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HomeMy WebLinkAboutORD 59-GJ6.45 1, t_y�� - gya AN ORDINANCE ENTITLED AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE OF REFUNDING WARRANTS BY THE CITY OF BEAUMONT, TEXAS, FPR THE PUR- POSE OF REFUNDING A PART OF THE OUTSTANDING INDEBTEDNESS OF SAID CITY, IN ARREARS FOR PAST OPERATING EXPENSES OF THE GOVERNMENT, PROVIDING FOR AN INTEREST AND SINKING FUND FOR THEIR RETIREMENT, LEVYING A TAX FOR THOSE PURPOSES AND DECLARING AN EMERGENCY. 1 BE IT ORDAINED BY THL CITY COWISSION OF THE CITY OF BEAUMONT SECTION 1. That there shall be issued by the City of Beaumont, Texas, refunding warrants as hereinafter described for and on behalf of the City of Beaumont to the extent of the sum of ONE HUNDRED FIFTY THOUSAND ($150,000.00) DOLLARS, payable to bearer which warrants shall be delivered to the holder or holders of the outstanding indebtedness of the City of Beaumont in arrears for past operat- ing expenses of the government as hereinafter listed and deBcrib - ed, in lieu of and in payment thereof and in cancellation of the evidence of so much of said outstanding indebtedness as said refunding warrants will discharge, or in the event that said holders of said indebtedness decline to accept said re- funding warrants in lieu of and in discharge of said indebted- ness in its present form, or prefer and demand its payment in money, then in such event, by means of such refunding warrants to borrow money on the faith and credit of the City of Beaumont to the extent of the sum of ONE HUNDRED FIFTY THOUSAND ($150,000.00) DOLLARS, to be used for the purpose of paying off a part of its said outstanding indebtedness and cancelling the evidence thereof, said indebtedness being evidenced by the warrants of the City of Beaumont, said warrants being to meet the pay roll of the employees of the City of Beaumont in the several departments thereof herein- after mentioned and the dates, numbers and amounts of the said warrants being as follows to -wit: -1- jI r Ir Said Deficiency Warrants being payable to Bearer, dated as shown below, due on demand, and in amounts as shown below, and issued for the payroll of the respective departments as shown below, and held by the Banks of Beaumont as shown below, as follows: BANK First National Bank of Beaumont, Texas American National Bank of Beaumont, Texas Texas National Bank of Beaumont, Texas City National Bank of Beaumont, Texas DEPARTMENT OF PUBLIC SERVICE VOUCHER NO. 1868 15, 1869 Mar. 1870 1928 1871 15, 1872 Apr. 1873 1928 1935 30, 1936 Apr. 1937 1928 2176 30, 2177 Apr. 2178 1928 2179 31, �4131000.OQ 1938 31, 1939 Aug. 1940 1928 2023 31, 2024 Aug. 2025 1928 2027 1928 2062 2147 2148 2149 2150 2151 2180 218L 150000.00 1989 L990 2082 2083 2113 2114 2129 2142 2152 2213 100000.00 21L5 21.16 2117 2118 2130 2131 2132 2208 2209 2210 2211 2212 '-129000,00 DATE Feb. Feb. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Oct. Sept. Sept. Sept. 29, 29, 29, 29, 29, 29, 15, 15, 15, 15, 29: 29, 29, 1928 1928 1928 1928 1928 1928 1928 1928 1928 1928 1928 1928 1928 Mar. 15, 1928 Mar. 15, 1928 Mar. 15, 1928 Apr. 380 1928 Apr. 30, 1928 Apr. 30, 1928 Apr, &' 30, 1928 Apr. 30, 1928 Aug. 31, 1928 Aug. 31, 1928 Aug. 31, 1928 Aug. 31, 1928 Aug. 31, 1928 Sept. 30, 1928 Sept. 30,. 1928 liar. 310 1928 Mar. 311 1928 June 30, 1928 June 301 1928 July 31, 1928 July 31, 1928 Aug. 15, 1928 Aug. 17, 1928 Aug. 31, 1928 Oct. 31, 1928 July 31, 1928 July 31, 1928 July 31, 1928 July 31, 1928 Aug. 15, 1928 Aug. 15, 1928 Aug. 15, 1928 Oct. 311 1928 Oct. 311 1928 Oct. 31, 1928 Oct. 311 1928 Oct. 311 1928 1k DEPARTMENT OF PUBLIC SERVICE CONTINUED BANK VOUCHER NO. DATE City National Bank 1991 Mar. 31, 1928 of Beaumont, Texas 1992 - Mar. 31, 1928 1993 Mar. 31, 1928 1994 Mar. 31, 1928 2051 Ray 31, 1928 2052 May 31, 1928 2053 May 31, 1928 2084 June 30, 1928 2085 June 30, 1928 2086 June 303, 1928 2087 June 30, 1928 §11,000.00 Feb. 29, 1928 DEPARTMENT OF PUBLIC SAFETY BANK VOUCHER NO. DATE First National 1999 Mar. 31, 1928 Bank of Beaumont, 2016 Apr. 14, 1928 Texas 20L7 Apr. 14, 1928 2061 May 31, 1928 2062 May 31, 1928 5,000.00 American National 1905 Feb. 29, 1928 Bank of Beaumont, 1906 Feb. 29, 1928 Togas 1907 Feb. 29, 1928 1908 Feb. 29, 1928 1909 Feb. 29, 1928 1910 Feb. 29, 1928 1911 Feb. 29, 1928 2000 Mar. 31, 1928 2001 Mar. 31, 1928 2002 Mar. 310 1928 2003 Mar. 310 1928 2004 Mar. 31, 1928 2014 Apr. 14, 1928 2015 Apr. 140 1928 2029 Apr. 30, 1928 2040 May 15, 1928 2058 May 31, 1928 2059 May 31, 1928 2060 May 31, 1928 2067 June 15, 1928 2068 June 15, 1928 21:000.OQ Texas National 1912 Feb. 29, 1928 Bank of Beaumont, 1944 Mar. 15, 1928 Texas 1945 Mar. 15, 1928 1946 Mar. 15, 1928 1947 Mar. 15, 1928 2005 Mar. 31, 1928 2006 Mar. 311 1928 2012 Apr. 14, 1928 2013 Apr. 14, 1928 2030 Apr. 300 1928 2031 Apr. 30, 1928 2032 Apr. 309 1928 2033 Apr. 30, 1928 2044 May 159, 1928 2045 May 15, 1928 2046 May 15, 1928 2055 May 319 1928 2056 May 31, 1928 2057._ May 31, 1928 19,000.00 � Z DEPARTMENT OF PUBLIC SAFETY CONTINUED BANK VOUCHER N0. DATE City National Bank 1948 Mar. 311 1928 of Beaumont, Texas 1949 Mar. 31, 1928 1950 Mar. 31, 1928 1952 Mar. 311 1928 2011 Apr. 14, 1928 2034 Apr. 309, 1928 2035 Apr. 30, 1928 2036 Apr. 30, 1928 2041 May 15, 1928 2042 May 15, 1928 2043 May 15, 1928 --T1I, 000.00 DEPARTMENT OF PUBLIC WELFARE BANK VOUCHER N0. DATE First National Bank 1902 Feb. 299 1928 of Beaumont, Texas 1903 Feb. 29, 1928 1904 keb. 29, 1928 1943 Mar. 15, 1928 1954 Mar. 15, 1928 2064 June 15, 1928 2065 June 159 1928 2066 June 15, 1928 2089 June 30, 1928 2090 June 301 1928 2091 June 30, 1928 2119 July 31, 1928 2214 Oct. 319 1928 2215 Oct. 31, 1928 14,000.00 American National 2164 Sept. 15, 1928 Bank of Beaumont, 2165 Sept. 15, 1928 Texas 2194 Oct. 15, 1928 2195 Oct. 15, 1928 2196 Oct. 15, 1928 5,000.00 Texas National Bank 1981 Mar. 30, 1928 of Beaumont, Texas 2145 Aug. 31, 1928 2,000.00 City National Bank 1979 Mar. 301 1928 of Beaumont, Texas 1980 Mar. 301 1928 2010 *pr. 14, 1928 3,000.00 DEPARTMENT OF PUBLIC FINANCE First National Bank 1914 Feb. 29, 1928 of Beaumont, Texas 2008 Mar. 319 1928 2162 Aug. 31, 1928 3,000.00 GENERAL DEPARTMENT BANK VOUCHER NO• DATE 24:000.00 First National Bank 2009 Mar. 31, 1928 of Beaumont, Texas, 2028 Apr. 30, 1928 2063 May 31, 1928 2104 Tune 30, 1925 2105 Suly 15, 1928 2128 July 31, 1928 2163 Aug. 3I, 1928 �`$fi, OOQ.00 *Vauchers Nos. 2028 and 2105 are for the sura of $500.00 each. All other vouchers are for $1,000.OQ each, R E C A P I T U L A T I O N SERVICE 461:000:00 MFARE 24:000.00 SAFETY 56,000.00 FINANCE 31,000,00 GENERAL 6,000000 50, 0. do V The said refunding warrants provided for herein shall be and are issued under and by virtue of the authority to issue such warrants granted to municipalities by the constitution and laws of the State of Texas and the Charter of the City of Beaumont and particularly Article 1175, subsection 10, Revised Civil Statutes of Texas, 1925; Article 1177, Revised Civil Statutes of 1925; Article 827, Revised Civil Statutes of 1925; Article 1015, subsection 43, Revised Civil Statutes of 1925; and by virtue of section 49 of An Act of the Thirty-first Leg- islature which became a law March 24th., 1909, entitled "An Act to grant a new Charter to the pity of Beaumont, etc.," and by virtue of section 5, subsection 1 and section 71 of the Charter of the City of Beaumont adopted on December 30th.,1919. SECTION 2. That the Mayor of the City of Beaumont be and he is hereby authorized and directed to forthwith kff& have prepared and duly executed as hereinafter provided one hundred and fifty refunding warrants, numbered one to one hundred and fifty inclusive, all of said refunding warrants to be of the denomination of One Thousand (1,000.00) Dollars each, and payable to bearer in law- ful money of the United States of America, each of said refund- ing warrants to be dated December lst., 1928, and mature serially in twenty years as follows, to -wit: r9,000.00 each year for the first five (5) years, 6,000.00 each year for the second five (5) years, ,000.00 each year for the third five (5) years, $12,000.00 each year for the fourth five (5) years. All of said refunding warrants shall bear interest at the rate of six per cent (6%) per annum, payable semi-annually on June let., and December let., of each year according to the face and tenor of the interest coupons to be attached to said refunding warrants except that the first coupon shall be for one year's interest. The Mayor shall sign said refunding warrants and they shall be countersigned by the City Clerk and registered by the Director of the Department of Finance, and the corporate -4- -9 - ss 4dooxa 948p pus 4oagaa `aoua4 axTT ao s4usaasM 9uTpunaaa -'WTJ -pUS paapuntj quo go sgTaas 9114 go auo ST a.ussaSIA 2?uTpunaaa sT11l •aovlo11 a114 go uoT4do 9.q4 4s `gaox max `ATO xaoX mall 3:0 31tz139 .4TO TsuoT481 9114 48 so `4uomnseg go A4T0 9114 go aouslz,I g0 4u9m4asd9Q 9114 go ao4o9aTQ 9114 go aoTaao a114 4s aTgvSed 2uTaq 4usaasm OuTpu gaa sT114 9:0 4s9a9WT pus TBdTouTad t[4oq `eup emooeq pus 9an481Z 9TTVaaa9s -99114 ss suodUO0 4saaa4uT p9xauus 9114 ,To uoT4s4uasaad uodn pus �q paOuapTba ss BoTaamV ao s94184S 1)94Tu,n 9114 ao .99uom Tn,TM'sT uT X8919 11089 go aegmooea go Svp 4sT eq4 pus aunt go Svp 4sT e-qq. uo aa4Tsaaa114 STTsnuus-Tines pus `696-1 `a9gm9o9a g0 Asp 4sT 9T4 uo asa19 I�saTg a11� aoa STTsnuus eTgated `muuus aad (fig) 4uao a ed xTs ,To a48a 9114 4s 909aa11 94sp 9119. moig tuns pTss uo 4s9aa4uT 114Tea `696T `aogtuaoa(I go Svp •4sT 9114 uo s0Taamy ao s9484S pa4Tug 9114 ,To l;auom TUgmsT UT S2iVTIOQ (00' 000 `TO) CEKVSIlOHI ano go urns auo aaaseq 04 AVd o4 sasTuJOad Sgeaa11 paeTaoaa anTVA aoa pus al'Ao 04 J:Tas4T saOpaTneoux0s 19g9a911 `saxal go 94s4S `uo3a9ag9r g0 194unoO 9114 uT 4uoums ag go 194T C) 9114 4'-il : SIXZSMI d gS EHI .fig NER TIS' 1AOU SHOy"mvaq 30 ASID losuzaafff 30 XtIl .00 SyXgl 30 SIMS 00' 000 ` T$ TI2im ,30 79—VIS (Eall 1 gill T *OX SSAIVZIUVAk ONIQKnJffa 30 AHOg :snaoTTo3 ss saan.21J pine spaOm UT STTBT4us4sgns eq TTs11s aOJ papTA -oad aAogs suodnoO 499a94uT e114 pus s4usaasm Futpunaaa pTss a11l • 0 HOISOgS •aapToq eqq. go uoT4do 9114 4s `3[aoX naau `ATO gao7, naafi ao gxmg ATO TsuoT48X G'q; 48 ao 4uomnsag go 194TD 9114 go 90usuT3 go 4u9m4asd9Q 9114 go ao4oaaTq 9114 go aoTJJO Gill 48 aapuaaans pus uoT4s4uosaad uodn eTgvgsd aq TT811s suodnoo pus 84UBaasm OuTpungaa pTsS -XaaTO S!4T0 9114 pus aoSsll 9114 Jo 9an4VW3Ts udsa9o114TT a114 114Tm pa4noaxa eq TTsus suodnoo 4saa9quT axil •ma114 go auo 11osa uo passaadmT aq TT811s 4uomnsag go S!4To 9114 go Tsas M R f ! 1z to the date of maturity, said series numbered from one to one hundred and fifty inclusive, all of said refunding warrants being for the sum of ONE THOUSAND (1,000.00) DOLLARS each, aggregating the sum of ONE HUNDRED AND FIFTY THOUSAND ($150,000.00) DOLLARS, issued by the City of Beaumont for the purpose of paying a part of the outstanding indebtedness in arrears for past operating expenses of the City Govern- ment, and of cancelling the evidence of so much of such outstanding in- debtedness so paid (the said evidence of said indebtedness being warrants issued to meet the pay roll for employees in the different departments of the City Government and described and listed in detail in an ordinance duly passed by the City Commission of the City of Beaumont on the 6th day of November, 1928, and entered in the ordin- ance minutes of said City), said refunding warrants being issued under and by virtue of the constitution and laws of the State of Texas and the Charter of the City of Beaumont and particularly Article 1175, subsection 10, Revised Civil Statutes of Texas, 1925; Article 1177, Revised Civil Statutes of 1925; Article 827, Revised Civil Statutes of 1925; Article 1015, subsection 43, Revised Civil Statutes of 1925; of and by virtue of section 417n Act of the thirty-first legislature which became a law March 24th., 1909, entitled "An Act to grant a new Charter to the City of Beaumont, etc.," and by virtue of section 5, subsection 1 and section 71 of the Charter of the City of Beaumont adopted on December 30th., 1919. The date of this refunding warrant is December 1st., 1928, and it is hereby certified, declared and recited that all acts, conditions and things required to be done and precedent to and in the valid issuance of these refunding warrants have happened and been properly done and performed in regular and due fiibm as required by law and that the total indebtedness of said City, including the indebtedness contracted by these refunding warrants does not exceed any constitu- tional limits. And it is hereby specified, declared and recited that the addi- tional tax levy made necessary to be levied in order to provide for the payment of the interest and the principal of this issue of refund- ing warrants, together with the rate of tax existing at the time of -A- M ,. 1 the issuance of these refunding warrants is within the limit of the constitution and the laws of the State of Texas and of the Charter of the City of Beaumont. In testimony whereof the City of Beaumont has caused these refunding warrants to be issued by its Mayor, countersigned by its City Clerk, registered by the Director of the Department of Finance and the corporate seal of said City to be affixed thereto, this the 1st day of December, 1928. (Signed) Mayor of the Uity of Beau mon (Counte*signed)' City Clerk of the Uity o Beaumont. (Resigtere4 D rector of Department o Finance of the City of Beaumont, Texas. FOW,T OF COUPON No. 1 UNITED STATES OF AMERICA $60.00 STATE OF TEXAS COUNTY OF JEFFERSON CITY OF BEAUMONT On the 1st. day of December, 1929, the City of Beaumont, Jef- ferson County, Texas, will pay to the bearer at the office of the Director of the Department of Finance of the City of Beaumint or at the National City Bank of New York City, New York, at the option of the holder the sum of SIXTY ($60.00) DOLLARS in lawful money of the United States of America, being one years interest on one re- funding warrant of a series of one hundred and fifty refunding warrants of the same denomination, issued under an ordinance adopt- ed by the City Commission of the pity of Beaumont on the 6th day of November, 1928, for the purpose of borrowing money to pay a part of the outstanding indebtedness in arrears for operating ex- penses of the City Government of the City of Beaumont. At#est: City Clerk of fh—e Sity of Beaumont, Texas. -7- Mayor of the City of Bea-u-Im-o-FE 4 i r The remaining couporison'said refunding warrants shall be in substantially the same form, but shall be for the sum of THIRTY (30.00) DOLLARS each, representing six months interest and payable on the 1st day of June and the first day of December of each year. SECTION 4. That the Mayor be and he is hereby authorized and directed to take and have charge of the above described refunding warrants and when registered by the Director of the Department of Finance as here- in provided for, he shall proceed to deliver said refunding warrants to the holders of the aforesaid indebtedness of the City of Beaumont in lieu of and in payment thereof and in cancellation of th@ evid- �ence thereof; but in the event said holders of said indebtedness decline to accept said refunding warrants in lieu of and in payment for said indebtedness and in cancellation of the evidence thereof, or prefer and demand the same be paid adt in money, then in that event the Mayor shall forthwith proceed to sell said refunding warrants either at public or private sale at not less than their face value and accrued interest and the proceeds of such sale shall be delivered to and deposited with the Director of the Department of Finance of the City of Beaumont, and the Director of the Department of Finance shall forthwith deposit said funds with the City Depository of the City of Beaumont, and in case of sale thereof as provided, it is hereby made the duty of the Mayor to deliver said refunding warrants to the pur- chasers thereof in the City of Beaumont, and the payment of said re- fudning warrants and the interest thereon shall be made in the City of Beaumont and said funds shall be used to discharge and pay off the indebtedness represented by the warrants which are refunded. SECTION 5. For the purpose of paying the interest on said refunding warrants provided for herein and to create a sinking fund to pay off said re- funding warrants as they mature, there is hereby levied for the year 1929 on each ONE HUITDRED DOLLAR valuation of property in the City of Beaumont liable to taxation, an ad valorem tax of two (2g)cents, and said tax, or as much thereof as shall be necessary, or such other tax as shall be necessary, shall be and is hereby levied for each succeed- ing year so long as may be necessary to provide for the payment of the interest as it matures on said refunding warrants and to create a sink- ing fund to retire said refunding warrants as they severally mature. SECTION 6. The.faet that the City of Beaumont is without funds to meet the payment of the above mentioned warrants representing the salary expenses for operating the City Government of the City of Beaumont and the functioning of the departments of the City Government of Beaumont is hampered by lack of funds for their adequate operation,. and the only method open; to the City Commission to finance said departments, which would not be a prohibitive burden on the people, being the issuance of refunding warrants for the purpose of paying off said warrants above specified, creates an imperative public necessity requiring the suspension of the rule that an ordinance be read on three several days before its passage, wherefoze said rule is hereby sus- pended and this ordinance shall take effect and be in full force on and after its passage and lawful publication. Passed the 6th day of November, 1928, by an aff;,rmp4ive tote of all members of the City Commission. or.