HomeMy WebLinkAboutORD 55-DAN ORDINANCE
Authorizing and directing the Mayor and City Clerk to execute
and deliver to the Houston Construction Company, of Houston, Texas,
the Forty (40) promissory notes of The City of Beaunont, for the
principal sum of One Thousand Dollars ('1,000.00) each, evidencing
the indebtedness of The City of Beaumont to the said Houston Construct-
ion Company for the placing of asphaltic topping on Forsythe Street
from Orleans Street to Railroad Avenue; on Railroad Avenue from College
Street to Forsythe Street; on Marl: at-reet from Austin Street to Bogie
Street; and on Crockett Street from Neches Street to Jefferson Street,
under and by virtue of contract dated June 5, 1923. Such promissory
notes to be due and payable Cavo each year for a period of twenty (20)
years after the date of 'their execution; levying a tax to pay the
interest and create a sinking fund therefor; and declaring an emergency;
BE IT 0 ?DDI ED BY THE CITY COI.UIISSION OF THE CITY OF
8BAULI0IT T :
SECTION 1.
That the11ayor and City Clerk be and they are hereby authorized
and directed to execute and deliver to the Houston 'Con: traction Company
the Forty (40) promissory notes of The City of Beaamont for the principal
sum of One Thousand Dollars (01,000.00) each, to be dated June 12, 1923,
and shall be due and payable as follows:-
Notes Nos. 1-& .2 of X1000 each payable on the lot day of July, 1924;
Notes Nos. 3 4 of 01000 each payable on the lot day of July, 1925;
Notes Nos, 5 6 ofROO6
000 each payable on, the ,1st day of duly, 1926;
Notes Nos. '7 S: 8 of each payable ' on the lot day of July, 1927;
Notes Nos. 9 & 10 of '1000 each payabl e on the 1st' day of July, 1928;
Dotes Nos. 11 &: 12 of X1000 each payable on the 1st days of July, 1929;
Notes Nos. 13 & 14 of 01000 each payaLle on the lot day of July, 1930;
Notes Nos. 15 & 16'of X1000 each payable on. the- 1st day of July, 1931;
Notes Nos. 1'7 & 18, -of X1000 each payable on the lst day 6f July, 1932;
Notes Nos. 19'& 20 of X1000 each payable -on the lot day of July, 1933;
Notes Nos. 21 22 of 51000 each payable on the lot day of July, 1934;
ETotes ITos. 23 w 24 of 61000
1000 each payable on .the lot day of July, 1935;
Notes Nos. 25 8-- 26 of each payable -on the 1st day of July, 1936;
Notes Nos. 27 'a28 of 51000 each payable on the lot day of July, 1937;
Notes Nos. 29 & 30 of X1000 each payable bn the lot day of July, 1938;
Notes Roo. 31 & 32 - of ;1000 each payable -on the lot day o f July, 1939;
Notes Nos. 33 & 34_of 81000 each payable on the lot day of'duly, 1940;
Notes Nos. 35 ec 36 of ��1000 each payable on the' 1st day of July, 1941;
Notes .Nos. 37 & 38 of 511000 ' each payable on the 1st' day of July, 1942;
Notes Nos. 39 & 40 of X1000 each payable on the lot day of July, 1943;
All of such notes shall bear interest. at the rate 'of
five and one-fourth per cent per -annum from their date
until paid; interest payable semi-annually on.the 1st day of
July and the l'st day of. January of each year, both principal
and interest to be payable at the Seaboard National Bank in New
York City; Neer ,York. The notes above provided for shall be in form in
words and figures substantially as follows, excepting the numbers
and maturity dates thereof; -
FORM OF NOTE
N0 . $1,000,00
CITY OF BEAM1ONT
STATE OF TEXAS
Z21MV ALL L,f, •T BY THESE PhESENTS:
That The City of Beaumont, a municipal corporation, in
Jefferson County, State of Texas, hereby- acla-iowledges itself to.
owe, and for value received hereby promises to pay on the
day of 19 , to Houston Construction Co., or its
order, at the Seaboard National Bank in New York City, New York;
the sum of One Thousand Dollars ($i,000.00) together with five
and one-fourth per cent..'.(5-100) interest per annum from date
until paid, . interest payable semi-annually on the lst day of July
and the lst day of January of each year as it accrues, according
to the interest coupons hereto attached,
This note is one of.a series -of 'similar notes, this.day
executed by The -City of Beaumont pursuant to an Ordinance passed
by the City Commission of the City of Beaumont on the day of
1923* .
IN VI ITNESS VTHEHEOF, . The City of Beamont h.as, . this the 12th
day of June. A.D. 19231 caused this. note to be -signed by "its Itayor
and attested by its City Clerk, and the corporate seal of said
City ' to' b e affixed thereto. -
(Signed)
MAYOOF THE GITY OF BEAMdONT? Tv XAS .
ATTEST:
UITY C= OF THE Y ..SEA TEXAS.
MIMI OF COUPON
NO.
17
On the day of , 19 , The City -of
Beaumont, a municipal'corpo-ration, in jefferson County, State of
Texas, will pay to Houston Construction Co.., or its order, at ti -B:
Seaboard. National Bank, of New York City, New York, ,
being six months' interest on the .annexed_, promissory note No*
of the sai-d The City of Beaumont, issued pursuant to an Ordinance
passed on the day of 1923.
(Signed )
ATTEST:
CITY CZE.. T OF THE CITY OF
BEAUh2ONT , TEXAS •
MAYOR OF THE CITY OF BEAUMONT,
2 =S.
The above and foregoing promisor ry notes of The City' of
Beaumont are authorized. and directed to be issued-, executed
and delivered for the purpose of evidencing the indebtedness
of The City of Beaumont to the Houston Construction Company for._:_
the placing of asphaltic - topping on Forsythe Street from Orleans
Street to -Railroad Avenue; on Railroad Avenue from College Street
. - to Forsythe Street; on Park- Street from Austin Street to .BovVie
Street and on Crockett Street from Neches Street- to Jefferson
Street under and by virtue of the contract bet,�ieen -the City of
Beaumont 'and the- Houston' Construction Company; dated June 5,
1923, and extra- work contemplated- 'thereunder, such -contract having
been entered into pursuant to the bid of the Houston Construction
Company accepted by The City of. Beaumont by duly passed
on the lstday of June , '1923, after the. opening of bids for
such work advertised for pursuant to Resolution passed on the
29 day of hay 1923. Upon- the completion of such it ork
in accordance with the aforesaid -contract bet7iieen the Houston
Construction Company and The City -.of- Beaiunont, the Mayor and City
Clerk shall execute anal deliver the above described -promissory
L
notes to the payee therein namedp
SECTION 2.
That for the pu.rpase -of paying the interest. on the
promissory not.es described in Section. 1 hereof, and For the
purpose .of creating a. sinking fund fo-r the payment of the,
principal thereof, as the same shall respectively.mature,
there is hereby levied for. the year 1924 and each. succeeding
year thereafter so long as', -the `Aam e'ma y be . neces'sary, an ;
advalorem tax -.of o a m on each 0100.00 valuation of all-
the, taxable property in The- City -.of -Beaumont; and such tax,
or so much thereof as may be -neces'sary; shall be so annually
.assessed and collected and -,:applied each year thereafter Whild
said notes or any number thereof or -the interest thereon are
outstanding. and unpaid,
:. SECTION `3
The fact that the bad, condition_ of the streets, for the
:repair of which the -above obligations, are authorized, and. directed
to be execv:ted, seriously obstructs. anal, c-ongests -.traffic thereon
and endangers the public -'safety creates an imperative public
emergency necessitating the suspension of the rule requiring
Ordin--onces' to 'be read on three separate days before final
passage;, wherefore, such rule is he'reby:suspe-nded _ and thi s Ordinance
shall -take effect from and- after the date 'oz, its passage.
Passed by -the affirmative vote of all' members.- of the. Commission
this the S day -0 f 1923.
=YOR: