HomeMy WebLinkAboutORD 49-TRECORDED
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AN ORDINANCE
AUTHORIZING AND DIRECTING THE PROPER OFFICERS OF THE CITY OF
BEAUMONT NAMED HEREIN TO FORTHWITH PREPARE AND EXECUTE AND TO
NEGOTIATE AND DEL`1VER9 FROM TIME TO TIME, AS NECESSITIES REQUIRE,
LEGAL AND BINDING OBLIGATIONS OF THE CITY OF BEAUMONT IN THE FORM
OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PUR-
POSE 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
1948, 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 where-
with 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 1948.
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF BEAUMONT) TEXAS:
Section 1
That Otho Plummer, 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 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
X32/ interest from their date until paid, which said warrants shall
be, and are hereby secured by the legal and binding pledges and
hypothecation of FOUR HUNDRED AND T14ENTY-FIVE THOUSAND DOLLARS
($425,000.00) of the current revenues of the City of Beaumont for
the year 1948 as applied to the General Fund, the said Deficiency
Warrants to be paid and retired out of the first tax revenues
collected for the year 1948 for the operation of and application
to the General Department of the City Government.
That said Warrants shall be executed, negotiated and delivered
as 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 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;
provided, however, the total amount of such warrants of this issue
shall not exceed FOUR HUNDRED AND TWENTY-FIVE THOUSAND DOLLARS
($4251000.00)0
The said Deficiency Warrants shall be in the following form,
to -wit:
"THE STATE OF TEXAS
COUNTY OF JEFFERSON
Beaumont, Tetras
1948
On demand pay to the order of "BEARER"
To the Director of Finance
City of Beaumont
Countersigned:
City Manager
ATTEST:
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 24th day of August, A. D., 1948, and is payable out of the
tax levies for the year 1948 and chargeable to the General Department
when collected.
This warrant bears interest at they'
of not more than six
per cent per annum from its date until paid."
The said warrants shall be duly registered before being
negotiated by the Director of Finance.
PASSED by the affirmative note of all members of the City
Council, this the 24th day of August, A. D., 1948.
Mayor