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HomeMy WebLinkAboutORD 31-UAN ORDINANCE AUTHORIZING.AND DIRECTING THE PROPER OFFICERS OF THE CITY OF BEAUMONT NAMED HEREIN TO FORTHWITH PREPARE AND EXECUTE AND TO NEGOTIATE AND DELIVER, FRO14 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 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 1949, 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- ment, 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 1949; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUMONT: 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 evi- denced by Deficiency Warrants, dated on the date or dates when nego- tiated, and delivered from time to time, as hereinafter provided, payable to "BEARER" on demand, bearing not more than 22% interest from their date until paid, which said warrants shall be, and are hereby secured by the legal and binding pledges and hypothecation of THREE HUNDRED THOUSAND ($300,000.00) DOLLARS of the current reve- nue of The City of Beaumont for the year 1949 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 1949 for the operation of and application to the_General Department of the City Government; That said Warrants shall be executed, negotiated and deliv- ered as when it is requisite and necessary to raise money for.pay- ment 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 re- tire 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 THREE HUNDRED THOUSAND 0300,000.00) DOLLARS. to wit: The said Deficiency Warrants shall be in the following form, "THE STATE.OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON 1949• On demand pay to the order of "BEARER" 4P To the Director of Finance The City of Beaumont Countersigned: City Manager ATTEST: City Clerk /6 li1I General Fund, the said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1949 for the operation of and application to the_General Department of the City Government; That said Warrants shall be executed, negotiated and deliv- ered as when it is requisite and necessary to raise money for.pay- ment 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 re- tire 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 THREE HUNDRED THOUSAND 0300,000.00) DOLLARS. to wit: The said Deficiency Warrants shall be in the following form, "THE STATE.OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON 1949• On demand pay to the order of "BEARER" 4P To the Director of Finance The 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 Beau— mont by ordinance duly passed on the 13th day of Sep—. tember, A.D. 1949, and is payable out of the tax levies for the year 1949 and chargeable to the General Department when collected. This warrant bears interest at the rate of not more than two and a half per cent. (4%) per annum from its date until paid." The said warrants shall be duly registered before being negotiated by the Director of Finance. 1949. PASSED by the City Council this 13th day of September, A.D. — Mayor — s r e This Warrant is one of a series of several warrants authorized by the City Council of The City of Beau— mont by ordinance duly passed on the 13th day of Sep—. tember, A.D. 1949, and is payable out of the tax levies for the year 1949 and chargeable to the General Department when collected. This warrant bears interest at the rate of not more than two and a half per cent. (4%) per annum from its date until paid." The said warrants shall be duly registered before being negotiated by the Director of Finance. 1949. PASSED by the City Council this 13th day of September, A.D. — Mayor —