HomeMy WebLinkAboutOrdinance 991 l�
At a regul sr raee+inL� of the _4_. of Com-
iissioners of the City of Fort ,,orth held in the coun-
cil chamber at '.•he city hall in the Cy=:1, of Fort
Taxas, on the 26th day of Janue y, A. D. 1024, :' which
--eeting ;,ere present Hon. D. Cv,krell, Hayor,
Chester L. Jon-,s, Commissioner of Fin.:,-e, John
Alderman, Commissioner of Fire and Police, J.
Lord, Cc:.; isLioner of -.-at=r and Sa,rers, Paul Gilvi::,
Co-..= ;ssioner of Streets, and R. A. Hunter,
sioner of Li,;ht 3, constitutir the entire .1. ..: er-
ohi:: of +:he -ca.rd, :,ith t2:.c city oecrst:.ry in at-
t endamce thereon, the follovrin - , roc.=edings, among
Cc:• :issicner seconded by
mov,:' '-he adopticr. of
*ha fQllosvin-- ordinance, `o it:
IN
A1' OMINANCE PROVIDING FOR THE ISSUANCE :T
7"OTI:RLE :.7TICIP 'T. .-.LTDC OF mrrr �
;'�" T'" ITY -^ H, 'SOUNTING
m- ri "TE TO T?= _RINCIP,J OF 0.71:
-1 FIFTY T _ . .` ( - ,.:,50,000)
DOLL6." : _�' r PURPOGF 0r TTIG T.IKE
.L
. OUT, 0^ -L-ATI -n
C0 ITT'3ACm . ,:TS Or "_ CITY FORT F.TH
-- ''EP 3Y ::OT"S, ":i.`�:.:,::;, JUDGMENTS
'TTD CHOSEL T'7 ACTIOTt, ALL OP'' SAID TO
-L ITd "" i. '3u:T-'-.'.'"ION 0 Q= '"HOU^..ND ( `",000)
DOLLARS ?,•_-H, TC, BE D :" FEBRU°RY 1, 1924,
J
u.� ---------------
RUNNING SERIALLY FROM FIVE TO FORTY YEARS,
BEARING INTEREST FROM THE DATE THEREOF AT
THE RATE OF FIVE PER CENTUR PER A�v'.nJB:, PAY-
:BLE SEMI-..NN`U!1LY, THE INTFREST EXPRERSED
IN COUPON NCTEc ATTACHED TO THE :,ONDS DI-
RECTING THE EXECUTION OF SAID BONDS B+ THE
MAYOR A17D CITY SECRET.'RY OF THE CITY OF FORT
TORTH A0 PROVIDING FOR AN ADEgQUATF TAX
LEVY FOR THE :AYMENT OF THE INTEREST ON
SAID BOND..... AND THE CRE'.mION OF A I":KING
FUND FOR THE PAYMENT OF T7r PRINCIPAL THEREOF
AL SAME ...:.TUP.ES FROM TIY_ TO TIP"!, A17 PF4_
VIDING THAT SAID OJ7INANCE SHALL TAKE EF-
FECT FROM AND AFTER THE PASSAGE THEREOF.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF FORT ,ORTH:
!
THAT ..HEM.-W, tom.. City in-
debted of Fort ,.orth is �.�-
debted on account of certain floating, current and
simple-contract debt-., evidenced by warrants drawn
by uireotion of the . o :rd of CcAtissioners of the.
City of Fort ' orth, r ronf.s_ory not:s and choaes in
action executed and created by the same authority,
and judgmentdin courts of competent jurisdiction
rendered against the said City of Fort Worth, which
debts have 'een hereto ore lawfully incurred and con-
tract-?: by the said city for and during the period
of al. roximat:ply eighteen month next rreceding the
..asage of this ordinance, which sai ebta amount
in the aggregate to the sum of one millir- t,r;o hundred
fifty thousand ('.1,050,000) doli_,,s, and ara no's and
have been since their c'^eution valid, legal and aub-.
listing obli_; .tions of the said City of Fort Worth,
and are yet cutst.;nding and unpaid; and
MMPXAS, all the foregoing indebtedness
was lawfully incurred by the City of Fort "orth under
and zy virtue of the .revisions of its chart -r and in-
accordance with law; and
WHEREAS, under the provisions of Section,
18, Chapter 8, of the charter of the City of Fort
`orth, the Board of C01..:Assioners of said city is
expressly veste', with the rower and authority to
fund any debt or debts -;h=ch may Le owing by the
City of Fort ..orth, ;hether the saute be floating,
current or simple-contr6ot debts, and to issue bonds
therefor to accomplish said funding Durpose; and
7THEREAS, all said debts which are to be
funded by the terns of this ordinance bear an in-
terest rate of not l�,.ss than six per centum per
a.nnum; and
P.HEREAS, notwithstanding the rower to
Issue such funding bonds was expressly confidel by _.
the terms of the cht_rter to the dig-.7retion of its
' Board of C_.._ issionara, it was nevertheles- deemed
, ise and expedient Uy the said 'oard of Commis-
sioners of the City of Fort ` orth to submit the is-
.. ...
seance of such wonds to the _ roperty tax-paying qual-
ified voters of the City of Fort -.c.rth; and
t4T EAS, on Janu-.ry 10; 1924 the Board of
Coi- issioners of the City of Fort '.orth, at a regular
session thereof, by resolution a::d ordinance of that
d:te, directed the subn.ission to the property tax-
paying qualified voters of the City of Fort '_orth at
an election to be hell in said city on the 22nd day
of January, A. D. 1924, of the desirability and the
expediency and the authority of the Board of Com-
missioners of said City of Fort .,orth to issue nego-
tiable bonds of the corporate government of said
city amounting in the aggro_-.:te to the , rineipal
sum of one million two hundred fifty thousand ("1,250,000)
dollars for the purpos° of funding a like arount of
floating, current and si.._le--contract debts of the
City of Fort -.:'orth evidenced '.y notes, warrants ,
ehoses in action and judgments against said city
outstanding and unpaid, said bonds to run s,-rially
from five to orty years and to bear interest from
the date thereof at the rate of five per centum per
annum payable semi-annually, the interest a reseed
in coupon notes attached to the uonds, and *_ ,-ro-
vide for an adequ .te tax levy for 'he payment of
the interest on said bonds,and the creation of a
sinking fund for the payment of the princir,:.1 there-
of; and
y ♦� w T
WHEPEAS, in conformity with -said resolution
and ordinance the Mayor of said city did make procla-
4 -
mat-ion of said election and fix the date thereof for
the 22nd day of Januz ry, A. D. 194, and
WHEREAS, asi- election order and procla
n tion thereof was posted and publi-hed in the manner
{, y, -nd for the time rrescribed in said resolution and
` 1
ordinance; and
!'EREAS, on the 22nd day of January, A. D.
1924 sail election was held in the City of Fort '..orth
at the respective rolling daces designated in the
election order, -t which said election the issuance
of sai.'. ' --� s was submitted as -- rroposition to the
t,.tx-paying qualified voters of said city; and
WMRE- S, the official '.-allot on such oc-
casion, in eonfo:niity with the resolution and ordinance
of the Bo-rd of Commissioners hersinabove mentioned,
and in ac -ordance �.Ath the order for said election,
in form and substance read as ollows:
CTrT(''IAT BALLOT
Shall the City of Fort �,orth through its
nrard. of Cor.'nAssioners issue its negotiable coupon
r
bonds running from five to forty years from the date
thereof in the principal sum of one million two hundred
fifty thousand ( 1,250,000) dollars for the purpose of
taking^ up and funding floating, current and simple-
contract debts now oring by the Citl' of Fort :orth,
amounting to the -rincip..1 sum of one million two
hundred fifty thousand ($1,250,000) 'oll .r , said
bonds � ey Ile at "he expiration of five years from
/mot the date thereof and a^riaTly thereafter from year
to year so thr.t the 1:-.at maturing bonds shall become
due and pay,-ble forty years from the ... to thereof,
bearing interest at the rate of five per cent per
annum from the date thereof payable semi-annually,
and levy w sufficient tax to pay the interest on said
bonds and create a si-.-'ping fund sufficient to pay said
bonds at the maturity thereof?
r FOR TTTE ISSU^NCE Or SAID BONDS.
GAINST THE ISSUANCE OF SAID BOAS.
AND TMPY'_`'', the election held in said City
of Fort orth on the 22nd clay of January, A. D. 1924
on the question of the issuance of said bonds herein-
efore -___.-.`ione8 in a majority in lavor of
the issuance of all said bonds; and
VHEREAS, by virtue of said election said.
'1o_rd cf C,;mmissioners was and is authorized the
qualified vot,;rs am=Z; the ;eorl., of th-- said sity
of Fort '.orth to issue said bonds for }he purp.:s,.s
�,f-remention::: and to mak°- same valid and binding
l obligations of the corxore : goveT:=:.ent of the City
of Fort .orth; and
WHEREAS, it is essential to the welfare
of the city and to ;__ maintenance of its credit
that th,:. ratZ of in+-rest on said origi-:a,l debt be
lowered and {hat said indebtedness Lie funded in
negoti::�•le bonds of the City of Fort vrth in the
sum of one million two hundred'fifty thousand
(;u=,w50,000) =ollars bearing interest from the
date thereof at the :'ato of five Ner cent per . num
payable semi--annually, ::unning serially from five
to forty years, he interest to be expressed in
coupons attached to said bonds, and the '. onds `hem--
selves to issued in denominw,V c s of one thousand
( '1,000) dollars each; and
"HEREAS, it is astimeed `hat the t tal
(; r assessed value of property in the City of Fort
subject to taxation for thte y^ar V24, and
r w NW
the years thereafter, amount and },ill mount to a sun
exceeding one hundr�.: forty million ('.140,000,000) ao1-.
lays; and
TMREAo, it is _stimated the` on *'_:: -asia
oy said taxable values it will require V._ le of a
special, irect, ad valorem 4-ax i... 4-he sum of a„ven
cents on each one hundred dollars oz ,.ropeTty valua-
tion to Nrovide for the payment _f the int :rest on
- '!7 said bonds as sane accrues, and for the payment of
the ; rineij-1 *hera_f as same matures Zrom year to
year; and
:.a .-as_.; d ex, ewient
oy the Board of Commissioners of the City tf 'Fort
'.orth in the e-:eroise of the discretion reposed in
f it by law, that the oregoin_ debts should be funded
and oonv,rtex into negotiable ..:onds as aforesaid and
that said bonds b,; iasued in exchange Zor a lilt: T
amount of ae'}d .,hich are 1-o ba funded herein;
THEREFORE:
RF IT FURTHER ORDAINED BY Tom' iOARD OF
r
CCw::iSSIONrR OF THE CITY OF SORT _-ORTH:
SECTION I
That pursuant to `he Frov-'sions of Section 16,
�.. Chapter 8 o.` the charter of the City of Fort '. orth,
r .
6ranted by act of the 31st legislature of the State
of Texas at a regular session thereof which convened
January 12, 1909 and adjourned March 13, 1909, and
to a vote of the _ rop�rty `tax-paying, qual-
ified votLrs of the City of Fort 'orth held in said
city for such purpose on the 22nd day of January,
A. D. 11-24, that the municipal government of the
City of Fort '•;orth issue and utter its corporate,
negotiable coupon bonds in the sum of one million
two hundred fifty thousand (L.,_,250,000) dollars in
the denomination of one thousand (V1,000) dollars
each, dated February 1, 1924, bearing interest at
the rate of five per centum per annum, payable semi-
annually an the let day of August and on the lot
say of Fe":rtiwry of each year, -ot.�h principal ana
interest of said bonds payable a -*he I3a,nover Na*ional
Bank in the City of New York, 5t,,te of New York,
the semi-annual interest on said :.onds evidenced
by interest coupons attached thereto, all saV -_onds
to be issued for and on ':ehalf of the City of Fort
-orth by the mayor thereof, att:sted by th.: city
secretary, with the s_al of the city thereon duly
imIressed, but the interest coupons to be issued
with the "lithographed fso-simile signatures of the
mayor and of the ci41 secretary of the City of Fort
Worth. Each and all said bonds and the coupons there-
of shall be negotiable in f?;= and ayable to,bearer,
and the bonds themselves twelve hundred fifty (1250)
in number shall be numbered consecutively from one
au
_ • , ULU
27:'..'' l': :.t�1',aT+ _. r' it'.
.aVT.}{l1, t c'— i}
,TTrTT•IDT, l-TTT T
pnr- TID T r+s� UIT'T — UZpr—
.,-•.T'Y 1 ST I�Tn TUR.1
I Sao
-50 000
N7 7 Al-r. r^n 'n0 500
nn,,t 1 1 N30 ^on . . . . . . . 500
o 17 ine 9.13 "0 700 7" .."
1-30 1 0"7 000 ` w 7 i.c 1 ' 000 61 50 Gn
000N ', 11 i?"G 14 'DCO 'i i-� 7` 150
000 °0 "_50 7 50
1 000 G7 * , 7. ir:: 16 r00 70" 75 700
1 1. 17° 000 77_ +r Inc 1 000 -"^
14" 000 100 ''v 1-5 inc 1" 000 150 7- 1--
^'7 1 yN^ .-nn 1--6 I_ . in 1 r ^7C. A N`. — w50
1-" , , ins nnn 1.5 17A inc ^, ^n^ =ti -00
i"Z , n a 000 175 +w I` in: w_ '^^ 7.1 ;,00 T7
I 06F ^^ 1^F a17 i. nnn "''3 wFO 250
10rz 000 £1 it i OOn 52 i50 "6 190
19 34,3 to w66 i_.c _' "''^ 50 5:50 71; 450
000 r67 to Z7 ir.^ „^ 000 700 "5 7nn
1"_4 as- 000 ;.?7 }o . 1:= inc " 000 48 10^ 75 100
19 Q4l 000 ;: ' : o i-^ ^'O 050 76 050
1949 r- ^00 ::" +c 3 7" inc 000 .S 600 7r; '^^
I"_7 882 nnn "79 4n 1.._ '71 _"" 4; 10- 79 .0^
i` 48 851 000 110 i:_e 3' 000 :_ F50 7- .50
1" :" "" ^ 000 :4? ''_ 177 ir.c 31: 000 40 �0 75 900
1230 783 000 170 -13 46_.c 36 000 y' 150 75 150
1 1 747 n00 :I *a ^-F9 i 0^0 �^ :m 77 3F0
1 70' _i0 '"52 1 i-•.c "0 0^0 -Zr; 450 7r, ,cn
53 6F- 00^ 592 t0 ee3 i o 000 "3 50 75 150
6w; "^0 6'_ `c 17" °r,: 000 31ZO 7- �50
5 7 0^0 278 " 7._:: #-- 46 100 250 7" 150
11,156 5"7 000 %- _ 7% in.--- - = �00 A �50 75 .,50
1-7-7 4f 8 000 773 * 823 1no 51 000 L4 100 7^ 100
"'Ise 437 000 "4 t, '77 i^c : 000 .l 850 7F _50
000 '75 - `"` i-.� 56 000 1 150 75 150
16 350 7F ZFM
1`91 000 R" }: '^'". inc 62 000 1,: 7s $00
1'6� 116 000 " "5 1:1- it 6M- 000 i^ 300 75 '00
1J63 141 OOC 'l::v �G 1178 i-r, A` 000 7 Owr 76 0SC-
7,, 000 117` i' S0 inc 72 000 3 °00 ' 600
"'at_w i 1.50 000 "1 "'^ On0 2 °69 100
SECMION II
That the said bonds and the coupons there-
to attached evidencing the interest to be . aid on
said bonds, shall be executed in substantially the
-ollowinY 'on , t� t:
(FOPM OF BOND)
UNITED STATES OF AHERIC=.
STATE OF TEXA-
COUNTY OF TARRANT
CITY OF FORT '.ORTH
NO. "" ,000.00
MOT, L-T, �L,' BY THESE That the
government of the City of Fort 'Worth, a municipal
corporation duly cre,,ted under the laws of the St:.te
of Texas, her:- y acknowledges itself to owe, and for
value rec.Aved ;romisas to lay, to buar3r one thousand
(:�1,000) dollars in lawful money .f the United :.tatf_s
0 vaariwa =. t I :_ day Of 2 l9
together :,i+h interest thereon �t tin- rate of five
centum -Lr annux., _--.-able on the
Q�qq.ad�-
lst day o-0 ^ubrue.ry and on the 1st day �f �v11n
each year on present:,,tion and surr. -ider of th.: an-
+.� w �•
nexed interest eourons "a they Lieverally .all clue.
Both the :-rincir 1 and inter.-.3t of this 'wrnd are �"y-
ble at t: office of the Hanr'-,r "ational Ban`- in Y
York City, Na:. "ork and for the iue and punctual - ay-
Lent of +his bon' &t the maturity thereof, and the
,f¢ int :r-st there-. ;vnen it falls sue, ;re full faith,
' redit and r--sources of the City of Fort girth are
her---!-," irrevocably . !edged.
This bond is one of a Seri-s of 1?50 :,onds
numbered consec-itively from I `o 1250 inclusive, each
of the denomi.=:•tion of '.1,000, amounting in thw �e-
era;,ite to the sum of one million t;.o hundred fifty
r ,'P thoup� _a (01,250,000) ;cllars, issued for the pur-
pose of funding , like amount of valid and sub-
sisting, floatiµ.,, current and simple--oontract debts
of the City of Fort '. orth, heretofore leg< 11y in-
curred and contrao+ed by +he ,ov rnment of *he City
of Fort ' orth, au*horized under and by virtu.- of,
theconstitution an' lcivs of the =`ate of Texas, 'he
charter of the Cily of Fort orth and an ordin .nez
r f the '7 oard of "omni ssioneri� o° said r ity lawfully
naazed and adopts; :_ lh- day �f J_nuary, A. D.
1`24, pursuant to valid authority from the -.rop-rty
-ing qu.-lifi tern -` � id :ity at a r roper
.!action held on
ane. the t,Il:-=r oz `his _-^:d is sub--,:_te!
pro tanto lc all tra ri-htn ana r .edies of th- original
hol,'*r of th ; ucbt so funded h_rcin --d reby.
It is -_cit "._a
coven nted to ant Ath O .,-.h an: ev.ry ".-lder of
aid ..?s, ..r any .ne of the::,, that all ac+s, con-
ditions and things reYuired '-y '-'-. 1 .:, s of '-he
Ta�_-s, and of the chartL= and ordi-.ances of the
City of F-rt "'orth _reoedent to and in 'he issu:_nce
of `his .YY;-1 l.Mv_ ': have enad and *�,ve.
erf^r:..ed i_-. --roper ti :, fry �=i .s _ner as
rerre-
:�t9d notes .,hich !� ve Imam
fvnnr ed asO =xt e?:ded. i z�.". .-c= of +his '-o-d,
_ :1-ra.cted. incurr:.r t S.- +_4
this ":a i sauer:, was lca'-i, it�ir_u wed
v_6111- _':`A ''4 on f '-':- city of fort '-orth, and +-.:,t
rcvi-1 i U for th : levv c=llecti.:n
Of a aireot, _-=u,-1 +a "i + bl- ,rope=tlr in
the City -i rt '..orth, an' +' + zuch 4-...x 2_-, 'Lien
levied in cuffioient tu=,&t f-r +ns On+ Y
rincir�.. a.., ' in -re-+ thie ' -A '.^at '':: r ece
=Uturity d-A es +her..-cf, __... +h.-t +_:.e total i_Aebt a'
r.ess of said tiny, incIr'i.n_, thi- ' �^', wr,1 the is ,.. .
of which it is w component ---=t, _cea not exceed any
constitutional or st .tutory lima+ .tion.
IN TESTIMONY THEREOF, the City of Fart
-orth in the State of Texas has executed this bond
by causing it to be signed by its mayor and attested
, y its secretary, with the seal of the city thereunto
duly impressed, and has caused the annexed interest
coupons to be executed with the lithographed fac-
simile of the signatures of the mayor and city secre-
tary and dated as of the lot day of February, A. D.
19a4.
TM CITY OF FORT ;FORTH
Attest: v ` Door
fT.,
Tity Secretary
(FOFPS OF COUPON)
TM. u
The City of Fort ;ort`, oIW*ti of Ta-:�.e,
,:romis�a 'ZG 4-.0 bearer
doll
A. 7. 19 _, at the Eoncv er ;jot;..:.__ Lank in '_' r City
work for 'nt�r:st aae tha+ "ay u i`n muni^a,
1' 7. -, ua ed i Jbrl'_ry 1, 1 y.t and. :: r
Tom' :_ITY OF _OFT vRTu
ay
SECTI:-' III
Tru t aonc o.L wh,- saiw wonder
to uw 1 :'- shall ivied or u'-tered.
by `he m-uy"r and city. se: - -tary except in a}::h
fcr lawn--I and .--.-al sti warra-te and --cbtednesa
cf u.tc "1 ,y ui �0 ••Ort^ Owiil,� to iao uollor _:.ere-
of mid the ,videnc- of aa,id in,?ebtedness, whether
in fo-_.- of ,:arr .~;, not;, or ot'-ar-,visc, serail fo_ .._--
'.th bC cancelad and =id�w auch �;xc:._.:..zi comes
-bout. 'rovi-L:'_, no ev-r, `_hat thi- r..juirec ,--t as
` t:. use au.'. ri lir:�.jion oz said shy'1 no*.
n� construed to impostz on any t'—ird ,arty who maj ac-
-iI i.-- said bcnd-, or anyone of sa..a, cur the
3-ut,, to see to t�^. carcell•..tion of said or
.otes, o� other worm of indebtddnes-, so taken uX by
conds he:-:.in authoriz,' to b�, executed, or to the
exti_: ui�,:~•t of the in_ebtpdnese so _ ... '. th-,rebv.
But it is further ,rovided that th.;, holder of said
ronda, or any wn,; ui saL:a, shall br, subro�;.:.ted ro
tanto to all the rights ana remedies of the 1-cl-ler
cr holders c.f t`.e origi• Ll uebts authorized }o e
funded herein.
SECTION IV
That for the '-�rj ose of .:resting a sinking
:.w for the , ayr.ent and exti~!ezighm'-t of the iore-
rf loin- boi.ded debt, Nzincip and intareo, and all
and eve::;- wart of same, +here is herG':� levied, and
tl.cra shall c., assessed and uoll-_-led as Provided by
an annual, .Areot, speci_.'.., ad valorem tax 2or
the y.- , 1VL= and for each auccevcive y,_.~ there-
after during -iie life of said bonded .lebt, or any
,.art thereof, of sev:-.-_ (7) ce:►ts (or so much thereof
..a may ':e necese°ry ana adcq-w_..te, be i` uore or less) ,
on every one ' . : :red (. 100.00) dollar-3 of Prox-_rty
valuation, real, ,ers-::...1 and mixed, subj t to taxa-
tion and not ex;,..,,t '_hZrefrom by the yonstitu+ion and
la:,s of the St:=-te of Ta:.:-,s, aitL� .tYti_ and owned in the
City wi Fort orth on `La first day of Janv.-ILry, 1924
{ and c.., the first day of J:�ua.ry v2 every year there-
[ , ;after until said debt said bond: and
coupon int Great :+;,t as sha71 hav= been fully ,aid and
extingui,heft; and if, at any '-irr.e, such `.x should
prove to be insuf°ioient, *:.,- it stLll be 'she duty
of she Board of C :.,: ssion ra o., o`%?z e,d^ernine body
of sai : City of Fort orth to set apart and appro-
priate such additicnal amount of out of the
revenu=s of said city as may ':'e requisite to
supply tha deficiency until -'-I interaat on outstand-
ing bonds 0ha17 hays been Naid and the sinking fund
eat-`li ,had as re4uirs Uy '-he o.atitation of the
':-te of '" :;_.,; a .- h- c'sarter of the ^itv of F,rt
SECTION Q
That i+ shall b.; the du+n of the Board of
�t 0=aissionrra df the . i''v of Fort I orth, and +:�eir
successors in office, and of th- gov.,=l-ert of &aid
city of Fort '. orth, in levying `axes for general ur-
y oses for #.u,;� i+v of �ort -..orth for t; y;:_=r 1974,
_.:.d for every aucoessivt� y.Qr duri.: +he life of said
debt, or ary tart Thereof, to inclv,' .- in said levy
"h,; v_eci 1 tax of sev,n . en+.• on thQ one hun"red
dollar r rop Yrt- :al::.aticn (or so much therec f ea may
e neces~...ry, . o it more or lass) rro-
{' � vied � r in the next preca.'_ing section of this
ordin .no -, an-' such special tax s..__".I on no account
'-.�.tsoever uo di--.- laced iron such tax levy and free.
the vudget whi^.h Lwa.y we fr-.=.! a_` city tiovern-
�.ent in t:_- o :nduct of its fiso-I affairs.
SECTI'.' VI
That lh;; ._, cial tax her_�inbef�r- a rovij_'
fcr, when ool1cotel, a -11 ba ;laoei Wri kept in �
sep-'.r°.te fund and shall be .;evoted to the ,_,-ment
f the int Brest and tn;; extinguia?-.;: ent of th rrin-
r '
ci:-al of the 4onds her,�in._,+ov w,.ntionei, and shall
not b, used, .pliea or uiverted `o any u`hcar :se
or L�Ojl cot whatsoever. And the. funds Derived from said
tax shall ' a held and, li:3ted as s_,j,:.;in.tc acocunts on
+2ae books of e so-id ci+v, a i4 the r-roce-,ds = 1 and
kept the .:itv +r.-asurir of sai� city or other
custodi<n of its funds wa a rc•ta and Iistirct
_.ccour.t ail-. ar si.,"ifi".. as such . . `h, .socks the -of,,
it s' -.1 b,. unlawful for the '---surer of the said
City of Fort Torth or other lawful custodian-of its
funds to honor or recognize any check, warr�, t, draft
or order uIon such funds excu.- for the purloses afore-
sai'-.
SECTION VII
Th:.t as soon as convenient aft .r said fund-
ing bonds shall hay.� been pr.--- .red and i6igned in the
manner ,ascribed by thi ordinance, they, the said
onds, with `h reoo77-' y ,;rtainir._ `hereto shall be
submitted to the attorney general of the State of
Texas, together with a certified copy of this ordinance,
end a stet of he total '�_'.'-.;d in=ebtedness of Y-:.
Cite .;f Fort '.orth, including the bonds herein and
hereby authorize', and 4,he assessed values of the
taxable .roperty in he City �f , -rt orth, for his
.=,roval as to the validity 4r same; and after said
attorney General shall have approved said bonds that
they then and thereafter ce lodged with the state
comptroller for registration.
SECTION V'III
That the city trr_�surer of the City of
Fort '••orth -r other lawful cVLet odi-�L._ of such s,
'.uric- the wonths of J;r.ruary and July of W. ch and
every y-iar a,urin- life of sail or any
.,art 'her .of, and not later than the 20th day of each
'. said months, shall sufficient moneys out
of the interest funds hereinb-fore ,r _.tea,for the Iwy-
...ent vf the se.-i- :.noel int r. st aecruin,; on said bonds,
to the Hanover Nwtional Bank of the City of Ne:. York,
r-
ct_te ;.f »ew York; and likewise ranittances shall ;e
made in due course. to .•rovide icr '.he payment of the
,:rincip .l of any of said bonds in advance of the
maturity cf same.
SECTIOAT Ix
All ordin.snccs and arts of ordinances in
+.. conflict here ith be .h = 4,hey are hereby expressly re-
SECTION X
That this ordi"-anee s'.- -'1 ak_- effect and
r y '^e in full fr rc f and after its r-..asage, and it
Is so orlal, ed.
And the u.-tion �o ado';t said or4linance ". ving
een prcasented to th= entire :.o.:rd of Co= issioners by
th- ,'_-or r Sidi:: at the meeting thereof, after said
ord!: ..nen had ;-een u_,.'y r«" and -on=idere! in all its
=F _arts and F-rovisions, all the C:.:. issioners voted :.y�
thereon, including the mayo-, an-' ,. c_-.:.iissioner voted
=-o; whereupon t%z crair_ance was dec' .red N.11y __- aed
'- wdopted -_~ inanimcus vote of th entire -f
I Lersby certify 'ghat the a-ov- and fore-
E,oi, ordin=.,noe was duly presented and unanimously
p;:.ssed and adopted b.- the Bo_Lrd of
the City of Fo^°t o sh at a recc'�,}l..r sjssion of said
Board held on January 26, 1924 in the council
chamber of aaie. Bo.-r!. at the L ity hall i:- *he City
of Fort '-orth, Texas.
'- -City Secretary
Approved as to form:
Corpor+,.,tion Counsel.
.1ayor of the City of Fort .7orth
te4+:
Citir "ecretary.
ORDINANCE
No:
�+ as
Date
Filed day
19
City Secretary