HomeMy WebLinkAboutORD 54-BOR 4), fZ�-B
TLI N E. i, 19) 5
AN ORDINANCE,
int it le d an Ordinance aut hor i zing . the is suanc e of
Bonds for the purpose of constructing a public incinerator"
within the City of Be& mo.nt; providing for the 'levying and col-
lection of a tax to pay the interest and create a sinking fund
for the redemption of said bonds.
PTHEREAS, at an election held for the purpose on the
25th day of May,A.D.1915, a majority of the qualified voters
who are property tax payers of the City of 'Be aumont,Texas, vot-
ing at said election sustained the proposition to issue the bonds
hereinafter described, by a vote of two hundred and twenty (220)
for the issuance of said bonds ,to a vote of seventy two (72 )
against the issuance of said bonds, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BE AMAONT, TEXAS :
Section 1.
That there shall be issued by the City .of Beaumont,
Texas, the bonds of said City to be called. "City of Beaumont
Incinerator Bonds", for the purpose of borrowing .money upon
the credit of this city, such .money to be used --in constructing
a public incinerator within the City of Beaumont.
Section 2.
Said. Bonds shall be numbered from Ocie (1) to Five (5)
inclusive, and shall -be of the denomination of One Thousand
(J1,000:0V)
Dollars
each,
aggregating the
sum of Five Thousand
(45,000-00)
Dollars,
and
shall ' b e payable
in lawful money -of
the United States of America.
Section 3.
Said Bonds shall be dated the first day of
A.De1915, and shall become due and payable forty ars from
da+e, but the right is eapressil.# reserved by the City of
Beaumont to redeem said bonds or any part of them at any
time after twenty years, from date thereof
Section .4.
Said bonds shall bear interest from their date at
the rate of five (5%) per cent per annum, interest
payable semi-annually on the first day o and
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Ju /\/� 1, ) i f
the 1st day of � of each ye ar , according to the
tenor of the i rest cou ns thereto attached.
Section 5.
Principal and interest on said bonds shall be pay=
able. on presentation and, surrender of bonds or proper coupons,.
at the office of the City Treasure%r�jof the City of Beaumont,or
at the Nat i onal� lank of New York 2±tX at the
option of the holder.
Section 6.
Said bonds shall be signed by the Mayor,counter-
signed by the City Secretary, registered by the City Treasurer,
and the seal of the city shall be impressed upon each one of
them.
Section 7.
The fac-simile signature of the Mayor and the City
Secretary shall be lithographed 'on the coupons .
Section 8.
It is further ordained by the City Council of
the City of Beaumont that to pay the interest on said bonds
``and to create a sinking fund sufficient to discharge them'
at maturity, a tax of two (. 00,2) mills on each One Hundred
Dollars valuation of all taxable property in said city of Beaumont
shall be levied annually on said property and annually assessed
and collected until said bonds and .interast are paid and said
tax of two mills -(.002) on the One Hundred ($100.00) Dol lar s , out
of a tag of fifty-two (.52) cents on each One Hundred ($100.00)
Dollars property valuation levied to. create the interest and
sinking fund to pay the outstanding indebtedness of the City
by this City Council on the is t day of June ,A.D.1915, ( The
ordinance making said levy being of record on pag Z_,book,
3,Minutes of Ordinances of this City) is hereby appropriated
andset aside to pay the interest and create the necessary
sinking fund for the current ye ar , and. shall be assessed and
collected
and so applied, and
said. taxes,
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 annually assessed and collected and applied
to the purpose named.
Section 9.
It is further ordained that the Mayon be authorized
and he is hereby directed to have prepared I` ve-Fbonds of the
City of Beaumont of the denomination of One Thousand ($1,000.00)
Dollars each, as above described; and the mayor be authorized
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JCI N � 1,.191-�
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
Mayor to provide that said bonds shall be delivered to the
SW,ex 1
�- the City of Beaumont, and payment shall also be
made in the City of Beaumont.
Passed this the lst day of June,A.D.1915.
Approved this .the 1st .day of June , A. D.1915 .
May or .
ATTEST: ,Lll
ty ,Se cre tary.
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