HomeMy WebLinkAboutORD 38-JAUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE CITY OF BEAU`llIONT
NAND HEREIN TO FORTHWITH PREPARE AND EXECUTE AND TO NEGOTIATE AND DELIVER FROM
T11VIE 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 PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATION
OF THE GENERAL DEPARTMENT OF GOVERNMENT IaNTIONED IN SAID ORDINANCE; FOR THE PAY—
iu idT AND DISCHARGE OF SAID ti�AP�RANTS; 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 1932, is without funds
wherewith to pay its current obligations 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 1932.
THEREFORE, BE IT ORDAINED BL' THE CITY COT:NiISSION OF THE CITY
OF BEAUMONTs
Section 1.
That E. A. Fletcher, Mayor of the City of Beaumont , and his success—
ors 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 SIXTY THOUSAND DOLLARS ($60,000.00) of the current
tax revenues of the City of Beaumont for the year 1932, as applied to the General
Fund, the said Deficiency Warrants to be paid and retired out of the tax
revenues collected for the year 1932 for the operation of and application to the
General Department of the City Government as hereinafter set forth.
That said warrants shall be executed, negotiated and delivered as
when it is requisite and necessary to raise money for payment of existing obliga-
tions 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, discharge
and retire such warrants, together with accrued interest thereon.,
charge 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 SIXTY THOUSAND DOLLARS
0609000®00): -
The said Deficiency Earrants shall be in the following form, to merit:
"THE STATE OF TEXAS Beaumont, Texas
COUNTY OF JE ERSON 1932
On -demand pay to the order of 'BEARER
To the Director of Finance )
City of Beaumont )
Countersigneds
City Manager t
Attest:
DOLLARS.
TEtAYOR
City Clerk
This warrant is one of a series of several warrants
authorized by the City Commission-eg -�]Aegi4y
of the City of Beaumont by Ordinance
duly passed on the 9th day of August, A. D. 19322
and is payable out of the tax levies for the year
1932, 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 2m
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 SIXTY THOU—
SAND DOLLARS (060,000000) of the tax revenues of 1932, for the maintenance and
operation of the General Department mentioned in this Ordinance, creates an impera—
tive public emergency necessitating the suspension of the rule requiring that all
ordinances -shall be read on three separate days before passage; wherefore, said
L
#3.
rule is hereby suspended and this ordinance shall take effect upon its passage
and signatUse by the Mayor.
Passed by the affirmative vote of all members of the City Commission
this the 9th day of August, A. D. 1932.
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