Ordinance No. 63ORDINANCE NO. b
AN. ORDINANCE AUTHORIZING THE ISSUANCE AND SALE
OF A TAX ANTICIPATION WARRANT FOR PAYING THE
CURRENT EXPENSES OF THE CITY OF 3AYT07IN FOR THE
FISCAL YEAR ENDING SEPTEMBER 30, 1950, TO BE
PAYABLE OUT OF THE CURRENT PROPERTY TAX REVENUES
OF SAID CITY .'bR THE YEAR 1949, SAID WARRANT TO
BE ISSUED IN THE SUM OF ONE HUNDRED THOUSAND AND
N0 1100 DOLLARS (4,'100,000.00) AND PAYABLE ON _ OR
EMFORE JANUARY 15TH, 1950; PLEDGING THE CUR 01T
PROPERTY TAXES OF.THE CITY OF BAYTOWN FOR THE .
YEAR 1949.AS SECURITY FOR THE PA81ENT OF SAID
WARRANT; AND PROVIDING A SAVINGS CLAUSE.
WEEREAS, the City of Baytown, pending the collection of the current property
taxes, from all sources, for the year 1949 is without funds wherewith to pay its cur-
rent obligations incurring and to be incurred for the opera' on of the General Depart-
ment of the Government, and in order to acquire funds wherewith to defray the current
expenses of the General Department of the Government, it is necessary that the City of
Baytoyrn issue and sell a tax anticipation warrant in the sum of One Hundred Thousand
and No/100 (to100,000.00) Dollars and to anticipate and pledge an equal portion of the
current property taxes of the City for the year 1919, as hereinafter stated; NON, THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYT9k7N:
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 taxes,
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 Thousand
and No /100 (6100,000.00) Dollars in anticipation of the current property taxes of said
city for the year 1949, excepting from said taxes such amounts as may be required for
the payment 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, 1950.
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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 two and one -half per cent (22%) per annum
until maturity. Said warrant shall be issued in substantially the following form:
"CUIUREN`I' EXPENSE WART 1NT OF THE CITY OF BAYTOWN"
ONE HUNDRED THOUSAND AND NO /100 (1100,000.00) DOLLARS
TO THE TREASURER OF THE CITY OF BAYT07R1, TEXAS:
On or before the 15th day of January, 1950, from the current property taxes
collected for the year 1949, 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, 1950, pay to BtARER, the sum of One Hundred Thousand and No /100
($100,000.00) Dollars with interest thereon from date at the rate of two and one -half
® per cent (22) per annum until paid.
This warrant is payable from the current property taxes 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.
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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 taxes,
as authorized by an ordinance passed by the City Council on the 4th day of October,
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 BAYMIN
BY:
CITY TREASURER
CITY W. AGER
SECTION 3. THAT all property taxes 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 deduc-
tion 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.
SECTION 5. Ordinance No. 60 adopted by the City Council of the City of Baytown
on the 15th day of September, 1949, is hereby expressly repealed and declared to be of no
further force or effect.
Passed by the affirmative vote of a majority of the City Council on this the
4th day of October, 1949.
ATTEST:
Edna Oliver, City Clerk
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J. A. VTard, ` yor
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I, EDNA OLIVER, the duly appointed and acting City Clerk of the City of
Baytown do hereby certify that this is a true and exact copy of an ordinance passed
® by a majority vote of the City Council of the City of Baytown at its regular meeting
of Tuesday, October 4, A. D., 1949.
Witness my hand and seal of the City this the 10th day of October, A. D.; 1919.
City Clerk
(SEAL)
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