HomeMy WebLinkAboutORD 13-A-3AN O,RDIN A ITCE
Authorizing' •the-is"suanee of bonds for. the purpose 'of
improving and. repairing the -streets of the- City of. Beaumont, and .
providing for the levy and collection of a tax :to- pay .the interest
and create a sinking. fund for, the redemption' of said .bonds.
WHERE AS at an election held for ,the .piirpose.,on the 28th 'day
of September, A.D.; .1909, a. majority.of'the' qualified voters, ',who
are. property tax payers of the-City of Beaumont, Jefferson. County,
Texas, voting at said election, 'siistaine,d • the proposition to'•issue :thee
bonds hereinafter. , de'scribed' by.' a vote. 'of ' one ,hundred , and ,sixty four
for the issuance of •said .bonds, to, -a'::vote ,of 'twelve against the.
issuance of said bonds, THEREFORE,
BE IT ORDAINED BY' THE CITY C,OUITCIZ OF THE CITY .OF BEAUIVIONT:
Section I`=� : That there shall* be' issued by, the City of
Beaumont, .Texas,-the_ Bonds"of said, City to Tie;'called.,"City,of,
Beaumont Street Improvement , and Repair, Bonds,"' for the.- purpose.
of borrowing money upon - the credit' 6f'-this -City, such ,money - to. be
t ,
used. in the-improving, and repairing of the streets of the City of.
Beaumont." . .
Section Ili Said,�onds shall.be.numbered consecutively'
from One, '(1).'t o ten (10) inclusive a.nd shall be of the -denomination •
of ' One - Thousand ($1000.00) Do.11.ars-,,`eacY ,,- a�gre,gating- the sum' of
Ten Thousand (,�10-,.000.00)•, Dollars,` and shall be PAysable in lawful
money of the United States,of America.
Section III: Said,t'_onds shall be dated the;.
December lst, A.D., 19090 and shall become. due'
and payable forty years from date, but the right-is expressly
reserved by the City.. of Beaumont to. redeem• said Bonds, or any,number
-th'eieof; at any timo .after twenty years .from their date.
Section YV: Said, Bonds ' shall beam interest .;from the`ir•: �•
date, at the rate of five per, cent .annum, the int'e-re.st" payable
semi--annitally, on: the first .day of Tune and' the first day of
December of each year, according to the tenor of the interest
coupons thereto attached.
lection V: principal and interest on said Bonds shall
be payable on presentation and surrender of bond or proper coupon
at the office of City Treasurer of the City of Beaumont, or at
the Hanover ieational Bank of New York, at the option of the holder.
Section VI: Said bonds shall, be signed by the Mayor,
countersigned by the Uity Secretary, and registered by the City
Treasurer, and the seal of the City shall be impressed upon each
one of them.
Rection VII: The facsimile signature of the 1.1ayor and
City cecreta.ry shall be lithographed on the coupons.
Section V4.It is further ordained by the Cltr Council
that to.pay the interest on said bonds and create a sinking fund
sufficient to discharge them at maturity, a tax of fifty-nine one
hundredth cents (.0059) ori each oiie-htiwdred dollars valuation of all
taxable property in said City of Beaumont shall be levied annually
on said property and anually assessed'a.nd collected until said
bonds and interest are paid; and said tax of fifty-nine one
hundredth cents (.0059) on the one hundred dollars,, out of a tax
of fity two cents on each one one hundred dollars property
valuation levied to create the interest and sinking fund to pay
the outstanding indebtedness of this City by this Council on the
4th day of , D. , 1909, ( the Ordinance making , -the levy beim; . of
record on pages 30 and 31, Volume 2, of the Ordinance 1ilunt2tes of
this Council), is hereby appropriated and set aside to pay the
interest and create the sinking fund necessary for the current
year, and shall be so assessed and collected and so applied, and
said tax or so much thereof, as may be necessary, is hereby levied -
for each year. hereafter, while said Bonds, or any number thereof, are
outstanding, and the same shall be aiLzually assessed and collected
and applied for the purposes named.
Section: IY' Int :is_ ,further or`dainea that 'the;", �'•Zayor .be..
authorized. and,he.:.•is:�liereb 7, directed to have prepared the ten
(10) bonds , of 'the City -of` Beaumont; 'of .der_ominatio'n'o f One. Thousand.
(41000.00) Dollars, each, as above .d;escrib 6d: andthat -said, 11ayor be
authorized to take • and have- charge ',of the saiLtond,, 'pending
their investigation: by :the 'Att-orney"--General"',of the S_tat.e. of
Texas, and upon their approzral and,,.regist.ration, he shall:proceed
to. sell .them. a-t••'not•-les's than their .face, value at public. or: private
uale;'and the proceeds ,of. such s'aie -shall "be deposited W' ith' the'
:City Treasurer of , City' 'of . Beaumont, and it is .hereby made the
duty. of .,the ,Mayor' 't o' provide'.tha.t•-said Bonds shall: be delivered•. •to
the purchaser' in the City -o.f'Beaumont,' and the payment'fox same.
shall ea�i e in the
-City of Beauno 7.7-
2
U/a���Passedon.the. �...�dOctober• •A:D. '
:l . ' 1909. .
Approved by the Mayor on the, ,,�D day, of October, :L?-.D. , 1909.
Eayor.
Attest
:. City, :Secretary.
J.
:.
Beaiiznont Texas; October
TO'"THE HO�IQ BSE T4AYOR 'AND."
CITY COUTICI�I,, •�
GE?ITTLE,1,1E,UT"
� /
Your Committee to whom was referred^the City of
'Beaumont Street'
Improve merit•
and Rop4ir Bonds, 'hereto �.ttached. .'
marked "E Mbit
�i,," be o`
rapo-rt' , hcLt, it:has`:.consicl.er.ed, same -and*-.,
,recomraencl that ,it
.-b'e 'adopted' and duly paased; .,this the - 3 i . dad- of '
October.; A o D. ; ,19.0.J...
:
Respectfully:. s' bnii;t ed
J
:
C E C T&I I TTEEf
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