HomeMy WebLinkAboutORD 64-DAN ORDINANCE
RATIFYING AND CONFIRMING CONTRACT OF SALE AND SUPPLMMT THERETO
EXECUTED BY THE MAYOR AND CITY MANAGER OF THE CITY OF BEADMONT
FOR AND IN BEHALF OF SAID CITY FOR THE PURCHASE OF PROPERTY TO BE
USED FOR STREET IMPROVEKENT PURPOSES; AUTHORIZING THE ISSUANCE CF -
PROMISSORY NOTES OF SAID CITY IN PAMUM OF THE PURCHASE PRICE:
LEVYING A TAX TO PAY THE INTEREST ON SAID NOTES AND PROVIDING A
SUFFICIENT SINKING FUND TO PAY THE PRINCIPAL AT MATURITY: AND
DECLARING AN WERGENCY.
----------------
WHEREAS,
-- --WHEREAS, heretofore; to -wit on the 10th day of June; 1923,
the Gity of Beaumont; acting by and through it
sivaynr and City
Manager, executed a contract of sale wherein and whereby the said
City agreed to purchase from Wr P:H, kc2addin, a certain tract of land
situated in the Gity of Beanmont'i fully described in said ract'°
to be used for street improvement purposes, for a cash consideration
of �12 000.00 j`; wd
WHEREAS, on them day of August, 1923, the parties to said
contrast entered into a supplemental or amended agreement whereby
it was agreed between said parties that the consideration for said
Property should be paid by the issuance and delivery of promissory
notes of said Gity, in lieu of the cash payment-; said contract of
sale and -supplemental agreement. being in words and figures as follows:
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(Signed OFADDI
ND
P:,' DT ECO PARTY
THE STATE OF TEXAS
COUNTY OF JEFFERSON
MIS AGREE[iBENT entered into on this the -d gy of
August, 1923; by and between W.P.H. Kali addin,, party of the
First Part, and the Gity of Beaumont, Party of the second Part;
as a SUPFLFKENT OR AB+ZENDIIiENT to an AGREEIENT or CONTRACT OF SALE
entered into - by and between said parties on the 10th day or
dune; 1923; to vkich this is attached and made a part thereof,
WITNESSETH:
It is agreed by and between said parties that the
consideration, or purchase price, of the property described
in said contract of sale be paid by the issuance and delivery to
the Vendor, in lieu: of cash, twelve (12) certain promissory notes
deD4.i.bed as follows: numbered from 1 to 12 inclusive, of the
denomination of X1-00.00 0Q each, aggregating 12 OOQ:00, dated
June 12, 1923, due serially 1926 to 1937, inclusive; bearing
interest at the rate of &,14 per annum, payable August 1, 1923;
and semi-annually thereafter on the let day of January and the
lst day of duly of each year; said notes to be executed by the
Gity of 1seaumont, and delivered to said #iendor upon delivery
of properly prepared m1d executed Warranty Deed conveying said
property to said -City:
IN TESTIMONY VMEREOF, witness the hands of the parties
hereto, this the L.--day'
of August, 19230,
First tarty
'THE CITY OF BEAUMONT, Second l arty
By Mayor
City lianager
an �,L ?,C_, 4 tl
VHEREBS; said contract;
and
the
supplemental
contract have
been referred to and approved
by
the
Oity Gouncil
of said City
were duly concurred in by all the commissioners of said Uity
NOW, 1HEREFOIIE
BE 1i' QEDAINED BY. THE CITY COMKISSION OF THE CITY
OF BEAUMONT=
SECTI= 1: That said contract of sale and i:he supplement
or amendment thereto, herein referred to and set out; entered
into by and between the said W.F.H: MclOaddin; and the City of
heaunont, be and the same is hereby ratified, confirmed and adopted
as the act and contract of the said Oity. of P:�eatunont, and said
contract shall be consummated in accordance with the tezms thereof*'
SECTION ll. The purchase price to be paid. by said City of
Beaiumont for said property shall be evidenced by the issuance
and delivery to said W.F.H. Mciaddin, or his order, of
Promissory notes of said City described as follows;
laid notes shall be numbered from one (1) to twelve (12)
inclusive, shallbe of the denomination of One Thousand Dollars
(g;000400.) each, aggregating 1*elve thousand Dollars (012;000.00):
They shall be dated the 12th day of June: 1923: and shall
become due and payable serially as follows:
NOTE NMER
DATE
OF
MATURITY . '
AMOUNT
1
July
1;
1926
0190001P00
2
e my
1;
1927
1,' 000.00
3
July
I.,
1928
1;000:00
4u].y
19
1929
1'"000:00
5
duly
1,
1930
1;000:00
6
duly
1;
1931
1000; 00
7
July
1,.
1932
4:0000,00
8
duly
19
1933
3:;000:00
9
July
1,
1934
1;000;00
10
July
1;
1935
1"'000600
11
July.
l;
1935
1.;000:00
12
duly
12
193'
1,000:00
laid notes shall bear "interest at the Mate of five ,and 'one
fourth per cent (5V) per annum from date until paid interest
payable august 1- 1923, and semi—annually thereafter on the 1st day
of 4anuary and 1st day of July of each year;
G U
both principal and interest payable at the office of the
Director of Finance, Beaumont, Texas, or t-�t the seaboard
National Bank, i ew zork, Nevi. York, at the option of the holder;
upon surrender of notes or proper coupons:
Said notes shall be signed by the kayor; countersigned
by the Q%ity manager, attested by the City Clerk, registered by
the Director of Pinanre, and the seal of said Oitg shall be
impressed upon each of said notes: raa simile signatures of
the mayor; Uity1"anager and City Clerk may be lithographed upon
the Interest couponse
SEUTIUR 1119liaid notes shall be called
"CITY OF BEAUMONT STREET 0PROVE ENT PROMISSORY NOTES -SERIES E"
and shall be in substantially the following form: -
NO i %;190004-00
UNITED STATES OF ABMICA
THE STATE OF TEXAS
COUNTY, OF JEFFERSON
CITY OF BEAUMONT STREET IMPROVEMENT PROMISSORY NOTE
SERIES Ee
--------------------
THE CITY OF BEAUMONT, a municipal corporation in the
County of Jefferson and Btate of Mesas; for value received, hereby
promises to pay to BEAKER on the ist day of July, 19� the
principal sum of
ONE THOUSAND DOLLARS ($10_00:00
in lawful money of the United States of America, 'together With
interest thereon from date hereof'until paid, at the rate of
five and one fourth per cent (54) per annum; interest payable
on the lst day of August, 1922, and semi-annually thereafter on the.
let day of iiannary and ist day of July of each year; both principal
1
and"interest payable upon presentation and surrender of note or
proper
coupon at
the office of the
Director of Vina=O j
Beaumont-:;
lexae
or at the
Seaboard 'Rational
Bank, New York, New
Vork, at the
option of the holder:
This noise is one of a series of twelve (12) notes, numbered.
0
consecutively from one (1) to twelve (12) inclusive, of the
denomination of One Thousand Dollars ($1';000:00) each;
aggregating 'welve Thousand Dollars ($12';000;00) authorized
to be issued in payment of the purchase price of property
situated in the Gity of Beaumont, jexas, purchased by said
City from W.P.ae kc�laddinr by contract dated rune 10, 1923, for
street improvement purposes, under and by virtue of the
constitution and laws of the State of texas and the charter of
o
sadd Gity, and in pursuance of an ordinance passed by the City
Commission of the City of Feaumont on the day of Q
1923, ah_ich is recorded in nook r page �, et seq: of the
Minutes of said Commission;
i'he date of this note in conformity with said ordinance, is
June 129, 19,23*'
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions
and things required to be done precedent to and in the issuance
of this note, have been properly done and performed, and have
happened in regular and due time., form and manner; as required by
law, and that the full . faith and credit of the City of Beaumont;
and the special tax which has been levied for the payment of the
principal and interest of this series of notes; are hereby.
irrevocably pledged for the punctual payment of the principal and
.interest of this note; and that this series of notes, together
with all other indebtedness of said City, does not exceed any
charter, constitutional or statutory limitations:;
IT IS SPECIALLY AGREED that all past due interest hereon
shall bear interest at the rate ofper annum; and if this
note, or any interest coupon hereto attached, is not paid at
maturity thereof, and same is placed in the hands of an attorney
for collection, or if collected by legal process, the City of
Beaumont agrees to pay 10`o additional on the amount of principal
and interest then due, as attorneys fees4,
IN TESTIMONY WHEREOF the City of Beaumont, texas; has
caused its c:o rporate seal to be hereto affixed, and this note
to be signed by its Mayor, countersigned by, City
Uanager, attested by its City Clerk, and registered by its
Director of Finance, as of th.e 12th day' of June, 1923:
Mayor-,, City oT Beaunont., Texa,s.
Countersigned:
City Manager, City o eaumont, Texas:
ATTEST*
City Ulerkj City of 73FR—umont , Tex4s
REGISTERED:
Director of I.nance, y of Beaumont, texas:
The form of interest coupon attached to each of saff notes
shall be substantially in the following form, (except coupon
number 1, ,which -,shall be for 1. month and 19 daysr interest and
coupon number two which shall .be for 5 months' interest)"
N0. c $26:25
ON THE 1ST DAY OF �, 19�
THE CITY OF BEAIAAONT, in Jefferson County, Texas, will pay to
Bearer at the office of the Director of Finance, Beaumont, Texas;
or at the Seaboard National Bank, New York, New York, at the
option of the holder, TWENTY SIX AND 25/100 DOLLARS ($26:,25)
being six monthsr interest on CITY OF BEAUMONT STREET IMPROVE NT
PROMISSORY NOTE, SERIES E, -No _, dated June 12, 1923, to
which this coupon is attached and..Idi a part thereof;
i y Clerk.
Countersigned:
City 14'anager:
Mayor
The following endorsement shall be printed on the back
of each of said notes:
THIS IS TO CERTIFY that I have received the within Note and
attached coupons foom the City of Beaumont, Texas, and all of the
notes of said Series E in full satisfaction of the purchase price
due me by said City of Beaumont for property sold by me to said
City under and by virtue of a contract of sale dated June lE} ` 1923:
Y • 0
SECTION IV. Said notes shall be executed and delivered to said
W.P.H. McFaddin,.or his order, upon delivery of a Warranty ,Deed,
properly prepared and executed, conveying to said City -the
property described in said contract of sale; and the Mayor;
City Xtnager and City Clerk are hereby authorized, ordered and
directed, upon delivery and acceptance of said deed, to execute
said notes, have the same registered by the Director of rinance .
and deliverO said notes to the said W.P.H. McFaddin, or his order,
in full satisfaction of the purchase price of said property:
SECTION V. BE IT
FURTHER
ORDAINED that for the
purpose
of paying the interest
on said
notes, and creating a
sinking
fund sufficient to pay the principal t herdof at maturity, there
is hereby levied for the current year, and for eachsucceeding
year while said notes, or any of them are outstanding, an,ad
valorem tax of two fifths of one cent (2/5�) on each $100.00
valuation of all taxable property in the City Beaunonti, and
said tax, or so much thereof as shall be neces ary shall be
OL annually assessed and collected and applied t¢ purposes
named:
SECTION VI. the fact that the bad condition of the streets
and the urgent need of widening and improving the same to avoid
obstruction and congestion of traffic thereon, and to promote
public safety, creates an imperative public necessity requiring
the suspension of the rule providing that ordinances shall be
read on three separate days before final passage; wherefore, such
tule is hereby suspended, and this ordinance shall take effect
from and after the date of its passage.
Bussed by the affirmative vote of all members of they Oity
Uommission of the city of beatunont, this the day of
19231
Mayor
3
THE STATE OF TEXAS }
COUNTY OF iMIU RSOLT 1,
I, Ben C. LeBaron, City Glerk of the City of
;;
-Beaumont, Texas, do hereby certify that the�fo-regoing is a"true
and correct copy of an ordinance passed by the Gity Gommission
of the Gity of Beaumont, `Ii exas, on the ____ day of August, 1923;
having been passed by the affirmative vote of all members of
said Oommiss.ion, as the same appears of record in Book
page et seq: of the minutes of said Gourt.
Given under. my hand and seal of office; this the
day of August, 1923:
City C er , City of seaumon , Texas*