Loading...
HomeMy WebLinkAboutORD 8-Xb6l_P 17 P, �O 06 AN ORDINANCE AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF TIME WARRANTS OF THE CITY OF BEAUMONT, TEXAS, UN- DER.THE PROVISIONS OF THE "BOND AND WARRANT LAW OF 19311,11 BEING ARTICLE 2368a OF THE REVISED CIVIL STAT- UTES OF TEXAS, FOR THE PURPOSE OF REPAIRING AND RE- MODELING A BUILDING OWNED BY THE CITY OF BEAUMONT, KNOWN AS THE "HARVEST CLUB" AND SITUATED ON THE SOUTH TEXAS STATE FAIR GROUNDS IN THE CITY OF BEAUMONT, SAID WARRANTS TO BE DATED DECEMBER 29, 19519 TO MATURE SERIALLY AS HEREIN SET FORTH, AND BEARING INTEREST AT THE RATE HEREIN SET FORTH; PRESCRIBING THE FORM OF SUCH WARRANTS; PROVIDING FOR THE_LEVYING AND COLLECT- ING OF THE TAX NECESSARY TO PAY THE INTEREST AND CREATE A SINKING FUND TO PAY THE PRINCIPAL OF SAID WARRANTS AS THEY MATURE; PROVIDING FOR THE CUSTODY OF SAID WAR- RANTS PENDING THEIR DELIVERY TO THE PURCHASER; AUTHOR- IZING AND DIRECTING THE MAYOR AND THE CITY CLERK TO EXECUTE SAID WARRANTS AND IMPRESS THE CORPORATE SEAL OF THE CITY OF BEAUMONT THEREON, AND TO DO ALL OTHER THINGS NECESSARY IN CONNECTION WITH THE SALE AND DE- LIVERY TO THE PURCHASER THERSOF; AND REPEALING ALL ORDINANCES AND PARTS OF ORDINANCES IN CONFLICT HERE- WITH. WHEREAS, The City of Beaumont has entered into a contract with M. R. Andrus, General Contractor, for the repairing and re- modeling of a building owned by it, known as the Harvest Club, and situated on the South Texas State Fair Grounds in The City of Beau- mont; and in connection therewith has entered into a contract with Stone & Pitts for architectural fees in connection with said repairs and remodeling; and the City Council has determined that it is nec- essary to issue Time Warrants in the amount hereinafter specified in order to repair and.remodel such building; and, WHEREAS, The City of Beaumont is authorized generally to pass this ordinance authorizing the issuance of Time Warrants here- in mentioned under the Constitution and Statutes of the State of Texas, pursuant to authority contained in Article 2368a, Revised Civil Statutes of Texas, known as the "Bond and Warrant Law of 1931," and all laws thereunder enabling; and, WHEREAS',- the City Council of The City of Beaumont now finds and determines that it is necessary and proper at this time to is- sue said warrants; NOW. THEREFORE, BE IT ORDAINED BY THE CITY OF BEAU- MONT, TEXAS: Section 1. The City of Beaumont, Texas, shall issue warrants as here- inafter prescribed for, and on behalf of, and upon the credit of, The City of Beaumont, Texas, as follows: Sixty -Five Thousand ($65,000.00) Dollars principal amount of Harvest Club TATarrants, Series 1951, for the purpose of repairing and remodeling a building owned by The City of Beaumont, known as the Harvest Club, to be dated December 29, 1951, and to mature as follows: Warrant No. Maturity Date Amount 1 December 29, 1952 $52568.72 2 to 8, inc. December 29., 1952 70000.00 9. December 299 1952 431.28' 10 to 22, inc. December 299 1953 13,000.00 23 to 35, inc. December 29, 1954 13,000.00 36 to 48, inc. December 29, 1955 139000.00 49 to 61, inc. December 29, 1956 13,000.00 Said warrants shall bear interest at the rate of two and a half (22%) per cent per annum and shall be payable on December 29, 1952 and thereafter annually on December 29 of each year. The prin- cipal on said series of warrants shall be payable upon presentation and surrender of the warrants at the office of the Director of Fi- nance of The City of Beaumont, Texas, and the respective interest instalments shall be payable at the office of the Director of Finance as they become due; "NO. 1. Warrant No. 1 shall be in the following form: $5,568.72 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF.JEFFERSON CITY OF BEAUMONT HARVEST CLUB WARRANT SERIES 1951 KNOW ALL MEN BY THESE PRESENTS: That The City of Beaumont, of Jefferson County, Texas, under and by virtue of valid and sub- sisting contracts, acknowledges itself justly indebted to and 0 hereby promises to pay to the order of Stone and Pitts FIVE THOUSAND FIVE HUNDRED SIXTY-EIGHT DOLLARS AND SEVENTY-TWO CENTS ($5,56$.72) in lawful money of the United States of America on the 29th day of December, 1952, with interest thereon from date hereof until paid at the rate of two and a half (22%) per cent. per annum, interest payable December 29, 1952; and the Director'of Finance of The City of Beaumont, Texas, is hereby authorized, ordered and directed to pay to the order of Stone and Pitts on the 29th day of December, 1952, the date of maturity of this warrant, the sum of Five Thousand Five Hundred Sixty -Eight Dollars and Seventy -Two Cents ($5,56$.72), and shall pay the int6rest thereon as same becomes due. Both principal and interest of this warrant are payable at the office of the Director of Finance of The City of Beaumont, Texas; and The City of Beaumont, Texas, is hereby held and firmly bound, and its full faith and credit and all taxable real and per- sonal property therein are hereby pledged for the prompt payment of the principal of this warrant and the interest thereon as it matures. This warrant is issued by The City of Beaumont, Texas, for the purpose of repairing and remodeling the Harvest Club for The City of Beaumont, under and by virtue of the Constitution and Laws of the State of Texas and the Charter of The City of Beaumont, and in strict conformity with Article 2368a, and the amendments thereto, of the Revised Civil Statutes of Texas, and all laws thereunto en- abling. It is hereby certified and recited that the issuance of this warrant is duly authorized by law, pursuant to an ordinance passed on the 21st day of December, 1951• It is hereby certified, recited, and declared that the is - seance of this warrant is dulyr-authorized by law, and that all acts, conditions and things required to be done precedent to and in the issuance of this warrant have been properly done, have happened and been performed in regular and due time, form, and manner as required by law; that sufficient and proper provisions for the levying and 3• collection of an ad valorem tax have been made; which, when dol- lected, shall be appropriated to the payment of this warrant and to the payment of the interest as the same shall become due and payable, and that the total indebtedness of The City of Beaumont, including this warrant, does not exceed any constitutional or, statutory limitation. It is hereby recited, certified and declared that the ad- ditional tax levied and made necessary to be levied in order to provide for the interest and principal of this warrant, together with rate of tax existing at the time of the issuance of this war- rant, is within the limitations of the Constitution and Laws of the State of Texas and the Charter of The City of Beaumont. The date of this warrant, in conformity with the ordinance above mentioned, is December 29, 1951. In witness whereof the City Council of The City of Beaumont, Texas, has caused the corporate seal of The City of Beaumont to be affixed hereto and this warrant to be signed by its Mayor and coun- tersigned and attested by its City Clerk, as of the 29th day of December, 1951. Mayor of -The City of Beaumont, Texas. Attest: City Clerk of The City of Beaumont, Texas." All of.the other warrants herein provided for shall be in the following form: "NO . UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF JEFFERSON CITY OF BEAUMONT HARVEST CLUB WARRANT SERIES 1951 $1,000.00 KNOW ALL MEN BY THESE PRESENTS: That The City of Beaumont, of Jefferson County, Texas, under and by virtue of valid and sub- sisting contracts, acknowledges itself justly indebted to and here- by promises to pay to the order of M. R. Andrus 4. ONE THOUSAND DOLLARS ($1,000.00) in lawful money of the United States of America on or before the 29th day of December, 1952, with interest thereon from date hereof until paid, at the rate of two and a half (2j%) per cent. per annum, interest payable, on or before December 29, 1952, and annually thereafter on or before December 29, of each year; and the Director of Finance of The City of Beaumont, Texas, is hereby authorized, ordered and directed.to pay to the order of M. R. Andrus on or before the 29th day of December, 1952, the date of maturity of this warrant, the sum of One Thousand ($1,000.00) Dol- lars, and shall pay the respective interest instalmentson or before the date same become due. Both principal and interest of this warrant are payable at the office of the Director of Finance of The City of Beaumont, Texas; and The City of Beaumont, Texas, is hereby held and firmly bound, and its full faith and credit and all taxable real and per - conal property therein are hereby pledged for the prompt payment of the principal and interest of this warrant as it matures. This warrant is one of a series of sixty (60) warrants (numbered from 2 to 61, inclusive), as follows: Fifty-nine (59) warrants of the denomination of One Thousand ($1,000.00) Dollars each, numbered consecutively from Two (2) to Eight (8), inclusive, and from Ten (10) to Sixty -One (61) inclusive, each of said warrants being of like tenor and effect, except as to number and maturity date, and one warrant, numbered Nine (9), of the denomination of Four Hundred Thirty -One Dollars and Twenty -Eight Cents ($431.2$), issued by The City of Beaumont, Texas, for the purpose of repairing and remodeling the Harvest Club for The City of Beaumont, under contract with M. R. Andrus, issued under and by virtue of the Con- stitution and Laws of the State of Texas and the Charter of The City of Beaumont, and in strict conformity with Article 2368a, and the amendments thereto; of the Revised Civil Statutes of Texas, 5. and all laws thereunto enabling. It is hereby certified and re- cited that the issuance of this warrant and the series of which it is a part is duly.authorized by law, pursuant to an ordinance passed on the 21st day of December, 1951. It is hereby certified, recited and declared that the is- suance of this warrant and the series of which it is a part is ' duly authorized by law, and that all acts, conditions and things required to be done precedent to and in the issuance of this war- rant and of the series of which it is a part have been properly done, have happened and been performed in regular and due time, form and manner as required by law; that sufficient and proper pro- visions for the levying and collection of an ad valorem tax have been made, which, when collected, shall be appropriated to the pay- ment of this warrant and of the series of which it is a part, and to the payment of the interest as the same shall become due and payable, and that the total indebtedness of The City of Beaumont, including the entire series of warrants of which this is one, does not exceed any constitutional or statutory limitation. It is hereby recited, certified, and declared that the ad- ditional tax levied and made necessary to be levied in order to provide for the interest and principal of this issue of warrants, together with rate of tax existing at the time of the issuance of these warrants, is within the limitations of the Constitution and Laws of the ;State of Texas and the Charter of The City of Beaumont. The date of this warrant, in conformity with the ordinance above mentioned, is December 29, 1951. In witness whereof,the City Council of The City of Beaumont, Texas, has caused the corporate seal of The City of Beaumont to be affixed hereto and this warrant to be signed by its Mayor and coun- tersigned and attested by its City Clerk, as of the 29th day of December, 1951. Mayor of The City of Beaumont, Texas. Attest: City Clerk of The City of Beaumont, Texas." 6. IE Section 2. That for the purpose of paying the interest on said Har- vest Club Warrants, Series, 1951, and to create a sinking fund to pay various instalments of principal as the same shall.respec- tively mature, a sufficient tax on each One Hundred ($100.00) Dollar valuation of all taxable property in The City of Beaumont, Texas, shall be annually levied on said property and annually as- sessed and collected and applied to the purpose named. Section 3. That each of said warrants shall be signed by the Mayor and countersigned by the City Clerk of The City of Beaumont, Texas, and the corporate seal of The City of Beaumont, Texas, shall be impressed upon each of them. Section 4. The City Manager of The City of Beaumont is hereby directed, after the warrants have been properly executed as hereinabove pro- vided, to keep said warrants in her custody to be delivered by the said City Manager to the Contractor and the Architects for the re- pair and remodeling of said Harvest Club, as and when it is neces- sary to pay said parties under the terms of the contract for said work. The Mayor and the City Clerk are authorized and directed to do any and all things necessary and convenient to effect delivery thereof to said Contractor and Architects. Section 5. All ordinances and parts: of ordinances and all resolutions and parts of resolutions inconsistent with the provisions of this ordinance are hereby rescinded and repealed in so far as same may conflict herewith; and it is further provided that if any portion of this ordinance shall be declared invalid, said invalidity shall in no way affect the remaining valid portions thereof. PASSED by the City Council this 21st day of December, A.D. 1951. - Mayor - 7.