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HomeMy WebLinkAboutORD 73-F1 AN ORDINANCE AUTHORIZING AND DIRECTII�rG THE PROPER OF. ICERS OF THE CITY OF BBAUI,ION^i NAL+IED HEREIN TO FORTHWI^1H PREPARE AND EXECUTE AND TO NEGOTIA^1E AND DELIVER, FRO11.1 TIME 10 TII',IE AS NECESS— ITIES REQUIRE, LEGAL AND BINDING OBLIGATIONS OF THE CITY OF BEAUMONT, IN THE FORE OF DEFICIENCY 17ARRANTS, DESCRIB— ED IN SAID ORDINANCE, FOR TI?E PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATTION OF THE SEVERAL DEPARTMENTS OF THE GOV ERNEEN^1 IviENTIONED IN SAID ORDINANCE, APPROPRIATING AN EQUAL PORTION OF THE REVENUES OF THE CITY OF BE AU1.10 T APPORTIONABLE TO THE SEVERAL DE— PARTIVIENTS AFFECTED,. FOR THE YEAR 1927, FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS, AND DECLARING AN EPIERG ENCY. j1HEREAS, The City of Beaumont, pending the collection of currint tax revenues, ffom all sources, being taxes for the year 1927, is without funds wherewith to pay its current obligations incurred and to be incurred for the operation of the several de— partments of the government, and in order.to acquire funds where— with to defray the current expenses of all departments 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 1927 BE IT ORDAINED BY THE CITY COMIJISSION OF THE CITY OF BEAUMONT e, , 6, SECTION I. That J. Austin Barnes, I:'Iayor of the City of Beaumont, be m d he is hereby authorized to forthwith prepare, or have prepared, and to execute, together with the City Clerk, and to be countersigned by the City Tanager, legal and binding obligations of the City of Beau— mont, in the form of and evidenced by Deficiency Warrants dated on. the date or dates when negotiated, and delivered from time to time, --t- as hereinafter provided, payable to, "BEARER"', on demand, bearing�6% interest from their date until paid, which said warrants shall be and are hereby secured by the legal and binding pledges and hypothecation of ONE HUNDRED AND THIRTEEN THOUSAND DOLLARS (113 , 000..00) of the cur— rent yr—rent ta.x revenues of the City of Beaumont, for the year 1927S, as ap— plied to the funds of the particular departments and in the armunts relating to such departments as hereinafter set forth; the said De— ficiency Warrants to be paid and retired out of the first tax revenue s 3 -F 1�c) `l The said warrants shall be executed, negotiated and delivered as and when it is requisite and necessary to raise money for the pay- ment of existing obligations, and for defraying the current expenses for the operation of the several departments of the government, as hereinafter set forth, until such time as there shall have been col- lected 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 above mentioned and apportioned among the several departments as below shown, a sum sufficent where- with to pay off and ditchar8e all bf 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 the sum of ONE HUNDRED THIRTEEN THOUSAND DOLLARS ($113;000.001'. The said Deficiency Warrants shall be in the following form, to -wit - ','The State of Texas, County of Jefferson. Beaumont, Texas On Demand, pay to the order of "'BEARER" To the Director of Finance City of Beaumont COUNTERSIGNED: CITY MANAGER 192 6 DOLLARS MAYOR. ATTEST' CITY CLERK. This Warrant is one of a series of several Warrants authorized by the City Commission of 'the City of Beaumont, by Ordinance duly passed 9 1927, . A. D., and-is—Payable payable out of the n This warrant bears interest at the rate of/tsix per cent per annum from its date until paid. Each warrant shall carry on its face the name of the department to' which it relates. The particular departments and funds of the City Government, for the operation of which said funds are hereby raised for the support, maintenance and operation of said departments from which said warrants shall be paid, and the amount to be taken'therefrom for that purpose shall be and are according to the following table.- Deneral Fund - - - - - - - - - - - - -$ 7,,000.00 Department of Public Safety - - - - - - - - - 541000.00 Department of Public Service = - - - - - - - - 40,000.00 Department of Public Welfare - - - - - - - - - 12,000.00 The said Warrants shall be duly registered before being negotiated by the Director of the Department of Financa.. SECTION !T. That the fact that the City of Beaumont is without funds now to discharge the current obligations incurred for the -maintenance and operation of the several departments of government, without at once anticipating and pledging ONE HUNDRED THIRTEEN THOUSAND DOLLARS ($113,;000.00) of the tax revenues of 1J, for the maintenance and operation of the several departments mentioned in this Ordinance, creates an imperative public :emergency, necessitating the suspension of the rule requiring that all ordinances shall be read on three (3)-' separate days before passage, wherefore, said rule is!herebjr sus- pended, and this ordinance shall take effect upon its passage and signature of the I.Alayor. . Passed by the affirmative vote of all members of the Commission this the 19th day of July, A. D. 1927. Mayor. , ' The -State of Texa8, f' / �,- eouhtp of Jefferson f Before me, the u�idersigned a r on this day personally appeared ------------------- - _________________ ----------- _ _ _mown to me' `T✓h/o being by m -e duly sworn, .on his oath de- poses and says, that he is the _ _!�'�" _ _ _ _ _ _ _ _ _of the. B 1 BEAUMONT JOURNAL, a newspaper published in said county; that a copy of the within and fo going was published in said newspaper, such publication being on the. following dates: A. D. 19?_ _, and a newspaper copy of which is hereto at- - tache --------------- word _fo=and subscribed before me, this- _ _ _ -- _ _ _ day of - - - _�. � A. D. 192 _ — ` ;,o Bit _ f y 74—Leg' Notices Bel An, Cay AN ORDINANCE Authorizing and directing , the, proper officers of- the city of eaumont named hengin to forth- with prepare and execute and to negotiate and -deliver, from time to time as necessities require, le- gal and binding obligations of the city of Beaumont, in the form of deficiency warrants, 'described in said ordinance; for the purpose of defraying the curreut.exiienses for the maintenance and operation 'of the several departments of the government mentioned in said or- _dinanee. annrnnriar,,,e . ___ . Co Ch, _ _ _ Nh,. Notary Public, Jefferson Cou y, Texas. Chi Doc D'o c Fai Fri; Gas Gen Gen Huc Hoti