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HomeMy WebLinkAboutORD 10-R1. t C AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE CITY OF BEAUMONT NAMED HEREIN TO FORTHWITH PREPARE AND EXECUTE AND TO NEGOTIATE AND DELIVER, FROM TIME TO TIME, AS NECESSITIES REQUIRE, LEGAL AND BINDING OBLIGATIONS OF THE CITY OF BEAUMONT IN THE FOPM OF DEFICIENg ,,VJARRANiTS, DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAIN EE- NANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS; AND DECLARING AN EMMGENCY. WHEREAS, the City of Beaumont, pending the collection of the current tax revenues, from all sources, being taxes for the year 1946, is without funds wherewith to pay its current obligations incurring and to be incurred for the operation of the General Department of the Government, and in order to acquire funds wherewith to defray the -current expenses of the General Department of the Government, pending the collection of said revenues, it is necessary that the City of Beaumont borrow money upon the faith and credit of said City, and to anticipate and pledge an equal portion: of the current tax revenues of the City for the year 1946. THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF BEAUMONT, TEXAS: Section 1 That Fred C. Stone, Mayor of the City of Beaumont, and his successors in office be, and they are hereby authorized to forthwith prepare, or have pre- pared, and to execute, together with the City Clerk, and to be countersigned by the City Manager, legal and binding obligations of the City of Beaumont, in the form of and evidenced by Deficiency Warrants, dated on the date or dates when negotiated, and delivered from time to time, as hereinafter provided, pay- able to "BEARER" on demand, bearing not more than 31,L% interest from their date until paid, which said warrants shall be, and are hereby secured by the legal and binding pledges and hypothecation of THREE HUNDRED..THOUSAND DOLLARS vA'000.v6 ($300,000.00) of the current revenues of the City of Beaumont for the year 1946 ) as applied to the General Fund, the said Deficiency Warrants to be paid and re- tired out of the first tax revenues collected for the year 1946 for the operation of and application to the General Department of the City Government. That said Warrants shall be executed, negotiated and delivered as when it is requisite and necessary to raise money for payment of existing obligations and for defraying the current expenses for the operation of the General Department of the Government, until such time as there shall have been collected sufficient moneys from the source above mentioned wherewith to pay off, discharge and retire such warrants, together with accrued interest thereon. And there is here and now appropriated and set aside out of the first moneys so to be collected, a sufficient sum wherewith to pay off and dis- charge all of such deficiency warrants as may be so issued and negotiated to the then owners and holders thereof; provided, however, the total amount of such warrants of this issue shall not exceed TEREE HUNDRED THOUSAND DOL- LARS ($300,000.00). The said Deficiency Warrants shall be in the following form, to -wit: "THE STATE OF TEXAS Beaumont, Texas COUNTY OF T + 'FERSON 1946 On demand pay to the order of "BEARER" DOLLARS To the Director of Finance City of 'Beeumont Countersigned: City Manager ATTEST: City Clerk Mayor This Warrant is one of a series of several warrants authorized by the City Commission of. the City of Beaumont by ordinance duly passed on the 3rd da of Se temb�er A. D. 1946 and is Y . , , payable out of the tax levies for the year 1946 and chargeable to the General Department when collected. This Warrant bears interest at the rate of not more than six per cent per annum from its date until paid." The said warrants shall be duly registered before being negotiated by the Director of Finance. Section 2 The fact that the City of Beaumont is without funds now to discharge the current obligations incurred for the maintenance and operation of the General Department of Government, without at once anticipating and pledging THREE HUNDRED THOUSAND DOLLARS ($300,000.00) of the tax revenues of 1946, for the maintenance and operation of the General Department mentioned in this Ordinance, creates an imperative public emergency necessitating the suspension 1610/� ci, 1 d -R of the rule requiring that all ordinances shall be read on three separate days before passage; wherefore, said rule is hereby suspended, and this Ordinance shall take effect upon its passage and signature of the Mayor. PASSED V the affirmative vote of all members of the City Commission, /O -z-- this themed day of September, A. D., 1946.0 M�j /`� STIZ�OF TEXAS Co JEFFERSON I, Hugh Blevins, City Clerk of the City of Beaumont, Texas, do hereby certify that the above and.foregoing is a true and correct copy of an Ordi- nance passed by the City Commission of the City of Beaumont in regular session held September 3rd, 1946. GIVEN under my hand and seal of the City of Beaumont this. they day of September A. D., 1946. City Clerk, City of Beaumont, Texas.