Ordinance No. 26t
ORDINANCE NO. 26
®
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF A TAX
ANTICIPATION WARRANT FOR PAYING THE CURRENT EXPENSES OF
THE CITY -OF BAYTO77N FOR THE FISCAL YEAR ENDING SEPTEMBER
309 1919, TO BE PAYABLE OUT OF THE CURRENT PROPERTY TAX
REVENUES OF SAID CITY FOR THE YEAR 1,948; SAID VARRAXT
TO BE ISSUED IN THE SUM OF FIFTY THOUSAND AND N01100
($50,000.00) DOLLARS AND PAYABLE ON OR BEFORE JANUARY
15th, 1919; PLEDGING THE CURRENT TAX REVENUES OF THE CITY
OF BAYTOWN FOR THE YEAR 1948 AS SECURITY FOR THE PAY
PEN OF SAID TIARRANT; AND PROVIDING A SAVING CLAUSE.
WHEREAS, the City of Baytown, pending the collection of the current property
tax revenues, from all sources, for the year 1918 is without funds wherewith to
pay its current obligations incurring and to be incurred for the operation of
the General Department of the Government, and in orderjto`a cquire funds wherewith
to defray the current expenses of the General Department of the Government,
• pending the collection of said revenues, it is necessary that the City of Baytown
issue and sell a tax anticipation warrant in the sum of Fifty Thousand and 1+10/100
($50,000.00) Dollars, and to anticipate and pledge an equal portion of the current
property tax revenues of the City for the year 1918, as hereinafter stated; Now
Therefore;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOVN:
Section 1: That for the purpose of providing sufficient moneys for the
paying of the current expenses of the City pending the collection of the current
property tax revenues, from all sources, for the year 1948, the City Treasurer
be, and he is hereby authorized to forthwith prepare, or have prepared, and to
execute, countersigned by the City Manager, a tax anticipation warrant of the
City of Baytown in the sum of Fifty Thousand and No /100 ($501000.00) Dollars.,
in anticipation of the current property tax revenues of said City for the year
19483 excepting from said revenues such amounts as may be required for the pay-
ment of all interest upon the bonded indebtedness of said City and all such sums
as may be required to be paid into the bond sinking fund during the fiscal year
ending September 30, 1949.
Section 2s That said warrant when issued shall bear the date of its
issuance, and shallrbe- payable on or before January 15, 1949, in the amount
aforesaid, and shall bear interest from its -date at not to exceed one and one-
half per cent (12) per annum until maturity. Said warrant shall be issued in
S' ) substantially the following form:
"CURRENT EXPENSE VARRANT OF THE CITY OF BAYTOWN'T
$50,000.00
Baytown, Texas, ,19 .
TO THE TREASURER OF THE CITY OF BAYTOWN, TEXAS:
-1-
On or before the 15th day of January, 1949, from the current property
tax revenues collected for the year 1948, exclusive of an amount as may be
required to pay the interest upon the bonded indebtedness of the City of
Baytown and also exclusive of such sums as may be required to be paid into the
bond sinking fund of said City for the fiscal year ending September 30, 19499
pay to BEARER, the sum of Fifty Thousand and No /100 ($50,000.00) Dollars
vri.th interest thereon from date at the rate of one and one -half (1-'2%) per
cent per annum until paid.
This warrant is payable from the current property revenues of the City for
the year 1948, exclusive of the portions thereof specifically set out above,
and sufficient amounts of said revenues when collected are especially assigned
and pledged for the payment of this warrant.
This warrant is issued for the purpose of providing for the payment of --
the current expenses of the City of Baytown pending the collection of said
property tax revenue, as authorized by an ordinance passed by the City Council
on the day of , A. D., 1948.
The Citizens National Bank & Trust Company of Baytown as depository for
the City of Baytown is authorized and directed to pay this warrant and all interest
thereon on presentation of same on the 15th day of January, A. D. 1949.
CITY OF BAYTUWN
. By s
City Treasurer
City Manager
Section 3s That all property tax revenues of the City of Baytown for the year
1948 lawfully available for the payment of the warrant issued in accordance with
this ordinance are hereby irrevocably pledged and set aside as they shall be
collected from time to time for the purpose of the payment of the said warrant;,
and there is hereby appropriated and set aside out of the first collections from
the 1948 ad valorem taxes on all property, real, personal and mixed, within the
City of Baytorm for the year 1948, after the deduction of such amounts as may be
required for the payment of all interest upon the bonded indebtedness of said
City to be paid out of such ad valorem taxes and all such sums as may be required
to be paid into the bond sinking fund of the said City during the fiscal year ending
September 30, 1949,
Section 4s if any section, subsection, clause or phrase of this ordinance should
be held illegal or unconstitutional, the remainder of such ordinance and so much
thereof as does not necessarily fall vri.thin any illegal or unconstitutional portion
hereof shall remain in full force and effect.
Passed by the affirmative vote of a:. majority-%- of the City Council on
this the 5 day of October, 1948•
i
E. D. C eveland, Mayor
A TTEST s
Edna Oliver, City Clerk
-2-