HomeMy WebLinkAboutOrdinance 2078 ORDINANCE NO. 2 -0/0
AN ORDINANCE AMENDING SECTION IV OF ORDI-
NANCE NO. 2070 PASSED BY THE CITY COUNCIL
OF TEE CITY OF FORT WORTH, TECAS, ON
WEDNESDAY, JULY 17, 1940, RELATING TO
THE MATTER OF LEVYING A TAX TO PROVIDE
FOR THE INTEREST AND ANNUAL INSTALLMENTS
OF PRINCIPAL OF THE BONDS ISSUED BY SAID
ORDINANCE, AND PROVIDING MAT THERE SHALL
BE ASSESSED AND COLLECTED ANNUALLY A SUFFI-
CIENT SUM TO PAY nMREST ON SUCH BONDS,
AND TO CREATE A SINKING FUND OF AT LEAST
TWO PERCENTUM OF THE PRINCIPAL DEBT HERE-
IN AUTHORIZED; AND FURTHER PROVIDING THAT
THIS ORDINANCE SETALL BE IN FULL FORCE AND
EFFECT FROM AND AFTER DATE OF ITS PASSAGE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT PaVR,
TMW:
SECTION I.
That Section IV of Ordinance No. 2070 passed at a regular meet-
ing of the City Council of the City of Fort Worth, Texas, on Wednesday, the
17th day of July, 1940, be and the same is hereby amended, and after being
mended, shall read as follows:
SECTION IV.
For the purpose of paying the interest of said bonds, as well
as the various installments of prinaipal as the same shall
respectively mature, there is hereby levied for the year 1940,
and for each succeeding year thereafter so long as the same
may be necessary to provide for the interest and annual install-
ments of principal of said bonds, on all property in the City
of Fort Borth liable to Laxation, a straight ad valorem tax of
•21251 cents on the One Hundred Dollars ($100.00) valuation of
said property, or so much thereof as may be necessary, 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 sufficient
to meet the requirements aforesaid for interest and annual in-
stallments or 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 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 percentum of the principal debt herein authoriz-
ed.
SECTION II.
This ordinance shall take offset and be in full force and
effect from and after the date of its passage, and it is so ordained.
Mayor of the City of Fort FJ •th,
Texas
ATTEST:
City Secretary of the City of
Fort worth, TexaA
APPROVED AS TO FROM AND LEGALITY:
cu�
City Attorney of the City of
Fort Worth, Texas