HomeMy WebLinkAboutOrdinance 2710 ORDINANCE NO.
AN ORDINANCE AMENDING SECTIONS IV AND V OF ORDINANCE NO.
2705, BEING AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
NEGOTIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY OF
PORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF TWO
MILLION, THREE HUNDRED THOUSAND DOLLARS ($2,300,000.00),
IN ADDITION TO THE SUM OF FOUR MILLION, TWENTY-EIGHT THOU-
SAND DOLLARS ($4,028,000.00) WORTH OF SAID BONDS HERETO-
FORE ISSUED OUT OF AN AUTHORIZED ISSUE OF NINE MILLION
DOLLARS ($9,000,000.00), AND BEING KNOWN AS SERIES 74 AND
DESIGNATED AS "STREET IMPROVEMENT BONDS," TO BE ISSUED FOR
THE PURPOSE OF CONSTRUCTING, IMPROVING AND EXTENDING THE
STREETS, THOROUGHFARES AND STORM SEWERS OF SAID CITY, IN-
CLUDING IN SUCH PERMANENT PUBLIC IMPROVEMENTS THE STRAIGHTIM-
ING, WIDENING, PAVING, GRADE SEPARATION, LIGHTING AND DRAIN-
AGE OF SAID STREETS AND THOROUGHFARES, AND ACQUIRING THE
NECESSARY LANDS THEREFOR FOR SAID CITY, BY CHANGING THE TAX
LEVY IN SAID SECTIONS FROM 2,6433 CENTS TO 3,3836 CENTS ON
THE ONE HUNDRED DOLLAR VALUATION; REPEALING THE SECTIONS IN
CONFLICT WITH THE PROVISIONS OF THIS ORDINANCE; AND PROVID-
ING THAT THIS ORDINANCE SHALL BE IN FULL FORCE AND EFFECT
FROM AND AFTER THE DATE OF ITS PASSAGE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FLIRT WORTH, TEXAS:
SECTION 1,
That Sections IV and V of Ordinance No. 2705, passed and adopted
by the City Council on the 14th day of September, A. D. 1949, be amended,
and, after being so amended, they shall read as follows:
SECTION IV.
That for the purpose of paying the interest of said
bonds, as well as the various installments of principal, as
the same shall respectively mature, there is hereby levied
for the year 1949 and for each succeeding year thereafter
so long as the same may be necessary, to provide for the
interest and annual installments of principal of said bonds,
on all property in the City of Fort Worth, Texas, liable to
taxation, a straight ad valorem tax of 3.3836 cents on the
one hundred dollar valuation of said property, or so much
thereof as may be necessary, or in addition thereto as may
be required, and if at any time the amount of said tax shall
not be sufficient to provide for the interest and annual in-
stallments of principal, it shall be the duty of the City
Council to so increase said rate that an amount shall be
realized from said tax sufficient to meet the requirements
aforesaid for interest and annual installments of principal
of said bonds; and it is hereby promised and agreed that
such increase of tax shall be made, if required for the pur-
poses named, as often as it may be necessary. There shall
be assessed and collected annually a sufficient sum to pay
the interest on such bonds and to create a sinking fand of
at least two percentum (2%) of the principal debt herein
authorized.
SECTION V.
That it shall be the duty of the City Council of the
City of Fort Worth, Texas, and its successors, and of the
government of the City of Fort Worth, in levying taxes for
general purposes for the said City for the year 1949 and
for every successive year during the life of said bonded in-
debtedness or any part thereof, to include in such levy the
special tax of 3.3836 cents on the one hundred dollar prop-
erty valuation, or so much thereof as my be requisite and
necessary, or in addition thereto as may be required, pro-
vided for in the next preceding section of this ordinance,
and said special tax shall on no account whatever be displaced
therefrom.
SECTION 2.
That Sections IV and V of Ordinance No. 2705 are hereby expressly
repealed, but all other sections and provisions of said ordinance shall
remain in full force and effect.
SECTION 3.
That this ordinance shall take effect and be in full force and ef-
fect from and after the date of its passage, and it is so ordained.
Mayor of the City of Fort Worth,
Texas
ATTEST:
City Secretary of the City of
Fbrt Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
City Attorney of t1le City of
Fort Worth, Texas
ORDINANCE
Title ��
Date
Filed.- 7 =' DayoLzKe�l
19
z o
City Secretary
P. 0.No. IS697-R