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Home My WebLink AboutORD 50-EEAN ORDINANCE ENTITLED AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF A TIME WARRANT OF THE CITY OF BEAU«- MONT., TEXAS: UNDER THE PROVISIONS OF THE ttROND AND - WARRANT LAW OF 1931113 BEING ARTICLE 2368a OF THE REVISED CIVIL STATUTES OF TEXAS., AND ALL AMENDMENTS THERETO' FOR THE PURPOSE OF PURCHASI.NG A 1.571.-ACRE TRACT OF LAND MORE FULLY DESCRIBED HEREIN: SAID WAR- RANT TO BE DATED NOVEMBER 6., 19621 TO MATURE AS HEREIN SET FORTH., AND BEARING INTEREST AT 3% PER ANNUM; PRE- SCRIBING THE FORM OF SAID WARRANT; PROVIDING FOR THE LEVYING AND COLLECTING OF THE TAX NECESSARY TO PAY THE. INTEREST AND CREATE A SINKING FUND TO PAY__THE PRINCI- PAL OF SAID WARRANT AS IT MATURES; AUTHORIZING AND DIRECTING THE MAYOR AND THE CITY CLERK TO EXECUTE. SAID WARRANT AND TO IMPRESS THE CORPORATE SEAL OF THE CITY OF BEAUMONT THEREON. AND TO DO ALL OTHER THINGS.NECES-- SARY IN CONNECTION WITH DELIVERY THEREOF; PROVIDING FOR THE CUSTODY OF SAID WARRANT PENDING ITS DELIVERY; PROVIDING THAT THE CITY COUNCIL CERTIFIES AND"AFFIRMS TO FIRST SECURITY NATIONAL BANK OF BEAUMONT: TEXAS., THAT THE SAID WARRANT IS A VALID WARRANT; AND REPEAL- ING ALL ORDINANCES AND PARTS OF ORDINANCES IN CONFLICT HEREWITH., AND PROVIDING FOR SEVERABILITY. WHEREAS: The City of Beaumont has entered into a contract with Frank J. Zummo., et al. owners of a 1.571-acre tract of land in tot No. 5 of the Scharbauer Addition in the J. W. Bullock League., Abstract No. 7., City of Beaumont., Jefferson County., Texas., to pur.- chase said land and will pay the purchase price thereof with a time warrant issued by The City of Beaumont pursuant to authority granted by the Constitution and Statutes of the State .of Texas; and., WHEREAS., the City Council has determined that it is.now necessary and proper to execute and deliver the said time warrant to the owners of said land in order to obtain a deed to the land; and., WHEREAS: First Security National Bank of Beaumont., Texas., the depository of The City .of Beaumont: has agreed with said owners to accept the assignment of the said time warrant and pay to the owners the cash represented thereby; NOW: THEREFORE: BE IT ORDAINED BY THE CITY OF BEAUMONT., TEXAS: Section 1. X That The City of Beaumont: Texas., shall issue a warrant as hereinafter described., for and on behalf of and upon the credit of The City of Beaumont, Texas, in the principal amount of Twelve :Thou -- sand Five Hundred ($12,500.00) Dollars, payable to the order of Frank J. Zummo, John F. Zummo, Peter F. Zummo., Marion F. Zummo, Roy Lee Zummo, and Mary Frances Maida, for the purpose of paying the purchase price of the 1.571--acre tract of land described in Section 2 herein. The said warrant shall be dated November 6, 1962, and shall mature and be payably on or before November 6, 1964. The war- rant shall bear interest at the.rate of three per cent (3%) per annum, and the said interest shall be payable on or before November 6.,, 1963, and on or before November 6, 1964. The principal on said warrant shall be payable upon presentation and surrender of the War- rant at the office of the Director of Finance of The City of Beaumont, Texas,, and the respective interest instalments shall be payable at the office of the Director of Finance as they become due. Section 2. That the said warrant shall be in the following form.: til2, 500.00 "UNITED.STATES OF AMERICA STATE OF TEXAS COUNTY OF JEFFER50N CITY OF BEAUMONT LAND PURCHASE WARRANT "KNOW ALL MEN BY THESE PRESENTS: That The City of Beaumont, of .Jefferson County, Texas, under and by virtue -of a valid contract and the .conveyance to. it of they herein- after described land acknowledges itself justly indebted to and hereby promises to pay to Frank J. Zummo, John F. Zummo, Peter F. Zummo, Marion F. Zummo, Roy Zee Zummo, and Mary Frances Maida TWELVE THOUSAND FIVE HUNDRED DOLLARS ($12,500.00) in. lawful money of the United States of America on or before November 6, 1964, with interest thereon from the date hereof until paid, at the rate of three per cent (3%) per annum, the interest b.e:ng payable on.or before November 6, 1963, and on or before November 6, 1964; and the Director of Finance of The City of Beaumont, Texas, is hereby authorized, ordered and directed to pay to the order of Frank J. Zummo, John.F. Zummo, Peter F. Zummo, Marion F. Zummo,Roy:Lee;-Zummo Mary Frances Maida, their heirs and assigns, on or before November 6, 1964, the date.of maturity of this warrant, the sum of Twelve Thousand Five Hundred ($12,500.00) Dollars, and shall pay the respective interest instalments on or beforethe date same become due. "Both principal and interest of this.warrant are payable at the office of the Director of Finance. of The City of Beau- mont., Texas, and The City of Beaumont, Texas., is hereby held and firmly bound., and its.full faith and credit and all tax- able real and personal property therein arehereby pledged for the prompt payment -of the principal and interest of this war" rant as it matures.. ttThis warrant is issued -for the pu.rpo-se:.of paying the purchase price., under'a-contract with Frank J. Zummo,., et al., of the following described tract of land) to wit: UA 1 . 571-acre tract of land in. Lot No. 5 of the Schar- bauer Addition.?' in the.J. W. Bullock League., Abstract No. %., City Qf' Beaumont., Jefferson County., Texas., said tract fronting 1.80 feet. on Washington Boulevard. ttThis warranti.s issued. under and by virtue of the Con- stitution -and Laws..of the State of Texas.and the Charter of The City -of Bea.umont., and in strict conformity with Article_ 2368a., and the amendments thereto., of the Revised Civil Stat- utes "of Texas.. It is -.hereby .certified and recited that the issuance of thiswarrant is.duly authorized by law? pursuant to an 'ordinance pas ed by the .City Council -of The City of Beaumont., Texas.,"on the 6th day of November-, 1962. ttIt is hereby certified.,..resit-ed.,-and declared that the issuance of this, warrant is.,duly authorized by law, and that all acts' conditions and things required to-be.d.one precedent to and in the -issuance .of thiswarrant have been properly done., - havehappened and been performed in regular and due time., form., and manner.as required by law; that sufficient and proper pro- visions for the levying and collection .of an ad valorem tax hay.e.been made., which., when"collect.e.d shall be appropriated ex- clusively to the payment of this warrant and the interest upon' same., and that the. total indebtedness. of The City -of Beaumont', .including this warrant., does not -exceed any constitutional or statutory limitation, ttIt is,hereby recited., certified., and declared that the additional tax levied and made necessary to be.levied in -order to provide, for the interest and princ.pal.of this warrant., to- gether with the rateof tax existing at the time;of the issu- ance of this.warrant., is within the limitations:o.f the.Consti-- tuton and Laws of the State of Tex -as and the Charter of The. City of Beaumont, "The date of this, warrant -.,in conformity with -the. ordi- nance above mentioned., is November 6., 1962. - ttIn witness whereof the ' City Council of ,The .City of Beau-- mont., Texas.., has caused the corporate seal -of The City of Beaumont to be affixed hereto and has caused this warrant to- be.signed.by its.Mayor and countersigned and attested by its City Clerk. -on this.6th day of November., 1962. ttMayor of The. City of Beaumont., Texas ItAtte.st : ttCity Clerk -of The City of Beaumont., Texas.!' Section 3. That for the purpose of paying the interest on said Land Purchase Warrant and to create a sinking fund to pay the -principal -on said warrant when the same matures., a sufficient tax:on each One Hundred ($100.00) Dollar valuation of all taxable property in E E The City of Beaumont, Texas, shall be annually levied on said prop- erty and annually assessed and collected and applied to the purpose named. Section 4. That said warrant shall be signed by the Mayor and counter -- signed by the City .Clerk of The City of Beaumont, Texasa, and the corporate seal of The City of Beaumont, Texas, shall be impressed upon said warrant. Section 5. That the City Manager of The City of Beaumont is hereby directed, after the said warrant has been properly executed as here- inabove provided, to keep the said warrant in his custody to be de- livered by the City Manager to Frank J. Zummo, et al, when it is necessary to pay them under the terms of the contract for the pur-- chase.of the above described 1.571--acre tract of land. The Mayor and the City Clerk are authorized and directed to do any and all things necessary and convenient to effect delivery of the said warrant to Frank J. Zummo, et al. Section 6. That as an inducement to the said First Security National Bank of Beaumont, Texas, the C.ityfs.depository, to accept assignment of the above described warrant and to pay to Frank J. Zummo, et al, the cash represented thereby, the City Council hereby certifies and affirms to the said First Security National Bank that the said warrant is properly issued, is a valid warrant, and represents ind-ebtedness -of The City of Beaumont. Section 7. All ordinancesand parts of ordinances and all resolutions and parts of resolutions inconsistent with the provisions of this -ordinance are hereby rescinded and repealed insofar as same may con- flict herewith; and it is further provided that if any portion of this ordinance shall be declared invalid., said invalidity shall in no way affect the remaining valid portions hereof. 1962. PASSED by the City Council this 6th day of November, A. D. •- Mayor