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HomeMy WebLinkAboutORD 97-A-1An Ordinance authorizing the issuance of bonds for the pur- pose of fund ing the general indebtedness of the City of Beaumont, evidenced by Scrip heretofore issued and now outstanding, and provi- ding for the levy and collection of a tax to pay the interest and create a sinking ni-nd for the redemption of said bonds: WHEREAS, at an election held for the purpose on the 11th day of November, 1902, a majority of the qualified voters who are proper- ty tax payers of the City of Beaumott, Texas; voting at the said election sustained the proposition to issue the bonds hereinafter de- scribed, by a vote of d , for the issuance of said bonds. and a vote of J -against the issuance of said :'fiords. THEREFORE, BE IT ORDAINED, by the City Council of the City of B eaizLiont : SECTION I: That there shall be iss:zed by the City Council of the City of Beai znont, Texas, bonds for and in behalf of the City of Beaumont, to borrow money upon the credit of the City for the pur- Nose of funding its general indebtedness, evidenced by Scrip hereto- fore issued and now outstanding. SECTION 2: That the Mayor is hereby instructed to have pre- pared twenty-five bonds of the denomination of One Thousand Dollars .. - A� roan each,,, payagle in current coin, or otherlawful money of the United States of America, and to be numbered consecutively from one to twenty_ - five, c,inclusive. SECTION 3: Said bonds shall be dated the 1st. day of Dece-' ber, 1902, and shall run forty years from their date, bxt the right shall be reserved to the City to redeem the same at any time after twenty years from their .date. e City of Beaimont, Texas, bonds for and in behalf of- the City of Beaumont, to borrow money upon the credit of the City for the pti-w- % pose of funding its general indebtedness, evidenced by Scrip hereto- fore issued and now outstanding. SECTION 2: That the Mayor is hereby instructed to have pre- pared twenty-five bonds of the denomination of One Thousand Dollars each,, payagle in current coin, or othe_rlawful money of the United States of America, and to be numbered consecutively from one to twenty— five, c,inclusive. SECTION 3: Said bonds shall be dated the 1st. day of Deee- ber, 19020 and shall run forty years from their date,:bjit the right shall be reserved to the City to redeem the same at any time after twenty years from their date. SECTION 4: Said bonds shall bear interest from their date at the rate of four per cent per annum, payable semi-annually on the first day of December and the first day of June of each year,'- according ear ` according to the tenor of interest coupons thereto attached. �,J (2) Said. bonds shall be signed by the Mayor, counter -signed by the City Secretary, and registered by the City Treasurer, and the seal of the city shall be impressed upon each of them. The coupons shall bear the engraved signature of the Mayor and City Secretary. SECTION 5: Principal and interest shall be payable on pre- sentation and surrender of bond or property coupons, at the office l of the City Treasurer of the City of B/umont, Texas, or at ire the option of the holder. SECTION 6: It is also ordained that the Mayor be authori,­- ed to take and have charge of said bonds pending their investigatian by the Attorney General, and upon their approval and registration shall proceed to sell the same at public, -,or. private sale', t not less than, face value and,accru--ed_.�_interestj the proceeds of the bonds, when they shall have been sold shall be deposited in the hands of the City Treasurer, and it is hereby made the duty of the Mayor to provide that the said bonds shall be delivered to the purchaser in the City of Beaumont and that payment shall be made for said bonds by the f purchaser thereof in the said City of Beaumont, SECTION 7: For the purpose of paying interest on said bonds and creating a sinking fund, sufficient to discharge them at maturity, a tax of 2- 4100 cts. on each One Hundred Dollars' val- nation of all taxable property in the said City of Beaumont, shall be annually levied on said property and annually assessed and col- lected until said bonds and interest are paid, and said tax of 2•--4100 cents on each One Hundred Dollars out of a tax of forty cents levied for general ad valorem purposes by this Council on the 6th day of May, -1902,,( -the -Ordinance making said levy being of record on page 150, book No. I, of the Minutes of Ordinances of the City of Beaumont) is hereby appropiated and set aside to pay the interest and create the necessary sinking fra.nd for the current near anc3 nhnll hA acc+acoo.i purchaser thereof in the said City of Bealmont. SECTION 7: For the purpose of paying interest on said „ bonds and creating a sinking fund,- sufficient to discharge them at maturity, a tax of 2— 4100 cts. on each One Hundred Dollars' val— uation of all taxable property in the said City of Beaumont, shall be annually levied on said property and annually assessed and col— lected until said bonds and interest are paid, and said tax of 2-4100 cents on each One Hundred Dollars out of a tax of forty cents levied for general ad valorem purposes by this Council on the 6th day of May, -1902,,( -the -Ordinance makin said levy being of record on page 1500 book No. I. of the Minutes of Ordinances of the City of Beaumont ) is hereby appropiated and set aside to pay the interest and create the necessary sinking fund for the current year and shall be assessed and collected, and so applied; and said. t-xx, or as much thereof as i may be necessary, is hereby levied for each year hereafter, while said bonds are outstanding, and the same shall be annually assessed and collected and applied for the purposes named. SECTION 8: This Ordinance shall take effect and be in force from and after its passage and approval.