Loading...
HomeMy WebLinkAboutORD 15-AORD, 15-m.q A N O R D I N A N C E Entitled an ordinance authorizing the issuance of bonds for the purpose of purchasing, owning and operat- ing a dater Works, System, e#;b4r insider outside of the City limits of the City of Beaumont and providing for the levying and collection of a tax to pay the interest and . create a Sinking Fund for the redemption of said bonds. Whereas, at an election held. for the purpose on the 27th day of January A.D . 1914, a majority of the �zal- ified voters, who are property tax payers of the City of Beaumont, voting at said election, sustained the proposi- tion to issue the bonds hereinafter described , by a vote of 433 for the to a vote of 251 r against the issuance of"51IM `BBonds, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OFBEAUTAONT: SECTION I. That there shall be issued by the City of Beau - moat Texas, the bonds of said City to be called the"City of Beaumont+ Water Works Bonds # 2 ", for the purpose of borrow- ing money upon the credit of this City, such money to be used in purchasing, owning and operating a mater Works System s444iar inside cxoutside of the city limits of the city of Beaumont SECTION II. SRAd bonds shall be numbered from one to five - A N O R D I N A N C E Entitled an ordinance authorizing the issuance of bonds for the purpose of purchasing, owning and operat- ing a dilater Works- System, e+t inside iyr- outside of the City limits of the City of Beaumont and providing for the levying and collection of a tax to pay the interest and create a Sinking Fund for the redemption of said bonds. Whereas, at an election held for the purpose on the 27th day of January A.D. 1914, a majority of the riial- ified voters, who are property tax payers of the City of Beaumont, voting at said election, sustained the proposi- tion to issue the bonds hereinafter described , by a vote of -433 for t-he-iss„1-g-^^� ponds, to a vote of 251 against the issuance of -s -aid -bonds, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OFBEAU19ONT: SECTION I. That there shall be issued by the City of Beau - moat Texas, the bonds of said City to be called the "City of BeaumontslWater Works Bonds # 2 ”, for the purpose of borrow- ing money upon the credit of this City, such money to be used in purchasing, owning and operating a Mater Works System sir inside cxoutside of the city limits of the city of Beaumont SECTION II. Said bonds shall be numbered from one to five - 1undred inclusive and shall be of the denomination of One - Thousand ( $I,000.00) Dollars each, aggregating the sum of a #2. Five -Hundred. -Thousand ( 500,000.00) Dollars and shall be payable in of the United. States of America. SECTION III. Said bonds shall be dated the first .day of March A.D. 1914 and. shall become due and payable forty ( 40 ) Years from their date , but the right is reserved by the City of Beaumont to redeem said bonds or any number thereof, at any time after twenty years ( 20 ) from their date o SECTION IV. Said bonds shall bear interest from their date at the rate of five (-5%)-- pex cent. per annum, interest payable semi-annually on the f it st day cE September and the first day of March of each year according to the tenor of the interest coupons thereto attached. SECTION V. Principal and interest on said bonds shall be payable on presentation and surrender of the bonds or proper coupon in the office of the City Treasurer of the City of Beaumont or at the Chase National Bank of New York City at the option of the holder. SECTION VI. # 30 SECTION VII. THE fac-simile signature of the Mayor and City Secretary shall be lithographed on the coupons. SECTION VIII. It is further ordained by the City Council that to pay the interest on said bonds and create a Sink- ing Fuld sufficient to discharge them at maturity, a tax of 19 cents, or so much thereof as may be necessary, on each One -Hundred ( 4 100.00) Dollars valuation of all tax- able property in said City of Beaumont shall be annually levied on said property and shall be annually assessed and collected until the said bonds and interest are paid. SECTION IX. It is further ordained that the Mayor be author- ized and he is hereby directed to have prepared five -hundred ( 500) bonds of the City of Beaumont of the denomination of One -Thousand ( 1,000.00) Dollars each as above described and that the Mayor be authorized to take and have charge of said bonds pending their investigation by the Attorney -General `c: of the State of Texas and upon their approval and registration he shall proceed to sell same at not less than their face value at pulslic or private sale and the procgeds of said sale shall be deposited with the City Treasurer of the City of Bea-timont nnr3 it i.q 'hnrAhv -mPr1A trA r1iitt'7 n-? t1in TTnnnr to nrn- SECTION VII. THE fac-simile signature of the Mayor and City Secretary shall be lithographed on the coupons. SECTION VIII. It is further ordained by the City Council that to pay the intexest on said bonds and create a Sink- ing Fuld sufficient to discharge them at maturity, a tax of 19 cents, or so much thereof as may be necessary, on each One -Hundred ( 4 100.00) Dollars valuation of all tax- able property in said City of Beaumont shall be annually levied on said property and shall be annually assessed and collected until the said bonds and interest are paid. SECTION IX. It is further ordained that the Mayor be author- ized and he is hereby directed to have prepared five -hundred ( 500) bonds of the City of Beaumont of the denomination of One -Thousand ( � 1,000.00) Dollars each as above described and that the Mayor be authorized to take and have charge of said bonds pending theirinvestigation by the Attorney -General of the State of Texas and upon their approval and registration he shall proceed to sell same at not less than their face value at pubrlic or private sale and the procgeds of said sale shall be deposited with the City Treasurer of the City of Beaumont and it is hereby made the ditty of the Idayor to pro- vide 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. A20, IT # 4. Passed on this the Ord day Qf February A.D. 1914- Approved on this the Ord day of February A.D. 1914. or --Attest: ayr SEETARY- TWO TH J; 04, SU170N. f,44tri SECRETARY, Beaumont, Texas„ February 3rd, 1914. Honorable Mayor R City Counci�, C I TY, Gentlemen:- Vie, your Board of Public Works to whom was referred the attached ordinance,, beg leave to report that we have examirrdd said ordinance and recommend same be adopted. n Respectfully submitted, Boar Publi c Works , rrrr sjaGRZTAR d oez) 1.'®4 I Beaumont, Texas, February 34,.1914. Honorable I:iayor & City Council, C I T Y, Gentlemen:- We entlemen:-- ►Je your ordinance Committee, to whom was referred the attached ordinanc.e beg leave to report that after careful coy}sideration we recommend the adoption of same Re spec c " T THS. - --� SU'T" O NJ , t'