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HomeMy WebLinkAboutOrdinance 3032 QRDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF TWO HUNDRED THOU- SAND DOLLARS ($200,000.00), IN ADDITION TO THE SUM OF FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) WORTH OF SAID BONDS HERETOFGRE ISSUED OUT OF AN AUTHORIZED ISSUE OF SEVEN HUN- DRED THOUSAND DOLLARS ($700,000.00), AND BEING KNOWN AS SERIES 75 AND DESIGNATED AS "PARK BONDS," TO BE ISSUED FOR THE PURPOSE OF PURCHASING, ACQUIRING AND IMPROVING LAND AND PROPERTY FOR PUBLIC PARKS IN SAID CITY, EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND DOLLARS ($1,000.00), TO BE DATED MARCH 1, 1953, MATURING FROM ONE (1) TO TWENTY- FIVE (25) YEARS FROM THE DATE THEREOF, THE FIRST FORTY THOU- SAND DOLLARS ($40,000.00) WORTH OF SAID BONDS TO BEAR IN- TEREST AT THE RATE OF FOUR PER CENT (4%) PER ANNUM, THE NEXT EIGHT THOUSAND DOLLARS ($8,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF THREE PER CENT 0%) PER ANNUM, AND THE NEXT ONE HUNDRED AND FIFTY-TWO THOUSAND DOLLARS ($152,000. RATE OF OAND WORTH THREE-QUUAARTERS�PERTCENT (2 BEAR 13��ST AT THE PER ANNUM, SAID INTEREST BEING PAYABLE SEMI-ANNUALLY, THE 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; PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAY- MENT OF THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF AS THE SAME MATURES FROM TIME TO TIME; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, on the 5th day of September, A. D. 1945, pursuant to the authority vested in said City by Section 19 of Chapter XXV 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 Con- stitution of the State of Texas, the City Council of the City of Fort Worth, Texas, by an ordinance of that date, directed the submission to the quali- fied electors who own taxable property in the City of Fort Worth, Texas, and who have duly rendered the same for taxation, at an election to be held in said City on the 2nd day of October, A. D. 1945, of the right, power and authority of the City Council of the City of Fort Worth, Texas, to issue negotiable coupon bonds of the corporate government of said City in the prin- cipal sum of Seven Hundred Thousand Dollars ($700,000.00) for the purpose of purchasing, acquiring and improving land and property for public parks in said City; and, ' 4- WHEREAS, in conformity with said ordinance, the Mayor of said City did make proclamation of said election and fixed the date thereof for the 2nd day of October, A. D. 1945; and, WHEREAS, said election order and proclamation thereof were pre- pared and published in the manner and for the time prescribed in said ordi- nance; and, WHEREAS, on the 2nd day of October, A. D. 1945, said election was held in the City of Fort Worth, Texas, 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 qualified electors of said City who own taxable property in the City of Fort Worth, Texas, and who have duly rendered the same for taxation; and, WHEREAS, the official ballot on said occasion, in conformity with the 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, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Nine Million Dollars ($9,000,000.00) 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 straightening, widening, paving, grade separation, lighting and drainage of said streets and thorough- fares, and acquiring the necessary lands therefor, said bonds being payable serially as may be determined by the City Council, so that the last matur- ing bonds shall become payable within forty (40) years from the date there- of, bearing interest at a rate not to exceed four per cent (4%) 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 re- deem said bonds at the maturity thereof? FOR the Issuance of Street Improvement Bonds. AGAINST the Issuance of Street Improvement Bonds. II. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Two Million, Five Hundred Thousand Dollars ($2,500,000.00) for the purpose of establish- ing, equipping; extending and improving municipal airports and landing fields for airplanes, aircraft and other aerial machines, and acquiring the necessary lands therefor, said bonds being payable serially as may be s determined by the City Council, so that the last maturing bonds shall be- come payable within forty (40) years from the date thereof, bearing inter- est at a rate not to exceed four per cent (4%) per annum from the date there- of, 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 Airport Bonds. AGAINST the Issuance of Airport Bonds. III. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Two Million Dollars ($2,000,000.00) for the purpose of improving, extending and enlarg- ing the sanitary sewer system and sewage disposal plant of said City, and acquiring the necessary lands therefor, said bonds being payable serially as may be determined by the 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 four per cent (4%) 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 redeem said bonds at the maturity thereof? FOR the Issuance of Sanitary Sewer System and Sewage Disposal Plant Bonds. AGAINST the Issuance of Sanitary Sewer System and Sewage Disposal Plant Bonds. IV. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Three Million Dollars ($3,000,000.00) for the purpose of improving, extending and en- larging the water works and water works system of said City, and acquir- ing the necessary lands therefor, said bonds being payable serially as may be determined by the City Council so that the last maturing bonds shall become payable within forty (401 years from the date thereof, bear- ing interest at a rate not to exceed four per cent (4%) 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 Water Works Bonds. AGAINST the Issuance of Water Works Bonds. V. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Three Hundred Thousand Dollars ($300,000.00) for the purpose of constructing, building and equipping a police station and jail building, said bonds being pay- able serially as may be determined by the 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 four per cent (4%) 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 Police Station and Jail Building Bonds. AGAINST the Issuance of Police Station and Jail Building Bonds. VI. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Seven Hundred Thousand Dollars ($700,000.00) for the purpose of purchasing, acquiring and improving land and property for public parks in said City, said bonds be- ing payable serially as may be determined by the City Couneil, 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 four per cent (4%) 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 Park Bonds. AGAINST the Issuance of Park Bonds. VII. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Five Hundred Thousand Dollars ($500,000.00) for the purpose of purchasing, acquiring and improving the playgrounds and recreation parks of said City, said bonds being payable serially as may be determined by the 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 four per cent (4%) 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 Playground and Recreation Park Bonds. .AGAINST the Issuance of Playground and Recreation Park Bonds. VIII. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Eight Hundred Thousand Dollars ($800,000.00) for the purpose of constructing, building and equipping an art and children's museum for said City, and acquiring the necessary land therefor, said bonds being payable serially as may be determined by the City Council, so that the last maturing bonds shall be- come payable within forty (40) years from the date thereof, bearing interest at a rate not to exceed four per cent (4%) 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 Art and Children's Museum Bonds. AGAINST the Issuance of Art and Children's Museum Bonds. IX. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Five Hundred Thousand Dollars ($500,000.00) for the purpose of constructing, building and equipping a recreation center building and amphitheater for said City, and acquiring the necessary land therefor, said bonds being payable serial- ly as may be determined by the City Council so that the last maturing bonds shall become payable within forty (405 years from the date thereof, bearing interest at a rate not to exceed four per cent (4%) per annum from the date thereof, payable semi-annually, and levy a sufficient tak 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 Center Building and Amphitheater Bonds. AGAINST the Issuance of Recreation Center Building and Amphitheater Bonds. X. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of One Million, Five Hundred Thousand Dollars ($1,500,000.00) for the purpose of constructing, equipping and improving agricultural and livestock exhibit buildings for said City, and acquiring the necessary lands therefor, said bonds being payable serially as may be determined by the City Council so that the last maturing bonds shall become payable within forty (405 years from the date thereof, bearing interest at a rate not to exceed four per cent (4%) per annum from the date thereof, payable semi-annually, and levy a suffi- cient tax to pay the interest on said bonds and create a sinking fund suf- ficient to redeem said bonds at the maturity thereof? FOR the Issuance of Agricultural and Livestock Exhibit Building Bonds. AGAINST the Issuance of Agricultural and Livestock Exhibit Building Bonds.; and, WHEREAS, in the election held in said City of Fort Worth, Texas, on the 2nd day of October, A. D. 1945, on the question of the issuance of said bonds hereinbefore mentioned, there was a majority of votes in favor of the issuance of said bonds; and, WHEREAS, by virtue of said election, said City Council is vested with power and authority by and from the qualified electors who own taxable property in the City of Fort Worth, Texas, and who have duly rendered the same for taxation, to issue said bonds for the purposes aforementioned and to make same valid and binding obligations of the corporate government of the City of Fort Worth, Texas; and, WHEREAS, the City Council, in accordance with the power vested in said governing body, did lawfully pass and adopt an ordinance on the 18th day of December, A. D. 1946, authorizing the issuance of negotiable coupon bonds of the government of the City of Fort Worth amounting to the principal sum of Two Hundred Thousand Dollars ($200,000.00); and, WHEREAS, the City Council, in accordance with the power vested in said governing body, did lawfully pass and adopt an ordinance on the loth day of September, A. D. 1949, authorizing the issuance of negotiable coupon bonds of the government of the City of Fort Worth amounting to the principal sum of One Hundred Thousand Dollars ($100,000.00); and, WHEREAS, the City Council, in accordance with the power vested in said governing body, did lawfully pass and adopt an ordinance on the 30th day of August, A. D. 1950, authorizing the issuance of negotiable coupon bonds of the government of the City of Fort Worth amounting to the principal sum of Two Hundred Thousand Dollars ($200,000.00); and, WHEREAS, all of the above described bonds were issued out of an authorized issue of Seven Hundred Thousand Dollars ($700,000.00) worth of said bonds, which bonds were authorized to be issued by the property tax. paying qualified voters of said City at an election held on the 2nd day of October, A. D. 1945, and all of them being a part of and known as Series 75, and designated as "Park 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 Two Hundred Thousand Dollars ($200,000.00) worth of said bonds, in addition to the Five Hundred Thousand Dollars ($500,000.00) worth of said bonds heretofore issued and sold out of the authorized issue of Seven Hundred Thousand Dollars ($700,000.00), be issued in bonds at this time, said bonds to be issued being a part of Series 75 and designated as "Park Bonds"; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION I. That the municipal government of the City of Fort Worth, Texas, issue its corporate negotiable coupon bonds in the principal sum of Two Hundred Thousand Dollars ($200,000.00), this amount being in addition to the Two Hundred Thousand Dollars ($200,000.00) worth of said bonds hereto- fore issued by an ordinance lawfully passed and adopted on the 18th day of December, A. D. 1946, the One Hundred Thousand Dollars ($100,000.00) worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 14th day of September, A. D. 1949, and the Two Hundred Thousand Dol- lars ($200,000.00) worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 30th day of August, A. D. 1950; that the bonds above described were issued and sold out of an authorized issue of Seven Hundred Thousand Dollars ($700,000.00), ,authorized to be issued at a proper election held on the 2nd day of October, A. D. 1945, which bonds are Down as Series 75 and designated as "Park Bonds"; that the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated March 1, 1953, the first Forty Thousand Dollars ($40,000.00) worth of said bonds, maturing from 1954 to 1958, inclusive, to bear interest at the rate of four per cent (4%) per annum, the next Eight Thousand Dollars ($8,000.00) worth of said bonds, maturing in 1959, to bear interest at the rate of three per cent (3%) per annum, and the next One Hundred and Fifty- two Thousand Dollars ($152,000.00) worth of said bonds, maturing from 1960 to 1978, inclusive, to bear interest at the rate of two and three-quarters per cent (2-3/4%) per annum, payable semi-annually on the first day of September and March of each year respectively, both principal and interest of said bonds being payable at The Hanover Hunk, 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 North, Texas, by the Mayor thereof, attested by its City Secretary, with the seal of the City thereon duly impressed, but the inter- est coupons to be executed with the lithographed facsimile signatures of the Mayor and City Secretary of the City of Fort Worth, Texas; that each of said bonds and coupons shall be negotiable and payable to bearer, and said bonds shall be numbered in the way and manner hereinafter set out, so that the last maturing bond shall become payable within twenty-five (25) years from the date thereof, and the bonds themselves, two hundred (200) in number, shall be numbered consecutively from five hundred and one (501) to seven hundred (700), inclusive, and shall mature in the amount and manner here- inafter set out; and that said bonds shall be issued for the purpose of purchasing, acquiring and improving land and property for public parks in said City. That the general form of said bonds and the coupons thereto an- nexed and the interest added to said bonds shall be executed substantially in the following form: NO. UNITED STATES OF AMERICA STATE OF TEXAS, COUNTY OF TARRANT SERIES 75 C I T Y O F F 0 R T W 0 R T H --oo0oa-- Park Bond of the City of Fort Worth issued for the purpose of purchasing, acquiring and improving land and property for public parks in said City. KNOW ALL MEN BY THESE PRESENTS: That the government of the City of Fort Worth, a municipal cor- poration duly created under the laws of the State of Texas, hereby acknowl- edges itself to owe, and for value received promises to pay to bearer, ONE THOUSAND DOLLARS ($1,000.00) in lawful money of the United States of America, on the first day of .March, A. D. 19 , together with interest thereon at the rate of percentum ( %) per annum, payable semi-annually on the first day of September and March 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 Hanover Bank, 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 irrevo- cably pledged. This bond is one of a series of two hundred (200) bonds numbered donsecutively from five hundred and one (501) to seven hundred (700), in- clusive, in the denomination of One Thousand Dollars ($1,000.00) each, amounting in the aggregate to the sum of Two Hundred Thousand Dollars ($200,000.00), issued for the purpose of purchasing, acquiring and improv- ing land and property for public parks in said City, 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 taxpaying qualified voters of said City, at a proper and legal election held on the 2nd day of October, A. D. 1945. It is hereby further expressly represented, recited and cove- nanted by the government of the City of Fort Worth, to and with each and every holder of said bonds or any one of them, that all acts, conditions and things required by the Constitution and laws of the State of Texas, and by 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 for the levy and collection of a direct annual tax on all taxable property in the City of Fort Worth, 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, includ- ing this bond and the issue of which it is a component part, does not ex- ceed any constitutional or statutory limitation. IN TESTIMONY 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 Secretary, with the seal of the City thereunto duly impressed, and has caused the annexed interest coupons to be executed with the facsimile signatures of the Mayor and City Secretary, and has caused this bond to be dated as of the first day of March, A. D. 1953. CITY OF FORT WORTH, TEXAS BY ATTEST: City Secretary (FORM OF COUPON NOTE) The City of Fort Worth, in the State of Texas, promises to pay to Bearer ($ .��) on the 1st day of 19 , at The Hanover Bank, in the City of New York, New York, for interest due that day on its Park Bond, Series 75, dated March 1, 1953, and numbered CITY OF FORT WORTH, TEXAS ATTEST: BY City Secretary Myor (CERTIFICATE OF COMPTROLLER) OFFICE OF COMPTROLLER, STATE OF TEXAS. I do 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, Texas, this the day of , A. D. 19 Comptroller of Public Accounts of the State of Texas (CERTIFICATE OF CITY ATTORNEY) The within bond is hereby approved as to form and legality. City Attorney SECTION II. That the said bonds so to be issued by the City of Fort Worth, Texas, amounting to Two Hundred Thousand Dollars ($200,000.00), in addi- tion to the sum of Five Hundred Thousand Dollars ($500,000.00) worth of said bonds heretofore issued out of the said authorized issue of Seven Hundred Thousand Dollars ($700,000.00), shall be issued for the purpose of purchasing, acquiring and improving land and property for public parks in said City, and shall consist of two hundred (200) bonds numbered from five hundred and one (501) to seven hundred (700), inclusive, and the first Forty Thousand Dollars ($40,000.00) worth of said bonds, maturing from 1954 to 1958, inclusive, shall bear interest at the-rate of four per cent (4%) per annum, and the next Eight Thousand Dollars ($8,000.00) worth of said bonds, maturing in 1959, shall bear interest at the rate of three per cent (3%) per annum, and the next One Hundred and Fifty-two Thousand Dollars ($152,000.00) worth of said bonds, maturing from 1960 to 1978, in- clusive, shall bear interest at the rate of two and three-quarters per cent (2-3/4%) per annum, payable semi-annually, as aforesaid, all of which said two hundred (200) bonds shall be known as Series 75 and shall be styled and designated as "Park Bonds"; and that all of the said bonds, comprising the sum total of Two Hundred Thousand Dollars ($200,000.00), shall mature in numerical order in the manner and amounts as set out in the tabulated state- ment herewith attached, to wit: CITY OF FORT WORTH PRINCIPAL MATURITIES $200,000.00 PARK BONDS DATED MARCH 1, 1953 DUE MARCH 1ST PRINCIPAL MATURING 1954 $8,000.00 1955 8,000.00 1956 8,000.00 1957 8,000.00 1958 8,000.00 1959 8,000.00 1960 8,000.00 1961 8,000.00 1962 8,000.00 1963 8,000.00 1964 8,000.00 1965 8,000.00 1966 8,000.00 1967 8,000.00 1968 8,000.00 1969 8,000.00 1970 8,000.00 1971 8,000.00 1972 8,000.00 1973 8,000.00 1974 8,000.00 1975 8,000.00 1976 8,000.00 1977 8,000.00 1978 8,000.00 SECTION III. 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 to be placed in the treasury of the City of Fort Worth and utilized for the special purposes for which they are created. 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 respec- tively mature, there is hereby levied for the year 1953 and for each suc- ceeding 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 .3308 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 installments 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 princi- pal of said bonds; and it is hereby promised and agreed that such increase of tax shall be made, if required for the purposes named, as often as it may be necessary. There shall be assessed and collected annually a suf- ficient sum to pay the interest on such bonds and to create a sinking fund 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 1953 and for every successive year during the life of said bonded . indebtedness or any part thereof, to include in such levy the special tax Of .3308 cents on the one hundred dollar property valuation (or so much thereof as may be requisite and necessary, or in addition thereto as may be required), provided for in the next preceding section of this ordinance, and said special tax shall on no account whatever 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 pro- ceeds 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 pre- pared 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 in- debtedness 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 registra- tion. SECTION VIII. That the City Treasurer of the City of Fort Worth, or other law- ful custodian of such fund, during the months of August and February of each and every year during the life of said bonds or part thereof; and not V f later than the 25th 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 accruing on said bonds to The Hanover Bank, 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. 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: City Secretary of the City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: City Attorney of the City of Fort Worth, Texas l� ORDINANCE 00- Title ao Da Filed Day of I�ob City Secretary