The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1874-06-24
MlSCELLANE0u
AN ORDINANCE.

Whereas, ut an election held In the city of
Dallas on the 18th and 18th days of July, 1892,
upon u proposition that the city of Dallas
should take stock in the Dallas and Wichita
railroad company TO the amount of one nun
dred thousand dollars, and issue bonds of
the city of Dallas TO the amount of one hum
dred thousand dollars therefor, payable in
twenty years, aud bearing interest at the
rate of ten per cent per annum, payable
Semi-annually, two-thirds of the qualified
voters Of said city voted in favor of said pro-
position, and the city council of the city of
Dallas, on the 18th day OF July, 1872, declared
said proposition carried by the requisite ma
iority ana,
Whereas at an electiod held on the second
day of December, A.. ID. 1873, upon PROPOSE
ton to issue to the Dallas and Wichita rail-
road company fifteen thousand dollars of
said bonds upon the completion OF the grad
ing and bridging of each section of five miles
of said railroad, two-thirds of the qualified
voters of said city voted In favor Of said pro-
position, and the city council of the city of
Dallas, on the first day of January. A. ID,
1874, declared said proposition carried by the
requisite majority therefore,
BE IL ordained by the city council of the
city of Dallas. Section |, That one hundred
bonds of the city of Dallas of the denomlna-
ton of one thousand dollars each number
ed from one to one hundred incluSivch paya-
BILE twenty years from date, bearing interest
mt the rate OF ten per cent per annum, inter-
est payable semi-annually-intor to be
represented by forty coupons of the denomi-
nation of fifty dollars each, be Autographed
mt the expense OF said railroad company,
that the mayor Is hereby Instructed, upon
the completion of the grading and bridging
of each section OF five miles of said road, and
of the fractional section completing the dis
lance to the county line, and upon the IA
yoruhlc report of the city engineer, and the
acceptance of said work by the city council,
to sign and have the secretary countersign
and TO forward to the comptroller of public
accounts of the state of Texas Tor registration,
49,
coed in amount the sum of fifty thousand
dollars, to meet the demands Of the railroad
company, under The provisions of the two
propositions hereinbetore reierrod toas voted
upon by the city of Dallas.
Section 2. That said bonds be delivered by
the mayor the city of Dallas to the railroad
company, according TO the terms OF sad pro-
position, and upon delivery by the said rail
road OF an equal amount OF full paid stock to
the city of Dallas in said railroad company.
Section 3. That upon completion of said
railroad to the county line, according to the
original proposition MS voted for ON the Eth
and 18th days of July, 1877, atoreSai and
upon the favorable report OF the city engin-
Ger of the city of Dallas upon said work so
completed, and the reception OF the road by
the city council of the city of Dallas, the
mayor shall then be authorized 10 sign and
have the secretary countersign and forward
to the comptroller of public accounts, ms
aforesaid the remainder of said one hundred
thousand dollars of said bonds, ana deliver
the same to the said railroad upon the recep-
ton of an equal amount OF paid up capital
stock of said railroad company.
Section A. That there shall be assessed and
levied an annual ad valorem tax OF iorty-two
and one-half cents on the one hundred dol
lars value of taxable property, both real ana
personal, lying and situated iu the city OF
Dallas, to provide for the pay ment of the
interest on said bonds, and to create sink,
ing fund for the redemption of the principal
OF the same.
Section i. That, upon the. issuance of any
bonds under the provisions of this ordi'
nance, the secretary of the city shall notify
the assessor ard collector of the fact, who
shall at once proceed to collect one-half OF
the annual tax levied under the fourth sec
ton of this ordinance.
Approved May 20, 1874.
W. l.. CABELL, Mayor.
w. II. PRATItER, Secretary. l00d1t