HomeMy WebLinkAboutResolution 865 h�'� RESOL'J IUTv FILE NO. � 5
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y WHEREAS, on December 29, 1981, the City Council authorized the City
Manager to enter into an agreement (City Secretary Contract
No. 12538) with various banks throughout the City for the
payment of 1981 ad valorem bankshare taxes pending the out-
come of litigation over the legality of assessing and col-
lecting such taxes; and
WHEREAS, on December 31, 1981 , the banks participating in said agree-
ment filedsuit against the City and other taxing authorities
in Tarrant County seeking to have the bankshare taxes declare
unlawful ; and
WHEREAS, it appears that there will be no resolution of said lawsuit
until after the 1982 tax rolls are completed; and
WHEREAS, the parties to said City Secretary Contract No. 12538 desire
to enter into an addendum to said contract extending it and
making it applicable to the 1982 tax year under the terms
and the method of computation applicable to the 1981 tax
year;
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
That the City Manager of the City of Fort Worth be, and is hereby
authorized to enter into the attached addendum to City Secretary
Contract No. 12538 extending said contract and making it applicable
to the 1982 tax year under terms and method of computation appli-
cable to the 1981 tax year; and that the attached addendum to said
City Secretary Contract No. 12538 is hereby incorporated herein and
made a part hereof for all purposes.
O
_Lrr
CF1"ff OF FORT WORTH
TUESDAY, JULY 27, 1982
i'
i
Adopted resolution auth!I RESOLUTION
execution on behalf of
City an addendum to CO WHEREAS, on December 29, 1981, the City Council authorized the City
No 12538 providing for I Manager to enter into an agreement (City Secretary Contract
payment of 1982 ad valo- No. 12538) with various banks throughout the City for the
rem taxes on bankshares payment of 1981 ad valorem bankshare taxes pending the out-
come of litigation over the legality of assessing and col-
lecting such taxes; and
WHEREAS, on December 31, 1981, the banks participating in said agree-
ment filed suit against the City and other taxing authorities
in Tarrant County seeking to have the bankshare taxes declared
unlawful; and
ii WHEREAS, it appears that there will be no resolution of said lawsuit
until after the 1982 tax rolls are completed; and
WHEREAS, the parties to said City Secretary Contract No. 12538 desire
to enter into an addendum to said contract extending it and
making it applicable to the 1982 tax year under the terms and
j the method of computation applicable to the 1981 tax year;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS:
That the City Manager of the City of Fort Worth be, and is hereby
authorized to enter into the attached addendum to City Secretary Con-
tract No. 12538 extending said contract and making it applicable to
the 1982 tax year under terms and method of computation applicable
to the 1981 tax year; and that the attached addendum to said City
Secretary Contract No. 12538 is hereby incorporated herein and made
f
a part hereof for all purposes.
I
ADDENDUM TO CITY SECRETARY CONTRACT NO. 12538
STATE 'OF TEXAS
I
COUNTY' OF TARRANT j
WHEREAS, the City of Fort Worth ("City") and the banks listed
on Exhibit A attached hereto and made a part hereof (."Banks") have
heretofore entered into an Agreement relating to ad valorem taxes
which City claims, and Banks deny, were payable by the respective
Banks on their respective bankshares which were outstanding on
January 1, 1981; and
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i WHEREAS, the litigation referred to in said Agreement is now
i
pending in the 17th District Court of Tarrant County, Texas, and
WHEREAS, the parties desire to extend said Agreement so that
it shall be applicable for the 1982 tax year;
I
i NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS:
{ That the City of Fort Worth, a home rule municipal corporation
in Tarrant County, Texas, acting herein by and through Robert L.
Herchert, its duly authorized City Manager, and the banks listed
on Exhibit "A", with Thos. H. Law signing on behalf of and acting
tas counsel for said banks, do hereby covenant and agree as follows:
f That said Agreement, identified as City Secretary Contract
No. 12538, is hereby extended and made applicable for the 1982 tax
year under the terms and the method of computation applicable to the
1981 tax year; that is to say, the assessed tax on the bankshares
for each bank shall be computed by taking the shareholders' equity
of each respective bank as in said Agreement, deducting the current
assessed value on the real estate of each respective bank and multi-
plying the remainder by the current tax rate. The payment of said
bankshare taxes for the 1982 tax year, and any refund thereof, shall
be in accordance with the terms and conditions prescribed in said
City Secretary Contract No. 12538.
EXHIBIT "A"
j American State Bank
Bank of Commerce
Bank of Fort Worth
Bank of North Texas
Benbrook State Bank
Central Bank & Trust
Continental National Bank of Fort Worth
Everman National Bank of Fort Worth
First State Bank, Bedford
First National Bank of Fort Worth
TUESDAY, JULY 27, 1982
First National Bank of Grapevine
First United Bank-Arlington, N.A.
First United Bank-Richland, N.A.
Forest Hill State Bank
Fort Worth Bank & Trust
Fort Worth National Bank
Gateway National Bank
Haltom City State Bank
Meadowbrook National M.nk
Mercantile National Bank of Arlington
Mercantile Bank of Fort Worth
Metroplex National Bank, Arlington
Northeast National Bank
North Fort Worth Bank
Overton Park National Bank
RepublicBank Fort Worth East
RepublicBank Ridglea
Riverside State Bank
Security State Bank
Seminary State Bank
Southwest Bank
Summit National Bank
Tarrant Bank
Texas Commerce Bank, Fort Worth
Texas Commerce Bank-Hurst, N.A.
University Bank
The National Bank of Texas at Fort Worth