HomeMy WebLinkAboutOrdinance 1882 ORDINANCE no.
AN ORDINANCE PROVIDING FOR TcIE ISSUANCE OF NEGOTIABLE COUPON
BOMB OF THE GOVERNMENT OF THE CITY OF FORT WORTS, TESAS,
AMOUNT= TO THE PRINCIPAL SUM OF TWO =,=F D THOUSAND
($200000.00) DOLLARS, IN ADDITION TO THE SUM OF SIX HUNERED
THOUSAND ($1500.000.00) DOLLARS WORTH OF SAID BONDS HERETOFORE
ISSUED OUT OF AN AUTHORIZED ISSUE OF ONE MILLION, FOUR HUNLM
THOUSAND 411400,000.00) DOLLAR$, AND BEING KNOW AS SERIES 51,
AND D®SIGNATED AS "MAIN ARTERIAL THOROUGHFARE BONDS", TO HE
ISSUED FOR THE PURPOSE OF CONSTRUCTING, IMPROVING AND MaMM-
ING ITS SYSTim OF STREETS AND THOROUGHFARES BY CONSTRUCTING,
nXROVING AND EXTENDING A NEW MAIN ARTERIAL STREET AND THOROUGH-
FARE RUNNING NORTH AND SOUTEE, AND A NEW MAIN ARTERIAL STREET
AND THOROUGHFARE MMODING EAST AND WEST THROUGH SAID CITY,
EACH OF SAID BONDS TO BE IN THE DWOMINATION OF ONE THOUSAND
(41,000.00) DOLLARS, TO BE DATED MEMBER 1, 1935, MATURING
FROM FIFE (5) TO THIRTY (30) YEARS FROM THE DATE THEREOF, AND
TO BEAR INTEREST AT THE RATE OF THREE AND ONE-HALF PER CENT
(*) PER ANNUM, PAPA= SBMI_AMMLLY, THE INTEREST TO BE
QED IN COUPON NOTES ATTACHED TO THE BONDS, DIRECTING THAT
THE SAID BONDS BE Sl03CUTED BY TSB MAYOR AND CITY SECRETARY,
AND PROVIDING FOR AN AMMATE TAX LEVY FOR THE PAYLt = OF THE
INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE PAY-
MENT OF THE PRINCIPAL THEREOF AS THE SAME MATURES FROM TIME TO
TIME, AND PROVIDING TEAT THIS ORDINANCE SHALL BE IN FULL FORCE
AND EFFECT FROM AND AFTER TE$ DATE OF ITS PASSAGE.
1=5, on the 3rd day of November, A. D. 1925, 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 Constitu-
tion of the State of Texas, the City Council of the City of Fort Worth, Texas,
by a resolution and an ordinance of that date, directed the submission to the
resident property taxpaying 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 government of the said City in the principal
sum of One Million, Four Hundred Thousand ($1,400,000.00) Dollars, for the
purpose of making permanent improvements in said City by constructing, improv-
ing and extending its system of streets and thoroughfares by constructing and
extending a new main arterial street and thoroughfare running north and south,
and a new main arterial street and thoroughfare extending east and west
through said City; and,
YE&REAS, in conformity with the said resolution and ordinance, the
Mayor of said City did make proclamation of said 4lection, and fixed the date
thereof for the 24th day of November, A. D. 1925; and,
1HEMUS, said election order and proclamation thereof was prepared
and published in the manner and for the time prescribed in said resolution and
ordinance; and,
4HERE&S, on the 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 the issuance of said bonds was sub-
mitted as a proposition to the taxpaying qualified voters of said City; and,
MEMMUS, the official ballot on such occasion, in conformity with
the resolution and 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, running from five (5) to forty (40) years, in
the principal sum of Three Million, Three Hundred Thousand (#3,300,000.00)
Dollars, for the purpose of improving and extending the water and sanitary
sewer system of said City, the first of said bonds being payable at the expira-
tion of five (5) years from the date 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 interest
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 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 (40) years, in the
principal sum of Two Million, Two Faucdred Thousand ($2,200,000.00) 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, grade separation, bridges and drainage,
the first of said bonds being payable at the expiration of five (5) years
from the date thereof, and serially thereafter as may be determined by the
said City Council, so that the last maturing bonds shall become payable with-
in forty (40) years from the date thereof, bearing interest 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 sink-
ing fund sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Street Improvement Bonds.
AGAINST the Issuance of Street Improvement Bonds.
III.
Shall the City of Fort worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of Seventy-one Thousand ($71,000.00) Dollars, for the purpose
of constructing, building and equipping an additional incinerator plant for
City of Fort Worth, Texas, and purchasing the necessary lands and site there-
for, the first of said bonds being payable at the expiration of five (5) years
from the date thereof, and aerially 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 interest at a rate not to ex-
ceed 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 oink-
ing 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 Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of Five Hundred Thousand ($500,000.00) Dollars, for the purpose
of purchasing, acquiring and improving lands and 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 the date thereof, and aerially 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 interest
at a rate not to exceed five per cent (5%) per annum from the date thereof,
payable semiwen*ual y, 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.
V.
Shall the City of Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of One Hundred and Seventy Thousand ($170,000.00) Dollars, for
the purpose of purchasing, acquiring and improving playgrounds, athletic fields
and other recreation facilities of a permanent nature In said City, the first
of said bonds being payable at the expiration of five (5) years from the date
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 interest at a rate not to exceed five per cent
(*%) 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 redeems 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 Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of Eighteen Thousand ($18,000.00) Dollars, for the purpose of
constructing, building and equipping an addition 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) years from the date 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
Interest 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 sinking fund sufficient to redeem said bonds at the
maturity thereof?
FOR the Issuance of City-County Hospital Bonds.
AGAINST the Issuance of City-County Hospital Bonds.
v1I.
Shall the City of Fort Worth, through its City Council, issue its
negotiable coupon bonds, running from five (5) to forty (40) years, in the
principal sum of One N111lion, Four Hundred Thousand ($1,400,000.00) Dollars,
for the purpose of constructing, improving and extending its system of streets
and thoroughfares by constructing, improving and extending a new main arterial
street and thoroughfare running north and south and a new main arterial street
and thoroughfare extending east and west through said City, including in such
permanent improvements grade separation, bridges, drainage and the purchase of
right of way, the first of said bonds being payable at the expiration of five
(5) years from the date 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 interest 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 sinking fund sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Fain Arterial Thoroughfare Bonds.
AGAINST the Issuance of'Main Arterial Thoroughfare Bonds.
WORM, in the election held in said City of Fort Worth on the 24th
day of November, A. D. 1925, 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,
WHCREAS, by virtue of said election, said City Council is vested
with poorer and authority by and from the qualified voters 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; and,
WHEREJS, the City Council, in accordance with the power vested in
said governing body set forth in the preceding paragraph, did lawfully pass
and adopt an ordinance on the 23rd day of October, A. D. 1929, and which
ordinance was duly amended by an ordinance passed and adopted on the 4th day
of December, A. D. 1929, authorizing the issuance of negotiable coupon bonds
of the government of the City of Fort forth, amounting to the principal sum
of Two Hundred and Fifty Thousand ($250,000.00) Dollars; and,
GS]AS, the City Council, pursuant to the power vested in said
governing body, did lawfully pass and adopt an ordinance on the ?th day of
May, A. D. 1930, authorizing the issuance of negotiable coupon bonds of the
government of the City of Fort Worth, amounting to the principal sum of
Three Hundred Thousand ($300,000.00) Dollars; and,
A,S, the City Council, pursuant'to the power vested in said
governing body, did lawfully pass and adopt an ordinance on the 4th day of
April, A. D. 1934, authorizing the issuance of negotiable coupon bonds of
the government of the City of Fort Worth, amounting to the principal sum
of Fifty Thousand ($50,000.00) Dollars; and,
9HRRM, all of the above described bonds were issued out of an
authorized issue of One Million, Four Hundred Thousand ($1,400,000.00) Dollars
worth of said bonds, and which bonds were authorized to be issued by the prop-
erty taxpaying qualified voters of said City at an election held on the 24th
day of November, A. D. 1925, and all of them being a part of and known as
Series 51 and designated as "Whin Arterial Thoroughfare Bonds"; and,
WERSAS, 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 (4200,000.00) Dollars worth of said bonds, in
addition to the Six Hundred Thousand ($800,000.00) Dollars worth of said bonds
heretofore issued out of the authorized issue of One Million, Four Hundred
Thousand ($1,400,000.00) Dollars, be issued in bonds at this time, said bonds
to be issued being a part of Series 51 and designated as *Main Arterial
Thoroughfare Bonds", NOW, I
BE IT ORDAINED BY THE CITY COUNCIL OF TES CITY OF FORT WORTH, TEW:
SECTION I.
That pursuant to Section 19 of Chapter XX9 of the Charter of the
City of Fort Worth, adopted by the qualified voters within the corporate limits
of said City on the llth day of December, A. D. 1924, and the laws and Consti-
tution of the State of Texas, and pursuant to a vote of the resident property
taxpaying qualified voters of the City of Fort Borth, at an election held in
said City for such purpose on the 24th day of November, A. D. 1925, that the
municipal government of the City of Fort Worth issue its corporate negotiable
coupon bonds in the principal sum of Two Hundred Thousand ($200,000.00) Dollars,
this amount being in addition to the Two Hundred and Fifty Thousand ($250,000.00)
Dollars worth of said bonds heretofore issued by an ordinance lawfully passed
and adopted on the 23rd day of October, A. D. 1929, and which ordinance was
amended by an ordinance lawfully passed and adopted on t1te 4th day of
December, A. D. 1929, and in addition to the Three Hundred Thousand
($300,000.00) Dollars Worth of said bonds heretofore issued by an ordinance
lawfully passed and adopted on the 7th day of May, A. D. 1930, and in addi-
tion to the Fifty Thousand ($50,000.00) Dollars worth of said bonds hereto-
fore issued by an ordinance lawfully passed and adopted on the 4th day of
April, A. D. 1934, and all of said bonds being issued out of an authorized
issue of one Bullion, Four Hundred Thousand ($1,400,000.00) Dollars, and
which bonds were authorized to be issued at a proper election held on the 24th
day of November, A. D. 1925, and which bonds are known as Series 51 and designat-
ed as *Main Arterial Thoroughfare Bonds*, and the bonds so to be issued shall
be in the denomination of One Thousand ($1,000.00) Dollars each, dated December
1, 1935, bearing interest at the rate of three and one-half per cent (5w per
annum, payable semi.-annually on the first day of June and December of each year
respectively, both principal and interest of said bonds being payable at the
Central Hanover Bank and Trust Company in the City of Net'-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 Worth by the Mayor thereof, attested by its City Secretary, with the seal
of the City thereon duly impressed, but the interest coupons to be executed
with the lithographed facsimile signature of the Mayor and City Secretary of
the City of Fort Worth, 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, maturing in numerical order five (5) years from the date
thereof, and annually thereafter until the last maturing bonds shall become
payable within thirty (30) years from the date thereof, and the bonds them-
selves, two hundred (200) in number, shall be numbered consecutively from six
hundred and one (601) to eight hundred (800), inclusive, and shall mature in
the amount and manner hereinafter set out; said bonds shall be used for the
purpose of making permanent improvements by constructing, improving and extend-
ing a new main arterial street and thoroughfare running north and south, and a
new main arterial street and thoroughfare extending east and west through said
City
That the general form of said bonds and the coupons thereto annexed
and the interest added to said bonds shall be executed substantially in the
following forms
HD. UNITED STATES $1m.
OF AMBRICA
STATE OF TX[A8, COUNTY OF TARRZT
SERIFS 51
CITY OF FORT WORTH
--0000000---
Main Arterial Thoroughfare Bond of the City of Fort Worth issued for the
purpose of constructing, improving and extending its system of
streets and thoroughfares by constructing, improving and
extending a new main arterial street and thorough-
fare running north and south, and a new main
arterial street and thoroughfare extend-
ing east and west through said
City
KNOW ALL MEN BY THESE PRESMM:
That the government of the City of Fort Worth; a municipal corpora-
tion, 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 ($1000) DOLLARS
in lawful money of the United States of America, on the first day of December,
A. D. 1940, together with interest thereon at the rate of three and one-half
per centum (3j%) per annum, payable asml-annually on the first day of June and
December 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 Central Hanover Bank and Trust Company,
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 hereby irrevewably
pledged.
This bond is one of a series of two hundred (200) bonds numbered
consecutively from six hundred and one (801) to eight hundred (800). inclusiWe,
each of the denomination of One Thousand ($1,000.00) Dollars,
amounting in the aggregate to the sum of Two Hundred Thousand ($200,000.00)
Dollars issued for the purpose of constructing, improving and extending the
system of streets and thoroughfares in the City of Fort Wort)l by-construet-
ing, improving and extending a new main arterial street and thoroughfare
running north and south, and a new main arterial street and thoroughfare r
extending east and west through said City, under and by virtue of the con-
stitution 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 4th day of December, A. D. 1935, pursuant to valid authority
from the property taxpaying 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 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 laws of the State of Texas, and of the Charter and Ordinances of the
City of Fort North, 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, including this bond, and the issue of which it is a component part,
does not exceed any constitutional or statutory limitation.
IN MOTIMONY WaEREOF, 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 signature
of the Mayor and City Secretary, and dated as the lot day of December, A. D. 1935.
CITY OF FORT WORTH, TESAS
DY
ATTEST: Mayor
City Secretary
(FORTS OF COUPON NOTE)
No• fir.
The City of Fort Worth, in the State of Texas, premises to pay to
B"Ver ($ ), on the lot day of ,
at the Central Hanover Hank and Trust Company in the City of New York, N. Y.,
for interest due that day on its municipal bond dated
and v=bered
CITY OF FORT WORTH, TKXAS
�deyo�
ATTEST:
Oity 8acretary
(CERTIFICATE OF COMPTROLLIM)
OFFICE OF COIMMLLBR,
STATE OF TEM.
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 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. 193 .
Comptroller of Public Accounts of the
State of Texas•
SBCTION II.
That the said bonds so to be issued by the City of Fort Worth,
amounting to 'Two Hundred Thousand ($800,000.00) Dollars, out of the said
authorized issue of One Million, Your Hundred Thousand (41,400,000.00) Dol-
lars, shall be issued for the purpose of constructing, improving and extend-
ing a new main arterial street and thoroughfare running north and south, and
a new main arterial street and thoroughfare extending east and west through
said City, and shall consist of two hundred (200) bonds, numbered from six
hundred and one (601) to eight hundred (800), inclusive, and shall bear
interest at the rate of three and one-.half per cent (3j%) per snnum, payable
semi-annually as aforesaid, all of which said two hundred (200) bonds shall
be known as Series 51 and shall be styled and designated as *Main Arterial
Thoroughfare Bonds"; that all of the said bonds, comprising the sum total of
Two Hundred Thousand ($200,000.00) Dollars shall mature in numerical order in
the manner and amounts as set out in the tabulated statement herewith attached,
to wit:
CITY OF PDRT WORTS
PRINCIPAL MATURITIES
#200,000.00 MAIN ARTMAL ZgOROUMFARE BONDS
rATED IzCmmm 1, 1935
DUE DMBEMR in PRINCIPAL MATURING
1940 9,000.00
1941 8,000.00
1942 4,000.00
1943 6,000.00
19" 6,000.00
1945 7,000.00
1946 6,000.00
1947 7,000.00
1948 10,000.00
1949 10,000.00
1950 5,000.00
1951 1,000.00
1952 7,000.00
1953 7,000.00
1954 7,000.00
1955 8,000.00
1956 8,000.00
1957 8,000.00
1958 8,000.00
1959 9,000.00
1960 9,000.00
1961 9,000.00
1962 10,000.00
1963 10,000.00
1964 10,000.00
1965 11,000.00
S310TION 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 creating a sinking fund for the payment and
complete extinguishment of the foregoing bonded 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 1935, and
every successive year thereafter during the life of said bonded debt or any
part thereof of *85858 cent (or such an amount as may be necessary and adequate,
be it more or less) on every One Hundred (0100.00) Dollars of property valua-
tion, real, personal and mixed, subject to taxation and not exempt therefrom
under the Constitution and law of the State of Texas, situated and owned in the
City of Fort Worth on the lot day of January, 1935, and on the lot day of
January of each year thereafter until said debt represented 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 appropriate
such additional amount of money out of the general revenues of the said City,
as may be requisite to supply the deficiency 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 V.
That it shall be the duty of the City Council of the City of Fort
Worth and its successors, and of the government of the City of Fort Worth, by
levying taxes for general purposes for the said City of Fort Worth for the year
19350 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 .65856 cents on the
One Hundred (#100.00) Dollar 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 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 proceeds hold 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 prepared
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 indebtedness 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 registration.
SECTION VIII.
That the City Treasurer of the City of Fort Worth, or other lawful
custodian of such fund, during the months of November and May of each and
every year during the life of said bonds or part thereof, and not 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 Central Hanover Bank and Trust Company
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 IZ.
All ordinances and parts of ordinances in conflict herewith be
and they are hereby expressly repealed.
SECTION X.
The holding or adjudioation of any section, portion or part hereof
to be invalid, shall not affect the validity of any other section or part of
this ordinance, but all such other sections, portions and parts hereof shall
be and remain valid.
SECTION XI.
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.
Adayor
ATTEST:
Q ty soarer
APMOVSD AS TO FOW AND TXGALITYs
MY—A,
ORDINANCE
No. -- --
Title
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Date
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Filed day of
City Secretary