HomeMy WebLinkAboutOrdinance 1786 ORDINANCE NOr 17$6
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON
BONDS OF THE GOVEE3RMT OF THE CITY OF FORT WORTH, AMOUNTING
TO THE PRINCIPAL SUM OF FIFTY THOUSAND ($50,000.00) DOLLARS,
IN ADDITION TO THE SUM OF FIVE HUNIEW AND FIFTY THOUSAND
($550,000.00) DOLLARS WORTH OF SAID BONDS HERETOFORE ISSUED
OUT OF AN AUTHORIZED ISSUE OF ONE MILLION FOUR HUNDRED THOUSAND
($1,400,000.00) DOLLARS, AND BEING KNOWN AS SERIES 51, AND
DESIGNATED AS "MAIN ARTERIAL THOROUGHFARE BONDS", TO BE ISSUED
FOR THE PURPOSE OF CONSTRUCTING, IMPROVING AND EXTENDING ITS
SYSTEM OF STREETS AND THOROUGHFARES BY CONSTRUCTING, IMPROV-
ING AND EXTENDING A NEW MAIN ARTERIAL STREET AND THOROUGHFARE
RUNNING NORTH AND SOUTH, AND A NEW MAIN ARTERIAL STREET AND
THOROUGHFARE EXTENDING EAST AND WEST THROUGH SAID CITY; EACH
OF SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND
($1,000.00) DOLLARS, TO BE DATED APRIL 1, 1934, MATURING FROM
FIVE (5) TO FORTY (40) YEARS,FROM THE DATE THEREOF, AND TO BEAR
INTEREST AT THE RATE OF F01UR AND THREE-FOURTHS PER CENT (41bg)
PER ANNUM, PAYABLE SEMI-Arm ALLY, THE INTEREST TO BE EXPRESSED
IN COUPON NOTES ATTACHED TO M BONDS, DIRECTING THAT THE SAID
BONDS BE EXECUTED BY ME MAYOR AND CITY SECRETARY; AND PROVIDING
FOR AN ADEgUATE TAX LEVY FOR THE PAYMENT OF THE INTEREST ON SAID
BONDS AND TO CREATE A SINKING FUND FOR THE PAYMENT OF THE PRIN-
CIPAL THEREOF AS THE SAME MATURES FROM TIME RU TIME; AND PROVID-
ING TRAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND
AFTER THE DATE OF ITS PASSAGE.
WHEREAS, on the 3rd day of November, A. D. 1925, pursuant to the
authority vested in said City by Section 19 of Chapter XXV of the Charter of
the City of Fort Worth, adopted by the qualified voters within the limits of
said City on the llth day of December, A. D. 1924, and the laws and Constitution
of the State of Texas, the City Council of the City of Fort Worth, Texas, by a
resolution and an ordinance of that date, directed the submission to the resident
property taxpaying qualified voters of said City, at an election to be held in
said City on the 24th day of November, A. D. 1925, of the right, power and au-
thority of the City Council of said City to issue negotiable coupon bonds of the
corporate government of the said City in the principal sum of One Million, Four
Hundred Thousand ($1,400,000.00) Dollars, for the purpose of making permanent
improvements in said City by constructing, improving and extending its system of
streets and thoroughfares by constructing and extending a new main arterial street
and thoroughfare running north and south, and a new main arterial street and
thoroughfare extending east and west through said City; and,
` WHEREAS, in conformity with the said resolution and ordinance, the
Mayor of said City did make proclamation of said election, and fixed the date
thereof for the 24th day of November, A. D. 1925; and,
WHEREAS, said election order and proclamation thereof was prepared
and published in the manner and for the time prescribed in said resolution and
ordinance; and,
WREREAS, on the 24th day of November, A. D. 1925, said election was
held in the City of Fort Worth at the respective polling places designated in
the election order, at which said election the issuance of said bonds was sub-
mitted as a proposition to the taxpaying qualified voters of said City; and*
WH2EMAS, the official ballot on such occasion, in conformity with the
resolution and ordinance of the City Council, hersinabove mentioned, and in so-
sordance with the order of said election, in form and in substance reads as fol-
lows:
OFFICIAL BALLOT
I.
Shall the City of Fort Worth, Texas, through its City Council, issue
its negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of Three Million, Three Hundred Thousand ($3,300,000.00) Dollars,
for the purpose of improving and extending the water and sanitary sewer system
of said City, the first of said bonds being payable at the expiration of five
(5) years from the date thereof, and serially thereafter as may be determined
by the said City Council, so that the last maturing bonds shall become payable
within forty (40) years from the date thereof, bearing interest at a rate not to
exceed five per cent (5%) pea' annum from the date thereof, payable semi-annually,
and levy a sufficient tax to pay the interest on said bonds and create a sinking
fund sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Water and Sanitary Sewer Bonds.
AGAINST the Issuance of Water and Sanitary Sewer Bonds.
II.
Shall the City of Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the prin-
cipal sum of Two Million, Two Hundred Thousand ($2,200,000.00) Dollars, for the
purpose of constructing, improving and extending the streets, thoroughfares and
storm sewers of said City, including in such permanent improvements the widening,
paving, grade separation, bridges and drainage, the first of said bonds being
payable at the expiration of five (5) years from the date thereof, and serially
thereafter as may be determined by the said City Council, so that the last matur-
ing bonds shall become payable within forty (40) years from the date thereof,
bearing interest at a rate not to exceed five per sent (5%) per annum from the
date thereof, payable semi-annually, and levy a sufficient tax to pay the interest
on said bonds and create a sinking fund sufficient to redeem said bonds at the
maturity thereof?
FOR the Issuance of Street Improvement Bonds.
AGAINST the Issuance of Street Improvement Bonds.
III.
Shall the City of Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the grin=
cipal sum of Seventy.-one Thousand ($71,000.00) Dollars, for the purpose of
constructing, building and equipping an additional incinerator plant for the
City of Fort Worth, Texas, and purchasing the necessary lands and site there-
for, the first of said bonds being payable at the expiration of five (5) years
from the date thereof, and serially thereafter as may be determined by the
said City Council, so that the last maturing bonds shall become payable within
forty (40) years from the date thereof, bearing interest at a rate not to ex-
ceed five per cent (5%) per annum from the date thereof, payable semi-annually,
and levy a sufficient tax to pay the interest on said bonds and create a sinking
fund sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Incinerator Bonds.
AGAINST the Issuance of Incinerator Bonds.
IV.
Shall the City of Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the prin-
cipal sum of Five Hundred Thousand ($500,000.00) Dollars, for the purpose of
purchasing, acquiring and improving lands and property for public parks in the
City of Fort Worth, the first of said bonds being payable at the expiration of
five (5) years from the date thereof, and serially thereafter as may be determined
by the said City Council, so that the last maturing bonds shall become payable
within forty (40) years from the date thereof, bearing interest at a rate not to
exceed five per cent (5%) per annum from the date thereof, payable semi-annually,
and levy a sufficient tax to pay the interest on said bonds and create a sinking
fund sufficient to redeem said bonds at the maturity thereof?
FCR the Issuance of Park Bonds.
AGLIIQST the Issuance of Park Bonds.
V.
Shall the City of Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of One Hundred and Seventy Thousand ($170,000.00) Dollars, for
the purpose of purchasing, acquiring and improving play-grounds, athletic fields
and other recreation facilities of a permanent nature in said City, the first of
said bonds being payable at the expiration of five (5) years from the date
thereof, and serially thereafter as may be determined by the said City Council,
so that the last maturing bonds shall become payable within forty (40) years from
the date thereof, bearing interest at a rate not to exceed five per cent (5%)
per annum from the date thereof, payable semi-annually, and levy a sufficient
tax to pay the interest on said bonds and create a sinking fund sufficient to
redeem said bonds at the maturity thereof?
FOR the Issuance of Recreation Bonds.
AGAINST the Issuance of Recreation Bonds.
VI.
Shall the City of Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of Eighteen Thousand ($18,000.00) Dollars, for the purpose of
constructing, building and equipping an addition to the City-County Hospital
in the City of Fort Worth, Texas, the first of said bonds being payable at the
expiration of five (5) years from the date thereof, and serially thereafter as
may be determined by the said City Council, so that the last maturing bonds
shall become payable within forty (40) years from the date thereof, bearing
interest at a rate not to exceed five per cent (5%) per annum from the date
thereof, payable semi-annually, and levy a sufficient tax to pay the interest
on said bonds and create a sinking fund sufficient to redeem said bonds at the
maturity thereof?
FOR the Issuance of City-County Hospital Bonds.
AGAINST the Issuance of City-County Hospital Bonds.
4II.
-Shall the City of Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of One Million, Four Hundred Thousand ($1,400,000.00) Dollars,
for the purpose of constructing, improving and extending its system of streets
and thoroughfares by constructing, improving and extending a new main arterial
street and thoroughfare running north and south and a new main arterial street
and thoroughfare extending east and west through said City, including in such
permanent improvements grade separation, bridges, drainage and the purchase of
right of way, the first of said bonds being payable at the expiration of five
(5) years from the date thereof, and serially thereafter as may be determined
by the said City Council; so that the last maturing bonds shall become payable
within forty (40) years from the date thereof, bearing interest at a rate not
to exceed five per cent (5%) per annum from the date thereof, payable semi-
annually, and levy a sufficient tax to pay the interest on said bonds and create
a sinking fund sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Main Arterial Thoroughfare Bonds.
AGAINST the Issue6ace of Main Arterial Thoroughfare Bonds.
WHEREAS, in the election held in said City of Fort Worth on the 24th
day of November,, A. D. 1925, on the question of the issuance of said bonds herein-
before mentioned, there was a majority of votes in favor of the issuance of said.
bonds; and,
'WHEREAS, by virtue of said election, said City Council is vested with
power and authority by and from the qualified voters to issue said bonds for the
purposes aforementioned, and to make some valid and minding obligations of the
corporate government of the City of Fort Worth; and,
WHE.RUS, the City Council, in accordance with the power vested in said
governing body set forth in the preceding paragraph, did lawfully pass and adopt
an ordinance on the 23rd day of October, A. D. 19299 and which ordinance was duly
amended by an ordinance passed and adopted on the 4th day of December, A. D. 1929,
authorizing the issuance of negotiable coupon bonds of the government of the City
of Fort Worth, amounting to the principal sum of Two Hundred and Fifty Thousand
($250,000.00) Dollars; and,
WHEREAS, the CitrOouncil, pursuant to the power vested in said govern-
ing body, did lawfully pass and adopt an ordinance on the 7th day of May, A. D.
1930, authorizing the issuance of negotiable coupon bonds of the government of
the City of Fort Worth, amounting to the principal sum of Three Hundred Thousand
($300,000.00) Dollars; and,
WHEREAS, all of the above described bonds were issued out of an au-
thorized issue of One Million, Four Hundred Thousand ($1,400,000.00) Dollars worth
of said bonds, and which bonds were authorized to be issued by the property
taxpaying qualified voters of said City at an election held on the 24th day
of November, A. D. 1925, and all of them being a part of and known as Series
51 and designated as "Main Arterial Thoroughfare Bonds"; and,
WfYJM S, -it is deemed wise and expedient by the City Council of the
City of Fort Worth, Texas, in the exercise of the discretion reposed in it by
law, that Fifty Thousand ($50,000.00) Dollars worth of said bonds, in addition
to the Five Hundred and Fifty Thousand ($550,000.00) Dollars worth of said
bonds heretofore issued out of the authorized issue of One Million, Four Hundred
Thousand (41,400,000.00) Dollars, be issued in bonds at this time, said bonds
to be issued being a part of Series 51 and designated as "Main Arterial
Thoroughfare Bonds", NOW, MMUUMRE,
BE IT ORDAINED BY THE CITY COUNCIL CF THE CITY OF FORT WORTH, TEXAS:
SECTION I.
That pursuant to Section 19 of Chapter XXV of the Charter of the -
City of Fort Worth, adopted by the qualified voters within the corporate limits
of said City on the llth day of December, A. D. 1924, and the laws and Constitu-
tion of the State of Texas, and pursuant to a vote of the resident property
taxpaying qualified voters of the City of Fort Worth, at an election held in
said City for such purpose on the 24th day of November, A. D. 1925, that the
municipal government of the C14y of Fort Worth issue its corporate negotiable
coupon bonds in the principal sum of Fifty Thousand ($50,000.00) Dollars, this
amount being in addition to the Two Hundred and Fifty Thousand ($250,000.00)
Dollars worth of said bonds heretofore issued by an ordinance lawfully passed
and adopted on the 23rd day of October, A. D. 1929, and which ordinance was
amended by an ordinance lawfully passed and adopted on the 4th day of December,
A. D. 1929, and in addition to the Three Hundred Thousand ($300,000.00) Dollars
worth of said bonds heretofore issued by an ordinance lawfully passed and
adopted on the 7th day of May, A. D. 1930, and all of said bonds being issued
out of an authorized issue of One Million, Four Hundred Thousand ($1,400,000.00)
Dollars, and which bonds were authorized to be issued at a proper election held
on the 24th day of November, A. D. 1925, and which bonds are known as Series 51
and designated as "Main Arterial Thoroughfare Bonds", and the bonds so to be
issued shall be in the denomination of One Thousand 41,000.00) Dollars each,
dated April 1, 1954, bearing interest at the rate of four and three-fourths
per cent (41%) per annum, payable asmi•annually on the first day of October
and April of each year respeotively, both principal and interest of said bonds
being payable at the Central Hanover Bank and Trust Company in the City of
New York, State of New York, the semi-annual interest being evidenced by
interest coupons attached thereto, all of said bonds to be executed for and
on behalf of the City of Fort Worth by the Mayor thereof, attested by its City
Secretary, with the seal of the City thereon duly impressed, but the interest
coupons to be executed with the lithographed facsimile signature of the Mayor
and City Secretary of the City of Fort Worth, each of said bonds and coupons
shall be negotiable and payable to bearer, and said bonds shall be numbered in
the way and manner hereinafter set out, maturing in numerical order five (5)
years from the date thereof, and annually thereafter until the last maturing
bond shall become payable within twenty (20) years from the date thereof, and
the bonds themselves, fifty (50) in number, shall be numbered consecutively
from five hundred and fifty-one (551) to six hundred (600) inclusive, and shall
mature in the amount and manner hereinafter set out; said bonds shall be used
for the purpose of making permanent improvements by constructing, improving
and extending a new main arterial street and thoroughfare running north and
south, and a new main arterial street and thoroughfare extending east and west
through said City.
That the general form of said bonds and the coupons thereto annexed
and the interest added to said bonds shall be executed substantially in the
following form;
N0. UNITED STATES #1000.
OF AMERICA
STATE OF TM=, COUNTY OF TARRANT
SERIES 51
C I T Y O F F 0 R T W 0 R T R
---0000000---
Main Arterial Thoroughfare Bond of the City of Fort forth issued for the
purpose of constructing, improving and extending its system of
streets and thoroughfares by constructing, improving and
extending a new main arterial street and thorough-
fare running north and south, and a new main
arterial street and thoroughfare ex-
tending east and west through
said City.
SNOW ALL I= BY THESE PREMTS:
That the government of the City of Fort Worth, a municipal corpora-
tion, duly created under the laws of the State of Texas, hereby acknowledges
itself to owe, and for value received promises to pay to bearer,
ONE THOUSAND DOLLARS (#1000)
in lawful money of the Vnited States of America, on the first day of April, A.
D. 1939, together with interest thereon at the rate of four and three-fourths
per centum (4V) per annum, payable semi-annually on the first day of October
and April in each year, on presentation and surrender of the annexed interest
coupons, as they severally fall due. Both the principal and interest of this
bond are payable at the office of the Central Hanover Bank and Trust Company,
in New York City, N. T., and for the due and punctual payment of this bond at
the maturity thereof, and the interest thereon, when it falls due, the full
faith, credit and resources of the City of Fort Worth are hereby irrevocably
pledged.
This bond is one of a series of fifty (50) bonds numbered consecutive-
ly from five hundred and fifty-one (551) to six hundred (600) inclusive, each of
the denomination of One Thousand ($1,000.00) Dollars, amounting in the aggre-
gate to the sum of Fifty Thousand ($50,,000.00) Dollars issued for the purpose
of constructing, improving and extending the system of streets and thoroughfares
in the City of Fort Worth by constructing, improving and extending a new main
arterial street and thoroughfare running north and south, and a new main
arterial street and thoroughfare extending east and west through said City,
under and by virtue of the Constitution and laws of the State of Texas, the
Charter of the City of Fort Worth, and an ordinance of the City Council of said
City lawfully passed and adopted on the 4th day of April, A. D. 1934, pursuant
to valid authority from the property taxpaying qualified voters of said City,
at a proper and legal election held on the 24th day of November, A. D. 1925.
It is hereby further expressly represented, recited and covenanted
by the government of the City of Fort Worth, to and with each and every holder
of said bonds or any one of them, that all acts, conditions and things required
by the laws of the State of Texas, and of the Charter and Ordinances of the
City of Fort Worth, precedent to and in the issuance of this bond, have been
done, have happened, and have been performed in proper and lawful time, form
and manner as prescribed by law, so as to make this bond a legal, binding and
valid obligation of the City of Fort Worth, and that provision has been made
for the levy and collection of a direct annual tax on all taxable property in
the City of Fort Worth, and that such tax has been levied in a sufficient amount
for the payment of the'prineipal and interest of this bond at the respective
maturity dates thereof, and that the total indebtedness of said City, including
this bond, and the issue of which it is a component part, does not exceed any
constitutional or statutory limitation.
IN TESTIMONY WHUMF, the City of Fort Worth, in the State of Texas,
has executed this bond by causing it to be signed by its Mayor and attested by
the City Secretary, with the seal of the City thereunto duly impressed, and has
caused the annexed interest coupons to be executed with the facsimile signature
of the Mayor and City Secretary, and dated as the let day of April, A. D. 1934.
CITY OF FORT WORTH, TEXAS
Mayor
ATTEST:
City 10iii4tary
(FORM OF COUPON NOTE)
NO.
The City of Fort Worth, in the State of Texas, promises to pay to
Dearer ($ ), on the 1st day of ,
at the Central Hanover Bank and Trust Company in the City of New York, N. Y.,
for interest due that day on its municipal bond dated ,
and ntmbered
CITY OF PORT WORTH, TEXAS
Vayor
ATTEST;
city stareulky
(CMM FI CAT$ OF COMPMT.LER)
OFFICE OF COWMOLLER,
STATE OF TEXAS.
I hereby certify that there is on file and of record in my office,
a certificate of the Attorney General of the State of Texas, to the effect that
this bond has been examined by him as required by law, and that he finds it has
been issued in conformity with the Constitution and laws of the State of Texas,
and that it is a valid and binding obligation upon said City of Fort Worth, Texas,
and said bond has this day been registered by me.
WITNESS my hand and seal of office, at Austin, Texas, this the
day of , A. D. 1934.
Comptroller of Public Accounts of
the State of Texas.
SECTION II.
That the said bonds so to be issued by the City of Fort Worth,
amounting to Fifty Thousand ($50,000.00) Dollars, out of the said authorized
issue of One Million, Four Hundred Thousand ($1,400,000.00) Dollars, shall be
issued for the purpose of constructing, improving and extending a now main
arterial street and thoroughfare running north and south, and a new main arterial
street and thoroughfare extending east and west through said City, and shall con-
sist of fifty (50) bonds, numbered from five hundred and fifty-one (551) to six
hundred (600) inclusive, and shall bear interest at the rate of four and three-
fourths per cent (4j%) per annum, payable semi-annually as aforesaid, all of which
said fifty (50) bonds shall be known as Series 51 and shall be styled and design -
nated as "Main Arterial Thoroughfare Bonds"; that all of the said bonds, eompris-
ing the sum total of Fifty Thousand ($50,000.00) Dollars shall mature in numerical
order in the manner and amounts as set out in the tabulated statement herewith
attached, to wit:
CITY OF FORT NORTH
PRINCIPAL MATURITIES
$50,000.00 MAIN ARTERIAL THOROII(EFARE BONDS
DATBD APRIL 1, 1934
DUE APRIL 1ST PRINCIPAL MATURING
1939 $ 2,000.
1940 2,000.
1941 2,000.
1942 3,000.
1%3 3,000.
1944 3,000.
1945 3,000.
1946 3,000.
1947 3,000.
1948 3,000.
1949 3,000.
1950 4,000.
1951 4,000.
1952 4,000.
1953 4,000.
1954 4,000.
SECTION III.
That the said bonds are hereby authorized to be sold to the beat
advantage, but in no event shall same be sold for leas than par, and the ac-
crued interest to the time of delivery and the proceeds thereof, to be placed
in the treasury of the City of Fort Worth and utilized for the special purposes
for which they are created.
SECTION IV.
That for the purpose of creating a sinking fund for the payment and
complete extinguishment of the foregoing bonded debt, principal and interest,
and all and every part of same, there is hereby levied and there shall be
assessed and collected as provided by law, act apart and appropriated for the
said purpose, an annual, direct special ad valorem tax for the year 1934, and
every successive year thereafter during the life of said bonded debt or any
part thereof of .1955 cents (or such an amount as may be necessary and adequate,
be it more or less) on every One Hundred ($100.00) Dollars of property valua-
tion, real, personal and mixed, subject to taxation and not exempt therefrom
under the Constitution and law of the State of Texas, situated and owned in the
City, of Fort Worth on the lot day of January, 1934, and on the lot day of January
of each year thereafter until said debt represented by said bonds and coupon
interest notes shall have been fully paid, and if, at any time, such tax should
be insufficient, then it shall be the duty of the City Council or any other
governing body of the City of Fort Worth, to set apart and appropriate such
additional amount of money out of the general revenues of the said City, as may
be requisite to supply the deficiency until all interest shall have been paid
and the sinking fund established as required by the Constitution of the State
of Texas and the Charter of the City of Fort Worth.
SECTION V.
That it shall be the duty of the City Council of the City of Fort
Worth and its successors, and of the government of the City of Fort Worth, by
levying taxes for general purposes for the said City of Fort Worth for the year
1934, and for every successive year during the life of said bonded debt or any
part thereof, to include in such levy the special tax of .lM cents on the One
Hundred ($100.00) Dollars property valuation (or so much thereof as may be re-
quisite and necessary) provided for in the next preceding section of this or-
11.0
dinance, and such special tax shall on no account whatsoever be displaced
therefrom.
SECTION VI.
That the special tax hereinbefore provided for, when collected,
shall be placed and kept in a separate fund and shall be devoted to the payment
of the interest and the extinguishment of the principal of all and singular
the bonds hereinabove mentioned as some mature from time to time, and shall not
be used, applied or diverted to any other purpose or object whatsoever; and the
funds derived from said tax shall be held and listed as a separate account on
the books of said City, and the proceeds held and kept by the City Treasurer of
said City as a separate and distinct account and so specified as such on his
books.
SECTION VII.
That as soon as convenient after said bonds shall have been prepared
and signed in the manner proscribed by the ordinance, they shall be submitted
to the Attorney General of the State of Texas, together with a certified copy of
this ordinance and a statement of the total bonded indebtedness of the City of
Fort Worth, including the bonds herein and hereby authorized and the assessed
value of the taxable property in said City, for his approval, and none of said
bonds shall be negotiated, sold or transferred until the same shall have reoeiv-
ed the official sanction of the said Attorney General as prescribed by law, and
thereafter said bonds shall be placed with the State Comptroller of Public
Accounts for registration.
SECTION VIII.
That the City Secretary of the City of Fort Worth, or other lawful
custodian of such fund, during the months of September and March of each and
every year during the life of said bonds or part thereof, and not later than
the 25th day of each of said months, shall transmit sufficient money out of
the interest funds hereinbefore created, for the payment of the semi-annual
interest accruing on said bonds, to the Central Hanover Bank and Trust Company
of the City of New York, State of New York, and likewise proper remittance shall
be made in due course to provide for the payment of the principal of any of said
bonds in advance of the maturity of same.
SECTION IX.
All ordinances and parts of ordinances in conflict herewith be and
they are hereby expressly repealed.
SECTION z.
The holding or adjudioation of any section, portion or part hereof
to be invalid, shall not affect the validity of any other section or part of
this ordinance, but all such other sections, portions and parts hereof shall
be and remain valid.
SECTION %I.
That this ordinance shall take effect and be in Rill force and ef-
fect from and after the date of its passage and it is so ordained.
ATTEST:
City seoretary
APPR RM AND LEGALITY:
City Attorney
ORDINANCE
No._ fir
y
Title v 00
� n
Date
Filed ' __ day of
19_
City Secretary