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HomeMy WebLinkAboutORD 23-CCAN ORDINANCE AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICIALS 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 BEAU MONT IN THE FORM OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATION OF -THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS. WHEREAS, The City of Beaumont, pending the collection of the current tax revenues from all sources, being taxes for the year 195% 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 1959; NO�+T, . THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS: Section 1. That Jimmie P. Cokinos, Mayor of The City of Beaumont, and his successors in office, be, and they are hereby, authorized to forthwith prepare, or have prepared, 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, payable to "BEARER" on demand, bearing not more than jo interest from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypothecation of ONE MILLION FIVE HUNDRED THOUSAND ($115001000.00) DOLLARS of the current revenue of The City of Beaumont for the year 1959 as applied to the General Fund, and said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1959 for the operation'of and ap- plication to the General Department of the City.government; That said Warrants shall be executed, negotiated and delivered as and 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 war- rants, 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 discharge all of such deficiency warrants as may be so issued and negotiated to the then owners and holders thereof, provided, how- ever, the total amount of such warrants of this issue shall not ex- ceed ONE MILLION FINE HUNDRED THOUSAND ($1,15001000.00) DOLLARS; The said Deficiency Warrants shall be in the following form, to wit:, THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON 1959 On demand pay to the order of BEARER To the Director of Finance The City of Beaumont Mayor Countersigned:' i y Manager ATTEST: ity Clerk "This warrant is one of a series of several warrants authorized by the City Council of The City of Beaumont by ordinance duly -passed on the day of , A. D. 19591 and is payable out of e tax levies for the year 1959 and chargeable to the General Department when collected. -2- "This warrant bears interest at the rate of not more than per cent per annum from its dale un it paid." The said Warrants shall be duly registered before being nego- tiated by the Director of Finance. 6� , PASSED by the City Council this dayofi , A. D. 1959. AN ORDINANCE AN ORDINANCE AUTHORIZING AND DIRECTING THE -PROPER OFFICIALS 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 BEAU- I4ONT IN THE FORM -OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES 'FOR -THE MAINTENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE; FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS WHEREAS, The'City of Beaumont, pending the collection of the current tax revenues from all sources,. being taxes for the year 1959' is without funds Therewith 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. 1959; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUMONT* TEXAS= Section 1, That Jimmie P. Cokinos, Mayor of The City of Beaumont, and his successors'in office, be,- and they are hereby, authorized to forthwith prepare, or have prepared, 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, payable to ~BEARER" on demand, bearing not more than interest from their date until paid,'which said warrants shall -,be, and are hereby, secured by the legal and binding pledges and hypothecation of ONE MILLION FIVE HUNDRED THOUSAND ($1, 5'00, 000. 00 ) DOLLARS of the" current revenue of The City of Beaumont for the year 1959 as applied to the General Fund, and said Deficiency Warrants to be paid and retired out of the first tax .revenues collected for the year.1959 for the operation of and ap- plication to the General Department of the City government; That said Warrants shall, -be executed, negotiated and delivered as and when it is recMisite 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 iaentioned.wherewith to pay off, discharge -and retire such war- rants, 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 discharge_all of such deficiency warrants as may be so issued and negotiated to the -then owners "and holders ".thereof, provided, how- ever,, the total' .amount 'of such warrants of this= issue shall -not ex- ceed ,ONE . MILLION FIVE -HUNDRED THOUSAND ' ($$1, 500, 000.00) DOLLARS; .The said Deficiency Warrants skullbe 'in' the "following form, to wit; "THE STATE OF TEXAS COUNTY OF JEFFERSON On demand pay to the order of BEARER To the Director of Finance The City of Beaumont Countersigned; y. Manager ATUITST i Beaumont, Texas. 1959 Mayor -i yClerk This warrant is one of a series of" several warrants authorized by the City Council of.The City of Beaumont by ordinance duly passed on the day of A. D. 1959, and is payable,out OT tag lev ea or the year-1959 and chargeable to'the General Department when collected. 4 - No Text