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Home My WebLink AboutORD 17-CCAN ORDINANCE AUTHORIZING AND'DIRECTING THE PROPER OFFICIALS. OF THE: CITY, OF, BEAUMONT NAME ,D HEREIN -TO. FORTHWITH . PREPARE,. AND. -EXECUTE,. AND TO NEGOTIATE ' AND . DELIVER . FROM TIME TO. TIME•,_ - AS NECESSITIES' REQUIREo LEGAL .AND BINDING OBLIGATIONS ' OF THE CITY ''OF BEAUMONT IN -THE FORM OF DEFICIENCY tiiARRANTS, .DESCRIBED •IN. SAID• ORDI- NANCE, FOR THE PURPOSE OF.,DEFRAYING THE.CURRENT _EXPENSES,.FOR THE.MAINTENANCE AND OPERATION OF THE GENERAL .DEPARTM'NT. OF GOVERNIENT. MENTIONED 'IN SAID- ORD.INANCE; FOR THE PAYMENT ANb '.DISCHARGE ,OF SAID WARRANTS, .: WHEREAS,,_ The City :,of . Beaumont, pending the collection of the ' _currennt' tax revenues from all . sources, :being -taxes: for the year 1958, is 'withoiit funds wherewith topay its 'current • .obligations 'incurring and •to':be 'incurred for. the operation of the General Department of the government, ..and in :order to ' acqui re funds„ wherewith to defray the current expenses,` of. the General -Department.. �of the government, pending = the '.collect,ion..of "said. revenues' it .is ;ne:cessary; that •'The City: of Beaumont .borroT•T 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-. 1958;' NOW THEREFORE,. BE IT..ORDAINED BY-`THE_.CITY• OF BEAUMONT, : TEXAS. S:e ct ion 'l . . - That ,Jimmie P. Coki•nosMayor of '.The. City of .Beaurciont, and his `successo:r.s in ;office; ,be,- 'and ,Jhey` are hereby, authorized. to forthwith prepare;';' or have,, prepared; -and t.o execute, '. toge;ther with the City Clerk, and to be countersigned :by 'the. City Manager, legal and binding obligation`s• :•o'f The Ci.ty` of Beaumont, in the form of and evidenced by Deficiency T�Ta'rran"ts, dated o.n the date .,or 'dates when negotiated, and delivered-. from •time . to time, as :he.reinafter provided, payable:to,"BEARER" on demand". bearing not more: than�YA I.interest from their date °until•.paid,, whichsaid -warrants shall be, and are hereby, secured.by'the legal and binding.pledges and hypothecation of FIVE HUNDRED ' THOUSAND ( 5 0 0 A 00..00 ). DOLLARS_ of the current revenue of The , City .of Beaumont for the -'year- 1958. as applied to the General: No Text lj.j,, ) p'7-E s 0) 3 6-/gs "This warrant bears interest at the rate of not more than per cent per annum from its date until paid." The said Warrants shall be duly registered before being ne- gotiated by the Director of Finance. PASSED by the City Council this 30th day of September, A. D. 1958. c Mayor -- AN ORD IPIMUL AVITIORIZING AND DIRECTING `. FIE PROPER OFFICIALS OF TM CIU:Y OF BEAIII`FOW MUM HEREIN TO FORTHWITH PPIPARL AND LUCTZE 1,11TtD `irj UMC?OTIATE XM DELIVE R Ft 0 TIM TO `i'I?�, Av NLCLJjIIIEC REQUIRE, LLGAL Al D BINDING OBLIGATIONS OF `.M C:IT'Y OF BEAUlMONT IN `I.'HE FC)RI;i OF DEFICILTICY ►y'ARRr�l .Mr o DESCRIBED INSAID OP.DI- NANC;E, FOR 111E PCIRPOSE OF DEFRAYING IME C I RP11i-1' EXPL'IJEu FOR ME YAI.1TrENANC;E AIM OPE ZATION OF THE GENERAL DEFART1,1111T OF GOV'EMNIINT I&L'I`i;IONED IN SAID ORDINANCE; FOR THE PAY1,11ZI A11D DISC;t-IARGE OF SAID WHEREAS, The City of .Beaumont, pending the collection of the current tax revenues front all sources, being taxes for the year 19580 is without funds wherewith to pay its currant obligations incurring anal to be incurred for the operation of the General Department of the government, and in order to -acquire funds wherewith to defray the currant expenses of the General Department of the government, pending, the collection of said revenues, it is necessary that "Me City of 13eauront borrow money upon the faith and credit of said'City, and to anticipate and pledge an equal portion of the current tax revenues of =Lhe City for the year 1958; 11M.,, 11-IEREFORE, BE IT ORDAII LD BY ME CITY OF BEATJ1,`NT, TEXAS: Jection 1. That Jimmie P. C:okinos, :Mayor of The City of Beaumont, and his successors in office, be, and, they are hereby, authorized to forthiirith prepare, or have prepared, and to execute, together with the Gity 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 1darrants,, dated on the date or dates when negotiated, and dolivered from time to tine, as hereinafter provided, payable to "BLARL-R" on ciemand, bearing not more than /��o intere�at from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypothecation of 'PIVI:, HIRIDRED 1111OUSAND (":5000000.00) DOLLtM of the Current revenue of The City of Beaumont for the year 1958 as applied to the Ceneral Fund, and .said: Deficiency 'Karrants-. to be ' paid and retired 'out of the first flax revenues collected for the year 1958 for the operation of' and application to the General Department of the City Government; That said Warrants' shall bey executed, negotiated and deliv- ered as and when it is requisite and necessary to raise money for payment of existing obligations and for .defraying the current expen- ses for the operation of the General Department of the goverment, until such time -as there shall have Wan collected sufficient moneys from the soured -above mentioned wherewith to.pay off, discharge and retire such warrants, tog'ethe with'acerued interest thereon; And there is here and, now appropriated and set aside out of the first moneys ego to he collected a sufficient sum whereLiith to pay off and discharges all of such deficiency warrant$ as may -be so issued and negotiated to the then.o.anera and .holders thereof, provided, how- ever, the total amount of such warrants of this issue shall not ex- ceed FIVE MDRED"THOUSAND (U500,000.00) DOLLAFS; to grit. The said Deficiency �Iarrants shall be in the following form, ffrIHE STATE OF TEXAS 'COMITY OF JEFFERSON Beaumont, Texas 1�5a On demand pay to the order of BEIMR Z To the Director of Finance The City of Beaumont - Countersigned: C ty Manager ATTLOT: '. j y o r City Clerk "This warrant is one of a series of,several warrants authori zed, by , th'e .City . Counci 1' of The City of Beaumont by ordinance duly passed on the 30th day of September, A. D. 1958, and is payable out of the tax levies for the year 1958 tand'chargeable to the general Department when . collecterd: No Text