HomeMy WebLinkAboutOrdinance 834 Z L�
ORDINANCE NO. �
AN ORDINANCE AUTHORIZING THE CITY OF FORT
NORTH TO BORROW ]TIGHT HUNDRED FIFTY THOUSAND
(850,000.00) DOLLARS FROM FIRST NATIONAL COU-
PANY, A CORPORATZAS, ,EXP&AMD IN TEN P,BQU
ISSORY NOTES OF SAID CITY BED. 110 INTEAST
FROM DATE THEREOF AT RATE OF FIVE AND THREE-
FOURTHS P.:'R CENT PER ANNUM, PAYABLE altI-
ANNUALLY, THE INTEREST EVIDENC$D BY COUPON
NOTES, THE FIRST PRINCIPAL NOTE IN THE =
OF EIMMY FIVE THOUSAND ($&5,000.00) DOLLARS
MATURING EIGHTEEN MONTHS FROM THE DATE THEREOF,
AND THE: REMAINDER OF PRINCIPAL IN NINE SUC-
CESSIVE YEARLY EQUAL AMOUNTS, AND PROVIDING
FOR THE EXECUTION OF SAID NOTES BY THE _IA,YOR
AND CITY ,`CRLTARY AND ALSO PROVIDING3 FOR AN
ADEgUATN TAX LEVY TO CREATE A SINKING FUND
FOR THE PAYNEN'T OF INTEREST AND PRINCIPAL AS
SAME ACCRUE.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF FORT WORTH:
a.ss«
THAT WHEREAS the City of Fort North is oxing
csrt:ain floating, current irid simple-contract debts
:lzounting uj�rsroxim,atsly to eight hundred fifty thousand
(Obbb_,QUt:.0U) dollars, which L cbts are valid, ieu:sl "i"
subsisting obliL;Ations of the City of Fort Worth; and
4HEREAS it is eaaantial to the welfare Of Braid
City and to its finaooW bahoof that said debts be
funded in long-tLae notes, ;.nd the moneys derived ther—
from used and utilized in the pwymant of said debts; and
%afi kR:AS 6ho City of Fart ','orth is authors:.-od
under the of the State of Texas and by virtue of
Its uh ,.rter araviaions to fund its flouting, current
and s ia.i le-o ont rao t debts; �)x"
WHEREAS it is estimated that the total ad valorem
values of Property in the said City of Tort Worth, subaect
to taxation for the year 19wz� will amount to the sups of
and
NHEREAS on the basis of said taxable values it
Is estimated that it will require a levy of a special,
direct ad valorem tax in the sum of � .._..seats
an each one hundred dollars of property valuation out of
the wuthorized tot-L1 levy of one dollar and seventy-five
cents permitted for general purposes under the charter of
the said City to provide for the payment of said notes,
rrincipal and interest;
WN, THEREFORE.
BE IT FURTHER ORDAINED BY THE BOARD OF COM-
gZ$,-LQ'BER9 OF THE CITY OF FORT WORTH:
SECTION I
Th A the 16yor and Finance Commissioner to uxA
they axe hereby ;,uthori::ed :sjd airsoted to negotiate a "
obtain from First national Cf mpany, a corpozutiou of the
City of St. Louis, St.1to of nissouri, for the purpose _�:
taking up ,rid funding certain floating, current and simple-
contract debts of said. City, aa, lo::n of eight hundred fifty
thousand dollk,.rs :grid to that end and for
thc.t purpose as,id Mayor and City for and on
behalf of the government of the City of Port Worth and
In its w ac, be ,xmft they are hereby a4thax1:rad, o.;-. o_ gyred
and Instructed to make, execute and deliver to staid First
NiAlon:al Coax: -L,"Ly, ten (10 certain principal, promissory
notes in �riting of the City of Fort Worth, under the
seal of -:aid City, kith coon interest notes thereto
.ttaachad, L•;-61d notes to be elated
all of sane, principal and interest, payable to the order
of said First National Coapauy at the Hanover National
Hank in the City of blew York, bearing interest at the rate
of five and three-fourth V, r aAna�m,SIVI payable
*si-annually (the interest evidenced in coupon notes)
and providing for ten per cent attorney's fees if sued
upon or placed in the hands of an attorney for collection,
and further providing for maturity of entire debt then
owing and unpaid in event default should be mate in
the payment of any instalment of principal or interest
when due, at the election of the holder of same; one
principal note for the scup of eighty five thousand
($85,000.00) dollars payable eighteen (18) months from
its date, and the -reeraluder of the debt evidenced by
nine notes of etuul <:.mount mattring successively at
intervals e4 one-year apart, Ito that the last note, by
Its terms, will-fall due..And payable ten years and six
months from the date thereof.
SECTION II
M-t thenoneye arising from said notes, lose
expense incurred thereon, shall be used and eRpplied in
taking up and discharging certain current, floating and
simple-contract debts recited In the preamble of this
ordinance and shall be used for no other purpose. Pro-
vided, however, that this requirement as to the use of
said moneys shall not be construed to hold the lender
to the application of same or to impose on such lender
the duty to see to the use or disburament of said
moneys.
f
SECTION III
That for the purpose of creating a sinking fund
for the payment and extinguishment of the foregoing debt,
principal and interest and all and overy.par) of same,
there is hereby levied and there shall be assessed and
collected, as provided by law, as annual special ad
valorem tax for the year L.,Z& and for every successive.
year thereafter during the life of the said deb,,, or
any 'pi-t hereof, of 4""�iel' ctnts (or such an jAount
as L—'j '�e necessary and adequ,fte, be i� more or lees,)
on eye y one e hundred ($ .00) d llare proi+er � d
uat.ton real, ,-urson.l ynd mixed,^ itulted and owned in
the City of pore 'forth on the let u::yF of January 193k
and on the la's day of January of auch year thereafter
until aafd dobt, raproacnied ty said nctes, 84411 have
�)ezn fully puide th
SECTION IV
That it shall be the duty of the Board of Con-
,Assioners of the City of port North, and their suc—
cessoro in office, and of the governmont of said City
of port Worsh, in levyiu,; taxes for general purposes
for the City of port -orth for the year 1DA and for
every successive year during the life of said debt or
any pant thereof to inol de in such lev;Y the special
tax of cs:.ts on the one hundred
(SlU0.00) dollars 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 tart shall on no account whatsoever be displaced
therefrom.
h c�
SECTION V
That the spat l tax hereinbefcro provided
for, rhan collactad, ahall be plaaed mnd kept in a
:iapp.m4a fund and ,;hi al be devoted to V�c- P—,lttr1t of
the intoroat and the oxtinguiahtaent of the primipaa
on the noteu herolszsbov'a meutionod, ar,d ah&ll not be
uned, L�p,;lled or diverted to "y other purpoLie or
obJ m3 Y;hat soev4 A-.
SECTION VI
Th.A tblo orilmmce skill take �-ffeot and
be in force from and after ita pasmAe.
ORDINANCE
Title
Date
v
Filed day of
192
City Secretary