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HomeMy WebLinkAboutORD 9-N(st", C�, q AN ORDLiANCE AUTHORIZIAG AND DIRECTING THE PROPER OFFICERS OF THE CITY OF BEAUMO.NT NAMED HER.M TO FORTHWITH PREPARE AND EXECUTE Ai!D TO iiEGOTIATE AND DELIVER, FROM TIME TO TIME, AS !vECESSITIES REQUIRE, LEGAL . AND BINDING OBLIGATIOivS OF THE CITY OF BEAUMONT IN THE FORM OF DEFICIENCY WARRANTS, DESCRIBED IN.SAID ORDINANCE, FOR. TSE PURPOSE OF . DEFRAYIivG THE , CURR:WNT EXPENSES FOR THE . MAIiu- TE1vANCE AND OPERATION_OF THE GENERAL.DEPARTMENT OF GOVERNMENT MENTIOiiED IN SAID. ORDI MANCE; FOR THE PAYMENT AND DISCHARGE OF SAID.WARR"TS; AND DECLARI0 AN EMERGENCY. _ WHEREAS, the City of Beaumont, pending the collection of the current 't ax revenues, r from all sources, being taxes for the year 1940., is withoutfunds wherewith to pay its current obliga- tions incurring and to be incurred for the operation of .the Gen- eral Department of the Government, and in order to acquire funds wherewith to defray the current expenses of the General Depart- ment ' 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 antiBipate and pledge an equal portion of the current tax revenues of the City for the year 1940. THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BEAUMONT9 TEXAS: Section 1 That Geo, W. Dorgan, Mayor of the City of Beaumont, and his successors in office be, and they are hereby authorized to forthwith prepare, or have prepared, and 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 bind- ing pledges and hypothecation of ONE HUNDRED SIXTY THOUSAND DOL- LARS ($160,000.00) of the current revenues of th6'City of Beaumont for the year 1940 as applied to the General Fund, the said De- ficiency Warrants to be paid and retired out of the first tax revenues collected for the year 194Q for the operation of and application to the General Department of the City Government. That said Warrants shall be executed, negotiated and QW. delivered as when it is requisite and necessary to raise money for payment of existing .obligations and for defraying the our— rent rent expenses for the operation of the General Department of the Government, until such time as there shall have been collec- ted 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 wherewith to pay off and discharge all of- such, deficiency war- rants 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 THOU SAND DOLLARS ($1600400.00). r The said Deficiency Warrants shall be- in the following form, to wit t "THE STATE OF TEXAS Beaumont, Texas _ C OUATY OF JEFFERSOiu , 1940 On demand pay to the order of "BEARER" ;DOLLARS To the Director of Finance ) City of Beaumont ) Magor Countersigned City Manager ATTEST This warrant is one of a series of several warrants authorized by the City Comnission of the City of Beaumont by ordinance duly passed on the 23rd -day of July A.D. -194Q* and is payable out of the tax levies for the year 19AQ and chargeable to the General Department when�colleoted. This warrant bears interest at the rate of not more than six per cent per annum from its date until paid." The said warrants shall be duly registered before being negotiated by the Director of Finance. �9q4 Section 2 The fact that the City of Beaumont is without funds now to discharge the current obligations incurred for the maintenance and operation of the General Department of Govern- ments without at once anticipating and pledging ONE HUNDRED SIXTY THOUSM D DOLLARS ($1601000,00) of the tax revenues of 1940, for the maintenance and operation of the General Depart- ment mentioned in this Ordinance, creates an imperative public emergency necessitating the suspension of the rule requiring that all ordinances shall be read on three separate days before passage; wherefore, said rule is hereby suspended, and this Ordinance shall take effect upon its passage and signature of the May or . Passed by the affirmative vote of all members of the City Commission, this the 23rd day of July, A.D. 1940.