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HomeMy WebLinkAboutORD 4 GGENTITLED AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF A TIME WARRANT OF THE CITY OF BEAUMONT, TEXAS, UNDER THE PROVISIONS OF THE "BOND AND WARRANT LAW OF 193141, BEING ARTICLE 2368a OF THE REVISED CIVIL STATUTES OF TEXAS, AND ALL AMENDMENTS THERETO, FOR THE PURPOSE OF PAYING PART OF THE COST OF PAVING WASHINGTON BOULEVARD AND GLADYS STREET IN THE CITY OF BEAUMONT, TEXAS, SAID WARRANT TO BE DATED AUGUST 25, 1964 AND TO MATURE ON DECEMBER 1, 1967, AND BEARING INTEREST AT THREE PER CENT (3%) PER ANNUM; PRESCRIBING THE FORM OF SAID WARRANT; PROVIDING FOR THE LEVYING AND COLLECTING OF THE TAX NECESSARY TO PAY THE INTEREST AND CREATE A SINKING FUND TO PAY THE PRINCIPAL OF SAID WARRANT WHEN IT MATURES; AUTHORIZING AND DIRECTING THE MAYOR AND THE CITY CLERK TO EXECUTE SAID WARRANT AND IMPRESS THE CORPORATE SEAL OF THE CITY OF BEAUMONT THEREON, AND DO ALL OTHER THINGS NECESSARY IN CONNECTION WITH DELIVERY THEREOF; PROVIDING FOR THE CUSTODY OF SAID WARRANT PENDING ITS DELIVERY; AND REPEALING ALL ORDINANCES AND PARTS OF ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING FOR SEVERABILITY. BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS: Section 1. That The City of Beaumont, Texas, shall issue a warrant as hereafter described for and on behalf -of, and upon the credit of, The City of Beaumont, Texas, as follows: Nineteen Thousand ($19,000.00) Dollars principal amount of the Washington Boulevard and Gladys Street Paving Warrant, said war- rant to be payable to the order of Trotti & Thomson, Inc. in part payment of the paving price of Washington:Boulevard and Gladys Street, same to be dated August 25, 1964 and shall mature and be payable on or before December 15 1967. Said warrant shall bear interest at the rate of three per cent (3%) per annum. The principal and interest on said warrant shall be payable upon presentation and surrender of the warrant to the office of the Director of Finance of The City of Beaumont, Texas. Section 2. That the said Warrant shall be in the following form: "UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF JEFFERSON CITY OF BEAUMONT WASHINGTON BOULEVARD AND GLADYS STREET PAVING WARRANT "KNOW ALL MEN BY THESE PRESENTS: That The City of Beaumont, of Jefferson County, Texas, under and by virtue of a valid contract, acknowledges itself justly indebted to and hereby promises to pay to Trotti & Thomson, Inc. NINETEEN THOUSAND DOLLARS ($19,000.00) in lawful money of the United States of America on or before the 1st day of December, 1967, with interest thereon from the date hereof until paid, at the rate of three per cent (3/) per annum; and the Director of Finance of_The City of Beaumont, Texas, is hereby authorized, ordered and directed to pay to the order of Trotti Thomson, Inc. on or before the lst day of December 1967,. the date of maturity of this Warrant, the sum of Nineteen Thousand ($19,000.00) Dollars, and shall pay the interest due thereon on or before the same date. "Both principal and interest of this warrant are payable at the office of the Director of Finance of The City of Beaumont, Texas; and The City of Beaumont, Texas, is hereby held and firmly bound, and its full faith and credit and all taxable real and personal property therein are hereby pledged for the prompt payment of the principal and interest of this warrant as it matures. "This warrant is issued for the purpose of paying part of the construction price of paving Washington Boulevard and Gladys Street for The City of Beaumont, under a contract with Trotti & Thomson, Inc. This warrant is issued under and by virtue of the Constitution and Laws of the State of Texas and the Charter of The City of Beaumont, and in strict conformity with Article 2368a, and the amendments.there-- to, of the Revised Civil Statutes of Texas. It is hereby certified and recited that the issuance of this warrant is duly authorized by of Beaumont, Texas, on the 25th day of August, 1964 "It is hereby certified, recited and declared that the issuance of this warrant is duly authorized by law and that all acts, condi: tions and things required to be done precedent to and in the issuance of this warrant have been properly done, have happened and been per- formed in regular and due time, form, .and manner as required by law; that sufficient and proper provisions for the levying and collection of an ad valorem tax have been made, which, when -collected, shall be appropriated exclusively to the payment of this warrant and the inter- est upon same, and that the total indebtedness of The City of Beaumont, including the entire warrant, does not exceed any constitutional or statutory limitation. "It is hereby recited, certified, and declared that the addi- tional tax levied and made necessary to be levied in order to provide for the interest and principal of this warrant, together with the rate of tax existing at the time of issuance of this warrant, is within the limitations of the Constitution and Laws of the State of Texas and the Charter of The City of Beaumont. "?The date of this warrant, in conformity with the ordinance above mentioned is August 25, 1964. ??In witness whereof the City Council of The City of Beaumont, Texas, has caused the corporate seal of The City of Beaumont to be affixed hereto and has caused this warrant to be signed by its Mayor and countersigned and attested by its City Clerk, as of the 25th day of August, 1964. 41Mayor of The City of Beaumont, Texas. ?'Attest: ?'City Clerk of The City of Beaumont, Texas." Warrant and to create a sinking fund to pay the principal on said warrant when the same matures, a sufficient tax on each one Hundred ($100.00) Dollar valuation of all taxable property in The City of Beaumont, Texas, shall be annually levied on said property and annually assessed and collected and applied to the purpose named. Section 4. That said warrant shall be signed by the Mayor and counter- signed by the City Clerk of The City of Beaumont, Texas, and the cor- porate seal of The City of Beaumont, Texas, shall be impressed upon said warrant. Section S. That the City Manager of The City of Beaumont is hereby directed, after the warrant has been properly executed as hereinabove provided, to keep the said warrant in his custody to be delivered by the City Manager to Trotti & Thomson, Inc. when it is necessary to -.pay Trotti & Thomson, Inc. under the terms of the contract for the paving of Washington Boulevard and Gladys Street. The Mayor and the City Clerk are authorized and directed to do any and all things necessary and convenient to effect delivery of said warrant to Trotti & Thomson, Inc. Section 6. All ordinances and parts of ordinances and all resolutions and parts of resolutions inconsistent with the provisions of this ordinance are hereby rescinded and repealed in so far as same may conflict here- with; and it is further provided that if any portion of this ordinance shall be declared invalid, said invalidity shall in no way affect the remaining valid portions thereof. PASSED by the City Council this 25th day of August, A.D. 1964.