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HomeMy WebLinkAboutORD 57-BAN ORDINANCE, Entitled. an 1'rdinance authorizing the issuance of bonds for the , purpose of constructing wharves and docks within the City of ,Beaumon<t;, providing for the levying and collection of a tax to pay the interest, andcreate a s. inking fund f o.r the redemption of said bonds. WHEREAS"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 Beaumont, Texas, vot-i:ng at, said election sus- tained the pro)position to tissue the bonds hereinafter described, by a vote_rof two hundred thirty --one (231) for the issuance of said bonds to a vote of sixty- four (64) against the issuance of said bonds, therefore, BE IT ORDAINED BY THE CITY. COUNCIL OF THE- CITY OF BEAUMOIT Section 1., That there shall'be issued by the City of Beaumont, Texas, the bonds of said city to be called "City of Beaumont Wharf and Dock Bonds", for the pur- pose of b.orzowing money upon the credit of this city, such money ,to be used in constructing wharves' and docks within 'the City of Beaumont. Section 2. Said bonds shall be numbered consecutively from one (1) to one hundred (100).inclusive and shall be of the denomination of One Thousand (1,000.00) Dollars each, aggregating the sum of One Hundred Thousand (100,000.00.) Dollars and, shall be .payalbe in lawful money of the United, States of America.. w .q Qt /v Section 3. Said bonds shall be dated the first day' ofl/'t, A.D.1915, sand. shall be' come due and payable for y years from date 'but the right is expressly reserved, by the. City of,Beaumont to redeem said bonds or any part of them at any time after twenty ye,r s from date thereof. Section: 4. Said bonds shall bear interest from their date at the rate of five (5%) ,per cent per annum, the interest payable simi-annually on the first day of , and i the 1st day o of each year according to the -�� of the nterest coupons thereto attached.. Section 5. Principal and. interest , on said bonds shall be pay- bble on presentation and surrender of bonds or proper cou- pons at the office of the City Treasurer of the City of -Beaumont or at the �� d 1 � ed � Bank of N,ew York at the option of the holder. Section 6. Said bonds shall be' signo.d..-by the Mayor, counter- signed by the City Secretary, registered by the City Treasur- er and the seal of the city shall be impressed upon each one of them. - Section 7. The . fac simile signature of the Mayor and tre City Secretary shall be lithographed 'on the coupons.. Secti on 8. It is f ik.the r, ,or dame d by. the "City Council of the City of Beaumont that; .to pay theinterest ,on said bonds' .and to create a sinking fu d sufficient to discharge them at maturity .a tag of three cen ts.;'arid: sig mills . ( .036) on each One Hundred ($100.00) . Dollars valuati on .of all taxab le ,,property in said. city of. Beaumont ,shal l'be leived annually on said properiy.and annually assessed and collected until - said ,bnnds and, inter est:,'• are paid' `and ' said tax'of thr ee cents and six mills ( .036) on the OnerHfiAdred. ( $100.00,). Dollars .out of a tax of. f if•ty-two (.521 cents on each One Hundred ($100.00)' Dollars property valuat ion 'le vied t'o create .the int ere st and sinking fund to pay the. outstainding indebtedness .of the City by .this City. Council on the lsta day of June',.A.D.1915" ( The ordinance making sai d le vy being o I. f record on page,53�`book 3, Minutes of .Ordinances of this 'city) is hereby appropriated and .set aside. to p.ay. the interest and create the. necessary sinking fund for the current, year and shall be asse'ssed'and collected and so applied, and said. taxes;or so much thereof, as may,,be necessary, is he reby, 'levi.e d for tach year hereafter while said bonds or any -'number thereof; are.. outstanding, and the -same shall be annually assessed and -collected and applied to the purposes named. Section9. Itis further ordained that the Mayor, be authorized and he is. hereby d iractecl to have pr epaxad' One Hundred (100 ) bonds of the City -of Beaumoht of the denomination of One Thousand (01, 000.00) Bollars each; as above described; and the Mayor be 'author ized : to take -.and have charge of, -sai d bonds pending their investigation by the Attonney•General of. the State of Texas, and..upon their approval, arrd regis'trati'on, he shall, proceed to sell same. at no t. less than their face value' at public or private sale, .and thIa. 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 the City of Beaumont, and payment shall also be made in the City of Beaumont. Passed thi s the � day of June, A . D .1915 . Approved this the / day of June, A• D.1915 . Attest: ke cr e tary . or No Text No Text