HomeMy WebLinkAboutORD 39-AAAN ORDINANCE
AUTHORIZING AND DIRECTING THE PROPER OFFICIALS. OF
THE,. CITY.*OF BEAUMONT NAMED. 'HEREIN TO FORTHWITH "
PREPARE AND EXECUTE AND TO NEGOTIATE -AND .DELIVER,
FROM-TIME TO TIME; AS'NECESSITIES REQUIRE, LEGAL
AND BINDING OBLIGATIONS OF THE.CITY OF BEAUMONT IN
THE FORM OF DEFICIENCY WARRANTS, DESCRIBED IN SAID
ORDINANCE, FOR THE PURPOSE OF:DEFRAYING-THE CURRENT
EXPENSES--FOR THE MAINTENANCE AND OPERATION OF'THE
GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID
ORDINANCE; FOR- THE . PAYMENT AND: DISCHARGE '.OF -SAID.'..
WARRANTS,
Whereas, The City of:Beaumont, pending,the collection
of the current tax revenues froiii • all ' sourcesbeing taxes. for
the year'-1956,,`.,is without funds wherewith .to pay. i-ts , current
-obligations incurring and,to be 'incurred ,for the-operation'.of
the General Department..of the, Government,. and -iri order to acquire - .
- . funds; .wherewith to .defray -the current ...expenses ,:of the General
Department of . the Government, pending the collection of said--.
revenues, it : is necessary that The City, of •Beaumont borrow. money
upon the faith andcredit of -said City, " and to anticipate' and
.,pledge an equal portion. of ..the .,current tax ,.revenues . of the-City
for the,year 1956; ;.
NOW;':. THEREFORE BE IT ' ORDAhNED BY..THE CITY OF.
BEAUMONTj TEXAS
Section l
That'.Jimmie P. 'Cokirios', Mayor: of The •City of Beaumont,
and :his succ.essons-._in office, .be,: and they are hereby, 'aiithorized'-
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 Def iciency Warrants,; -dated on the date .or
dates when negotiated, and delivered from time to'time, as herein-
after provided,-payable.to."BEARER" on demand, bearing not more
than 2% interest 'from their date :until .paid, which said, warrants-
shall ,be, and are hereby, . secured. by the 1 egal and binding, pledges
and hypi t.h4cation of .SEVEN HUNDRED FIFTY THOUSAND ($750, 000.00)
No Text
34/ A
.
156
.`'This warrant is one ..of a series of several warrants
aut;hbri zed by the
City "Council . of The City of Beau-
mont ;.by ordinance
duly passed' on the 10th day of. July,
'A. D.' .1956,, and is
payable' out of the `tax levies for
the -year 19,56, and
chargeable to 'the General Department .
when.collected:,-
"This .warrant bears :inte •rest � at the rate' of not more
than two per' cent
(2`.) per annum , from., its- .date until
-
The said Warrants
shall be duly registered -before being
negotiated -by-the Director
of, Finance,
. ; PASSED; 'by the 'City
Council 'this 10th, day: of July, A. D,
-1956..
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