HomeMy WebLinkAboutORD 25-Fr y
AN ORDINANCE
AUTHORIZING THE ISSUANCE OF PROMISSORY NOTES OF THE CITY OF BEAUI':%ION^l
FOR THE PURPOSE OF CONSTRUCTING A COTTON COMPRESS BUILDING IN ACCORDANCE
WITH THE LEASE CONTRACT ENTERED INTO BY AND BETWEEN THE CITY OF BEAUMONT
AND GUY W. JUXKER, J. E. BROUSSARD AND J. L. EAPES, INDIVIDUALLY AND AS
TRUSTEES FOR THE BEAUEONT COTTON COI PRESS COKPANY, PLEDGING THE INCOME-
FROH SAID LEASED PREHISES TO: TILE PAYEENT OF PRINCIPAL AND INTEREST ON
SAID NOTES AND AFFIXING A :-..LIEN' ON SAID BUILDING TO BETTER SECURE THE
PAYMENT THEREOF AND LEVYING A TAX TO PAY THE INTEREST ON AND PROVIDE A
SUFFICIENT SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST
ON SAID NOTES AT MATURITY, AND DECLARING AN EMERGENCY.
WHEREAS, on the 14th day of September, A.D. 1926, the City
Commission of the Oity of Beaumont enacted an,ordinance leasing to Guy
W. Junker, J. E. Broussard and J. L. Eapes, in�vidually and as Trustees
for the Beaumont Catton Compress Company, certain wharf and dock property
of the City of Beaumont for a term of twenty-five (25) years, and in said
ordinance it was agreed by the City of Eeaumont to construct a cotton
compress building thereon and it is necessary that the same be immediate-
ly
mmediately constructed to take care of this year's cotton crop which is now being
made available for compressing and shipment through the port of Beaumont,
and it is necessary to issue notes of the City of Beaumont in the sum.of.
ONE'HU1\IDRED THOUSAND AND NO/100 ($100,000.00) DOLLARS, to pay for the con-
struction of said building and to maet said emergency.
NOR, THEREFORE, BE IT ORDAINED BY THE CITY COLMISSION
OF THE CITY OF BE AUMON T :-
SECTION.
That the funds necessary for the construction of said building
by the City of Beaumont shall be provided by the -s-suance-and--sale of
promissory notes of the City of Beaumont in the sum of One Hundred Thou-
sand and no/100 ($100,000.00) Dollars, described as follows:.
Said notes shall be numbered from ono (1) to one hundred (100),
inclusive, shall be of the denomination of One Thonsand and no/100 (11,000.00,
Dollars each, aggregating One Hundrod Thousand and no/100 (1100,000.00)
Dollars.
Said notes shall be dated on the first day of October, 1926, and
shall become due and payable serially as follows:
NOTE NUMBER DATE OF MATURITY
1;
2;
October
17
1927
3)
4;
October
1,
1928
5;
6;
October
l;
1929
7;
8,
October
1,
1930
9;110;
October
l;
1931
11;_
12;
13;
October
1 ;
1932
141
15;
I6;
October
17
1933
17;
18;
19,
October
17
1934
20;
21,
22;
October
1,
1935
-- -6
AMOUNT
2,000.00
2,000;00
2,000.00
2,000.00
2;000.00
3 J00.00
3,000.00
3;000.00
3;000.00
34;
352
36,
371
38;
392
40;
41;
42;
43;
44,
45,;
46;
47;
48;
49;
50;
51;
52,
53;
542
55;
56;
57;
58;
59;
602
61.
62.
63;
64.
65,
66;
67;
68,
692,
70;
`-71'
72;
73,
74;
751
76;
77;
78.
79;
80,
81;
82,
83;
847
85,
861
87;
88,
89;
952
90;
962
91;1
972
92;
98,
93,
99,
94,
100,
October 12. 1939'
October 1, 1940
October 1, 1941'
October 1, 194
October 1,;. 1943
October 1; 1944
October 1, 1945
October 1 ,, 1946
October 1, 19470
October 12 1948
October 1, 1949
October 1, 1950
October 12 1951
4;000.00
4.000.00
4,000:.00
5;000:00
5;000.00
5;000.00
5,000..00
5;000.00
6;000.00
6;000.00
6;000.00
6,000.00
6,.000.00
Said notes shall bear interest at the rate of five (%.) per
cent per annum from date until paid,. interest payable on the.first day
of October, 1927', and-semi—annually thereafter on the first day of Octo—
ber and the first day -of April of each year, both principal and interest
payable at the office of the Director of Finance of the City of Beaumont,
Beaumont, Texas, or at the National City Bank of New York City,'New York,
at the option of the holder, upon surrender of notes or proper coupons.
Said notes shall be signed by the I�,Iayor, countersigned by the
City Manager, attested by the'City Clerk, registered by the Director of
Finance, and the seal of said City shall be impressed upon each of said
notes. Fac simile signatures of the Itiayor and City Mianager and' City
Clerk may be lithographed upon the -interest coupons.
SECTION II..
Said notes shall be called
"-CITY OF BEAUMONT COTTON COl:IPRESS NOTES"
and shall be substantially in the following form:
No.
X1,000.00
UNITED STATES OF AMERICA
THE STATE OF TEXAS
COUNTY OF JEFFERUON
CITY OF BEAUMONT COTTON COMPRESS NOTE..
THE CITY OF BEAULONT, a municipal corporation, in the County
of Jefferson and State of Texas, for value received, hereby promisses
to pay to BEARER on the first day of October 19_, the principal sum of
ONE THOUSAND DOLLARS ($1,000.00)
Ir q
per annum, interest payable on the first day of October, 1927, app semi-
annually thereafter on the first day of October and the first day of
April of each year, both principal and interest payable upon p0psenta-
1 r`
tion and surrender of note or proper coupon at the office of the Director
of Finance of the City of Beaumont, Beaumont, Texas, or at the National
City Bank of New York City, New York, at the option of the holder.
This note is one of a series of one hundred (100) notes num-
bored consecutively from one (1) to one Hundred (100), inclusive, of the
denomination of One Thousand Dollars ($1,000.00) each, aggregating One
Hundred Thousand ($100,000.00) Dollars, authorized to be issued to pro-
vide the fund for the building of a=_cotton compress building on the wharf
and dock property of the City 'of Beaumont and issued under and by virtue
of the Constitution and laws of the State of Texas and the Charter of
said City, and in pursuance of an ordinance passed by the City Commission
of the City of Beaumont on the 21st day of September, A.D. 1926, whi h is
recorded in Book _, Page ZY30 of the Minutesyf said Commission.
The date of this note, in conformity with said ordinance is
October 1, 1926.
IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and
things required to be done precedent to and in the issuance of this note
have been properly done and performed and have happened in regular and
due
time, form and
manner,
as required
by law,
and
that the
full
faith
and
credit of the
City of
Beaumont, as
Well as
the
revenues
from
d
laid
property to be constructed, are pledged to the payment of this note. and
_ls; further security therefor,: a lien is hereby given on said building
to secure the payment hereof, and in further security the special tax
which has been levied for the payment of principal and interest of this
, .series of notes, are hereby irrevocably pledged for the punctual payment
of the principal and interest of this note, and that this series of
notes, together with all other indebtedness of said City do not exceed
any charter, constitutional or statutory limitation. ,
_Tt is specially.agee.d that all past due interest hereon shall
Y-
*- 4
on lawful demand and presentation thereof for payment, and same is
placed in the hands of an attorney for collection or collected by
legal process, the City of Beaumont agrees to pay ten (10%) per cent
additional on the amount of principal and interest then due as attorney's
I ees .
IN TESTIMONY WH1:]REOF the City of Beaumont, Texas, has caused
its corporate seal to be hereto affixed and this note to be signed by
its T,,Iayor, countersigned by its City -.tanager, Attested by its City Clerk,
and registered by its Director of Finance, as of the first day of Octob.er,;
1926.
Mayor, City of Beaumont, Texas .
Countersigned:
City 1anager, City of Beaumont, Texas
Attest -
City Clerk, City of Beaumont, Texas.
Registered:-
Director
egistered:
Director of Finance, City of Beaumont,.
Texas.
The form of interest coupon attached to each of said notes
shall be substantially as follovis: (Except coupon number 1, which shall
b.e..for one year's interest)
1525...00
IVO`.
ON THE FIRST OF , 19�
THE CITY OF BEAUMONT, in Jefferson County, Texas, will pay to
BEARER at the office of the Director of Finance of the City of
Beaumont, Beaumont, Texas, or at the National City Bank of New
York City, New York, at the option of the holder, TWENTY—FIVE
AND N0/100 (`625.00) Dollars, being six (6) months interest on
City of Beaumont Cotton Compress Building notes dated October
1, 1926, to which this coupon is attached and is a part there—
i fl
A _i;e.st
City Clerk, City of Beaumont, Texas.
7
SECTION III..
- �_Zg2_6
� 4
It is further ordered that the Mayor be authorized and he is
hereby directed to.t ake and have charge of the above described notes
pending their sale and that he shall proceed to sell the same at no
less than their face value and accrued interest at public or private
sale and proceeds of such sale shall be deposited with the Director
of Finance of the City of Beaumont and the proceeds of said nates
shall•be used for the purpose of constructing a cotton compress build—
ing on the wharf and dock property of the City of Beaumont leased to
Guy W. Dunker, J. R. Broussard and J. L. Mapes, individually and as
Trustees for the Beaumont Cotton Compress Company.
SECTION IV..
Be it.further ordai.ned that for the purpose of paying the
interest on said promissory notes and creating a sinking fund sufficient
to pay the principal thereof at maturity, the proceeds from the rental
of said premises and said building and all other incomestheref rom are
hereby pledged and there is hereby given and affixed a lien on said
building to further secure the payment of said notes, and there is here—
by levied for the current year and for each succeeding year while said
notes or any one of them are outstanThg, an ad valorem tax of two cents
(.021) on each $100.00 valuation on all taxable property in the City of
Beaumont, and said tax, or so much thereof_, or such other tax as shall
be -,necessary, shall be annually assessed and collected and applied to
the purposes named.
SECTION JAV.
The f act that the City of Beaumont has entered into a lease
contract with Guy W. Junket, J. E. Broussard and J. L. Mapes, individually
7.- 4
of twenty—fiu`e (25) years and the City has agreed to construct, on
said property a cotton compress building to take care of this year's
cotton crop which is now available for compressing and shipment
through the port of Beaumont and there is no cotton compress at Beau—
mont'to take care of said cotton, creates an emergency and an impera—
tive public necessity requiring the suspension of the rule providing
that ordinances shall be read on three (3) separate days before their
final passage, wherefore, said rule is hereby suspended and this or—
dinance
r—dinance shall take effect from and after the date_ of its passage.
Passed by an affirmative vote of all members of the City
Commission of the City of Beaumont on this the 21st day of September,
A.D. 1920. r
Pdiayor .
0
The State of Texas -,-
County of Jefferson
Before me, the undersigned authority, On V*jday—persoft-alry 'app -dared .................
. who being by me duly sworn, on his oath de-
/tu 1:71.
0 VeA
poses and says that he is the. .7..,t.0 me' w 161 the
BEAUM I ONT JOURNAL, a newspaper published in said county; that a -COPY of the within and
-foregoing was published in said newsPap®r, such publication -being on the following dates
A, D. 192 and a newspaper copy of which is hereto at
�. /,
tachod.
............
sworn.to and subscribed before me, this, day of ... . ........ . D. 192 L
............... . ...
Notary Public, ie erson Texas
LEGAL NOTICES
AN ORDINANCE) law, and that 'the 1-11 faith and.
Authorizing the issuance Of credit of the City of Beaumont, as
-promissory notes of the City of well as the revenues from s7sLid,
Beaumont for the purpose of con- property to be constructed, are
structing a cotton compress build-' pledged to the payment of this
ifig in accordance with the lease note,
and 4s further security there -
contract entered into by and be- for,
a lien is hereby given on said
3. City of Beaumont and build e -1
I. tween the Cit building
13
7,
The State of Texas -,-
County of Jefferson
Before me, the undersigned authority, On V*jday—persoft-alry 'app -dared .................
. who being by me duly sworn, on his oath de-
/tu 1:71.
0 VeA
poses and says that he is the. .7..,t.0 me' w 161 the
BEAUM I ONT JOURNAL, a newspaper published in said county; that a -COPY of the within and
-foregoing was published in said newsPap®r, such publication -being on the following dates
A, D. 192 and a newspaper copy of which is hereto at
�. /,
tachod.
............
sworn.to and subscribed before me, this, day of ... . ........ . D. 192 L
............... . ...
Notary Public, ie erson Texas
LEGAL NOTICES
AN ORDINANCE) law, and that 'the 1-11 faith and.
Authorizing the issuance Of credit of the City of Beaumont, as
-promissory notes of the City of well as the revenues from s7sLid,
Beaumont for the purpose of con- property to be constructed, are
structing a cotton compress build-' pledged to the payment of this
ifig in accordance with the lease note,
and 4s further security there -
contract entered into by and be- for,
a lien is hereby given on said
3. City of Beaumont and build e -1
I. tween the Cit building
13