HomeMy WebLinkAboutOrdinance 136 Fort Worth, Tex. Jan. 19t.,lc'10.
lion. ;ui dv :"u of Commissioners,
u
Gentlemen:-
In response to your request,I beg to submit that I am of
fha oyini= that you have the authrotiy to use a portion of
the emergency fund, as provided for in Section 14, Chapter 8,
of the City Charter, in paying expenses and commission in
negotiating the sale of the municipal improvement bonds now
on deposit in the Qity Treasury.
rCorp� Counsel, ' ity of ro rt -orth
Texas
An ordinance declaring an emergency and appr-opriatirg a
portion of the Emergency Fund to be used in negotiating a
sale of certain improvement bonds now on deposit in the
Treasury of the City of Fort Worth.
Whereas, the Board of Commissioners of the City of Fort
4orth heretofore issued bonds of the corporate government of
said City in the aggregate of $65u,000.00. $500,000.00 of
which said bonds remain unsold, and:
Whereas, the said Board in pursuance of the purposes of
said bond issue , have made various contracts and entered
upon va.ri ;us works of improvement, and:
Whereas a diligent effort has been made to sell said bonds
accordinz., to the face and tenor thereof, -ut owning to the
fact that six.ce the issuance of same there ::as been a
sudden and marked decline in the bond ,, arket and a greatly
diminished demand for suc;. securities, suc'.. effort has f iled.
It is therefore declared that ,n i..perative necessity
and extraordinary emergency exists for using a portion of the
Emergency Fund to be expended in negotiating the sale of
such bond.)T `REYORE,
w•
T
-2-
BE IT ORDAINED BY 'PL'E BOARD UW COTual6SIONERS OF T:E
CITY OF FURT WURTH:
Sect f-r. 1. Tr-.t the stun of 7,fir; , ' r. _4,4 and t,.e saaae is
hereby set aside and app ap=JAo sd fcorn :-u out of the
Emergency Fund as provided for in Section 14, Chapter 8, of
the Charter of the City of Fort Worth. Said sum to be paid
to Col. W. H. Eddleman for negotiating the sale of the
aforesaid $500,000.00 of municipal improvement bonds.
Section 2. That the Mayor and City Secretary are hereby
authorized to issue a warrant for such amount when the sale
of such bonds has been cons mated.
Section 3. This ordinance s'iall take effect and be in
force from and -fter its passage as required law.
I hereby certify that the above and foregoing ordinance was
41ily p•*eeented and unanimouaTy passefl by the Board of Com»>tss-
toners of the City of Tort Worth at a regular adjmxrned meeting
of said 13oard held Wednesday January 19th,1910.
Cit ,t,ary.