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Ordinance No. 60ORDINANCE NO. D AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF A TAX ANTICIPATION VIARRANT FOR PAYING THE CURRENT EX- PENSES OF THE CITY OF BAYTOITN FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 1950, TO BE PAYABLE OUT OF THE CURRENT PROPERTY TAX REVENUES OF SAID CITY FOR THE YEAR 1949, SAID WARRANT T0, BE ISSUED IN THE SUM OF ONE HUNDRED FIFTY THOUSAND ($150,000.00) DOLLARS AND PAYABLE ON OR BEFORE JANUARY 15TH, 1950; PLEDG- ING THE CURRENT TAX REVENUES OF THE CITY OF BAYTOWN FOR THE YEAR 1949 AS SECURITY FOR THE PAY1AENT OF SAID WARRANTY; AND PROVIDING A SAVINGSCLAUSE. % WHEREAS, the City of Baytown, pending the collection of the current property tax revenues, from all sources, for the year 1949 is without funds wherewith to pay its ,w current obligations incurring and to be incurred for the operation of the General Department of the Government, and in order to acquire 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 One Hundred Fif ty:Thousand ($150,000.00) Dollars and to anticipate and pledge an equal portion of the current property tax revenues of the city for the year 1949, as hereinafter stated; Now Therefore: BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN: 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 1949, 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 One Hundred Fifty Thousand ($150,000.00) Dollars in anticipation of the current property tax revenues of said city for the year 1949, excepting from said revenues such amounts as may be required for the payment of all interest upon the bonded indebted- ness 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, 1950. ' SECTION 2: That said warrant when issued shall bear the date of its issuance, and shall be payable on or before January 15, 1950, in the amount aforesaid, and shall bear interest from its date and not to exceed one and one -half per cent (12 %) per annum until maturity. Said warrant shall be.issued in substantially the following form: "CURRENT EXPENSE IVARRANT OF THE CITY OF BAYTOWN" $l50, 000.00 ® TO THE TREASURER OF THE CITY OF BAYTOWN, TEXAS: On or before the 15th day of January, 1950, from the current property tax revenues collected for the year 1949,' exclusive of an amount as may be required to pay the inter- est 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, 1950) pay to BEARER, the sum of One Hundred Fifty Thousand ($1503000.00) Dollarswith interest thereon from date at the rate of one and one -half per cent (12 %) per annum until paid. This warrant is payable from the current property revues of the City for the year 1949, 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 15th' day of September , A.D., 1949. 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., 1950. CITY OF BAYTOVM BY: CITY TREASURER CITY MANAGER • SECTION 3: That all property tax revenues of the City of Baytown for the year 1949 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 1949 ad valorem taxes on all property, real, personal and mixed, within the City of Baytown for the year 1949, 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, 1950. • SECTION 4: 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 within 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 15th day of September, 1949, ATTEST: eA Inez endenha , Acting City Clerk -2- A. Ward, Mayor