HomeMy WebLinkAboutORD 48-A-3QED T,#18 THR.sL_i7bY
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J. G. SUTTON, A N 0 11 D' I IT d N C -E.
CITY. SECRETARY .
Per L Asst.
Entitled an ordinance authorizing the issuance of bonds for the,
purpose of constructing a jail within the City of Beaumont, and provid-
ing for the levying and collecting of a tax to pay theinterest and
create a sinking fund for the redemption of said bonds.
Whereas, at an election held for the r?urpose on the 11th day of
August, A. -D. 1911, a majority of the qualified voters, who are property
tag payers of the City of Beaumont, Texas, voting at said election, sus-
tained the proposition to issue the bonds hereinafter described, by a gote
of 236 for the issuance of said bonds to a vote of 74 against the issuance
of said bonds, Therefore
Be It Ordained by the City Council Of The City Of Beaumont:
Section 1.
That there shall be issued by.the City of Beaumont, Texas, the
bonds of said city to be called "City of Beaumont Jail Bonds", for the
purpose of borrowing money upon the credit of this city, such money
to be used in constructing a. jail !within the City.of.Beaumont.
Section 2.
Said bonds shall be numbered from one to fifteen (1 to 15) in--
clusiv.e, and shall be of the ,&enomination of One Thousand 01,000.00)
Dollars each, aggregating the" sum of Fifteen'ThoiLgand Dollars (%0?15,000.00)
and shall be payable in laviful money of the United States of,America;.
Section 3.
Said bonds shall be dated the first dV of December, A. D• 1911,
and shall become due and payable forty years from their date, but the
right is hereby reserved by the.City of Beaumont to redeem 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 cent per annum, interest payable semi-annually, on
the first day of June and the first day of December of each year, ac --
cording to the tenor of the interest cou-nons thereto attached.
section 5. -
Principal and interest on said bonds shall be payable on pre--
sentation and surrender of bonds or proper coupon a the office of the
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City Treasurer of the City of Beaumont or at the� : -
National Bank of New York City, at the option of the holder.
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Section 6.
Said bonds shall be signed by the :.payor, counter --signed
by the City Secretary and registered by the City Treasurer, and the
sal of the City shall.be impressed upon each one of them.
Section 7.
The fac-simile signature of the mayor and City Secretary
shall be lithographedon the coupons.
Section 8.
.It is further' ordained by the City Council that to pay
the interest on s aid : bonds and create- a sinking fund suffic iert to
discharge them at maturity a tax of eight (.008) mills on each
one hundred dollars valuation of all takable property in said
City of Beaumont shall be annually levied on said irop,erty
and shall be annually assessed and collected until such bonds and
interest, are paid, and said tax of eight:(.008)mills on the one
hundred dollars, out of a tax of fifty-two (.52�) cents on each
one hundred.dollars property valuation levied to create the interest
and sinking fund to pay the outstanding bonded.indebtedness of this
city by this council on the day of '`r`'� A. D. 1911 (the
ordinance making said levzy�being of record on page /'-x� Book
of the rdinut es of this council) is hereby appropriated and set
.aside to pay, the interest and create the necessary oinking fund for
the current year, and shall be assessed and collected and `o ap-
plied, and said tax., or.so much thereof as may be necessary is
hereby levied for each year hereafter while said bonds, or any num-
ber thereof, are outstanding, and the same shall be annually assess-
ed and collected and applied to the purposes named.
Section 9.
It is further ordained that the Tiayor be authorized and he
is hereby directed to have prepared fifteen bonds -of the City of
Beaumont of -the denomination of One Thousand 01,000.00) Dollars
each as above described; and that the Hayor 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 at not less than their
face value at public or private sale, and the proceeds of such sale
shall be deposited with the City Treasurer of the City of Beaumont,
and it is hereby made the duty of the Tlayor to provide that said
bonds shall be delivered to the purchaser in the City. of Beaumont,
and payment for same shall also be made in the City of Beaumont&
Passed on the day of A. D. 1911. App
proved by 7/E --day the Mayor on the of A. D. 1911.
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Attest; Q��Q
/ \ City Secretary*
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J.G. SUTTON,
CITY SEGRETARY,