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HomeMy WebLinkAboutORD 21-K4 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 FORM OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OP- ERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS; AND DECLARING AN EMERGENCY. WBEREAS, the City of Beaumont, pending the collection of the current tax revenues, from all sources, being taxes for the year 1933, is without funds wherewith to pay its current obligations incurring and to be incurred for the operation of the General Department of the govern- ment, 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 1933. THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BEAUMONT, TEXAS: Section 1. That E. A. Fletcher, 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 ob- ligations 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, bear- ing 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 TWENTY THOUSAND DOLLARS, ($20,000.00)' of the current revenues ('"fw.. JC13 ��- Pa t ,a of the City of Beaumont for the year 1933, as applied to the General Fund, and the said Deficiency Warrants to be paid and retired out of the tax revenues collected for the year 1933 for the operation of and application to the General Department of the City Government.,, That said warrants shall be executed, ne- gotiated and delivered as when it is. requisite and neces- sary to raise money for payment of existing obligations and for defraying the current expenses for the operation. of the General Department of the government, 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.in- terest thereon. And there is here�and now appropriated and set aside out of the said 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 the sum of TWENTY THOUSAND DOLLARS ($20,000.00). The said Deficiency Warrants shall be in the following form, to -wit: "THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON 1933 On demand pay to the order of "BEARER" 9 To the Director of Finance ) City of Beaumont ) Countersigned: City Manager MAYOR ATTEST: _City Clerk DOLLARS. r This warrant is one of a series of several warrants authorized by the City Commission of the City of Beau- mont by ordinance duly passed on the 28th day of November, A. D. 1933, and is payable out of the tax levies for the year 1933, and chargeable to the General Department when collected. This warrant bears interest at the rate of not more than six per cent per annum from its date until paid." 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 and pledging TWENTY THOUSAND DOLLARS ($20,000.00) of the tax revenues of 1933, for the maintenance 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 by the Mayor® Passed by the affirmative vote of all members of the City Commission, this the 28th day of November, A. .D. 1933.