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Home My WebLink AboutORD 9-JAN ORDINANCE BY THE CITY COMMISSION OF THE CITY OF f BEAUMONT, AUTHORIZING THE ISSUANCE OF CITY OF BEAUMONT FUNDING BONDS,SERIES 1931, IN THE AMOUNT OF ONE HUNDRED THOUSAND DOLLARS ($100,000.00), BEAR -a ING FOUR A b ONE-HALF 14.1 ) PER CENT i INTEREST, !1-R OVIDING FOR THE EXCHANGE IN LIEU THEREOF OF CERTAIN INTEREST- BEARING WARRANTS OF THE CITY OUTSTAND- ING AS LEGAL INDEBTEDNESS AT THIS TIME, AND OUTSTANDING ON MAY 21st, 1931, LEVYING A TAX TO PAY THE PRINCIPAL AND INTEREST OF SAID BONDS, AND DECLARING j AN EMERGENCY. WHEREAS, heretofore on the 23rd day of February, 1931, the City Commission passed an ordinance authorizing the issuance of jTwo Hundred Thousand (200, 000:00) Dollars deficiency warrants of the Cit for the City purpose of defraying current expenses for the maintenance and operation of the general City Government, which ordinance is duly recorded in the proper records of the City; and W(HEREAS, purusant to said ordinance said deficiency warrants were issued in denominations of One Thousand (l, 000; 00) Dollars each, bearing six (6%) per cent interest, payable to bearer, and were delivered to various banks in the City of Beaumont in consid- eration of the taking -up by said banks of like . amounts of ordinary i vouchers issued by the City to pay current pay rolls from time to time and were dated as of therespective dates of their issuance; and WHEREAS, of said authorized deficiency warrants there were outstanding on May 21st., 1931, and there are now outstanding, warrants dated, numbered and being for amounts as follows, to -wit: DATE NUMBER AIJ-OU 1T 3/14/31 3257 $ 1,000100 3/14/31 3258 1 000, 00 3/14/31 3259 1,000°00 3/14/31 3260 1.000, 00 000 000 6T 000000 t 6 255 TS/ST/-i OOp000`T 8 252 L255 / T2/gT/-p 000000 t 00 .000 T 9255 5255 c 000000 at X255 T2�St/-i TSIST/P 00 ,000 T • 6 5255 00 ..000. t 2255 TS/St/�i 000000`T 00 T T255 t5/91/:i .000 000000`T 0355 6155 9 TC�T�� OO�OOOcT 8155 TS/ST/-i 00..000 t LT22 t5/9T/b 00,000ct 00®000`1 9125 TS/ST/:P 000000, t o c 9T55 TSS TS/ST/P t5/S1/P 00,000 61 00 T 2 t55 T2/91/:i .000 000000ct 2TS5 TT22 tS�St/� 00o000`t 006000 T OT22 T5/9T/� 00' 000 T T2/T2/ C OOp000OCT 8632 L625 %f t5/T2/5 000000 T a 00*0006T 9625 T2/T2/5 00e000cT 5625 T2/t5/5 00 t P625, TS/TS/5 ..000 . c 00000 t 5625 2625 TS/TS/5 T2/T2/2 00°000`T 00°0006T T625 15/t5/5 000000 `t ` 0625 68 25 T5/T2/5 T2/15/5 00 ".000 T 8882 TS/T2/5 00 000 CT x.825 t5/12/5 00 ..000 t ® c 9825 t5/t5/5 00 ..000 T 9092 00"000`1 b825 15�t5�5 00®000 T 5825 T5/12/5 00 .. 000 T W32 15/15/5 00 0.000 `T T8 25 TS/t5/5 OOo000�T 000000 0825 t5/T2/5 .T 000000�T 9L32 T2��Z�2 00000 T :PL92 12/:W2 00"000'T .. 000000 T 2125 15/:DT/5 000000eT 00 000 `t TL92 0 00,1000 T ,25 T2/:iT/5 12/:PT/2 000000`T 8995 g�� 00'000`1 x,925 T5/. / 00'000`t 9925 /bt5 / 000000`T 5925 T2/PT/5 004,000 . T 00o0006T P992 U/k/2 00 ..000 f T 5925 15/fit/5 00 °000 `.T T985 TS/VE/5 Llmnoxv Id3aTn m HLOG L i b DATE NUMBER AMOUNT 4/30/31. 4/30/31 3349 1, OOOp 00 4/30/31 3350 3351 1,000,00 4/30/31 1,000;00 i 43031 3353 1 000000 4/30/31 3354 1,000-00 , 00 19000000 430/31 4/30/31 3355 3356 1,000000 4/30/31 3357 1,000:00 3358 19000;00 4�3 �3l 3359 19000.00 4/30/31 3360 19000,100 4/30/31 3361 19000000 i 4,30/31 3362 1 000,100 1; 000.00 31 4/30/31 3363 3364 19000000 4/30/31 3365 11000000 4/30/31 3366 11000000 19000000 4/30/31 4/30/31 3367 3368 1,000000 5/15/31 3369 19000000 5/15/31 3370 1000.00 , 1 000000 5/15/31 3371 1'000,100 ' ;and 832000.00 V"V=REAS, heretofore on the 5th day of May,,, -1931, the City y Corrmiission passed an ordinance authorizing the is of One Hundred Seventy Five Thousand (0175'000,100) Dollars deficiency warrants of the City for the purpose of defraying current expenses for the main- tenance and operation of the general City Government' which ordinance is duly recorded in the proper records of the City; and INIEREAS9 pursuant to said ordinance said deficiency warrants were issued in denominations of One Thousand (19000000) Dollars each, bearing six (6%) per cent interest, payable to bearer' and were delivered to various banks in the City of Beaumont in consideration of the taking up by said banks of like amounts of ordinary vouchers issued by the City to pay current pay rolls from time to time and were dated as of the respective dates of their issuance; and VF -=EAS, of said authorized deficiency warrants there were out -standing on May 21 9 1931, and there are now outstanding, warrants dated, numbered' and being for amounts as follows, to wit: DATE NUNlt31: H t viv uiv 1 5/15/31 3372 19000®00 5/15/31 3373 1,000:00 5/15/31 3374 1,000:00 5/15/31 3375 19000x00 5/15/31 3376 11000.00 5/15/31 3377 1 1000.00 5/15/31 3378 , 000000 5/15/31 3379 110000000 5%15 3380 1P000:100 l31 5/15/31 3381 1,000:00 5/15/31 3382 1.9000;00 5/15/31 3383 19000x00 5/15/31 3384 12000 00 5/15/31 3385 19000x00 515,31 3386 19000000 5/15/31 3387 1 000x00 5/15/31 3388 1, _000:00 179000000 ; and WHEREAS, the total of said warrants outstanding on May 219 19319 and now outstanding, constituting legal indebtedness of the City, is One Hundred Thousand (gp1009000000) Dollars; and WHEREAS, under the provisions of Chapter 163, Acts of the Regular Session of the Forty Second Legislature, and under applicable Charter provisions of the City, the City has authority to fund said legal indebtedness into funding bonds of the City bearing a lower rate of interest; and VJ=REAS, in the issuance of said warrants and in the issuance of the vouchers for payrolls_, forming the basis for tl—P issuance of said deficiency warrants, all provisions of the Charter were strictly followed, and particularly the provisions of Section 16, Sub- section 1., apportioning the available tax revenues to the various Departments of the government, were followed in such manner that during the current year no D=partment of the government has expended more money than can be paid from the tai: returns apportioned thereto; and WHEREAS, it is deemed to be to the best interest of the City to convert such indebtedness into funding bonds which may be retired throughout a series of years without undue burden on the City; and Section 4. Said bonds shall bear irsterest from their dtte at the rate of four and one-half (42%) per cent per annum, payable April 151 1932, and semi-annually thereafter on October 15th and April 15th of each year, until fully paid. Section 5® That the principal and interest on sa-tLbonds shall be payable in lawful money of the United States of America upon pre- sentation and surrender of bond or proper coupon at the office of the Director of Finance of the City a. Beaumonts or at the National City Bank, in the City of New York, State of New York, at the option of the holder. Section 6. That each of said bonds shall be signed by the Mayor' countersigned by the City Clerk and registered by the Director of i Finance, and the corporate seal of the City of Beaumont shall be impressed upon each of them® Section 7. That the fac-simile signatures of the Mayor and City Clerk may be lithographed or printed upon the coupons attached to said bonds, and shall have the same effect as if they had been signed by them. Section 8. -The form of said bonds shall be substantially as allows: NOV, X1,000:00 UNITED STATES OF PiMERICA STATE OF TEXAS COUNTY OF JEFFERSON CITY OF BEAUMONT FUNDING BOND SERIES 1931 The City of Beaumont, in the County of Jefferson, State of Texas, a municipal corporation, duly incorporated under the laws of the State of Texas, for value received, Yeereby promises to pay to the bearer hereof on the 15th day of April, 19 , the sum of ONE THOUSAND ID LLARS from date hereof at the rate of four and one-half (42) per cent per annum' interest payable April 15th, 1932, and thereafter semi-annually on the 15th day of October and the 15th day of April of each year, principal and interest payable upon presentation and surrender of bond or proper coupon at the office of the Director of Finance of the City of Beaumont or at the National City Bank, in the City of New York, State of New York at the option of the holder hereof, and the City of Beaumont is hereby held and firmly bound, and its faith and credit and all real and personal property in said City are hereby pledged for the prompt payment of the principal of this bond and the interest thereon at maturity; This bond is one of a series of One Hundred (100) bonds, numbered from One (1) to One Hundred (100), inclusive, of the denomina- tion of One Thousand ($1,000'000) Dollars each, aggregating One Hundred Thousand ($100,000'000) Dollars, issued for the purpose of funding, cancelling and in lieu of the evidences of certain indebtedness of the City of Beaumont in like amount, existing May 21st, 1931, consisting of legally issued, subsisting warrants of said City, all of which original warrants have been duly cancelled by the proper authorities before the issuance of this bond and of the series of which it is a part® In addition to all other rights the holder or holders of this bond and of the series of which it/ is a part is and are subrogated to all of the rights held by the holders of the original debts funded in this issue of bonds. This issue of bonds was expressly authorized by an ordinance passed by the City Commission of Beaumont, Texas, duly recorded_ in the minutes of said City air_; Co4m-iissionA The date of this bond in conformity with the ordinance above mentioned is the 15th day of October, 1931. , is auzy alithorize by law, and by the Charter of said City, and that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that due provision has been made for levying and collecting annually by taxation an amount sufficient to pay the interest on these bonds as it falls due and to provide a sinking fund for the final redemption of said bonds at maturity; and that the issue of bonds of which this is one, to- gether with all other indebtedness of said City, is within every debt and other limit prescribed by the Constitution and Laws of said State, and by the Charter of the City. IN WITNESS WHEREOF, the City of Beaumont, by its Commission.9 has caused its corporate seal to be affixed hereto, and this bond to be signed by its Mayor, attested by its City Clerk, registered by its Director of Finance, and the interest coupons hereto attached to be executed by the printed or lithographed fac®similie signatures of the Mayor and the City Clerk as of the date last above written', COUNTERSIGNED° City Clerk, City of Beaumont', Texas No: MAYOR, City of Beaumont., Texas REGISTERED.- Director EGISTERED. Director of Finance, City of Beaumont, Texas. Section 9. The form of coupon shall be substantially as follows: ON THE 15TH DAY OF ,19 York, at the option of the holder, the sum of Dollars in lawful money of the United States of America, being months 4 interest on tPCity of Beaumont, Texas, Funding Bond, Series 1931112 dated October 15th, 1931w-19 NO. CITY CLE 7KAY0 R SECTION 10. That substantially the following certificate shall be printed on the back of each of said bonds; COMPTROLLERIS OFFICE ; STATE OF TEXAS I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas, to the effect that this bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and the Charter of the City of Beaumoittt, and that it is a valid and binding obligation of said City of Beaumont, Texas, and said bond has this day been registered by me. WITNESS MY HAND and seal of off ice, at Austin, Texas, this the day of 19 COMPTROLLER of Public Accounts of the (SEAL) State of Texas SECTION 11. The Comptroller shall not register said bonds except as and when there shall be surrendered to him said warrants aggregating in anounts the respective amounts of the bonds then to be registered. The holder or holders.of said original indebtedness shall be entitled to the accrued interest of the funding bonds, as compensation for not drawing interest on the orginal warrants beyond the date calculated in this ordinance. Vr LT.jJUn 3._U_U �I`C�_U - Tine - original items of indebtedness, and is authorized to deliver to the i said bank, or upon its order, said Funding Bonds as and when issued iin accordance with written a4a instructions to be given by the Mayor E of the City; SECTION 13. It is further ordained by the City Commission of the City of Beaumont, Texas , that to pay the interest on said bonds and to create a sinking Bund sufficient to discharge them as they mature, a tax of Two (2�) Cents on the One Hundred (0100®00) Dollars assessed valuation of all taxable property in the City of Beaumont is hereby levied for the current year, and said tax shall be assessed and collect- ed and there shall be calculated each year while any of said bonds are outstanding and unpaid, what rate of tax is necessary to provide current interest and the required anount of the principal for such year, or a proportionate part thereof, and tax at such rate within the permitted rate of $2,50 on the One Hundred Dollars' valuation shall be levied, .assessed and collected during each of said years, and said tax is hereby levied and isordered to be levied, assessed and collected; and the taxes levied shall be applied to said purpose and to no other pur- pose, SECTION 140 It is further ordained #h -at the Mayor shall be and he/ is hereby authorized to take and have charge of all necessary records pending investigation and approval by the Attorney General and shall have dontrol of said bonds during said time'. After the record has been approved, the Mayor is authorized to leave the bonds in the office of the Comptroller, pending the exchange for the original warrants and pending their registration, which may be at one time or in installments, SECTION 15. That all things required by law to be done in the issuance of said original warrants funded herein have happened and been performed in due time, form and manner, as required by law; that the City received full and lawful value for all of said warrants funded hereby; that all I acts heretofore performed by the City Commission and by the City Officials in reference thereto are hereby expressly validated and said original warrants hre hereby validated; that all acts required by law and all things required by law to have happened in reference to this issue of Funding Bonds have happened and been performed in due time, form and manner, as required by law; that this finding is made for the benefit of the respective holders of the said bonds and for the benefit of the Attorney General of the State of Texas. SECTION 160 to The fact that it is considered to be the best interest of the City that the interest rate noir being paid by the City be reduced', and that the credit of the City be preserved by the funding of said outstanding items, create an emergency and an imperative public necessity and makes this an emergency measure necessary for the operation of a municipal department, to the end that the rule requiring ordinances to be read at three meetings be suspended and this ordi- nance be effective immediately from and after its passage, and it is so ordained. PASSED AND APPROVED., this the 6th day of October, 19310' ATTEST: CITY CLERK, City of Beaumont, Texas. APPROVED AS TO FORM: CITY ATTORNEY, City of Beaumont, Texas. MAR, City of Beaumont, Texas