HomeMy WebLinkAboutORD 56-AA3D-�9���
AN ORDINANCE
AUTHORIZING AND DIRECTING_THE PROPER OFFICIALS OF.THE
CITY OFBEAUMONT-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 OFDEFICIENCY WAR-
RANTS, DESCRIBED IN SAID ORDINANCE,,' -.-FOR THE PURPOSE. OF
DEFRAYING -THE CURRENT EXPENSES FOR THE MAINTENANCE AND
-OPERATION OF THEW GENERAL DEPARTMENT. OF •GOVERNMENT. MEN--
TIONED' IN SAID ORDINANCE;'- FOR. THE PAYMENT AND DISCHARGE
OF SAID. WARRANTS..
WHEREAS,
the. City Council,.of The City of Beaumont, by ordi-
nance :dated:July 10,', 19560, autho'ri.zed the issuance_ of $7501000.00
in deficiency warrants 'for funds with 'which to pay its -current ob-
ligations, - pending its 'colleaion of the current tax 'revenues; and
WHEREAS, ;it now becomes necessary for the City, in order to,
acquire funds wherewith 'to defray the, current expenses -:for the main-
tenance andoperation- of t -he. General Department .of government; pend
ing the collection cf the current tax revenues., to borrow'an addi
- tional $250, 000. 00, and- to issue deficiency warrants these for;
NOW, THEREFORE., BE IT. ORDAINED BY THE CITY OF BEAUMONT;
TEXAS:
Section 1.
That Jimmie -P. Cokinos,- Mayor '- of ' The City • of. Beaumont, and his
successors in -office- ..he, and they are., -hereby, authorized to forth- .
with,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. evi -
den.ced.by De.ficiency.Warrants, dated on the dateor dates when nego-
tiat-ed, ---and delivered -from time to time, as -herein6Lfte:r -pr.ovided;
payable to "BEARER" on demand, bearing :not more than 27interest
from their date until paid, which.said warrants shall be,'and are
hereby, secured by,the legal and binding.pledges and hypothecation
of .TWO HUNDRED FIFTY THOUSAND ($2501 000.00).. DOLLARS of, the current
-
...,.revenue revenue of The: City of Beaumont ;for the year. 195.6, as applied. to the
General Fumd,'and said D.efi.ciengy. Warrants to be paid and retired
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