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HomeMy WebLinkAboutORD 18-DDr 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 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 1960, 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 1960; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS: Section 1. That C. H. LeBlanc, 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't 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 ($1,000,000.00) DOLLARS, of the current revenue of The City of Beaumont for the year 1960 as applied to.the General Fund, and said Deficiency Warrants to be paid and retired out of the first.tax revenues col- lected for the year 1960 for the operation of and application to the I___ 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 exceed ONE MILLION ($1,000,000,00) DOLLARS; to wit: The said Deficiency Warrants shall be in the following -form, "THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON On demand pay to the order of BEARER To the Director of Finance The City of Beaumont Countersigned: City Manager ATTEST: Mayor City Clerk , 1960 "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 6th day of September, -2- No Text 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 REQUIREV 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 1960, 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•Departmerit 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 i anticipate and pledge an equal portion of.the current tax.revenues of the City for the year 1060; NOW0 THEREFORE,,BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS:; Section 1. That C..H. LeBlanc, 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 ' snd 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,end hypothecation of'ONE MILLION ($11000,000.00) DOLLARS, of the current revenue of The City of Beaumont , for the year 1960 as 'appl'ied to the• General Fund'and said Deficiency Warrants to he paid and retired out of the first tax revenues col- lected for the year 196.0''for the operation of and application to the General Department of the City government; That said Warrants shall be executed,'negotiated and delivered as and when it is requiisite 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 iissue shall not exceed ONE MILLION ($190001000 00) DOLLARS; The said Deficiency 'Warrants shall be in the following form, to wit 3 nTHE STATE OF TEXAS - Beaumont, Texas COUNTY OF JEFFERSON , 196o On demand pay to the order of BEARER $ ,To the Director of Finance'' "'The City of Beaumont Mayor Countersigned: City Manager'. ATTEST: City Clerk "This warrant ins one -of a series of several warrants authorize ed by the City Council of The City of Beaumont ,by ordinance duly passed on the 6th day of September, -2- No Text