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HomeMy WebLinkAboutOrdinance 1902 ORDINANCE NO. PF0 y AN ORDINANCE PROVIDING FOR 'M ISSUANCE OF NEGOTIABLE COUPON BONDS OF THE GOVERNPIIE7T OF THE CITY OF FORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF Ti = HUNDRED FORTY THOUSAND DOLLARS ($340,000.00), IN ADDITION TO THE SUM OF ONE MILLION, FIVE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($1,575,000.00) WORTH OF SAID BONDS HERETOFORE ISSUED OUT OF AN AUTHORIZED ISSUE OF TWO MILLION DOLLARS ($2,000,000.00), AND BEING KNOWN AS SERIES 56, AND DESIGNAT- ED AS "STREET IMPROVEMENT BONDS," TO BE ISSUED FOR THE PURPOSE OF MAKING PER2a4AlMJT IMPROVEEMTS BY CONST$UO ING, IMPROVING AND EXTENDING THE STREETS, THOROUGHFARES AND STORM SEMMS OF SAID CITY, INCLUDING IN SUCH PEEIMANEdT IMPROVEM, ITS THE STRAIGHTENING, WIDENING, PAVING, GRADE SEPARATION AND DRAINAGE OF SAID STREETS AND THOROUGHFARES, EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND DOLLARS ($1,000.00), TO BE DATED APRIL 1, 1936, MATURING FROM SIX (6) TO THIRTY (30) YEARS FROM THE DATE THEREOF, AND TO BEAR INTEREST AT THE RATE OF THREE AND ONE-HALW PER CENT (3-1/2%) PER ANNUM, PAYABLE SEMI-ANNUALLY, TEE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHED TO THE BONDS, DIRECT- ING THAT THE SAID BONDS BE EXECUTED BY THE MAYOR AND CITY SECRETARY; AND PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAYMENT OF TEE INTEREST ON SAID BONDS AND TO CREATE A SINK- ING FUND FOR THE PAY?,M?T OF THE PRINCIPAL THEREOF AS THE SAY2 PBATURES FROM TIME TO TIME; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFHOT FROM AND AFTER TFM DATE OF ITS PASSAGE. WHEREAS, on the 22nd day of May, A. D. 1929, pursuant to the authority vested in said City by Section 19 of Chapter X%V 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 25th day of June, A. D. 1929, of the right, power and authority of the City Council of said City to issue negotiable coupon bonds of the corporate government of said City in the principal sum of Two Million Dollars ($2,000,- 000.00), for the purpose of making permanent improvements in said City by constructing, improving and extending the streets, thoroughfares and storm sewers of the said City, and to include in such permanent improvements the widening, paving, grade separation and drainage of said streets and thoroughfares; and, WHEREAS, in conformity with the said resolution and ordinance, the Mayor of said City did make proolamation of said election, and fixed the h date thereof for the 25th day of June, A. D. 1929; and, ZEREAS, said election order and proclamation theref was prepared and published in the manner and for the time prescribed in said resolution and ordinance; and, AHERFA,S, on the 25th day of June, A. D. 1929, 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 submitted as a proposition to the taxpaying qualified voters of said City; and, WHEREAS, the official ballot on such occasion, in conformity with the resolution and ordinance of the City Council, hereinabove mentioned, and in accordance with the order of said election in form and in substance reads as follows: OFFICIAL BALLOT I. 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 Two Million Dollars ($2,000,000.00), for the purpose of constructing, improving and extending the streets, thoroughfares and storm sewers of said city, including in such permanent improvements the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares, the first of said bonds being payable at the ex- piration 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 (5) per cent 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. AGAIMT the Issuance of Street Improvement Bonds. III. Shall the City of Fort Worth, through its City Council, issue its negotiable coupon bonds ruining from five (5) to forty (40) years, in the principal sum of Five Hundred Thousand Dollars ($500,000.00), for the purpose of improving and extending the systems of fire protection of said city by constructing, building and equipping a new central fire station, acquiring the necessary land therefor, and extending and improving the fire alarm signal system, 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 (5) per cent per annum from the date thereof, payable semi-annually, and levy a sufficient tax to pay the inter- est on said bonds and create a sinking fund sufficient to redeems said bonds at the maturity thereof? FOR the Issuance of Fire Protection Bonds. AGAINST the Issuance of Fire Protection 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 principal sum of Five Hundred Thousand Dollars ($500,000.00), for the purpose of establishing, equipping, extending and improving a municipal airport and landing field for aeroplanes and other aerial machines and ac- quiring the necessary lands and property therefor, 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 (5) per cent per annum from the date thereof, payable seam-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 Airport Bonds. AGAINST the Issuance of Airport Bonds. WHERFAS, in the election held in said City of Fort Worth on the 25th day of Tune, A. D. 1929, on the question of the issuance of said bonds hereinbefore mentioned, there was a majority of votes in favor of the issuance of maid bonds; and, 1 MRUS, 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 same valid and binding obliga- tions of the corporate government of the City of Fort Worth; and, WHEMAS, the City Council, in accordance with the power vested in said governing body, did lawfully pass and adopt an ordinance on the 23rd day of October, A. D. 1929, and which ordinance was duly amended by an ordin- ance 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 One Hundred Fifty Thousand Dollars ($150,000.00); and, TERFAS, the City Council, pursuant to the power vested in said governing 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 Six Hundred Fifty Thousand Dollars ($650,000.00); and, WENREAS, the said City Council, pursuant to the authority afore- said, did lawfully pass and adopt an ordinance on the 21st day of January, A. D. 1931, authorizing the issuance of negotiable coupon bonds, amounting to the principal sum of Six Hundred Thousand Dollars (4600,000.00); and, WIMEAS, the said City Council, pursuant to the authority afore- said, did lawfully pass and adopt an ordinance on the 13th day of January, A. D. 1932, authorizing the issuance of negotiable coupon bonds amounting to the principal sum of One Hundred Thousand Dollars ($100,000.00); and, WHEREAS, the said City Council, pursuant to the authority afore- said, did lawfully pass and adopt an ordinance on the loth day of January, A. D. 1934, and which ordinance was amended by an ordinance passed and adopt- ed on the 18th day of April, A. D. 1934, authorizing the issuance of negotiable coupon bonds amounting to the principal sum of Fifty-one Thousand Dollars ($51,000.00); and, WEEREAS, the said City Council, pursuant to the authority afore- said, did lawfully pass and adopt an ordinance on the loth day of January, A. D. 1934, and which ordinance was amended by an ordinance passed and adopted on the 18th day of April, A. D. 1934, authorizing the issuance of negotiable coupon bonds amounting to�the principal sum of Seventy-three Thousand Dollars ($73,000.00); and, AREAS, out of the issuance of One Hundred Thousand Dollars (4100,- 000.00) worth of said bonds,authorized to be issued by an ordinance lawfully passed and adopted on the 13th day of January, A. D. 1932, as described above, only Fifty-five Thousand Dollars ($55,000.00) worth of said bonds were ever sold; that the remaining Forty-five Thousand Dollars ($45,000.00) worth of said bonds, numbered from fourteen hundred fifty-six (1456) to fifteen hundred (1500), inclusive, were never sold or delivered to anyone and were withdrawn from registration and cancelled by the Comptroller of public Accounts of the State of Texas on the 29th day of January, A. D. 1936; and, SAS, the issue of Fifty-one Thousand Dollars ($51,000.00) worth of said bonds, authorised to be issued by an ordinance lawfully passed and adopted on the 18th day of April, A. D. 1934, and which ordinance amended an ordinance passed and adopted on the loth day of January, A. D. 1935, numbered from fifteen hundred and one (1501) to fifteen hundred fifty-one (1551), inclusive, were never sold or delivered to anyone and were withdrawn from registration and cancelled by the Comptroller of Public Accounts of the State of Texas on the 29th day of January, A. D. 1936; and, WFUVEAS, the issue of Seventy-three Thousand Dollars ($73,000.00) worth of said bonds, authorized to be issued by an ordinance lawfully passed and adopted on the 18th day of April, A. D. 1934 and which ordinance amended an ordinance passed and adopted on the loth day of January, A. D. 1934, numbered from fifteen hundred fifty-two (1552) to sixteen hundred twenty-four (1624), inclusive, were never sold or delivered to anyone and were withdrawn from regis- tration and cancelled by the Comptroller of Public Accounts of the State of Texas on the 29th day of January, A. D. 1936; and, WHEREAS, the interest rates and schedules of the bonds withdrawn from registration and cancelled on the 29th day of January, A. D. 1936 are as follows: CITY OF FORT WORTH SERIES 56 - STREET IMPROV== DATED M. 1, 1932 4-3/4% MATURITY BOND Feb. 1, 1960 1456 - 1457 $ 2,000.00 1961 1458 - 1460 3,000.00 1962 1461 - 1463 3,000.00 1963 1464 - 1466 3,000.00 1964 1467 - 1469 3,000.00 1965 1470 - 1472 3,000.00 1966 1473 - 1476 4,000.00 1967 1477 - 1480 4,000.00 1968 1481 - 1484 4,000.00 1969 1485 - 1488 4,000.00 1970 1489 1492 4,000.00 1971 1493 - 1496 4,000.00 1972 1497 - 1500 4,000.00 45,000.0@ CITY OF FORT WORTH SERIES 56 - STREET IIMPROVEMM DATED OCT. 1, 1933. MATURITY BOND Oct.DATZ 1, 1938 1501 - 1,000.00 1939 1502 - 1503 1940 1504 - 1505 2,000.00 1941 1506 - 1507 a,o00.00 1942 1508 - 1509 2,000.00 MATURITY BOND DATE 3lQl AIM= Oat. 1, 1943 1510 - 1511 2,000.00 19" 1512 - 1513 2,000.00 1945 1514 - 1515 2,000.00 1946 1516 - 1517 2,000.00 1947 1518 - 1519 2,000.00 1948 1520 - 1522 3,000.00 1949 1523 - 1525 3,000.00 1950 1526 - 1528 3,000.00 1951 1529 - 1531 3,000.00 1952 1532 - 15M 3,000.00 1953 1535 - 1537 3,000.00 1954 1538 - 1540 3,000.00 1955 1541 - 1543 3,000.00 1956 15" - 1547 4,000.00 1957 1548 - 1551 4,000.00 51,000000 CITY OF FORT WORTH SA UW 56 - STREET IMOVMMT DATED OCT. 1, 1933. Li.IRT'�TY BOND NULBERS AMOUNT Oat. 1, 1938 1552 - 1553 # 2,000.00 1939 1554 - 1555 2,000.00 1940 1558 - 1557 2,000.00 1941 1558 - 1560 3,000.00 1942 1561 - 1563 3,000.00 1943 1564 - 1566 3,000.00 19" 1587 - 1569 3,000.00 1945 1570 - 1572 3,000.00 1946 1573 - 1576 4,000.00 1947 1577 - 1580 4,000.00 1948 1581 - 1584 4,000.00 1949 1585 - 1588 4,000.00 1950 1589 - 1592 4,000.00 1951 1593 - 1596 4,000.00 1952 1597 - 1600 4,000.00 1953 1601 - 1804 4,000.00 1954 1805 - 1608 4,000.00 1955 1609 - 161E 4,000.00 1956 1613 - 1616 4,000.00 1957 1617 - 1620 4,000.00 1958 1621 - 1624 41000,00 and, WHEREAS, the said City Council, pursuant to the authority aforesaid, did lawfully pass and adopt an ordinance on the 4th day of December, A. D. 1935, authorizing the issuance of One Hundred Twenty Thousand Dollars ($120,000.00) worth of negotiable coupon bonds in lieu of bonds numbered from fourteen hundred fifty-Biz (1456) to fifteen hundred seventy-five (1575), inclusive, heretofore withdrawn from registration and cancelled by the Comptroller of Public Accounts of the State of Texas on the 29th day of January, A. D. 1936; and, WWHKREAS, all of the above described bonds were issued out of an authorized issue of Two Million Dollars ($2,000,000.00) worth of said bonds, and which bonds were authorized to be issued by the property taxpaying quali- fied voters of said City at an election held on the 25th day of Tune, A. D. 1929, and all of them being a part of and known as Series 56, and designated as "Street Improvement Bonds"; and, WHEREAS, 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 Three Hundred Forty Thousand Dollars ($340,000.00) worth of said bonds, in addition to the One Million, Five Hundred Seventy-five Thousand Dollars ($1,575,000.00) worth of said bonds heretofore issued and sold out of the au- thorized issue of Two _-,zillion Dollars ($2,000,000.00), be issued in bonds at this time, said bonds to be issued being a part of Series 56 and designated as "Street Improvement Bonds"; NOW, TBREFORE, BE IT ORDAIIIED BY THE CITY COUNCIL OF TIM CITY OF FORT WORTH, TEXAS: SECTION I. That the municipal government of the City of Fort Worth issue its corporate negotiable coupon bonds in the principal stun of Three Hundred Forty Thousand Dollars ($340,000.00), this amount being in addition to the One Hundred Fifty Thousand Dollars ($150,000.00) 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; in addition to Six Hundred and Fifty Thousand Dollars ($650,000.00) worth of said bonds heretofore issued by an ordinance law- fully passed and adopted on the 7th day of May, A. D. 1930; in addition to Six Hundred Thousand Dollars ($600,000.00) worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 21st day of January, A. D. 1931; in addition to Fifty-five Thousand Dollars ($55,000.00) worth of said bonds, said bonds being the ones sold out of the issue of One Hundred Thousand Dollars ($100,000.00) worth of said bonds authorized to be issued by an ordinance lawfully passed and adopted on the 13th day of January, A. D. 1932; and also in addition to One Hundred Twenty Thousand Dollars ($120,000.00) worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 4th day of December, A. D. 1935, in lieu of bonds numbered from fourteen hundred fifty-six (1456) to fifteen hundred seventy-five (1575), inclusive, which were withdrawn from regis- tration and cancelled by the Comptroller of Public Accounts of the State of Texas on the 29th day of January, A. D. 1938. All of said bonds above described were issued and sold out of an authorized issue of Two Million Dollars ($2,000,- 000.00), authorized to be issued at a proper election held on the 25th day of June, A. D. 1929, and which bonds are known as Series 56, and designated as "Street Improvement Bonds." That the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated April 1, 1936, bearing interest at the rate of three and one-half per cent (3-1/2%) per annum, payable semi-annually on the first day of April and October of each year respectively, both principal and interest of the 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 a lithographed facsimile signature of the MayorQand City Secretary of the City of Fort Worth. Each of said bonds 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 (6j years from the date thereof and annually thereafter until the last maturing bond shall become payable within thirty (30f years from the date thereof, and the bonds themselves, three.hundred forty (340) in number, shall be numbered consecutively from fifteen hundred seventy-six (1576) to nineteen hundred fifteen (1915), 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, extending and improving the streets, thoroughfares and storm sewers of said City, and including in such permanent improvements the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares. 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: NO UNITED STATES $1,000. OF AEMRICA STATE OF TE7W, COUNTY OF TMANT SERIFS 56 CITY OF FORT WORTH ­0000000--- Street Improvement Bond of the City of Fort Worth issued for the purpose of making permanent improvements by constructing, improving and extend- ing the streets, thoroughfares and storm sewers of said City. KNOW ALL MW BY THESE PRESENTS: 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 ($1,000) in lawful money of the United States of America, on the lat day of April, A. D. 19 , together with interest thereon at the rate of three and one-half per centum (5-1/2%) per annum, payable semi-annually on the first day of April and October 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, New York, 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 three hundred forty (3401 bonds numbered conseautively from fifteen hundred seventy-six (1576) to nineteen hundred fifteen (1915), inclusive, each of the denomination of One Thousand Dollars ($1,000.00), amounting in the aggregate to the sum of Thr9e $unfired Forty Thousand Dollars ($340,000.00), issued for the purpose of making perman- ent improvements by constructing, extending and improving the streets, thoroughfares and storm sewers of the City of Fort Worth, Texas, including in such permanent improvements the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares, 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 lawfully passed and adopted by the City Council of the City of Fort Worth, pursuant to valid authority from the property tax- paying qualified voters of said City, at a proper and legal election held on the 25th day of June, A. D. 1929. 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 theme, 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 to assess and collect annually a sufficient sum to pay the interest on said bonds and creating a sink- ing fund of at least two (2) per cent thereon and that for such purpose a tax has been levied on all taxable property of the City of Fort Worth in an amount sufficient for the payment of the principal 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 VEWC,OTF, the City of Fort Worth, in the State of Texas, has executed this bond by oausing it to be signed by its Mayor and attested by the City Secretary, with the seal of the City thersunto 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 lot day of April, A. D. 1936. CITY OF FORT WORTH, TEXAS Mayor ATTEST: Oity 8eus. (FORM OF COUPON NOTE) NO. r The City of Fort Worth, in the State of Texas, promises to pay to bearer ($ ), on the first day of , at the Central Hanover Bank and Trust Company in the City of New York, New York, for interest due that day on its Street Improvement Bond, Series 56, dated April 1, 1936, and numbered CITY OF FORT WORTH, TEXAS Myer Attest: 4ity secretary (CERTIFICATE OF COMPTROLLER) OFFICE OF COMPTROLLER, 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, Teas, this the day of_ , •. D. 1936. Comptroller of public Accounir of the State of Texas. SECTION II. That the said bonds so to be issued by the City of Fort Worth, amount- '`45- ing to Three Hundred Forty Thousand Dollars ($340,000.00), in addition to the �S sum of One Million, Five Hundred Seventy-five Thousand Dollars (41,575,000.00) of said bonds heretofore issued out of the said authorized issue of Two Million Dollars ($2,000,000.00), shall be issued for the purpose of making permanent improvements in said City by constructing, improving and extending the streets, thoroughfares and storm sewers of said City, and including in such permanent improvements the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares, and shall consist of(three Hundred forty (340) bonds, numbered from fifteen hundred seventy-six (1576) to nineteen hundred fifteen (1915), inclusive ,l and shall bear interest at the rate of three and one- half per cent (3-1/2%) per annum, payable semi-annually as aforesaid, all of which said three hundred forty (340) bonds shall be known as Series #56 and shall be styled and designated as "Street Improvement Bonds"; that all of the said bonds comprising the sum total of Three Hundred Forty Thousand Dollars ($340,- 000.00) shall mature in numerical order in the manner and amounts as set out in the tabulated statement herewith attached, to wit: CITY OF FORT WORTH PRINCIPAL MATURITIES $340,000.00 STREET IMPROVEMTT BONDS DATED APRIL 1, 1936 DOS APRIL 1ST PRINCIPAL MATURING 1942 $ 9,000.00 1943 9,000.00 1944 9,000.00 1945 10,000.00 1946 10,000.00 1947 10,000.00 1948 11,000.00 1%9 11,000.00 1950 11,000.00 1951 12,000.00 1952 12,000.00 1953 13,000.00 1954 13,000.00 1955 14,000.00 1956 14,000.00 1957 15,000.00 1958 15,000.00 1959 16,000.00 1960 16,000.00 1961 17,000.00 1962 17,000.00 1963 18,000.00 1964 19,040.U0 1965 19,000.00 1966 20,000.00 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 less than par, and the accrued 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 M 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 assess- ed and collected as provided by law, set apart and appropriated for the said purpose, an annual, direct, special ad valorem tax for the year 1936, and every successive year thereafter during the life of said bonded debt, or any part thereof, of 1.1195 cents (or such an amount as may be necessary and adequate, be it more or less) on every One Hundred Dollars ($100.00) of property valuation, real, personal and mixed, subject to taxation and not exempt therefrom under the Constitution and laws of the State of Texas, situated and owned in the City or Fort Worth on the let day of January, 1936, 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 insuf- ficient, 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 oP Fort north and its successors, and of the government of the City of Fort �'th, by 1 taxes for general purposes for the said City o! Prpt Worth for th �14 for ever successive a yam' 1938, and y year during the life of said biy�� debt or to include in such levy the special tax of 1.JX95 00 on the sIIy Pali thereof, One $Undz'ed Damara ($100.00) property valuation (or so much thereof as may be requisite and necessary) provided for in the neat preceding section of this ordinance, 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 same 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 prooeeds 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 prescribed 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 received 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 Treasurer of the City of Fort Worth, or other lawful custodian of such funds, during the months of March and September of each and every year during the life of said bonds or part thereof, and not later than the 20th 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 aooruing on said bonds, to the Central Hanover Bank and TTU; Go➢1p"Y 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 %. The holding or adjudication 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 XI. That this ordinance shall take effect 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 Worth, Texas. ATTEST: Sty Secretary of the City of Fort Worth, Texas. APPROVED AS TO FORM AND LEGALITY: City Attorney of the City of Fort Worth, Texas. ORDINANCE No..--- Title 3T, �rR Date Filed day of 19 . . City Secretary