HomeMy WebLinkAboutORD 21-JAUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE
CITY OF BEAUMONT NAKED 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 TIE MAIN`T'ENANCE AND OPERATION
OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE;
FOR THE PAYMENT AND DISCHP_RGE OF SAID WARRANTS; AND DECLARING AN
EMERGENCY.
WEEREAS, 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 Depart-
ment of the government, 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 forth-
with 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 evi-
denced by Deficiency Warrants dated on the date or dates when nego-
tiated, and delivered from time to time as hereinafter provided, pay-
able to P1BEARER" 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 Fii8hyj'
Thoc,sand Pr1lnYs ($'gC),oao s ) 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 de-
livered 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 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.
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
Eigh-ty
-7-1,ousa-nd Dollars
(00,000•'=)
The said Deficiency Warrants shall be in the following
form, to -wit:
11TI F, STATE OF TEXAS
County of Jefferson
Beaumont, Texas.
1932.
On Demand, pay to the order of "BEARER"
DOLLARS.
To the Director of Finance )
City of Beaumont
Countersigned:
Attest:
City Manager
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 12th day of January, 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."
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 incuirred for the maintenance and
anticipating and pledging 1 1gh-cr `rKous&-nd C-AQO,®®o
of the tax revenues of 1932, for the maintenance and operation of
the General Department mentioned in this Ordinance, creates an ixa-
perative 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 shall take effect upon its passage and signature of the
Mayor.
Passed by the affirmative vote of all members of the
City Commission, this the 12th day of January, A. Dm 1932,
-7 MAYOR