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AN ORDINANCE
ENTITLED AN ORDINANCE PLEDGING AND APPROPRIATING
THE NET REVENUES,, OR SO MUCH THEREOF AS MAY BE
NECESSARY, TO BE DERIVED FROM THE PUBLIC COLISEUM
OF THE CITY OF BEAUMONT, FOR THE PURPOSE OF PAYING
THE INTEREST AS IT ACCRUES AND THE PRINCIPAL AS IT
MATURES ON $2,500, 000 COLISEUM BONDS TO BE VOTED ON
AT AN ELECTION TO BE HELD AUGUST 17, 1957.
WHEREAS, the City Council has called an election for voting $2, 500, 000
Coliseum Bonds on August 17, 1957; and,
WHEREAS, the City Council has determined that the net. revenues to
be derived from said coliseum, when constructed,, shall be pledged exclusively
to the payment of the principal and interest on said bonds; now, therefore
BE IT ORDAINED BY THE CITY OF BEAUMONT
That the net revenues, or so much thereof as may be necessary, to be
derived from the public coliseum of the City of Beaumont are hereby pledged,
set aside, and appropriated for the purpose of paying the interest as it accrues
and the principal as it matures on $2, 500, 000 Coliseum Bonds to be voted upon
at an election to be held on August 17,, 1957, and said net revenues are hereby
r,
ordered to be deposited annually in the interest and sinking fund account of the
City of Beaumont, and shall be used for no other purpose so long as said bonds
or any of them, or any interest thereon, are outstanding and unpaid.
This ordinance shall be in no force and effect unless $2, 500, 000 bonds
are voted at the election to be held August 17, 1957; but if said bonds are voted
at said election, then this ordinance shall be in full force and effect from and
after its passage.
PASSED this 30th day of July, 1957, by a majority vote of the City
Council of the City of Beaumont, Texas.
APPROVED this 30th day of July, 1957,
f
Attest:
6>11or of the City of Beaumont, Texa
ty Clerk of the City of Be ont,
exas