HomeMy WebLinkAboutOrdinance 1079 - 3
WHEREAS, on the 1st day of August, A. D. 1922 the
Board of Commissioners of the City of Fort Worth in regular
session in the city hall authorized by ordinance the exten-
sion of the due date of forty certain notes in the principal
sum of $1,000 each in payment of estimates for the repair-
ing and resurfacing of the paved streets in the City of Fort
Worth and also providing for the issuance of forty additional
street paving notes of the said city in the principal sum of
$1,000 each, all of said notes bearing interest at the rate
of six per cent per annum; and
WHEREAS, in said ordinance provision was made that
the last forty of the said eighty notes should mature in the
amount of $10,000 on the loth day of February of each of the
years 1925 to 1929 inclusive and provided for the levy of a
tax on each $100.00 valuation of the taxable property in the
City of Fort Worth to provide a sinking fund to pay the prin-
cipal of said indebtedness at the maturity of the notes and
interest on them as same became due; and
WHEREAS, purauant to the authority vested in said
Board of Commissioners and in accordance with the stipulations
set forth in said ordinance such portion of the street im-
provement fund as was deemed necessary to meet the principal
of said notes at matutt-yy and the interest on said notes as
same became-due was set aside in a special fund; and
WHEREAS, the City of Fort Worth in accordance with
the power vested in said city by the laws and Constitution of
this State and pursuant to the authority granted by the quali-
fied voters of said city in an election regularly held, the
City of Fort Worth issued funding bonds in the principal sum
of $1,250,000 dated February 1, 1924 and funded .all outstand-
ing obligations of said city that were due and payable at that
time; and
WHEREAS, the first forty of the street paving notes
above described, and being Nos. 1 to 40 inclusive, constituted
valid and subsisting debts and outstanding obligations against
said city and were due and payable at said time and were ac-
cordingly funded and cancelled; and
WHEREAS, of the original eighty street paving notes
originally executed, above described, there are only forty
remaining, being Nos. 41 to SO inclusive; and
WHEREAS, there has been created in the special fund
to pay the principal of said notes at their maturity and the
interest on said notes as same becomes due $54,992.59 as of
date May 9, 1925; and
WHEREAS, the principal of said obligation, together
with the interest on said notes from the loth day of August,
1925 to the loth day of February, 1929 will not exceed the
sum of $46,000; and
WHEREAS, the street improvement fund, of which the
special fund above described constitutes a part, is almost
depleted; NOW, THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT !NORTH:
SECTION I
That all sums of money belonging to the street
improvement fund that has been set aside to create a special
fund to pay the principal at maturity and the interest as
same became due on the certain street improvement notes is-
sued by authority of ordinance No. 858, passed by the Board
of Commissioners the 1st day of August, 1922, and which notes
are in the principal sum of $1,000 each bearing interest at
the rate of six per cent per annum and dated July 1, 1922,
in excess of �46,000 be- and the same is hereby returned to
the street improvement fund and said excess amount over and
above the said $46,000 to be used for the improvement and
repair of the streets of the City of Fort Worth as the city
council may deem necessary and the city auditor is hereby
directed and empowered to transfer the fund as above set
forth, and to make the proper entry on the official records.
SECTION II
That this ordinance shall take effect and be in full
force and effect from and after the date of its passaGe.
rove to Form:
C y orney