HomeMy WebLinkAboutORD 56-JAUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE
CITY OF BEAUMONT NAMED HEREIN TO FORTHWITH PREPARE AND EXECUTE AND
TO NEGOTIATE AND DELIVER FROM `1'IME TO TIME AS NECESSITIES REQUIRE,
LEGAL AND BINDING OBLIGATIONS OF THE CITY OF BEAUMONT IN THE FORM
OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PUR-
POSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND
OPERATION OF THE GENERAL DEPARTMENT OF GOVERNINIENT MENTIONED IN
SAID ORDINANCE; FOR THE PAY1`71ENT AND DISCHARGE OF SAID 1KARRANTS;
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 1933, 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 where-
with 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 COVIMISSION
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 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 dernand, 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 hypo-
thecation of FORTY-SIX THOUSAND DOLLARS, ($46,000.00)
of the current revenues of the City of Beaumont for the year 1933, .
as applied to the General Fund, ,the said Deficiency Warrants
to be paid and retired out of the tax revenues collected for tYm
year 1933 for the operation of and application to the General De-
partment of the City Government s bar -an rt _ _
That said warrants shall be executed, negotiated and
delivered as when it is requisite and necessary to raise money for
0
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 themoneys so to be collected, a sufficient stun where-
with to parff 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 FORTY-SIX THOUSAND DOLLARS
(4-462000.00).
The said Deficiency Warrants shall be in the-follow-
ing
he-follow-ing f Orin, to -wit:
"THE STATE OF TEXAS Beaumont, Texas
COUNTY OF j EFFERSON 1933
On demand pay to the order of "BEARER"
_ DOLLARS.
To the Director of Finance )
City of Beaumont )
Countersigned:
City T11anager
Attest:
MAYOR
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 2nd_ day of
ldarch, 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."
d
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 main-
tenance and operation of the General Department of Government,
without at once anticipating and pledging FORTY-SIX THOUSAND
DOLLARS ($46,000.00) of the tax revenues of 1933, 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 by the Blayor.
Passed by the affirmative vote of all members of the
City Commission, this the 2nd day of March, A. D. 1933.
NiAY