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Home My WebLink AboutORD 25-U116 �Le ? 1� N',':1 S`_ AN ORDINANCE AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF TIME WARRANTS -OF -THE CITY OF BEAUMONT., TEXAS, UNDER THE PROVISIONS.OF THE tQBOND AND WARRANT LAW OF 1931" BEING ARTICLE 2368a OF.THE REVISED CIVIL STATUES OF TEXAS, FOR THE PURPOSE OF CONSTRUCTING A POLICE AND.MUNICIPAL COURTS BUILDING IN THE CITY OF BEAUMONT, SAID WARRANTS TO BE.DATED JULY -19 19499 TO MATURE SERIALLY AS HEREIN SET FORTH, -.AND BEARING INTEREST AT THE RATE HEREIN SET.FORTH; PRESCRIBING THE FORM OF SUCH WARRANTS; PROVIDING FOR THE LEVYING AND COLLECTING COLLECTING OF THE TAX NECESSARY TO PAY THE INTER- EST AND CREATE A.SINKING FUND TO PAY.THE PRINCIPAL OF SAID WARRANTS AS THEY MATURE; PROVIDING FOR THE CUS- TODY OF SAID WARRANTS PENDING THEIR.DELIVERY.TO THE PURCHASER; AUTHORIZING AND DIRECTING THE MAYOR AND THE CITY CLERK TO EXECUTE.SAID WARRANTS AND IMPRESS THE CORPORATE SEAL OF THE CITY OF BEAUMONT THEREON, AND TO-DO ALL OTHER THINGS NECESSARY IN CONNECTION WITH.THE SALE AND DELIVERY TO THE PURCHASER THEREOF; REPEALING ALL ORDINANCES AND PARTS OF ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING.THAT THIS ORDINANCE SHALL.TAKE EFFECT FROM AND AFTER THE.DATE OF ITS PASSAGE,. WHEREAS, The City of Beaumont is constructing a Police and Municipal Courts Building and the City.Council has determined that it is necessary to issue Time Warrants in the amount hereinafter specified in order to construct such building; and, WHEREAS, The City of Beaumont is authorized generally to pass this ordinance authorizing the issuance of Time Warrants here- in ,,mentioned under the Constitution and Statutes of the State of Texas, pursuant to authority contained in Article 236$x, Revised Civil Statutes of Texas, known as the nBond and Warrant Law of 1931,11 and all laws thereunto enabling; and, WHEREAS. the City Council of The City of :.Beaumont now finds and determines that it is necessary and proper at this time to issue said warrants; . NOW, THEREFORE, BE IT ORDAINED BY THE CITY'OF BEAUMONT, TEXAS: Section 1. The City of Beaumont, Texas, shall issue warrants as herein- after prescribed for and on behalf of and upon the credit of The City of Beaumont, Texas, as follows: ZV I C One Hundred Thousand ($100,000.00) Dollars principal amount of Police and Municipal Courts Building Warrants, Series 1949, for the purpose of constructing a Police and.Municipal Courts Building for The City of Beaumont, to be dated July 1, 1949, and to mature serially on July 1st of each year and in the amounts as follows: Warrant No. Maturity -Date Amount l. -to 20., inc. July 1, 1950 $20,000.00 2:to'4-0, inc. July 1, 1951 .20,000.00 41 to 0, �nc. July 1, 1952 20,000.00 61 to 91 to 80 �nc.o 106,-inc® July 1, 1953 20,000.00 July 19 1954 209000.00 Said warrants shall bear interest at the rate of two and a half (21%) per cent. per annum and shall be payable on July 1, 1950 and thereafter annually on July lst of each year. The principal on said series of warrants shall be payable upon presentation and sur- render of the warrants 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; That said warrants are to be in the following form with proper omissions, insertions, and variations, permitted or otherwise, as herein provided: 'ANO. $1.4000.00 UNITED STATES OF AMERICA , STATE. OF TEXAS COUNTY.OF JEFFERSON CITY OF BEAUMONT POLICE AND MUNICIPAL COURTS -BUILDING WARRANTS SERIES 1949.. KNOW ALL MEN BY THESE PRESENTS: That The City of Beaumont, of Jefferson County, Texas, under and by virtue of valid and sub- sisting contracts, acknowledges itself justly indebted to and hereby promises to pay to the order of G. Sargl ONE THOUSAND DOLLARS ($1,000.00) in lawful money of the United States of America on the 1st day of July, 1950, with interest thereon from date hereof until - 2 - paid, at the rate of two and a half (2,1°%) per cent.- per annum, interest payable July 1, 1950, and annually thereafter on July lst.of each year, and the Director of Finance of The City of Beau - moat, Texas, is hereby authorized, ordered and directed to pay to the order of G. Sargl bwaaxe=/on the 1st day of July., 1950, the date of maturity of this warrant, the sum of One Thousand ($1,000.00) Dollars, and shall pay the respective interest instalments as same become due. Both principal and interest of this warrant are payable at the office of the Director of Finance of The City of Beaumont, Texas; and.The City of Beaumont, Texas, is hereby held and firmly bound, and its full faith and credit and all taxable.real and per - conal property therein are hereby pledged for the prompt payment of the principal of this warrant and the interest thereon as it matures. This warrant is one of a series of one hundred (100) war- rants of the denomination of One Thousand ($1,000.00) Dollars each, numbered consecutively from one (1) to one hundred (100)`, inclu- sive, each of said warrants being of like tenor and effect, except Y as to number and maturity date,, -issued by The City of Beaumont, Texas, for"° the purpose of constructing a Police and Municipal Courts Building for The City of Beaumont, under a contract with.G. Sargl as General Contractor, issued under and by virtue,of the -Constitu- tion and Laws of the State of Texas and the Charter of The City of Beaumont, and in strict conformity with Article 2368a, and the amendments thereto, of the Revised Civil Statutes of Texas, and all laws thereunt® enabling.. It is hereby certified and recited that the issuance of this warrant and the.series of which it is a part is duly authorized by law, pursuant to an ordinance duly passed on the 3rd day of May, 1949• It is hereby certified, recited, and declared that the issu- ance of this warrant and the series of which it is a part is duly authorized by law, and that all acts, conditions and things required -3 Y i . . .M/VY to be done precedent to and in the issuance of this warrant and of the series of which it is a part 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 collection of an ad valorem tax have been made, which, when collected, shall be appropriated exclusively to the pay- ment of this warrant and of the series of which it is a part, and to the payment of the interest as the same shall become due and pay- able, and that the total indebtedness of The City of Beaumont, in- cluding the entire series of warrants of which this is one, does not exceed any constitutional or statutory limitation. It is hereby recited, certified and declared that the addi- tional tax levied and made necessary to be levied in order to pro- vide for the interest and principal of this issue of warrants, to- gether with rate of tax existing at the time of the issuance of these warrants, is within the limitations of the Constitution and Laws of the State of Texas and the Charter of The City of Beaumont. The date of this warrant, in conformity with the ordinance above mentioned, is July 1, 1950. In witness whereof, the City Council of The City of Beaumont, Texas, has caused the corporate seal of The City of Beaumont to be affixed hereto and this warrant to be signed by its Mayor and countersigned and attested by its City Clerk, as of the 1st day of July, 1949. Mayor of The City of Beaumont, Texas. Attest: City Clerk of The City of Beaumont, Texas." Section 2. That for the purpose of'paying the interest on said Police and Municipal Courts Building Warrants, Series 1949, and to create a sinking fund to pay various instalments of principal as the same shall respectively mature, a sufficient tax on each One Hundred - 4 - 5°3�.1��' ($100.00) Dollar valuation of all taxable property in The City of Beaumont; Texas, shall be annually levied on said property and an- nually assessed and collected, and a tax of .024¢ on each $100.00 valuation of all taxable property within The City of Beaumont, Texas, is here and now levied for the year 1949, and said tax, or so much thereof as shall be necessary or in addition thereto as may be required, is hereby levied for each succeeding year while said warrants or any of them are outstanding, and the same shall be annually assessed and collected and applied to the purpose named. Section 3. That each of said warrants 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 each of them® Section 4. The City Manager of The City of Beaumont is hereby directed, after the warrants have been properly executed as hereinabove pro- vided, to keep said warrants in her custody to be delivered by the said City Manager to the Contractor, G. Sargl, General Contractor for the construction of the Police and Municipal Courts Building for The'City of Beaumont, as and when it is necessary to pay said Contractor under the terms of the contract for said construction. The Mayor and the City Clerk are authorized and directed to do any and all things necessary and convenient to effect delivery thereof to said Contractor. Section 5. All ordinances and parts of ordinances and all resolutions and parts of resolutions inconsistent with the provisions of this ordinance are hereby rescinded and repealed in so far as same may conflict herewith; and it is further provided that if any portion - 5 - of this ordinance shall be declared invalid, said invalidity shall in no way affect the remaining valid portions thereof. PASSED by the City Council this 3rd day of May, A.D. 1949. Mayor - - 6 -