HomeMy WebLinkAboutOrdinance 1210 The City Council of the City of Fort Worth met in
regulab session in the Council Chamber at the City Hall at
9:30 A. M. Tuesday the 28th day of December, A. D. 1926,
and upon roll call the following were present: H. C. Yaacham,
Mayor, Willard Burton, T. B. Hoffer, A. E. Thomas, William
Bryce, E. T. Renfro, William Nonnig, W. E. Austin and L. P.
Card, Councilmen, constituting a quorum and majority of said
Board, and I. L. Van Zandt, Jr., City Secretary-Treasurer was
in attendance at said meeting, and the following proceedings,
among other things Were had and done:
Councilman Monnig, seconded by Councilman Thomas,
moved the adoption off' the follmiirug Ordinance:
ORDINANCE NO. 1210
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE
COUPON BONDS OF THE GOVEMTENT OF THE CITY OF PORT WORTH, 07NT-
ING TO THE PRINCIPAL SUM OF SIX HUNDRED THOUSMM DOLLAR 60Q.6
OOO.00 IN ADDITION TO THE SM OF TWO MILLION DOLLARS T7C 0000 -
000:00 'FORTH OF SAID BONDS HERETOFORE ISSUED BY THE C 'COUN-
CIL PURSUANT TO VALID AUTHORITY VESTED IN SAID GOVrRNING BODY,
AT I REGULAR AT1D PROPER ELECTION HELD ON THE 24TH DAY OF NOVFM-
BER A. D. 1925 OUT OF AN AUTH IZID ISSUE C THREE �IILLTON
THREE HUNDRED MOUSAND DOLL 30O 000.00� AND BEING KPT&
AS SERIES NO. 45 AND DESIGNATED AAAS'KA tR AIM ,ANITARY S^74-R BONDS,
TO BE ISSUED FOR THE PURPOSE OF MAKING PEFNANENT'ITTROVEI ENTS IN
THE PTATER AND SANITARY SEER SYSTEM OF SAID CITY ALL OF AID
BONDS TO BE IN THE DENOMINATION OF 071M TH07SMl COLLARS ( 1 000.00)
EACH 0 E DATED FEBRITARY 13T 1927 YATTTRING FROM FIVE 5 TO
FORTS O YEARS FROM THE DAT 'TH E6F AND TO BEAR INTER U��9 AT
THE RA E �F FOUR AND ONE-HALF (4 PEA CENT PER ANNUM PAYABLE
SEMI-ANNUALLY THE INTEREST TO BE
IN COUPON DOTES AT-
TACHED TO SAIL BONDS- DIRECTING THE EXECUTION OF SAID BONDS BY
THE MAYOR AND CITY SACRETARY-TREASURER• AND PROVIDING FOR AN
ADEQUATE TAX LEVY FOR THE PAYMENT OF. ME INTEREST ON SAID BONDS
AND TO CREATE A SINKING FUND FOR .THE" PA'nIENT OF TH:PRI�fC�IPaL
THEREOF AS THE SAME MATURES FROM TIME TO TPIlE• AND PROVIDING THAT
THIS ORDINANCE SHALL BE ITdT FORCE AND EFFECT Ffd 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 XXP 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 resolution and order of
that date directed the submission to the resident property
tax paying 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 authority of the City Council of said
City to issue negotiable coupon bonds of the corporate govern—
ment of said City, in the principal sum of Three Bullion, Three
Hundred Thousand Dollars ($3,300,000.00), which amount was to
be used for the purpose of making permanent improvements in said
City by improving and extending the water and sanitary sewer
system of said City; and
WHEREAS, in conformity with said resolution and order,
the Mayor of said City did make proclamation of said election
and the date for same was set on the 24th day of November, A. D.
1925; and
WHEREAS, publication was made of said election in the
manner and for the time prescribed in said resolution and election
order; and
WHEREAS$ on the said 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 each issue of bonds was submitted as a separate and
distinct proposition to the voters of said City, the official
ballot on such occasion, in conformity with the resolution of the
City Council and the order of the election, in form and substance,.
was as follows:
OFFICIAL BAUOT
'I.
Shall the City of Fort Worth, Texas, through its City Counci
sue its negotiable coupon bonds, running from five (5) to forty
gars in the principal sum of Three Million Three Hundred Thousand
•k3,3QO,000.00,), Dollars, for the purpose of improving and extending
lie water and sanitary sewer system of said City, the first of saic
:onds being payable at the expiration of five (5) years from the de
iereof, and serially thereafter as may be determined by the said
ity Council, so that the last maturing bonds shall become payable
Ithin forty (40) years from the date thereof, bearing interest at a
rite not to exceed five per cent (5%) per annum from the date thereo
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 (4Q)
;dears, in the rincipal sum'of Two Million Two Hundred Thousand
32,200,000.001 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.
'Fade separation, bridges and drainage, the first of said bonds be-
ing payable at the expiration of five (5) years from the date thereo.
and serially thereafter as may be determined by the said City Counc_
so that the last maturing bonds shall become payable within forty (
years from the date thereof, bearing interest at a rate not to exce; (
five' per cent (5%) per annum from the date thereof, payable •.semi-
nrvucall and levy a suffoicie tt tax t pa the inter ergs on said bone:
are cre to a sinking fun sufic en t ?o r deem said onds at a ma-
turity thereof?
FOR the Issuance of Street Improvement Bonds.
AGAINST the Issuance of Street Improvement Bonds.
zrr.
Shall the City of Fort North, through its City Council, issue
Its negotiable coupon bonds, running froir;five (5) to forty "(40)
years, in the principal sum of Stventy-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 therefor, the first of saic
bonds being payable at the expirF.tion of five (5) years from the
late 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 in-
terest 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 sinning 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 Fgrt Worf.h, •through its City Council, issue
its negotiable coupon bonds, running from fJ,ve .(5) to forty (40)
years, in the principal su:n of Pivz Hundred Thousand ($500,000.00)
Dollars, for the purpose of 6urchaz ing, acquiring and improving lands
end 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
she date thereof, and serially thereafter as may be determined by thy.
said City Council, so that the last; maturing ponds shall become pay-
able within forty (40) years from the date thereof, bearing interest
at a rate not to exceed five per epnt (5%) per annum from the date
thereof, payable semi-annually, and levy a sufficient tax to oa•r
interest on said bonds and create a sinking fund sufficient to re-
said bonds at the maturity thereof?
FOR the Issuance of Park Bonds.
AGAINST the Issuance of Park Bonds.
V.
Shall the City of Fort Worth, through its City Council, issue
..ts negotiable coupon bonds, running from five (5) to forty (40)
.ars, in the principal sum. of One Hundred and SeveVty Thousand
,,170,000.00) Dollars, for the purpose of purchasing, acquiring and
'.mproving playgrounds, athletic fields and other recreation facil-
'.ties of a permanent nature in said City, the first of said bonds
aeing payable at the expiration of five (5) years from the date
thereof, and serially thereafter as may be .determined by the snld
City Council, so that the last maturing bonds shall become payable
rithin forty (40) years from the date thereof, bearing interest at
rate not to exceed five per cent (5%) per annum from the date
,hereof, 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 Counci. , issue
'•.ts negotiable coupon bands, running from five (5) to forty (40)
gars, in the principal sum of Eighteen Thousand (M,000.00) Dol-
?xrs, for the purpose of constructing, building ,and equipping an
mddition 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)
ears from the date thereof, and serially thereafter as may be do-
,,.rn:ined by the said City Council, so that the last maturi,sig bonds
'hall become payable wit1liz forty (40) years from the date thereof,
Oeirthg interest at a rate not to exceed five per cent (5%) per annum
-rom the date thereof, payable semi-annually, and levy a sufficient
:ax to pay the interest on sdid bonds and create a sinking fund suf-
icient to redeem said bonds at tAo maturity thereof?
FOR the Issuance of City-County Hospital Bonds.
AGAINST the Issuance of City-County Hospital Bonds.
VII.
Shall the City of Fort Woxth, through its City Council, issue
is negotiable coupon bonds, running from five (5) to forty (40)
ars, in the principal sun, o;' One Million Four Hundred Thousand
'$1,400,000.00) bollars, for the purpose of constructing, improving
.nd extending its system of streets and thoroughfares by constructing,
mproving and extending anew main arterial street and thoroughfare
tanning north and south and a new main arterial street and thorough-
;are extending east and west through said City, iris luding i.n ,suah per-
,,Anent improvements grade separation, bridges, 4ratnage and the pur-
,:iase of right of way, the first of said bonds beine payable at the
..piration of five (5) year:a from the; date thereof,�nd serially there
f'ter as may be determined by the said City Council, so that the last
—turing bonds shall become payable within forty (40) years from the
ate thereof, bearing interest at a rate not toexceed five per cent
5%) per annum fromvehe date; thereof, payable semi-annually, and levy
sufficient tax to pay the- interest on said bonds and create a sink-
fund sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Main Arterial Thoroughfare Bonds.
AGAINST the Issuance of Msin ,irterial Thoroughfare Bonds.
WHEREAS, at the election held in said City on the
24th day of November, A, D. 1925, there were 3,401 votes
cast in favor of the issuance of said Rater and sanitary sewer
bonds and 1,256 votes cast against the issuanc a of said bonds,
leaving a majority in favor of the issuance of said bonds of
2,145 votes; and
WHEREAS, by virtue of said election the said City
Council is vested with power and authority by and from the
people to issue said bonds for the purpose aforementioned,
and to mare same valid and binding obligations of the cor-
porate government of the City of Fort Worth; and
WHEREAS, pursuant to the power vested in the City
Council, the duly constituted governing body of the City of
Fort Worth, by said election and the lams and Constitution of
the State of Texas, the said City Council did by an ordinance
lawfully passed and adopted on the 29th day of December, A. D.
19251 and which ordinance was amended by an ordinance law-
fully passed and adopted on the 26th day of January, A. D. 1926,
authorizing the issuance of negotiable coupon bonds of the
government of the City of Fort Worth, amounting to the princi-
pal sum of One Million, Five Hundred Thousand Dollars ($1,500,-
000.00) out of an authorized issue of Three Million, Three
Hundred Thousand Dollars ($3,300,000.00) worth of said bonds
authorized by the property tax paying qualified voters of said
City, at the said election held on the 24th day of November,
A. D. 1925, and being blown as Series 45 and designated as
Water and Sanitary Sewer Bonds; and
WHEREAS, the said City Council, in accordance with
the power vested in said governing body, as set forth in the
preceding paragraph, did lawWly pass and adopt an ordinance
on the 15th day of June, A. D. 1926, authorizing the issuance
of negotiable coupon bonds of the government of the City of
Fort Worth, amounting to the principal sum of Five Hundred
Thousand Dollars ($500,000.00), in addition to the One Million,
Five Hundred Thousand Dollars ($1,500,000.00) worth of said
bonds heretofore issued by authority of an ordinance lawfully
passed and adopted on the 29th day of December, A. D. 1925,
which ordinance was amended by an ardinance adopted on the
26th day of January, A. D. 1926, all of said bonds being is-
sued out of an authorized issue of Three Million, Three Hun-
dred Thousand Dollars ($3,300,000.00) worth of said bonds,
authorized by the property tag paying qualified voters of said
City, at the said election held on the 24th day of November,
A. D. 1925, and being known as Series 45 and designated as
Water and Sanitary Sewer Bonds; and
WHEREAS, it is deemed wise and expedient by the
City Council of the City of Fort Forth, in the exercise of the
discretion reposed in it by law, that Six hundred Thousand
Dollars ($600,000.00) worth of said bonds, in addition to the
Two Million Dollars ( 2,000,000.00) worth of said bonds here-
tofore issued out of the issue of Three Million, Three Hundred
Thousand Dollars ($3,3002000.00) worth of said bands heretofore
authorized, be issued in bonds at this time and said bonds shall
be a part of Series 45 and shall be designated as Water and
Sanitary Seger Bonds;
NOW,THEREFORE,
BE IT ORDAINM BY THE CITY COTMOIL OF THE CITY OF FORT WORTH:
SECTION I
That pursuant to Section 19 of Chapter XXT of the
Charter of the City of Fort Worth, adopted by the qualified
voters within the corporate limits of said City on the Ilth
day of December, A. D. 1924, and the laws and Constitution
of the State of Texas, and pursuant to a vote of the resi-
dent property tax paying voters of the City of Fort "Korth,
at an election held in said City for such purpose on the 24th
day of November, A. D. 1925, that the municipal goverment of
the City of Fort North issue its corporate negotiable coupon
bonds in the principal sum of Six Hundred Thousand Dollars
($6001000,00)1 this amount of said bonds being in addition to
the One Million, Five Hundred Thousand Dollars ($1,500,000.00)
worth of said bonds heretofore issued by an ordinance lawfully
passed and adopted on the 29th day of December, A. D. 1925,
and which ordinance was amended by an ordinance lawfully pass-
ed and adopted on the 26th day of January, A. D. 19261 by the
City Council and also in addition to Five hundred Thousand
Dollars ($500,000.00) worth of said bonds heretofore issued by
an ordinance lawfully passed and adopted on the 15th day of
June, A. D. 1926, pursuant to valid authority from the property
tax paying qualified voters of said City, at a proper and ra-
gular election held on the 24th day of November, A. D. 1925,
out of an authorized issue at said election of Three Million,
Three Hundred Thousand Dollars ($3,300,000.00) worth of said
bonds and which authorized issue is known as Series 45 and is
designated as Water and Sanitary Sewer Bonds, and the bonds so
to be issued shall be in the denomination of One Thousand Dol-
lars ($1,000.00) each, dated February lot, 1927, bearing; in:.-
terest at the rate of four and one-half (4j%) per cent per
annum, payable semi-annually on the first day of August and
Februaryf each year respectively, both principal and interest
of said bonds payable at the Hanover Natiohal Bank in the City
of New Fork, State of New York, the semi-annual interest evidenced
by interest coupons attached thereto, all of said bonds to be
executed for and on behalf of the Uity of Fort North by the Mayor
thereof, attested by its Secretary-Treasurer, with the seal
thereon duly impressed, but the interest coupons to be exe-
cuted with the lithographed facsimile signature of the Mayor
and City Secretary-Treasurer of the City of Fort Worth, each
of said bonds and coupons shall be negotiable and payable
to bearer, and said bonds numbered in the gray and manner here-
inafter set out, maturing five (5) years from the date thereof
and annually thereafter until the last maturing bonds shall
become payable within forty (40) years from the date thereof.
That the general form of said bonds and the coupons
thereto annexed, and the interest to be added to said bonds
shall be executed in substantially the following forms, to-wit:
M
N0. UNITED STATES $1000
OF AMERICA
STATE OF TEKAS, COUNTY OF TARftANT
SERIES 45
CITY OF FORT WORTH
---0000000ww--
Water and Sanitary Suer Bond of the City of Fort Worth
issued for the purpose of improving and extending
the Water and Sanitary Sewer System of the
City of Fort Worth.
KNOW ALL MEN BY THESE PRESENTS:
That the government'of the City of Fort Worth, a
municipal corporation, 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 United States of America, on the 1st
day of February, A. D. 1932, together with interest thereon
at the rate of four and one-half (4 %) per centum per annum,
payable semi-annually on the first day of August and February
in each year, on presentation and surrender of the annexed
interest coupons, as they severally fall due. Both the prin-
cipal and interest of this bond are payable at the office of
the Hanover National Bank, in New York City, N. Y., 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 here-
by irrevocably pledged.
This bond is one of a series of six hundred (600)
bonds numbered consecutively from two thousand and one
(2001) to twenty-six hundred (2600) inclusive, each of the
denomination of One Thousand Dollars ($11000.00), amount-
ing in the aggregate to the sum of Six Hundred Thousand
Dollars ($600,000.00) issued for the purpose of improving
and extending the water and sanitary sewer system of the
City of Fort Worth, 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 28th day of December,- A.
D. 1926, pursuant to valid authority from the property tax
paying 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 North,
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 per-
formed in proper and lawful time, form and manner as- prescribed
by law, so as to make this bond a legal, binding and valid ob-
ligation 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 forth, and that such tax
has been levied in a sufficient amount 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 TESTnIONY WHEREOF, 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 Sscretary+-
Treasurer, with the seal of the City thereunto duly im-
pressed and has caused the annexed interest coupons to be
executed with the facsimile signature of the Mayor and City
Secretary-Treasurer, and dated as the first day of February,
A. D. 1927.
ME C ITY OF FORT WORTH.' TMM
ATTEST:
ayor
Uit
y ecre ary- reasurer
(FOIM OF COUPON NOTE)
NO. $22.50
The City of Fort Worth, in the State of Texas,
promises to pay to bearer Twenty-tyro Dollars and Fifty
Cents ($22.50), on the 1st day of August, A. D. 19271
at the Hanover National Bank in the City of New York,
N. Y., for interest due that day on its municipal bond
dated February 1st, A. D. 1927, and numbered 2001.
THE CITY OF FORT WORTH, TEAAS
.ayor
ATTM
City Secretary-Treasurer
OFFICE OF C CeT1 unt
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 is-
sued in conformity with the Constitution and haws 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 thedn3 of
om er o e ccoun e o e
State of saes.
SECTION II.
That the total amount of bonds to be issued by
the City of Fort Worth, Six Hundred Thousand Dollars
($600,000.00) thereof shall bDe issued for the purpose of
improving and extending the Hater and sanitary sewer system
of said City and shall consist of six hundred (600) bonds
numbered from two thousand and one (2001) to twenty-six
hundred (2600) inclusive, a3A shall bear interest at the
rate of four and one-half (4*%) per cent per annuam, payable
seam-annually, as aforesaid, all of which said six hundred
(600) bonds shall be a part of Series #45 and shall be styled
and designated as Water and Sanitary Sewer Bonds.
SECTION III.
That all of said bonds, caprising the sum total
of Six Hundred Thousand Dollars ($600,000.00), shall mature
in the manner and amounts, with the respective divisions of
tine, as set forth in the following tabulated Schedule:
C ITT OP FOR? WORTH
PRIMIPAL MATMITIES
$001,000,00 WATM AND SANITARY ',MR DUND3
DATM) MI ARY 1ST p 1927
DM M. 13T PHMIPAL
MATURING
1s33 1155.000.
35 15'U0oo.
37 1636 .000
39 138 600000.
40 17t;000.
42 17;�.
44 17tow.
45 17;000.
47 17p 00.
49 170O°.
51 17'000.
554 53 17to0fl0.
t0
55 17;000.
56 17;00000.
59 17'000.
6o 17;000.
62 17'000.
64 171000.
66 00.
67 17'
tOOU.
SECTION IV.
That the said bonds are hereby authorized to be
sold to the best 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 shall be placed in the
treasury of the City of Fort North and utilized for the
special purpose for which each issue of bonds is created.
SECTION V.
That for the purpose of creating a sinking fund for
the payment and complete extinguishment of the foregoing
b®aded 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, set apart and appropriated
for the said purpose, an annual, direct, special ad valorem
tax for the year 1927, and every successive year thereafter
during the life of said bonded debt or any part thereof of
2.71 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 taxa-
tion and not exempt therefrom under the Cobstitution and laws
of the State of Texas, situated and owned in the City of Fort
Worth on the let day of January, A. D. 1927, and on the lst
day of January of each year thereafter until said debt repre-
sented 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 ap-
propriate such additional amount of money out of the general
revenues of said City, as may be requisite to supply the de-
ficiency 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 VI.
That it shall be the dray of the City Council
of the City of Fort forth and its successors, and of the
government of the City of Fort North, by levying taxes for
general purposes for the said City of Fort Worth for the
year 1927, 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 2.71 cents on the One Hundred Dollars
($100.00) property valuation (or so much thereof as may be
requisite and necessary) provided for in the next preceding
section of this ordinance, and such special tax shall on no
account whatsoever be displaced therefrom.
SECTION VII.
That the special tax hereinbefore-provided for,
when collected, shall be placed and kept in separate fund and
shall be devoted to the payment of the interest and the ex-
tinguishment of the principal of all and singular the bonds
hereinabove mentioned as same matures 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 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 VIII.
That as soon as convenient after said bonds have
been prepared said signed in the manner prescribed by this
ordinance they shall be submitted to the Attorney General of
the State of Texas, at Austin, together with a certified copy
of this ordinance and a statement of the total bonded indebted-
ness of the City of Fort North, including the bonds herein
and hereby authorized, and the assessed value of the taxable
property in said City, for his approval, and none of the said
bonds shall be negotiated, sold or transferred until the same
shall have received the official sanction of the Attorney
General, as prescribed by law, and thereafter the bonds shall
be presented to the State Comptroller of Public Accounts for
registration.
SECTION I%.
That the City Searetary-Treasurer of the City of Fort
Worth, or other lawful custodian of such funds, during the
months of July and January of each and every year, during the
life of said bonds or any 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 semiannual interest accruing on said bonds, to the
Hanover National Bank of the City of New York, State of New
York, and likewise remittance shall be made in due course to
provide for the payment of the principal of any of said bands
in advance of the maturity of same.
SBO TION $.
All ordinances and parts of ordinances in canflict
herewith be and they are hereby expressly repealed.
SWTION %I.
The holding or adjudication of any section, por-
tion or part hereof to be invalid shall not effect the validity
of any other section or part of this ordinance, but all of such
other sections, portions or parts hereof shall be and remain
valid.
SW TION %II.
That this ordinance shall take effect and be in full
force from and after th9 date of its passage and it is so or-
dained.
� l y
':'ayor ii. G. L? elm, 'Presiding at mid meetize,
eube:i tod t her motion to a&* mid Ord1wnae and all of
US Ct wallrnan, inoli iing the Yuyor, voted "aye" thereon
,ad non* voted "no". ft),! the motion to adopt the CrdiTAnoo
me doo]ared to be wwdmowuly Weed adopted,
TW 9'Pin A-5.,
I. L. v= zma, .tr., c i tfir a*w*t&r `-ws rer
of the City of Fart rth, do hareby certify that the
a'bm ana ivr*gmin{; l:%Ave is a trnm axe aorrmt copy
o.L L'?rdim .c o : a., ...,.> wLd tbp t =.;e vas weer
paomA end adopted by the 61ty Uoeail of the City of %rt
1.orth, Tum, at a regular meat i me, hold in the O an bail
Ghamber at the pity TTall on thq,,,,,w,,,. d" o
Do L926.
_pp��'"': my hand at -art 11orth, �'�s, this the