HomeMy WebLinkAboutOrdinance 2712 ORDINANCE NO. -Z 71 e2.
AN ORDINANCE AMENDING SECTIONS IV AND V OF ORDINANCE NO.
2707, BEING AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
NEGOTIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY OF
FORT WORTH, TERAS, AMOUNTING TO THE PRINCIPAL SUM OF ONE
HUNDRED THOUSAND DOLLARS ($100,000.00), IN ADDITION TO
THE SUM OF TWO HUNDRED THOUSAND DOLLARS ($200,000.00)
WORTH OF SAID BONDS HERETOFOXE ISSUED OUT OF AN AUTHORIZED
ISSUE OF FIVE HUNDRED THOUSAND DOLLARS ($500,000.00), AND
BEING KNOWN AS SERIES 76 AND DESIGNATED AS "PLAYGROUND AND
RECREATION PARK BONDS," TO BE ISSUED FOR THE PURPOSE OF
PURCHASING, ACQUIRING AND IMPROVING THE PLAYGROUNDS AND
RECREATION PARKS OF SAID CITY, BY CHANGING THE TAX LEVY
IN SAID SECTIONS FROM .1167 CENTS TO .1489 CENTS ON THE
ONE HUNDRED DOLLAR VALUATION; REPEALING THE SECTIONS IN
CONFLICT WITH THE PROVISIONS OF THIS ORDINANCE; AND PRO-
VIDING THAT THIS ORDINANCE SHALL BE IN FULL FORCE AND EF-
FECT FROM AND AFTER THE DATE OF ITS PASSAGE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION 1.
That Sections IV and V of Ordinance No. 2707, passed and adopted
by the City Council on the 14th day of September, A. D. 1949, be amended,
and, after being so amended, they shall read as follows:
SECTION IV.
That for the purpose of paying the interest of said
bonds, as well as the various installments of principal,
as the same shall respectively mature, there is hereby
levied for the year 1949 and for each succeeding year
thereafter so long as the same may be necessary, to provide
for the interest and annual installments of principal of
said bonds, on all property in the City of Fort Worth,
Texas, liable to taxation, a straight ad valorem tax of
.1489 cents on the one hundred dollar valuation of said
property, or so much thereof as may be necessary, or in
addition thereto as may be required, and if at any time
the amount of said tax shall not be sufficient to provide
for the interest and annual installments of principal, it
shall be the duty of the City Council to so increase said
rate that an amount shall be realized from said tax suf-
ficient to meet the requirements aforesaid for interest
and annual installments of principal of said bonds; and
it is hereby promised and agreed that such increase of
tax shall be made, if required for the purposes named, as
often as it may be necessary. There shall be assessed and
collected annually a sufficient sum to pay the interest on
such bonds and to create a sinking fund of at least two per-
centum (2%) of the principal debt herein authorized.
SECTION V.
That it shall be the duty of the City Council of the
City of Fort Worth, Texas, and its successors, and of the
government of the City of Fort Worth, in levying taxes for
general purposes for the said City for the year 1949 and
for every successive year during the life of said bonded
indebtedness or any part thereof, to include in such levy
the special tax of .1489 cents on the one hundred dollar
property valuation, or so much thereof as may be requisite
and necessary, or in addition thereto as may be required,
provided for in the next preceding section of this ordinance,
and said special tax shall on no account whatever be dis-
placed therefrom.
SECTION 2,
That Sections IV and V of Ordinance No. 2707 are hereby expressly
repealed, but all other sections and provisions of said ordinance shall
remain in full force and effect.
SECTION 3.
That this ordinance shall take effect and be in full force and ef-
fect from and after the date of its passage, and it is so ordained.
Mayor of the City of Fort Worth,
Texas
ATTEST:
City Secretary of the City of
Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
City Attorney of the City of
Fort Worth, Texas