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Home My WebLink AboutORD 47-A-3417, : FLED T S of .�� Z.Y.. ...�... J.G.SUTTON, AN ORDINANCE. iTY SECRETARY, Entitled an ordinance authorizing the.issuance of bonds - for the''lirpose of improving and repairing. the streets of the City of Beaumont, and providing for the le.vyirig and collection of a tax to pay the interest and create a :s.inki.ng fund f or the redemption of said bonds. Whereas, at an election held for the 'purpose on the 11th day of August, -A. D. 1911, a majority of the cT.talified voters, who are .property tax payers ` of the Citsr of Beawuont, -Texas, voting at said election, sustained the proposition to issue the bonds here- inafter -described -by a vote of 265 for the issuance of the said bonds to .a vote of 44 against the issuance -of said bonds,.Therefore t BE IT ORDAINED BY TI?E CITY COUNCIL OF ; THE CITY OF BEAT TONT . i Section 1. That there shall be issued by tthe :City of Beaumont, Texas., the bonds of -said city to be called f4City. of Beaumont gtreet Improve- men.t and Repair Bonds", for the purpose of borrowing money upon the' credit of this city,- such money to be used in constructing per- manent street improvements withri 'the City of 'Beaumont. Sect ion 2. Said bonds shall be numbered from one to twenty-five (l to.25) inclusive, and shall be of the denomination of One Thousand Dollars ($1,000.00) each, aggregating the'siva of Twenty-five Thous- and Dollars, and shall be payable in lawful money of the United. States of America. Section 3.' Said bonds .shall be dated the first day of December, A. D. 1911, and shall become due and payable -forty years fr.orn their date, bu t the right is hereby reserved by the City of Beaumont to redeem M said bonds or any number thereof at any time after' twenty. years from. their date. Section 4. Said bonds shall bear interest from their date at the rate of five per. (56,0'' cent yer annum, interest payable semi-annually, on the first day of June and the first dab of December of each year, according.tb the tenor of the interest coupons thereto attached. Section 59 cents on each one hundred dollars valuation of all taxable p ropert in said Ci ty of' Beaumont shall. be. annually levied on. said property and shall be annuallya ssessed and collected until such bonds and interest are paid, .and'said tax; of one and three' •tenths GOl3) cents on the one hurl red doll ars, out of a tax of fifty-two (.524 cents ` on each one hundred dollars property valuation levied to crmte the interest and sinking fund to pay the outstanding bonded in deb tedness of this city. by this council on the =� day of _Y"hO_y A. D. 1911 (the ordinance. making, said levy being of -record on page p Book,, of .the Minutes of this council) is hereby ap- propridted and set aside- to pay' the ,i'n'terest--6nd-c reate- the Inecessaor sinkirg fund for the current year, and shall be assessed and cal- lected and so applied, 'and said tax, or so much thereof as -may be necessary is hereby levied for each year hereafter file- said bonds, or any number thereof, are outstanding, and the same shall be an- nually assessed and collected and applied to the purpo see naned. - Section 9. It is further ;.o rd6 ine d that the Mayo r be authorized and he i s hereby directed to have ' prepared twenty-five bonds o f the City o Beaumont of the denomination of One Thousand (110000,00) Dollars Principal and in-terest on said bonds shall b.e 'payable on presentation and surrender- of bonds or proper coupon at the office of the City Treasurer- of --the City of Beaumont o.r at 'the' National Bank . of New York -City at the r option of the holder. --Section6 Said bonds shall, -be signed by the Mayor, counter -signed by the City Secretary and registered by the City Treasurer, and the seal of the Ci ty shall -be . imp reseed upon each one of theme ;_, ' Section, 7i The fac- simil4,signature of the Mayor and City Secretary shall be lithographed on- the coupons., -.-Section 8. It is further ordained -by the City Council that to per the interest on said bonds and c reate a sinking fund sufficient_•to, discharge- them --at maturity--' _-tax of one- -and three --tenths (.0130• cents on each one hundred dollars valuation of all taxable p ropert in said Ci ty of' Beaumont shall. be. annually levied on. said property and shall be annuallya ssessed and collected until such bonds and interest are paid, .and'said tax; of one and three' •tenths GOl3) cents on the one hurl red doll ars, out of a tax of fifty-two (.524 cents ` on each one hundred dollars property valuation levied to crmte the interest and sinking fund to pay the outstanding bonded in deb tedness of this city. by this council on the =� day of _Y"hO_y A. D. 1911 (the ordinance. making, said levy being of -record on page p Book,, of .the Minutes of this council) is hereby ap- propridted and set aside- to pay' the ,i'n'terest--6nd-c reate- the Inecessaor sinkirg fund for the current year, and shall be assessed and cal- lected and so applied, 'and said tax, or so much thereof as -may be necessary is hereby levied for each year hereafter file- said bonds, or any number thereof, are outstanding, and the same shall be an- nually assessed and collected and applied to the purpo see naned. - Section 9. It is further ;.o rd6 ine d that the Mayo r be authorized and he i s hereby directed to have ' prepared twenty-five bonds o f the City o Beaumont of the denomination of One Thousand (110000,00) Dollars 4� at each as above described, and that the Mayor be authorized to take and have charge of said bonds pending their investigation by the Attorney General of the -State of, Texas, and upon their approval and registration, :he shall proceed to sell same art not less than their face value at public or private sale, and the proceeds of such sale shall be depot) sited with the City Treasurer of the. City of Beaumont, and it is hereby made the duty of the Mayor to provide that said bonds shall be delivered to the purchaser in the.. Ci ty of Beaumont, and payment for same .shall also be made in the City of Beaumont.. Passed on the d ofA. D 1911.' App roved by the Mayor on the, " may of a_-- A. D. 1911 Mayor.' Attest: 1c i City Secretary. STATE Or,' V0%PA.S* '...'OUTITY, 07, hol'aby etjl-tif�- Ordinance UVIY 'by C! -V Cou-noil on tliL, 7th dtly' of S -i c e, ep e r r e ei ry • Z- C; 7. e rx L �j I 112 e .!.3 Lt '>Zt Ti WO vx. Ti CC oil t .x fCA-1mrinc P.Xbo, Gio Es 0 rn t., n, c W. - -,I —I , :, 'I" —h i. c-, t. ;-� a / � d c,` - 0--.' v, -L Du on Owm. t r - VI M Beaumont. ' Texa.s. Sept. 70 1911. To the Honorable Mayor and City Council, C T T Y• Gentlemen: We, your Ordinance Committee, to whom was referred the attached ordinaneef to -wit: .An ordinance authorizing the„ i ssuanae of bonds to be. known as City of Beaumont Street improvement & Repair Bonds, beg to report that we have carefully examined same and, recommend that it be adopted and passed ,this the 7th. day of September, A. D. 1911., Respectfully submi t to d y FEED T S THF_- -7-D A 'Y CITY SEGRETARY Ora"nanq ommittee._