HomeMy WebLinkAboutORD 59-Ai tj
AN ORDINANCE.
IMP.
Entitled an ordi ance authorizing the is nce (2f G
bonds for the purpose of
^�'��'^"-af- the City of Beaumont, and providing for the levying and col-
lection of a_ t ax. 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
20th day of December, A.D. , 1911, a majority of the qualified
voters who are property tax payers of the City of Beaumont, Texas,
votring at said election, su-stained the proposition -to issue
the bonds hereinafter described by a vote of /ZG for the issuance
of the baid bonds to a vote of L3 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 5s sued by the City of Beaumont,
Texas, the bonds of said city to be called "City of Beaumont
Street Improvement and Repair Bonds", for the purpose of bor-
rowing money upon the credit of this city, such money to be
used in constructing permanent street improvements
.within the City of Beaumont.
Section 2.
Said bonds shall be numbered from one to sixty inclusive,
and shall be of the denomination of One Thousand ($1,000.00)
Dollars each, -aggregating the sum of Sixty Thousand (60,000.00)
Dollars and shall bey a able in lawful money of 'the United
p
States. of America.
Section 3.
S
Said bonds shall be dated the
1912, and shall become due and payable forty year from their
date, but the right is hereby 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 (5%) per annum, interest payable semi-
annually, on the first day of41?7*� and the first day of
each year, according to the tenor of the interest coupons thereto
attached*
Section 5,
Princina.l and interest .on said bond,sl shall be .payable
on presentation and surrender of bonds or proper coupon at
the office 6.f_ the City ,Treasurer of the `.City of'Beaumdnt.,.or at
the, Chase National Bank of New York City, at the option .of the
:holder:
Secti.on 6. "
Said:'':ands sh.alie 'signed by' the Mayor,; eo.unter-signed
by the. City Secretary and registered by ,the. City Treasurer., and.
the seal of the City shall b® impressed upon, each one of them.
.Section '7*.
The •:'fac-simile signature -of the Mayor grid the City
Secretary shall be lithograph6a on - the ,coupons.
Section .8. -• ' - , ,
It is further ordained by the City Council•:that .to pay
the, interest on* said bonds aid create a sinking;' fund sufficient
t -o discharge 'them at maturity a tax of .two cents, eight and eight
tenths: mills (.•0288) , on .'each one hundred d ollars valuation of
all taxable property in said City of Beaumont. shall be annually
levied on said #o perty and -shall be annually. -assessed and colleet�-
ed until, such bonds and - intere,st •are,paid, and . said` tax ' of tyro"
cents,' eight 'and.�eight .tenths mills (..0288) on the one hundred
dollars out of a tax of fift'y'"-t'o (.5.2) cents on each one "hundred;
dollars property valuation levied to create the, interest and
sinking. fund, to pay the outstanding bonded- ind"eb.tedness of this
city by, this council ' on, the 2nd day''of May, A -D'-
dinanca making said levy being of record• on page 12;0, Brook 3,
of the Minutes of this. c ouneil) is hereby appropriated and s et
aside .to pay the interest and create .the necessary .sinking fund ,
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. bonds,, or any
number thereof',' are outstanding, and: the same shall be. annually
assessed and collected and applied.to the purposes named.
Ap-
Section .9.
It' is..further ordained that the Mayor. be authorized
and' he is re.reby directed-to:.have prepared sixty bonds of the
City of Beaumont of the, denomination of One Thousand (01;000.00)
Dollars each, as above described"; and the Mayorbe authorized
to take and have charge of said bondspending their investigE�tidn
by the Atto-rhe" � Gene ral 'of the -State oy ;,Texas, and upon •their
approval and 'registration, , he shall proeeed'to.' sell same at not less
than,their face .valuQz a,u public . o.r private sale, , and the pro-
.
ceefts of such, sale.'.shall be deposited with the City Treasurer
of. the City of Beaumont, and it'is heieby.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 this the. day ofl:O�lr-may A.D., 1912.
Ap=-proved by, the Mayor on this, the� day A.D. ,x.9.12.
yor.'
.. Att est
i Secretary.
Beaumont`,; Texas, Jan. 2 1912.
To. the Hon.,,Mayhr and City Counei? ,
Beaumont, Texas.
Gent lemen:
We, Jour Ordinance Commit tee, to whom, WMq
referred tie ordinance authorizing 1; he . suance of
bonds to be knovin as Street Smnrov eme nt and Rp�air Bonds
hereto attached, beg to re port that we have car6fully
examined same and recommend that it be adopted .and pa.9sed-,
- thiq the 2.nd dad of JaniLRry,.
Resnect_f_,illJ submitted,
--�-«
r Knee omnit,�ee."
•
r '. -1
Bea-amont, Texas, Jan. 2,1912.
To the Hon. Mayor and City Council,
Beaumont, Texas.
Gentlemen: -
We, your. Board of Public + orks , to whom was
referred the attached ordinance entitled an .ordinance
authorizing 'the issuance of bonds to be known as
Street Improvement and Repair Bonds, beg to report
that we have carefully examined same, and recommend
that it be adopted and- pas.sed.
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