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HomeMy WebLinkAboutORD 28-JAUTHORIZING 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 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 .GOVERNMENT 14EN^lIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS; 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 obliga- tions incurring and to be incurred for the operation of the Gener- al Department of the government, and in order to acquire funds wherewith tb 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 por- tion of the current tax revenues of the City for the year 1932. THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BEAUMONT: 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, orhave 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 "BEARER11 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 pl9dges and hypo- thecation ypothecation of EIGHTY THOUSAND DOLLARS ($80,000.00) 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 first 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 de- livered as when it is requisite and necessary 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, discharge, and retire such warrants, together with ac- crued interest thereon. And there is here and now appropriated and set aside out of the first moneys so to be collected, a sufficient sum where- with 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 EIGHTY THOUSAND DOLLARS ($8039 000.00) . The said Deficiency Warrants shall be in the following form, to -wit: 11THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON 1932 On demand pay to the order of "BEARER" DOLLARS. To the Director of Finance ) City of Beaumont ) , Mayor Countersigned: City Manager Attest: City Clera This warrant is one of a series of sev- eral warrants authorized by the City Commission of the City of Beaumont by Ordinance duly passed on the 22nd day of March, A. D. 1932, and;J' ayable out of the tax levies for the year 1932, and charge able to the General Department when coll- ected. 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 EIGHTY THOUSAND DOLLARS (80,000.) of the tax revenues of 1932, 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 22nd, of March, A. D. 1932. MAYOR ,