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HomeMy WebLinkAboutORD 50-Lc AN 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 MAIN- TINANCE .AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID tNARRANTS; 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 1935, is without funds .wherewith to pray its current obliga- tions incurring ,and to be -incurred for the operation of the General Department of the Government, and in order to -acquire funds wherewith to 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 portion of the current tax revenues of the City for the year 1938.. THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION.. OF THE CITY OF BEA.UMONT, TEKAS: Section 1 That R. A. Coale, 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, Land 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 the legal -and binding pledges and hypothecation of ONE HUNDRED -SIXTY THOUSAND DOLLARS ($160,000.00) of the current revenues of the City of Beaumont for the year 1938 ;as applied to the General Fund, the said Deficiency 'Narrants to be paid and retired out of the first tax .revenues collected for the year 1938 for the operation of and application to the General Department of the City Government. Z _Y L• 1 That said Warrants shall be executed, negotiated •and delivered 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 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 oiAners and holders thereof; provided, however, the total amount of such warrants of this issue shall not exceed ONE HUNDRED SIXTY THOUSAND DOLLARS ($160,000.00). The said Deficiency Warrants shall be in the following form, to -wit: ?1THE STATE OF TEXAS COUNTY OF TEFFER"SON Beaumont, Texas. 1938. On demand pay to the order of "BEARER" $ DOLLARS To the Director of Finance } City of Beaumont ) Countersigned: City Manager Mayor ATTEST: City Clerks 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 2nd day of August, A. D. 1938, and is payable out of the t7ax levies for the year 1938 and chargeable to the General Department when collected. This warrant bears interest at the rate of not more than six percent per annum from its date until paid. S1 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 novo to discharge the current obligations incurred for the main- tenance and operation of the General Department of Goverament, without at once anticipating and pledging ONE HUNDRED SI= TfIOUSAND DOLLARS (4;;160,000.00) of the tax revenues of 1938, for the maintenance and operation of the General Department mentioned in this Ordinance, creates an imperative public emergency necessit-ating 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 tame effect upon its passage and signa.turc of the Mayo r. Passed by the -affirmative vote of all members of the City Commission, this the '2nd day of August, A. D. 1938. Mayor.