HomeMy WebLinkAboutORD 31-JAN 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 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 MENTIONED
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 19323, is without funds wherewith to pay its current obligations
incurring and to be incurred for the operation of the General Depart-
ment of the govermient, and in order to acquire funds wherewith to
defray the current expenses of the General Department of the govern-
ment 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 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, 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 "BEAPLER" 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
FIFTY THOUSAND DOLLARS ($509000.00) 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.
The said warrants shall be executed, negotiated and
delivered as when it is requisite and necessary to raise money for
the payment of existing obligations and for defraying the current
expenses for the operation of the General Department of the govern-
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 the first 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 FI= THOUSAND DOLLARS ( $509000; 00) ®
The said Deficiency Warrants shall be in the following
form, to wit:
"TEE STATE OF TEXAS Beaumont, Texas
COUNTY OF JEFFERSON , 1932
On demand., pay to the order of "BEARER11
DOLLARS;
To the Director of Finance )
City of Beaumont )
Countersigned :
City Manager
Mayor
Attest:
City Clerk
This warrant is one of a series of several warrants
authaized by the City Commission of the City of
Beaumont by Ordinance duly passed on the 14th day
of June, A. D. 1932, 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. rr
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.
3. ' i- :)-
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operation of the General Department of Government, without at once
anticipating and pledging FIFTY THOUSAND DOLLARS ( $50,000; 00) 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 (3)
separate days before passage, wherefore said rule is hereby suspended
and this ordinance shalltake effect upon its passage and signature
of the Mayor;
Passed by the affirmative vote of all members of the
City Coznnissioti this the 14th day of Junes A.D. 1932;