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Home My WebLink AboutORD 60-BAN ORDINANCE, Entitled an Ordinance, authorizing the issuance of bonds for the purpose of constructing public sewers and necessary laterals,within the city of Beaumont, and providing for the levying and. collecting of a tax to pay the interest and create a sinking fund for the redemption of said bonds„ 3,,' AREAS, at an election, held' for the purpose o3ft the 25th day of May, A.D.1915, a majority of the qualified voters, who are property tax page rs of the City of Beaumont, Texas, voting qt said ale cti. on, sustained the proposition to issue the bonds hereinafter described, by a vote of 240 for the issuance of said bonds, to a vote of 51 against the issuance. of said bonds, Therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT, 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 Sewer Bonds for the purpose of'borrowing money upon the credit / of this - City, such money to be used -in constructing public sewers and necessary laterals ,within the City of Beaumont. Section 2. Said bonds shall be numbered consecutively from one (1) to Thirty (30) , inclusive, and shall be of the denomina- tion of One Thousand (1,000.00) Dollars each, aggregating the sum of Thirty Thousand ($30,000.00) Dollars, and shall be payable in lawful money of the United States of America. Section 3. Said Bonds shall be dated. the first day, o A.D..1915, and shall -become due and. payable for ears from date,but tbs right is expressly reserved, by the City of Beaumont to redeem said bands .or any part of them at any time after twenty years from date thereof. Secti on 4. Said bonds shall bear interest, from their, date at the rate of five (5%) per cent per annu a interest payable semi-annually on the first day , and the 1st day of � of year, ac'co ding to the tenor of the erast coupons thereto attached. Se cti on 5. Ql?1.), &a Q_ll 0 -6 -EF h11,!1 a Principal and interest on said bonds shall be pay- able on presentation and surrender of bonds or proper cou- pons at the office of the City Treasurer c the City. of Beaumont or at the National Ba - of New York at the ,option of the holder. Se ct-i on' 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 of one cent and one mill (.011) on each One Hundred (100.00) Dollars valuation of all taxable property in .said city of Beaumont shall be levied annually on said property and annually assessed and collected unti l said bonds and. interest are 'paid and .said tax of one cent and one mill (.011) on the One Hundred ($100.00) Dollars out of a tax 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 Counc it on the lst . day of June ,A.D.1915 ( The ordinance making said; levy being of re cord on :page /hook, 3•Minutes of Ordinances of this City) is hereby appropriated and set aside to pay the interest and create the necessary sinking fund for the current year, and shall be assessed and collected and so applied,. and said taxes, or so much thereof, r Se cti on 5. Ql?1.), &a Q_ll 0 -6 -EF h11,!1 a Principal and interest on said bonds shall be pay- able on presentation and surrender of bonds or proper cou- pons at the office of the City Treasurer c the City. of Beaumont or at the National Ba - of New York at the ,option of the holder. Se ct-i on' 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 of one cent and one mill (.011) on each One Hundred (100.00) Dollars valuation of all taxable property in .said city of Beaumont shall be levied annually on said property and annually assessed and collected unti l said bonds and. interest are 'paid and .said tax of one cent and one mill (.011) on the One Hundred ($100.00) Dollars out of a tax 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 Counc it on the lst . day of June ,A.D.1915 ( The ordinance making said; levy being of re cord on :page /hook, 3•Minutes of Ordinances of this City) is hereby appropriated and set aside to pay the interest and create the necessary sinking fund for the current year, and shall be assessed and collected and so applied,. and said taxes, or so much thereof, r 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 t -o the purposes named. Section 9. 'It is further ordained that the Mayor -be authorized and, he is hereby directed to have prepared Thirty (30) bonds of the City of, Beaumont of the denomination of One Thousand (1,000.00) Dollars ,each, as above described; and 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. the fr approval and re gis tr a -- tion he shall proceed .to sell same at not less than their gace value, at .public or 'pr i'vate 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 pr,ivide that skid bonds shall be delivered to the the City of Beaumont, and payment shall also be made in the City of Beaumont., Passed this the • 14 d y of June, A. D.1915 . JJ— Appr ov e d, th is the / day of June , A. D . 1915 . " 'biay or . �etl , ty georetary. Beaumont ,Tex. June ,ls_t,1915. Honorable Mayor &,City Council, City. Gentlemen:, - We your Ordinance Committee, to whom w as x ef erred the - attached ordinance, beg to report that we have duly considered same, and recommend that it be adopted under a saspe nsi on of the rule -re'quixing,ordinances, to be 'read at three regular meetings. Respectfully s Ub, No Text