HomeMy WebLinkAboutResolution 1251..+ 2
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RESOLUTION NO.
RESOLUTION CANCELLING AUTHORITY TO ISSUE
CERTAIN BONDS VOTED AT AN ELECTION HELD
DECEMBER 9, 1975
WHEREAS, at an election held by the City of Fort Worth,
Texas (the "City") on December 9, 1975, the qualified voters
of the City voting at said election authorized the City to
issue $27,500,000 in bonds (the "Bonds") for the purpose of
making permanent city improvements by improving, extending
and enlarging the sanitary sewer system and sewage disposal
plants of the City and acquiring the necessary lands there-
for, and further authorized the levying of ad valorem taxes
sufficient for the payment of the principal of and interest
on the Bonds; and
WHEREAS, of the $27,500,000 in aggregate principal
amount of Bonds authorized at said election, the City has
heretofore sold and delivered $21,700,000 of the Bonds; and
WHEREAS, insofar as approximately twelve years have
passed since the date of said election, the purpose for
which the authority to issue the Bonds was sought by the
City and granted by the voters in said election no longer
exists; and
WHEREAS, it is the general policy of the City to issue
revenue bonds secured by a pledge of the revenues of the
City's water and sewer system for the purpose of construct-
ing, improving and enlarging the City's sanitary sewer
system and sewage disposal plants; and
WHEREAS, the City desires to cancel the authority to
issue the remaining unissued principal amount of the Bonds
granted at said election.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
Section 1. That the City Council hereby cancels the
authority granted by the voters at an election held on
December 9, 1975 to issue the heretofore unissued $5,800,000
principal amount of bonds for the purpose of making
permanent city improvements by improving, extending and
enlarging the sanitary sewer system and sewage disposal
plants of the City and acquiring the necessary lands
? therefor, and the levying of ad valorem taxes sufficient for
the payment of the principal of and interest on said
$5,800,000 principal amount of said bonds.
Section 2. That this Resolution shall take effect
immediately upon its adoption.
Mayor, City of Fort Worth, Texas
ATTEST:
City Secretary
(SEAL)
APPROVED AS TO FORM AND LEGALITY:
City Attorney