Loading...
HomeMy WebLinkAboutORD 2-JAN ORDINANCE' AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE CITY OF BEAUMONT NAMED THEREIN TO FORTHWITH PREPARE AND EXECUTE AND TO NEGO- TIATE AND DELIVER FROM TIME TO TIME AS NECESSITIES REQUIRE, LEGAL AND BI10ING OBLIGATIONS OF THE QTY OF BEAUMONT IN THE FORM OF DEFI- CIENCY WARRANTS; DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEa- FRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE; FOR THE PANT 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 1931, is without funds wherewith to pay its current obligations in- curring 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 1931: THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BE AUMO APP : 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 I 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 i the legal and binding pledges and hypothecation of FIFTY ONE THOUSAND DOLLARS ($51.,000'600) ofthe current tax revenues of the Cite- of Beau- mont for the year 1931, as applied to the General Fund, the said De- ficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1931 for the operation of and application to the General Department of the City Government as hereinafter set forth:® The said warrants shall be executed, ne'gotia.ted 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 government, until such time as there shall have been collected sufficient moneys from the source above mentioned wherewith to pay off, discharge, and re— tire-such e-oLire 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 Eo issued and negotiated to the then owners and holdem thereof;..provide ed, however, the total amount of such warrants of this issue shall not exceed the sura of FIFTY ONE THOUSAND DOLLARS ($51,000:00). The said Deficiency Warrants shall be in the following form, to -wit: "THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON 1931 On Demand, pay to the 'order of "BEARER" � 1?OLLARS. To the Director of Finance City of Beaumont M -0- Gountersigneds Ci y Manager Attest: City Clerk This Warrant is one of a series of several warrants authorized by the City Commission of the City of Bea oast by Ordinance duly passed on the th day of MqW,A• D. 1931, and is payable out of the tax le i for the year 1931, 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." 7 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 FIFTY ONE THOUSAND DOLLARS ($51,000600) of the tax revenues of 19315, for the maintenance and operation of the General Department mentioned in this Ordinance, creates an im- 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 m d signature of the Mayor' Passed by the affirmative vote of all members of the City Cormmission, this the 4th day of August, A. D. 1931.