HomeMy WebLinkAboutORD 23-DAN ORDINANCE
Authorizing and directing the expenditure of not to
exceed Twenty Thousand Dollars ($20,000.00) for permanent
improvements on the wharves and docks of the City of Beaumont
in accordance with plans and specifications contemplated by
the Dock .& Wharf Commission, and to be hereafter approved;
authorizing and directing the City Manager to negotiate a
..loan for the sum of Twenty Thousand Dollars (.120',000.00)
from the First National Bank of Beaumont, Texas; authorizing
and directing the Mayor and City Clerk to execute the
promissory note of the City of Beaumont, payable on or before
one year after its date, evidencing the obligation of the
City to repay the sum so borrowed from the said First National
Bank, together with six per cent interest from date until
paid, appropriating so much of the net revenues and income
from the municipal wharves and docks, the Temperance Fall
building and the Legal Department for a period of one year
from and after September 15, 1922, as may be necessary to
pay- sAid debt.
BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF BEAUMONT:
Section to
That the City Manager be, and he is hereby authori-zed -
and directed to expend not to exceed the sum of Twenty
Thousand Dollars ($20,000.00) for permanent improvements
on the wharves and docks of .the City of Beaumont, such
expenditure to be made in accordance with: and pursuant
to plans and specifications which shall hereafter be adopted.,
from time to time, by the Dock & Wharf Commission, and approved
by the City Commission.
Section 2.
For the purpose of paying for and making the
improvements authorized and contemplated in Section 1_
hereof, the City Manager,is hereby authorized and directed
to borrow the sum of Twenty Thousand Dollars ($2,0`,000.00 )
from the First National Bank of Beaumont, Texas, to be used
solely and only for the purposes authorized and contemplated
in Section 1 hereof; such loan to be for one year, and to
bear interest at the rate of six per cent per annum and to
be repaid from the funds hereinafter appropriated for such
purposes, and the Mayor and City Clerk are.herebq authorized
and directed; to execute and deliver to the said First
i
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19z-2,
National Bank of Beaumont, Texas the promissory note of
the City of Beaumont, dated September 15, 1922, payable
to the order of said First National Bank on or before one
- year after -its date,- bearing --interest at -the _rate of six
per cent per annum from its date until paid, and containing
the usual clause for ten per cent (10%) attorney6 fees.
SECTION 3:
For the purpose of paying the indebtedness authorized .
in Sections 1 and 2 hereof, there is hereby appropriated
so much of the unappropriated income from the following
departments as may be necessary to pay such obligation
when due, to -wit: -
The income and revenues from the municipal wharves
and docks_ fob _a period of one year from and after September
15, 1922, in excess of such part of said revenue and income
as may be necessary for the ordinary current operation of
such wharves and docks, and no -expenditures from the
revenues derived from the operation of the wharves and docks
other than for ordinary current operation shall be made
until said debt with interest is fully paid and discharged;
the income from the Temperance Hall building not heretofore
appropriated; the net revenues from the Legal Department not
heretofore appropriated, or so much of said.net revenues
from said sources during a.period of one year from and after
September 153 1922', as may be necessary to -pay -such debt
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When due; provided that if and when the $500;,000.00 of bonds
voted on the 21st day of December, 1920,, for wharf and dock
purposes are sold, the said debt or any part thereof
This ordinance shall take effect from and after the date of its
passage.