HomeMy WebLinkAboutORD 12-ZLC:LH 8-23-54
IN,
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 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 1954, is without funds wherewith to pay its current
obligations 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 1954;
NOW, THEREFORE, BE IT ORDAINED BY THE
CITY OF BEAUMONT, TEXAS:
Section 1.
That Elmo R. Beard, 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
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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 ($300,000.00) of the current revenue of The City of
Beaumont for the year 1954 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 1954 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
accrued 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
-COUNTY OF JEFFERSON
Beaumont, Texas
, 1954.
On demand pay to the order of BEARER
To the Director of Finance
The City of Beaumont
Mayor
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Countersigned:
City Manager
ATTEST:
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 24th day
of August, A.D., 1954, and is payable out of the
tax levies for the year 1954 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 24th day of August,
A.D�, 1954.
J
Mayor