Ordinance No. 66ORDINANCE NO. 66
•
® AN ORDINANCE AUTHORIZING THE ISSUANCE AMID SALE OF
A TAX ANTICIPATION MRRANT FOR PAYING THE CURRENT
EXPENSES OF THE CITY OF BAYTOITN FOR THE FISCAL YEAR
ELIDING SEPTEMBER 30, 1950, TO BE PAYABLE OUT OF THE
CURRENT PROPERTY TAX REVENUES OF SAID CITY FOR THE
YEAR 19493 SAID MRRANT TO BE ISSUED IN THE SUM OF
FIFTY THOUSAND AMID N0 1100 ($50,000.00) DOLLARS AND
PAYABLE ON OR BEFORE JANUARY 15TH, 1950; PLEDGING
THE CURRENT PROPERTY TAXES OF THE CITY OF BAYTOWN
FOR THE YEAR 1949 AS SECURITY FOR THE PAYMENT OF
SAID VaRRANT; AND PROVIDING A SAVINGS CLAUSE.
WHEREAS, 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 operation of the General Depart-
went of the Government, and in order to acquire funds wherevrith to defray the current
expenses of the General Department of the Government, it is necessary that the City of
• Baytown issue and sell a tax anticipation warrant in the sum of Fifty Thousand and
No /100 ($50,000.00) Dollars and to anticipate and pledge an equal portion of the current
property taxes 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 pay-
ing'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 Fifty
Thousand and No /100 ,($50,000.00) Dollars in anticipation of the current property taxes
is of said city for the year 1949, excepting from said taxes such amounts as may be re-
quired 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-
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 (2-,%) per annum
until maturity. Said warrant shall be issued in substantially the following form:
"CURRENT EXPENSE VikRRANT OF THE CITY OF BAYTOWN"
FIFTY THOUSAND AND N01100 ($50,000.00) DOLLARS
TO THE TREASURER OF THE CITY OF BAYTOVJN, TEXAS:
is 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 BEARER, the sum of Fifty Thousand and No /100 ($50,000)
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 suffi-
cient 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 taxes,
as authorized by an ordinance passed by the City Council on the 18th 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 BAYTOWN
BY:
CITY TREASURER
CITY WAGER
® 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. 63 adopted by the City Council of the City of Bay-
town on the lath day of October, 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.of the City
of Baytown on this the 18th day of October, 1919.
J. A. Vfard, 4Mar
® ATTEST s
Edna 0 iver, City C er
11M