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HomeMy WebLinkAboutORD 59-EEN t , AN ORDINANCE, ENTITLED AN 'ORDINANCE AUTHORIZING AND DIRECTING THE ISSUAN.CR OF A TIME WARRANT OF THE CITY OF BEAUMONT, TEXAS UNDER THE PROVISIONS OF THE "BOND AND WARRANT LAW OF 19311s, BEING ARTICLE 2368a -OF THE REVIS.ED'CIVIL STATUTES OF TEXAS,-AND.ALL_=AMENDMENTS THERETO., FOR THE PURPOSE OF PURCHASING TWO (2) FIRE TRUCK CHASSIS, SAID WARRANT TO AR DATED DECEMBER 18, 1962, TO MATURE AS HEREIN SET FORTH$ AND BE INTEREST AT 3.% PER ANNUM; PRESCRIBING 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 PRINCIPAL OF SAID WARRANT AS. IT MATURES; AUTHOR IZING.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 NECESSARY 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 BEAU-- MONT, TEXAS, THAT THE.SAID.WARRANT IS A VALID WARRANT; AND REPEALING ALL ORDINNANCES AND PARTS OF ORDINANCES IN CONFLICT HEREWITH, AND PROVIDING FOR SEVERABILITY. WHEREAS, The City of Beaumont has entered into a contract with International Harvester Company to purchase two (2) International Fire Truck Chassis and to 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 rie.c- essary and proper to execute the said time warrant under the terms of said contract to.be.delivered to -the said International Harvester Com.- party .upon delivery of the said chassis.; and, WHEREAS., First Security National-Bank:of Beaumont, Texas, the depository of The City of Beaumont, has agreed with.Internatio.nal Har- vester Company 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 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 $11,793.4.8, payable to the order. of International Harvester Company, for the -pur- pose -of paying the purchase price of two (2) International Fire Truck Chassis for the Fire'Department .of The ,City'of Beaumont. The said warrant shall be dated December.l8, 1962, and shall mature and be pay- able on or before December 18, 1964. The warrant shall bear interest at the.rate of three per 'cent ('3%.) per-annum, and the said interest shall be payable on -or before.December 1.8, 1963, and on.o.r before Dec_ ember 18, 1964. The principal on said warrant shall be.p.ayable upon presentation and surrender of the warrant.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'warrarit.shall be in the following form: 11$11,793.48 TNITED,STATES OF AMERICA STATE. - OF TEXAS COUNTY -OF JEFFERSON CITY OF BEAUMONT FIRE TRUCK .WARRANT ttKNOW ALL.MEN BY THESE PRESENTS: That The City -of Beau-, mont,, of Jefferson County.,.Texas, under and by virtue of a valid contract,, acknowledges itself justly indebted to.' and hereby promises to pay to International Harvester Company ELEVEN THOUSAND SEVEN HUNDRED. NINETY --THREE DOLLARS AND FORTY --EIGHT CENTS . ($11,793.48) in lawful money of the United States of 'America on or.before December 18, 1964,-with interest. thereon from the date hereof until paid, at the rate of three per cent (3%) per annum','the interest being .payable on- or, before .December -18, 196.3, and .-on, or before December 18, 1964; and,the Director of Finance of The"City of Beaumont, Texas, is hereby_auth.orized, ordered and direc- ted to pay to the order of International.Harvester Company, its successors and assigns, on or before December 18, 1964, the date of maturity :of this warrant, the sum .of Elepeii Thousand Seven Hundred Ninety --three Dollars and Forty-eight Cents ($11,793.48), and shall pay.the respective interest instalments.on or before the date same become due. tt'Both principal and interest of this warrant are payable. at the office of the: Director -of Finance of The.City*of -2- Beaumont, Texas, and The City of Beaumont, Texas is here- by held and firmly bound, and its full faith and credit and all taxable real and personal property therein are hereby pledged for the prompt payment of the principal and interest of this warrant as it matures. "This warrant is issued for the purpose of paying the purchase price of two (2) International Fire Truck Chassis for the Fire Department of The City of Beaumont, under a contract with International Harvester Company, this be- ing the .only warrant provided for and issued under said contract. "This warrant is issued under and by virtue of the Consti- tution and haws of the State of Texas. and the Charter of The City of Beaumont, and in strict conformity with Article 2368a,:;and amendments thereto of the Revised Civil Stat- utes of Texas. It is hereby certified and recited that the issuance.of this warrant is -duly authorized by law, pursu- ant to an ordinance passed by the City Council of The City of Beaumont, Texas, on the 18th day of December, 1962. ttIt is hereby certified, recited, and declared that the. issuance of this warrant is duly authorized by law and that all acts, conditions, and things required tobe done precedent to 'and in the iss.uance.of this. warrant have been properly done, have happened and been performed in regular and due time, form, and manner as required by law; that sufficient and proper provisions for the levying and col- lecting of an ad valorem tax have been made, which, when collected shall be appropriated exclusively 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. RIt 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 principal -of this warrant, together with the rate :of tax existing at the time of the issuance of this warrant, is within the limi-_ tations of the Constitution and Laws of the State of Texas, and the Charter of The City of Beaumont. 'Me date of this warrant, in conformity with the ordinance above mentioned, is December 183 1962. "In witness mont, Texas, Beaumont to to be signed by its City "Attest: City Clerk of Beaumont, whereof the City Council of The City of Beauty has caused the corporate seal of The City of be affixed hereto and has caused this warrant by its.Mayor and countersigned and attested Clerk, on this 18th day of December, 1962. of The City Texas." ttMayor of -The City of Beaumont, Texas. Section 3. That for the purpose of paying the interest on said Fire Truck Warrant and to create a sinking fund to pay the principal on said -3- f . warrant when the same matures, a s.ufficlent tax on each --One Hundred ($100.00) Dollar valuation of all taxable property in The City of Beaum®nt, Texas, shall be annually levied on said property and annual- ly assessed and collected and applied to the purpose named. Section 4. That said warrant shall be signed by -the Mayor and countersigned by the City Clerk of The -City of Beaumont, Texas, and the corporate seal of The City of Beaumont, Texas, shall be impressed upon said war. - rant. Section $. That the City Manager of The City of Beaumont is hereby directed, after the said warrant has been properly executed as hereinabove pro- prided, to -keep the said warrant in his custody to be delivered by the City Manager to International Harvester Company when it is necessary to pay said company under the terms of the contract for the purchase of the two (2) fire truck chassis. The Mayor and the City Clerk -are authorized and directed to do any and all thingsnecessary and conven- ient to.effect delivery of the said warrant to.International Harvester Company. Section 6. That as an inducement to the said First Security National Bank of Beaumont, Texas, the Cityts depository, to accept assignment of the above described warrant and to pay to International Harvester Company 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 warranty and represents indebtedness of The City of Beaumont. Section 7. Fill -ordinances and parts of .ordinances.and all resolutions and parts of resolutions inconsistent with the provisions of this o-rdi.- nance are hereby rescinded and repealed insofar as same may conflict -4- herewith; and it is.further provided that if any portion of this ordi- nance shall be declared invalid., said invalidity shall in no way affect the remaining valid portions hereof. PASSED by the City Council this 18th day of December., A. D. 1962.