HomeMy WebLinkAboutOrdinance 1007 /007
ORDINANCS MUMA TAX TO PAY INTEREST AND
CREAMS A SINKING FUND TO MEET CERTAIN INDEBT-
EDNESS, AND DIRECTING THE ISSUANCE OF WARRANTS
IN EVIDENCE THEREOF.
WHEREAS, the City of rt. Worth, entered into contract
with West Texas Construction Company, dated the 31st day of
October, 1922, for the making and construction of certain
street improvements on a portion of Forest Park Boulevard in
said City, and particularly adjacent to Forest 'ark, and by the
terms of said contract it was agreed, amoung other things, that the ammm
City of Ft. Worth would pay a portion of the cost of said im-
provements abutting the said Forest Lark, which would be charge-
ab�b to and assessed against the same as an ordinary abutting
owner, such Bums to be payable in five equal installments due
on March 5th in each pf-the-years 1924, 1925, 1926, 1927, and
1928, with interest on all said sums from the date of completion
and acceptance of such improvements and until paid at the rate
of six per cent per annum; and at the time of making and enter-
ing
ntering into such contract the City passed an ordinance providing
for the levy and collection of a tax at the rate of 4.2 mills
on.the $100 valuation to provide funds for the payment of such
indebtedness; and ,
WHEREAS, said improvements were completed and were
accepted by the City on the 29th daycof September, 1923, and the
instgllment of said indebtedness due on March 5, 1924, together
with all interest up to that data; has been paid, so that there
is now remaining due upon said indebtedness the sum of $8,898.35
with interest thereon from the 5th day of March, 1924, at the
rate of six per cent per annum; and the City has heretofore
agreed to issue warrants in evidence of such indebtedness,
maturing as recited above:
THEREFORE, BE IT ORDAINED BY THE BOARD OF
COMMISSIONERS OF THE CITY OF FT. WORTH, TEXAS, THAT:
I.
Warrants of said City to be called "FOREST PARK IM-
PROVXMENT WARRANTS" be issued under and by virtue of the
Constitution and Laws of the State of Texas and the Charter of
said City for the purpose of funding and paying an equal amount
of indebtedness of said City, duly and legally incurred, and which
is a valid, subsisting, and now outstanding obligation against
said City, which said indebtedness was incurred against the
Park fund of said City on a contract for the improvement of said
Forest Park Boulevard, and which said indebtedness is for the
principal sum of #8,898.35, with interest thereon from the 5th
day of March, 1924, at the rate of six per cent per annum, payable
as herein provided to West Texas Construction Company, and is
in all respects valid.
II.
Said warrant* shall be numbered from 1 to 4, inclusive,
and shall be in the denomination of $2,225.00 each, except that
Warramt No.4 s a7.l be ip"tholum of $2,223.85, all said warrants
aggregating $8,898.35.
III.
Said warrants shall be dated the 5th day of March 1924,
and shall be due and payable as follows:
J2
WARRANT NUMBER MATURITY DATES AMOUNTS
(each)
1 March 5, 1925 #2,225.00
2 March 5, 1926 #2,225,00
3 March 5, 1927 $2,225.00
4 March 5, 1928 #2,223,35
IT.
They shall bear interest from. the day of their said
date, to-wit, the 5-Lb day of Marlh, 1924, at the rate of six
per cent per annum, payable on the 5th day of March, 1925, and
annually thereafter on the 5th day of March of each year, which
interest shall be evidenced by coupons attached to each of said
warrants.
V,
Principal and interest shall be payable in lawful
money of the United States of America, upon presentation and
surrender of warrants, or proper coupons, at the First
fry National Bank, Fort Worth , Texas.
TI.
Said warrants shall be signed by the Mayor, counter-
signed by the City Secretary, and registered by the City
Treasurer, and the seal of the said City shall be impressed
upon each of them, and the signature and counter-signature of the
Mayor and City Secretary, respectively, shall be signed or Litho-
graphed upon each of said coupons.
YII,
The form of said warrants shall be substantially as
follows:
ND. #2,225.00
�Uxited States of America
State of Texas
County of Tarrant
City of Fort Worth
FOREST PARK 1MPROVEMENT WARRANT
The City of Ft. Worth, in the County of Tarrant and
State of Texas, for a valuable conderation, acknowledges it-
self indebted to and hereby obligates itself to pay to West
Texas Construction Company or order on the 5th day of March,
192_, at tM Firdt a National Bank, Ft. Worth,
Texas, the sum of Two Thousand Two Hundred Twenty-five and
no/100 (42,225.00) in lawful money of the United States of
Amercia, together with interest thereon from date hereof at the
rate of six per cent per annum, interest payable March 5, 1925,
and annually thereafter on the 5th day of March of each year,
upon presentation and surrender of warrant or proper coupon;
which said City is obligated and hereby promises to pay to West
Texas Construction Company, or order, and the Treasurer of said
City is hereby authorised and directed to pay West Texas Con-
struction Company or order, at the :First= National
Bank,of Ft. Worth, Texas, the said sum of #2,225.00 on the 5th
day of March, 192 the date of maturity of this warrant, and to
pay the interest thereon, is accordance with coupons therefor,
from the monies belonging to "FOREST PARK IMPROVEMENT WARRANT
FUND" of said City, levied, assessed and created for that purpose.
This warrant is one of a series of four warrants
drawn as FOREST PARK IMPROVEMENTS WARRANTS, numbered
�3.
consecutively from 1 to 4, inclusive; warrants Nos. 1 to 3
inclusive being in the denomination of #2,225.00 each, and
Warrant Mo.4 being in the denomination of #2,223.35. All of
which said warrants are issued fort he purpose of funding an
equal amount of indebtedness of said City, duly and legally
created and issued against said park fund of said City, the
clai)na for which were duly audited and allowed prior to the
issuance thereof, and for which said City has received full
consideration and value, all of which it hereby acknowledges.
Be it known and understood that this warrant, as well
as all others of this series, is issued for the purpose and
intent of funding said outstanding indebtedness into warrants
duly authorised and issued, and which are to be paid out of a
special fund made, creat�e.�an$!s®t�ae def out j of,�t�h`erPRK; dd.
ass seed, co' �ec�e�, and set aside and
appropriated for said purpose, in accordance with the Constitution
and Laws of the State of Texas, and the Charter of said City, and in
pursuance of Ordinance duly and legglly passed by the City of
f Ft. Worth on the - day of 1924, which
ordinance is recorded in Book at Page at seq, of
the Minutes of the Board of Commissioners of said City.
The date of this warrant, in conformity with the said
Ordinance, is March 5, 1924, and it is hereby certified that
all acts, conditions, and things required to bb�done precedent
to and in the issuance of this warrant have been properly done,
happened, and performed in regular and due time, order, form, and
manner, as required by Law and said Charter, and that the total
indebtedness of said City, including this warrant, does not ex-
ceed the constitutional, statutory, or charter limitations.
IN TESTIMONY V=REOF the City of Ft. Worth has caused
Its corporate seal to be hereto affixed, and this warrant to U
signed by its Motor, countersigned by its Secretary, and regis-
tered by the Treasurer, as of the date last above mCktioned.
lkyor, City of Ft. Worth, Texas.
COUNTERSIGNED:
Secretary, City of Ft. Worth, Texas
Registered No.�,,_,
Treasurer, City of Ft . Worth, Texas
The form of the coupons attached to each of said
warrants shall be substantially as follows:
1Q......�.� #133.50
On the 5th day of March, 192
The Treasurer of the City of Ft, Worth, Texas, is
ordered and directed to pay and will pay to West Texas Con-
struction Company or bearer, at the T irits National
Bank, Ft Worth, Texas, the sum of One Hundred Thirty-three and
50/100 (#133.50) Dollars, being one yeardlinterest due on
FOREST PARK IMPROVEMENT WARRANT of the number shown below,
dated the 5th day of March, 1924, to which this coupon is attached
and of which itris a par$.
Secretary, City of Ft. Worth, Texas. Wyor,City of Ft Worth, TItas.
WARRANT NO.
The form of the Warrant No.4 and the form of the
coupons on Warrant No.4 shall be substantially as above, but
the amounts of such warrant and of such coupons shall be in
accordance with the amount of such warrant as hereinabove set
forth, with interest as herein ordered.
VIII.
IT IS FURTHER ORDAINED that a fund be and the same is
hereby made and created and shall be set aside out of the PARK
FUND OF THE CITY OF FT, WORTH, TUAS, and is hereby designated
"FOREST PARK IMPROVEMENT WARRANT FUND", which fuhd shall be used
for the payment of said indebtedness, and these warrants issued
in evidence of same, with the interest thereon, and for no.other
pwrpose, and to create said fund and pay said indebtedness and
these warrants, together with interest, not inlieu of but in
accordance with and in aid of the said origihal Ordinance passed
on the 31st day 6f October, 1922, levying tax to meet the indebt-
edness created by said contract, a tax of and at the rate of Four
and two-tenths (4.8) mills on the #100.00 valuation of all taxable
property in the City of Ft. Worth, out of the Park Fund Tax is now
here levied and shall be # , assessed and collected for the
current year 1924, and said tax at said rate} or so much as shill
be necessary, shall be annually levied, assessed and collected for
each year while any of said indebtedness and warrants, either
principal or interest, are outstanding and unpaid, and said
taxes when collected shall be applied to the purposes named
and none other.
IY.
This ordinance shall take effect and be in force from
and after its passage.
PASSED AND APPROVED this the day of- , 1924.
Nkyor, City of Yt. Worth, Texas.
ATTEST: