HomeMy WebLinkAboutORD 48-CCGC7 pv7s'
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-
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 ORDINANCt; FOR THE PAYMENT AND.DISCHARGE OF
.SAID VIARRANTS .
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 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;
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 .and they y, are-hereb authorized to forth-
with 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 evi-
denced by Deficiency Warrants, dated on the date or dates when nego-
tiated, and delivered from time'to time,.as hereinafter provided, pay-
able to'"BEARER" on.demand, bearing not more than interest from
their date until paid, which said warrants shallbe, and are hereby,
secured by,.;: the legal and binding pledges and hypothecation of FIVE
HUNDRED,THOUSAND (3500,000.00).DOLLARS, of the current revenue of
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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 FIVE HUNDRED THOUSAND ($5001000.00) 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.
Countersigned:
City. anager
ATTEST:
Mayor
City 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 29th day of September,
A. D. 1959, and is .payable out of the tax levies 'for
the year 1959 and chargeable to the General'Department
when collected.
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"This warrant bears interest at the rate of not inore