city,
and to provide for the payment of the interest thereon and a sinking fund
for their redemption at maturity.
BE IT_ORDAINED.BY THE CITY COUNCIL OF THE CITY OF BEAUMONT,TEXAS:-
SECTION 1. -That for the purposes of repairing the public school buildings
of the City of Beaumont there shall be issued by the city.of Beaumont 19
bonds of this city in denominations of X100.00 each; said bonds shall be
dated September lst,A.D.,1905 and shall bear interest at the rate of 5%
per annum, the interest payable semi-annually, both principal and interest
payable at the First National Bank of Beaumont,Texas. Said bonds shall
be numbered consecutively from one to ninteen inclusive.
SECTION 2. Said bonds shall mature and become payable twenty years after
date thereof, but the city of Beaumont reserves the right to redeem the
same at any time after ten -"years from date' thereof -upon- payment of --the ---- ---
principal and all interest due thereon -at the time of such redemption.
SECTION 3. Said bonds shall be signed by the Mayor and counter -signed
by the City Secretary and the fac-simile of the signature of said Mayor
and City Secretary shall be lithographed upon'each'of the coupons of said
bonds; and after approval and registration of the same as required bar_ ,
general law, the Mayor is hereby authorized to dispose of the same at -any
sum not less than par and.,accrued interest, and the proceeds of the sale
thereof shall be deposited to the credit of the proper fund in the hands
of the City Treasurer of this city and such fund shall not be used. -or di-
verted for--any'other purpose than the repairing of the public school bmild-
ings as aforesaid.
SECTION 4: It is further ordained by the City Council that to pay the
interest on said bonds and to create a sinking fund suffic;eht to dis-
charge them at maturity, ta,"of(01) centx on each 100.00 valuation of
all taxable property in said city of Beaumont shall be annually levied
on said property and annually assessed and collected until said bonds and
terest are paid, and said tax of �r 1 cent/ on. the $100.00 _ out -of -a
WILL
BOND
7P. A. DOWLEN, ATTORNEY AT LAW AND NOTARY PUBLIC, BEAUMONT, TEXAS.
YOU
tax of 50 cents levied for the puIrpose.of paying the interest and creating,
a sinking fund to pay off and discharge. all bonds heretofore issued and_to--
be issued by this Council, is hereby appropriated and .set-aside°to pay the
interest and create the necessary sinking fund for the.current year and
assessed- -
sIhallfbeAc.ollected and so applied; and said tax is hereby levied for each -
year hereafter while said bonds are out -standing and the same shall be an-
nually assessed collected and applied to the purposes named.
.City -of- B on the day of
Passed by the City Council of the Beaumont y
1905, and approved by .the Mayor on the§ day of ,1905.
.,` Approved 4l�
Mayor, City of Beaumont[_
Texas.
Atteis.t. -
ty Secretary.
We,your ordinance committee, have examined the above and foregoing or-
dinance -and recommend its passage.
U.L-U_L I ICU 1L VkJIILLLL.L V Ui V .
FByooU
ILL
ND P. A. D01alLEN, ATTORNEX AT LAldl AND NOTARY PUBLIC, BEAUMONT, TEXAS.