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HomeMy WebLinkAboutOrdinance 2088 ORDINANCE NO. y a g AN ORDINANCE APPROPRIATING AND SETTING ASIDE OUT OF THE AVAILABLE REVENUES FOR SAID YEARS CERTAIN SUMS OF MONEY DURING THE RESPECTIVE FISCAL YEARS 1940-1941, 1941-1942, 1942-1943, 1943-1944, 1944- 1945, AND 1945•-1946, FOR THE PURPOSE OF DEFRAYING AND PAYING OFF AT MATURITY THE RESPECTIVE PAYIENTS PROVIDED BY THAT CERTAIN CONTRACT ENTERED INTO ON THE 5TH DAY OF JUNE, A. D. 1940, BET, EN THE MACK- INTERNATIONAL MOTOR TRUCK CORPORATION AND THE CITY OF FORT WORTH, FOR THE FURNISHING OF CERTAIN FIRE APPARATUS AND EQUIPMENT SHOWN IN THE SAID CONTRACT; AND DECLARING AN EMERGENCY. WHEREAS, the City of Fort Worth has entered into a contract with the Mack-International Motor Truck Corporation to furnish certain fire apparatus and equipment as is more particularly shown by the said con- tract for the consideration of Forty nine Thousand, Five Hundred Dollars ($49,500.00); and, NHEREAS, the City of Fort Worth desires to fully protect the said company in the payment of the said consideration and to discharge at ma- turity the respective payments provided for by the said contract; there- fore, it is deemed advisable by the City Council of the City of Fort Worth to make the hereinafter named appropriations in order to pay off and dis- charge the said payments as they mature, as shown by the said contract; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That there be and is hereby set aside out of the available revenues of the City of Fort Worth derived from taxation or otherwise, for the pur- pose of paying off and discharging the consideration of Forty-nine Thousand, Five Hundred Dollars ($49,500.00) agreed to be paid in five installments as follows: Six installments of Eight Thousand, Two Hundred and Fifty Dol- lars ($8,250.00) each, with interest at the rate of three per cent (3%) per annum, save and except the first installment of Eight Thousand, Two Hundred and Fifty Dollars ($8,250.00) shall not bear interest if paid off and discharged on or before the 30th day of November, A. D. 1940, a suf- ficient sum of money to discharge and pay off each of the said respective installments with interest, save and except the first installment, and for such purpose there is hereby appropriated out of the available revenues for the fiscal year 1940-1941, and for the fiscal year 1941-1942, and for the fiscal year 1942-1943, and for the fiscal year 1943-1944, and for the fiscal year 1944-1945, and for the fiscal year 1945-1946, a sufficient sum of money, to be taken out of the first current available revenues of each of the said respective years, which shall be set aside and devoted to paying off and defraying the respective deferred payments or itistall- ments due the said hack-International Motor Truck Corporation under and by virtue of that certain contract executed by and between the said Mack- International Motor Truck Corporation and the City of Fort Worth, dated the 5th day of June, A. D. 1940. SECTION 2. That the respective appropriations hereby made out of the said respective fiscal years shall be taken out of the available current revenues for each of the said respective years, which are to be applied to the maio- tenance and operation of the said Fire Department of the said City of 4; Fort Worth; that so much of the said current revenues for each of the re- spective years are hereby pledged and set aside for the purpose of paying off the said installments and in order that the City of Fort Worth may be.. come the full owner of the said fire apparatus and equipment purchased under and by virtue of the said contract; that it shall be the duty of the said City of Fort Worth to set aside in its annual budget or otherwise the said respective installments, provided the City of Fort Worth may ex- ercise the right at any time prior to the maturity of any installment to pay off any installment or all of the installments then due, and in such event the City of Fort Worth shall pay only the amount of interest due up to the date of so discharging the said installments or all of the install- ments; that in case the City of Fort Worth discharges all of the install- ments in the manner provided by said agreement, it shall become the com- plete owner of the said fire apparatus and equipment obtained under and by virtue of the said contract. SECTION 3. Whereas, the City of Fort Worth, for the proper preservation of its property and the lives of its inhabitants, is in great need of the said fire apparatus and equipment contracted for by the said contract hereinabove referred to, and on account of this fact there exists an urgency and an emergency in behalf of the immediate preservation of the public safety, peace and health that this ordinance take effect from and after its pas- sage, and it is accordingly so ordained that this ordinance be and the same is in effect from and after its passage as in the Charter in such cases is made and provided. APPROVED AS TO FORM: City Attorney ORDINANCE No. �a , �. a Date— 161, Tiled --- day 9 19. City,secretary