HomeMy WebLinkAboutOrdinance 750A OHDIIIANOE NUMBER
All OiMINANCE providing f'or the issuance of two
certain promissory notes, dated October
One of said notes being in the sum of Fifteen Thous�iund
dollars, (415,000.00) , and payable to Byer & Company, on the
tenth day of October, 1921, the oth�:r of oLiid notes being in
the sturi of Thirty-five Thousand dollars,(4d5,00O.00) payable to
Byer & Company on the Fifth day of February, 1922.
.Loth of said notes beiiizi payable at the office of
Byer & Company, 45-Pine Stre/A, New York City, N.Y. , and each
of said notes bearing interest at the r,L^tf of eight per dent pax
ped ancuw, Itom dateuntil paid, and levyirigy a specia-1 tax of
foutmand two-tenths cents, on the One Hundred dollar valuation
in the CIT`r W, IeOiF 1` WOkTT3, subject to taxation, and providing
for the payii:ent of said notes.
WHEREAS, under Section 14, Chapter 8, of the
Special Charter of the CI"I'f OF FOt T" 'VORTH, passed by the
Thirty-first Legislature, or tree State of Texas, and approved
Slarch lOth, 1909, and which special Chester is still 1n full
force and effect, axid under which tzie Board of Commissioners
of the CITY` OF FORT WORTH, are given fUil z,jeWer e.ird authority
r
over the financial of-'Fairs of the CITY OF FORT WORTh, and to pro-
vide for the collection of the revenues, and other inooaaie, .and
the auditing; of ;end set�lin�; of all accounts, and in the
exercise of a sound discretion, to 4ia:,Lke U11 appropriation for the
paytinent of all liabilities, and expenses of tine City, and
WHEFEAS, there is nom, cutstaaridin& against the City of
Fort worth, ceroain liabilities, in the shape of notes, legally
isoued, in the sum of Fifty Thousand dollars, ( 57,000)
said notes having a
in� ,beer,,, i8aued for current street i�,,t;irovements; ,nu,
1,
IFHEkLAS, under Section 16, Chapter 8, of the Charter of
THE CITY OF FORT WORTH, the Board of Commissioners are author-
ized to levy, for general purposes, an advaloreiL tax, on all real,
personal and rrjixed property, within the territorial limits of
said City, not exempt from taxation, by the Constitution and
laws of the State of Texas, at a rELte not exceeding One Dollar
and saventy-five cents, ($1.75) on the One Hundred Dollar val-
uation of said property, inclusive of the school tax, of fifty
cents, (.500) ; and
WHEiXAS, it Is estimated that the total advalorem values
of the property in the CITY OF FOWl' T'ORTH, subject to taxation,
for the year 1i)2d, will amount to tile, Bum of One, Hundred and
1W
Twenty-eight Million Dollars, ($128,000,000.00) ; and
WHEREAS, on the basis of the said total advalorem
values, it will require 8. levy of a special tax in the sum of
Four and Two-tenths cents,("2/10) , out of the authorized
total.,levy of One Dollar and Seventy-five cents, (41.75) for
general purposes, to provide for the payment of the said two
notes, in the aggregate sum of Fifty Thousand dollars, (450,000)
no*,
THEREFOE,E, BE'll ORDAIEED BY THE BOARD OF
CITY COMNUSSIORERS OF THE CITY OF FOET WORTh:
SECTION1.- That the 9,-,,-,.yor and City Secretary be, and
they are hereby authorized and directed to execute two certain
promissory notes, dated October 1520, one of said notes
in the sum of Fifteen Thousand Dollars, ($15,000) , payable the
tenth day of October, 121, the other of said notes in the sum
of Thirty-five Thousand dollars, ($35,000) , payable on the
tenth day of February, 10232, both of said notes being payable
to the order of Eyer & Company, at their office, 45 nine
Street, New 'York City, N.Y. Each of said notes to bear interest
at the rate of eight percent, Per anful, frOiL date until paid.
That the money derived and collected from
Eyer & Company, for the execution and delivery to them, of
the notes as set out in Section 1, of this Ordinance, shall
constitute, and shall be placed in a separate fund, for the
taking up, paying and cancellation of certain valid obligations
in the shape of notes -4,gainst the CITY OF FORT WORTH, as set
out in the preamble of this Ordinance, and shall be used for
noother purposes.
SECTION 3— That there is hereby levied, and shall be col-
lected, as provided by law, an annual special advalorem tax, for
the year 1921, for the payment of the said promissory notes,
in the a& regute sum of Fifty Thousand Dollars, (050,000) ,
and intrest thereon, as set out In Section 1, of this Ordinaaee
of Four and Two-tenths cants,(4&2/10) on every One Hundred Dollar
(0100.) valuation, on ail property, real, persoiial and mixed,
situated in, and all personal property owned in the MY OF
FOET W0i"TH, on the first day of J -nuary, lil), subject to
taxation., and not exempt therefrom by the Constitution or laws
of the State of Texas.
SEMON 4.- That it shall be the duty of the Board of
Commissioners, of the CITY OF FORT V,,'O.KThA in levyiiig t&xes
for general purposes, for the CITY OF' FOItT IAOIcTh, for the year
192$, to include in such levy, for &enerail purposes, the spacial
tax of Four and Two-tenthe cents,(4&2/10) on the One hundred
Dollar valuation, provided for in Section 1, of this Ordinance.
SEMON 5,- 'The speciLl t" of Four and TAo-tenths cent,,
on the One Hundred Dollars valuation, hereinbefore provid:,d for,
when collected, ah,,:.ii be placediii a sepakate and special fund
and applied to the payment of the said two notes, in the sum of
Fifteen Thousand dollars,( 15,000), axid Tnirty-five Thousand
Dollars, ($35,0001 as heraiiibefore set out, and for no other
purpose.
SECTION6,-
That this Ordinance shall take effect and
be in force from wind after its pa3sage-
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I hereby certify, that tlie above and foregoing is a true
and correct copy of Ordinance Number 7,34, as adopted by the
City Commission, in its raguluT session of Tuesday, A*Wkmithe
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