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HomeMy WebLinkAboutORD 63-DDAN 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.WAR_R_ANTS, 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 1961, is without funds wherewith to pay its current- obligations in- curring and to be incurred for the operation -of the General Depart- ment of the government, and in order to acquire funds wherewith to defray the current expenses of the General Department of the govern - went, 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 1961; 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 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, payabl-e to "BEARER" on demand, bearing not more than % inter- est 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 (�1,500,000.00) DOLLARS, of the current revenue of The City of Beaumont for the year 1961 as applied to the General Fund, and said Deficiency Warrants to -be paid and re- tired out of the first tax revenues collected for the year 196.1 for the operation of and application to the General Department .of the City government; That said Warrants shall be executed, negotiated and deliv- erec,as and when it is requisit-e.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 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 discharge all of such deficiency warrants.as may be so issued and negotiated to the then owners and holders thereof, pro- vided, however, the total amount of such warrants of this. issue shall not exceed ONE MILLION FIVE HUNDRED THOUSAND ($155005000.00) DOLLARS; to wit: The said. Deficiency -Warrants shall be in the following form, "THE STATE OF TEXAS COUNTY OF JEFFERSON Beaumont, Texas 1961 On demand pay to the order of BEARER To.the director of Finance The City of Beaumont Countersigned: City Manager ATTEST: Mayor City. Clerk Z,I Z) "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 27th day of June,A.D. 1961, and is payable out of the tax levies for the year 1961 and chargeable to. the General Department when collected. 1SThis 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 b-eing negotiated by the Director of Finance. 1961. PASSED by the City Council this 27th day of June, A. D. - Mayor .. AN ORDINANCE AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER -OFFICIALS OF THE CITY OF BEAUMONT NAMED HEREIN TO FORTH11IT11 PREPARE AND EXECUTE AND TO NEGOTIATE AND DELIVER ' FROGS TDIE TO TIME, AS NECESSITIES REQUIRE, LEGAL AND BINDING OBLIGATIONS OF THE CITY OF BEAU- DIONT IN THE FORAM OF DEFICIENCY WARRANTSP 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. li ERLAS, The City of, Beaumont, pending'the collection of the current,tax revenues.frora all sources, being taxes for the year 19610 is without funds wherewith to pay its current obligations in- curring and to be incurred for -the operation of the General Depart - went of the government, and ' in order "to acquire funds wherewith to defray the current expenses of the General Department of the govern- ment, pending the collection of'said revenues, it is necessary that The City of Beaumont Morrow 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 1961; N(Y.g2 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 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 tarrants, dated on the date or dates when nego- tiated, and delivered from time to time, as hereinafter Provided, payable to 1tBEARER" on demand, bearing not more than inter- est 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, 500, 000. 00) DOLLARS, of the current revenue of The City of Bcaimont for the year 1961 as applied to the General Fund, and said Deficiency Warrants to be paid and re- tired out of the first tax revenues collected for the year 1961 for the operation of and application to the General Department of the City government; That said Warrants shall be executed, negotiated and deliv- erec 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 government, until such time as there -shall have been collected sufficient Lior_eys from the source above mentioned wherewith to guy 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 discharge all of such deficiency warrants as may be so issued and negotiated to the then owners and holders t?zereof, , pro- vided, however, the total amount of such warrants of this issue shall not exceed ONE N&ILLION FIVE HUNDRED niOUSAND ( $1, $00, 000. 00 ) DOLLARS; to wit: The said Deficiency warrants shall be in the following form, "THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERS ON , 1961 On demand pay to the order of BEARER To the director of Finance The City of Beaumont Countersigned: City Manager ATTEST: Mayor City Clerk ' No Text