HomeMy WebLinkAboutOrdinance 821 ORDINANCE N O.
AN ORDINZNCE AUTHORIZING THE ,iAYOR AND CITY
SECRETARY TO EXECUTE A NOTE FOR i20,000.00,
HEARING INTEREST AT SIX. AND ONE HALF PER CENT
PER ANNUM, AS A RENEWAL OF BALANCE OF A
$353000.00 NOTE DUE EYER & COHPANY, AND PRO-
VIDING FOR THE LEVY OF A TAX TO .BE INCLUDED
IN THE GENERAL AD VALOREA TAX FOR 1922 HERE-
AFTER TO BE KADE .
7HERE AS, under Section 14, Chapter 8, of the
special charter of the City of Fort Worth passed by . the
31st Legislature of the State of Texas =end approved
Harsh 10, 1909, and which special ch�rter is still in
full force and effect , and under which the Board of
Commissioners of the City of Fort Torth is given full
power and authority over the financial affairs of the
City of Fort Torth, and to provide for the collection
of revenues, and other incoze, snd the auditing of
and settling of all accounts, and in the exercise
of a sound discretion, to mnkean appropriation for
the p=-yvent of al1 liabilities and expenses of the City, and
WHEREAS, there is now outstanding against the
City of Fort Torth certain liabilities in the way of a
note legally issued in the aggregate sura of 1353000.003
said note having been issued for current street improve-
_.:ant s, and
IHEREAS, the fund crated for the psyment of
save is only sufficient to pay the interest and 115,000.00
on the principal, and
WHEREAS, Eyer & Compony, 45 Pine Street , New
York City, N. Y. , the holder of said note, has agreed to
accept note for the balance due bearing interest at
the rate of 6 ,per annum due and payable October 10,
1922, and
WHEREAS, under section 16, chapter 8 of the
charter of the City of Fort Worth, the Board of Com-
missioners is authorized to levy, for general pur-
poses, an ad valorem tax on all real, personal and
mixed property within the territorial limits of said
City not exempt from taxation by the constitution and
the laws of the State of Texas, at a rate not exceed-
ing ; 1.75 on the $100.00 valuation of said property,
inclusive of the school tax of . 50, and
WHEREAS, it is estimated that it will re-
quire a levy of a special tax of 3.4 cents out of the
authorized total levy of L,-.1.75 for general purposes
to provide for the payment of said note in the ag-
gregate gum of $20,000.009 THEREFORE
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF FORT WORTH:
SECTION I
That the Mayor and the City Secretary be, and
they are hereby authorized and directed to execute one
in the of $1,;'502000.00
certain promissory note,,` —ted February 1€3 A D 192
payable the 10th day of October A D 1922, to the order
of Eyer & Company bearing interest at the rate of 611.1
per annum from date until paid.
SECTION II
That there is hereby levied and shall be col-
lected, as provided by law, a special ad valorem tax
for the year 1942 for the payment of the .said promissory
note in the aggregate sum of 401:20,000.00 and interest
thereon, as set out in Section I of this ordinance,
of 3.4 cents on every 0100.00 vnluntion on all prop-
erty, real, personal and mixed, situated in and all
personal property owned in the city of Fort "North,
January
on the 1st day of /k D 19: 2 subject to taxation and
not exempt therefrom by the constitution or laws of
the State of Texas.
SECTION I I I
That it shall be the duty of the Board of
Commissioners of the City of Fort Worth, in levying
taxes for general purposes for the City of Fort Worth
for the year 1922 , to include in such levy for general
purposes, the special tax of 3.4 cents on the 5100.00
valuation provided for in Section I of this ordinance.
SECTION IV
The special tax of 3. 4 cents on the X100.00
vsluation, hereinbefore provided for, when collected
shall be added to the separsta and special fund creited
by ordinance No. 730 passed by the Board of Commissioners
of the City of Fort north on the 12th day of October,
lG20 and said fund, when so collected, to be applied
to the payment of wid note in the sum of $20,000.00,
as hereinbefore set out , and the balance, after said
prinApal and interest have been paid, to be turned
over to the street improvement fund.
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