HomeMy WebLinkAboutORD 26-LAN ORDINANCE
AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE
CITY OFBEAUMPNT NAMED HEREIN TO FORTHWITH PREPARE A1ti� 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 DEFICIEUCY WARRANTS, DESCRIBED IN SAID ORDINANCE,
FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAIN-
TENANCE AND OPERATION- OF THE GENERAL DEPARTMENT OF GOVEP10A ;NT
NMT-IO14-ED 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 1937, is without funds where�nd th to pay. its current obliga-
tions incurring.and to be Ancurred 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 1937.
THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION. OF
THE CITY OF BEAUMONT, TEXAS:
Section 1
That P. D. Renfro, Mayor of the City of Beaumont, and
his, successors in office. be, and theyare hereby author-ized to
forthwith prepare,or have prepared, u1d,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 "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
(6160,000..00)of the`cur-rent-revenues of -the City of Beaumont
for the year 1937 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 19.37 for the operation of
and -application to the -General Department of the City Government.
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 v,herewith
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 ONE HUNDRED SIXTY THOUSAND DOLLARS
($160,000.00)
The said Deficiency Warrants shall be in the following
form, to -wit:
"THE STATE OF TEXAS
COURITY OF JEFFERSON
Beaumont, Texas.
- 1937®
On demand pay to the order of "BEARE'R"
$ DOLLARS
To the Director of Finance j
City of Beaumont )
Countersigned:
City anagen
Mayor
ATTEST:
City Clerk
This warrant is one of .a series of several warrants
authorized by the City Commission of the City
Beaumont by ordinance duly passed on the 10th --day of
August, A. D. 1937,.and is. payable out of the tax
levies for the year 1937 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,',
The said warrants shall be duly registered before being
negotiated by the Director of Finance®
r 411.._
.Section 2
-The fact tha-t -the City of Beaumont is without funds
now to discharge the current obligations Ancurred for the main-
tenance and operation -of the General Department of Government,
without at once anticipating and pledging ONE HUNDRED SIXTY
THOUOAND'DOLLARS ($160,000.G.0}.of the tax revenues of 193 ,
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 sh111 be read on- three- separate days ,before
passage; wherefore, said rule is hereby suspended, andthis
Ordinance shall take effect upon its passage and- signature of
the Mayor.
Passed by the affirmative vote of all members 6f the
City Commission, this the 0th day of August, A.D. 1937.
�/ Mayoro ....... .