HomeMy WebLinkAboutORD 95-A-27
A N 0 R D I N A N 0 R
Authorizing the issuance of bonds for the purpose of
_co t_ru ing=a 'ublic_� hhar-f�t�ithin th-e--mC-of-o;f-.Beaumant:,--and pro --- —
viding for the levy and collection of a tax to pay the interest
and to create a sinking fund for'the _redemption of said bonds.
WHEREAS, at an election held for the purpose on the
22nd day of October, A. D. 2908, a majority of the qualified
voters, who are property tax payers of the City of BB aumont,
Jefferson County, Texas, voting at said election, sustained the
proposition to issue the Bonds, hereinafter described, by a mote
of 198 for the issuance of said Bonds, to a vote of 9 against
the issuance of said Bonds, therefore BE IT ORDAINED BY THE CITY
COUNCIL OF THE CITY OF BEAUMONT:
Section 1. _------_
That there shall be issued by the City of Beaumont,
Texas, the Bonds of said City,, to be called t! City of Beaumont
Wharf Bonds", for the purpose of borrowing money upon the credit
of this City, such money to be used in the construction of Public
Wharves within the city of Beaumont.
Section 2.
Said Bonds shall be numbered consecutively from One (1)
to fifty (50)'inelusive, and shall be of the denomination of
One Thousand (1,000.00) Dollars each, aggregating the sum of
Fifty Thousand ($50,000.x]0) Dollars, and shall be payable in law-
ful money of the United States of America.
Section 3.
Said Bonds shall be dated the first day of December,
A. D. 1908, and shall become due and payable forty ye ars from
date, but the right is hereby expressly reserved by the City of
Beaumont to redeem said Bonds or any number thereof, at any time
after twenty years from their date.
Section 4.
Said Bonds shall bear interest from their date, .at the
rate of five per cent (51/`�q) per anr_um, the interest payable serai-
annually, on the first day of June and the first day of December
of each year, according to the tenor of the interest coupons
thereto attached.
Section 5.
Principal and interest on said Bonds shall be pa -%able
on presentation and surrender of bond or proper coupon, at the
office of City Treasurer of the City of Reawnont, or at the
Hanover National Bank of Newyork, at the option of the holder.
Section 6.
Said Bonds shall be signed by the Mayor, countersigned
by the Citi secretary, and registered by the City Treasurer, and
- -- -the seal of the City shall be in -pressed upon each one of them.
Section 7.
The fac-siraile signatures of the .14ayor and the City
Secretary shall be lithographed on the coupons.
Section 8.
It is further ordained by the City Council that to pay
the interest on said bonds and create a sinking fund sufficient
to diseh rge thain at maturity, a tax of three cents and three
mills ( .033) on each hundred dollars valtza tion of all taxable
property in said City of Fe aumont shall be levied annually on said
property and annual!,,,, assessed and collected, until said bonds
and interest are paid; and said tax of three cents and three mills
(033) on the one hundred dollars, out of a tax of fifty cents
on each one hundred dollars property valuation levied -to create
the interest and sinking fund to pay the outstanding indebtedness
of this City by this Council on the 8th day of ,;Iay A. R. I908 ( the
ordinance making the levy being of record on pages 489 and 490,
vol. 1 of the Y'inutes of this Council) is hereby appropriated
and set aside to pay the interest and create the sinking fund
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necessary for the current year, and shall be assessed and collected
and so applied, and said tax or so much thereof, as may be
necessary, is hereby levied for each year hereafter, while said
-= -r— ____T or anz—nurmber- thereo-fi are--out-sta-nd n-gj- aa-nd- the--same-
be annually assessed and collected and applied for the purposes
named.
Section 9.
It is further ordained that the Mayor be authorized
and he is hereby directed to have prepared the fifty (50) Bonds
of the City of Beaumont, of the denomination of One Thousand
(1I, 000 .00) Dollars each, as above described, and t hat the said
Mayor be authorized to take and have char&e of the said Bonds,
i • •.•
pending their investigation by the Attorney General of the State
of'Texas, and upon their approval and registration, he shall pro- °
ceed to sell them at not less than their face value at public or -
private sale, and the proceeds of suoh sale shall be deposited
with the City Treasurer of the City of Beaumont; and it is hereby
made the duty of the Mayor to provide -that said Bonds shall be
delivered to the purchaser in the City of Beaumont, and payment
for same shall also be made in the City of Beaumont.
Passed on the 27th day of October, A. D. 1908.
Approved by the `Mayor on the 27th day of October,A.D.I908.
jr
Mayor.
Attest:
Cita- S cretary.
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Pus ed, this the 4 7 th cl of Oetobci', A.D. 1D08
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