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HomeMy WebLinkAboutORD 32-Y�. -161D AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE CITY OF BEAUMONT 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 IIS? THE FORM OF DEFICIENCY WARRANTS, DESCRIBED IPI SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS. WHEREAS, The City of Beaumont, pending the collection of the current tax revenues from all sources, being taxes for the year 1953, is without funds wherewith to pay its current ob- ligations incurring and to be incurred for the operation of the General Department of the Government, and in order to acquire funds wherewith to defray the current expenses 'of the General Department of the Government, pending the collection of said revenues, it is necessary that The City of Beaumont borrow money upon the faith.and credit of said City, and to anticipate and pledge an equal portion of the current tax revenues of the City for the year 1953; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUNIONT, TEXAS: Section 1. That Otho Plummer, Mayof-._of The City of Beaumont, and his successors in office, be, and they are hereby, authorized to forthwith 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 evidenced by Deficiency Warrants, dated on the date or dates when negotiated, and delivered from time to time, as hereinafter provided, payable to "BEARER" on demand, bearing not C �a , Q Y r more than 21. interest from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypothecation of THREE HUNDRED THOUSAND DOLLARS ($3001000.00) of the current revenue of,The City of Beaumont for the.year 1953 as applied to the General Fund, and said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1953 for the operation of and application to the General Department of the City Govern- ment; That said Warrants shall be executed, negotiated and delivered as and when it is requisite and necessary to raise money for payment of existing obligations and for defraying the current expenses for the operation of the General Department of the Government, until such time as there shall have been collected sufficient moneys from the source above mentioned wherewith to pay off, discharge and retire such warrants, together with ac- crued interest thereon;' And there is here and now appropriated and set aside out of the first moneys so to be collected a sufficient sum wherewith to pay off and discharge all of such deficiency war- rants as may be so issued and negotiated to the then owners and holders thereof, provided, however, the total amount of such warrants of this issue shall not exceed THREE HUNDRED THOUSAND DOLLARS ($300,000.00). The said Deficiency Warrants shall be in the following form, to -wit: THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON 1953. On demand pay to the order of BEARER To the Director of Finance The City of Beaumont Mayor Countersigned: City Manager ATTEST: CAA, 3.4 Y q �J J City Clerk "This warrant is one of a series of several warrants _authorized by the City Council of The City of Beaumont by ordinance duly passed on the 8th day of September, A. D., 1953, and is payable out of the tax levies for the year 1953 and chargeable to the General Department when collected. "This warrant bears interest at the rate of not more than two per cent (21.) per annum from its date until paid." The said Warrants shall be duly registered before being negotiated by the Director of Finance. PASSED by the City Council this 8th day of September, A. D., 1953. OTHO PLMJNER - Mayor - cw1 )<��" ,°� r, -"l THE STATE OF TEXAS ) COUNTY OF JEFFERSON ) I, Jas. T. Garrard, City Clerk of The City of Beaumont, Texas, do hereby certify that the above and foregoing is a true and correct copy of an ordinance passed by the City Council of The City of Beaumont on the 8th day of September, A. D., 1953, the original of which is filed in the office of the City Clerk of The City of Beaumont, Texas. GIVEN under my hand and seal of The City of Beaumont, Texas, this the day of September, A. D., 1953. City Clcsrk, The City of Peaumo-n7—, Texas AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE CITY OF BEAUMONT 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 OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE,.FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVER1414ENT MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS. WHEREAS, The City of Beaumont, pending the collection of the current tax revenues from all sources, being taxes for the year 19531 is without funds wherewith to pay its current ob- ligations incurring and to be incurred for the operation of the General Department of the Government, and in order to acquire funds wherewith to defray the current expenses of the General Department of the Government, pending the collection of said revenues, it is necessary that The City of Beaumont borrow money upon the faith and credit of said City, and to anticipate and pledge an equal portion of the current tax revenues of the City for the year 1953; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS: Section 1. That Otho Plummer, Mayor of The City of Beaumont, and his successors in office, be, and they'are hereby, authorized to forthwith 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 evidenced by Deficiency Warrants, dated on the date or dates when negotiated, and delivered from time to time, as hereinafter provided, payable to 'BEARER" on demand, bearing not more than 21. interest from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypothecation of THREE HUNDRED THOUSAND DOLLARS ($3001000.00) of the current revenue of The City of Beaumont for the year 1953 as applied -to the General Fund, and said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1953 for the.operation of and application to the General Department of the.City Govern- ment; That said Warrants shall be executed, negotiated and delivered as and when it is requisite and necessary to raise money for payment of existing obligations and for defraying the current expenses for the operation of the General Department of the Government, until such time as'there shall have been collected sufficient moneys from the source above mentioned wherewith to pay off, discharge and retire such warrants, together with ac- crued interest thereon; And there is here and now appropriated and set aside out of the first moneys so to be collected a sufficient sum wherewith to pay off and discharge all of such deficiency war- rants as may be so issued and negotiated to the then owners and holders thereof, provided, however, the total amount of such warrants of this issue shall not exceed THREE HUNDRED THOUSAND DOLLARS ($3001000.00). The said Deficiency Warrants shall be in the following form, to -wit: "THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON , 1953. On demand pay to the order of BEARER 45 To the Director of Finance The City of Beaumont Mayor Countersigned: City Manager ATTEST: f�•VJ/! i J CI %t (� ' 3Z b�'�' Y f 9-F-1113 City Clerk "This warrant is one of a series of several warrants -authorized by the City Council. of The City of !Beaumont by ordinance duly passed on the 8th day of September, A.,D.., 1953, and is payable out of the tax levies for the year 1953 and chargeable to the General Department when, collected. "This warrant bears interest at the rate of not -more than.two per cent (210) per annum from its date until paid. The said Warrants shall be duly registered before being negotiated by the Director of Finance. PASSED by the City Council this 8th day -of -September, A. D., 1953. Mayor -