Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1884-12-30
TF4E GAZETTE FORT WORTH TEXAS. TUESDAY DHoEdBER So

unpaid ~ per cent. lutltou' ~
| Jones, recognizing his liability upon
this unpaid balance on his STOCK was
unwilling 10 sell and turn over the
property and management OF the
! whter-wnrks to the city, unless he
| could In some way be relieved from
| this liability. ] also understand that
/ on this question Mr.. Mclaughlin held
| the same views as Mr.. Jones. I Is
| stated TO me that Mr.. Cowen TO Obviate
| his trouble agreed 10 take q transfer OF
/ their stock aud then make a transfer to
/ the CITY in Gaze OF sale, as IL appears
! that he did not apprehend the trouble
| that was feared by the other gentle
men. IL Is perhaps due to myself that
| / here state that at the request Of YOUR
! committee | had early in this month
called upon Messsrs. Jones, Cowen and
| Mclaughlin with view TO trying TO
settle the controversy between them
and the city. ! stated to them that
there were legal questions involved 10
| the matter of the sale they were pro-
posing, upon which / had not come to
! a conclusion, and asked them TO des-
! lgnate their attorney and allow ne to
| get together, and II we could, come to
conclusion what course to pursue.
! Mr.. Jones stated that Col. O'Neil was
/ their attorney, that he was then alb
sent. but that when he returned he
| Jones' would have him call on me
! with reference to the matter How
ever, Col. OiNeil did not call ON me,
nor did anyone else representing said
gentlemen, until after the proposition
was made by Mt Cowen TO your
honorable body, for the sale which
YOU have before you. / will here state
that when / advised your committee
that the city could legally purchase
the property of the water-wOrks and
own and operate them, the advice was
given alone upon the abstract PROPOSE
ton OF law as contradistinguishab
from the proposition Of buying the
stock, and the details Of the manner of
the purchase were not taken into con-
alteration. 1t was upon these details
/ had told Mr.. Jones and his associates
there was trouble, and solicited q con-
ference with their attorneys. AS ]
| have stated, however, the proposition
was made without such conference
being had. on the next day after
the acceptance of said proposition
j was notified by one of the members
of the committee that IL was expected
| that Messrs. O'Neil, Hunter and Stew.
art, attorneys for Mr.. COwen, and my
self for the city, would get up the pa
pers making the transfer. | called on
said attorneys, and they proposed to
| DRAFT the papers and submit them TO
me. The papers prepared and sub
mitted werel u series of resolutions to
! be passed by your honorable body and
| a deed of conveyance, which have been
read to you, and as you have seen, the
resolutions recite the proposition, its
acceptance and the deed which Is
rendered, accepting IL with all its con-
siderations, conditions, etc, as therein
Expressed also binding the city to the
water-wOrks company, to all OF
its stockholders, and to each
and all of its creditors, to pay all the
debts of said company of every kind
and character, also all claims arising
out of negligence or tort, and all costs,
Judgments and attorneys fees, and in
Identifying said water-works com
{ pRny and the stockholders thereof
against all of said Indebtedness, liabil'
tiles, costs, attorneys fees, etc; also O
! resolution indemnifying said stock
holders against the payment OF any
Il thing by reason of the balance unpaid
ON their stock.
n ''Your attention is further directed
10 the fact that the deed, in addition
4 to consideration Of the So, 600, and tn,
"a interest OF the city in the DALAI
Il property and in the notes men
n toned in Mr.. Governs PROPOSE
ton, recites, rs a further consideration
Y that the city agrees and binds itself Z
n pay ali debts, liabilities and demand
N OF every kind against said corpora
M tlon at maturity, also all costs and al
81 torneyis fees, and also that said cit
m binds itself to hold the said watel
"a works company and all OF its stock
Q. holders harmless against all debts, lii
n billties, costs, attorneys fees, etc, an
To further recites as consideration III
nj adoption Of the ordinance and resoll
he ton adopting and ratifying said dee,
ar and the levying a tax on all the tax
en- BILE property in the city sufficient
N, meet, pay of and discharge as I'll
Ia same may fall due all indebtedne
ia incurred by reason of said dee
~ and further binding the city
collect said taxes from year TO year, al
Al. TO keep and apply the same to 30
debts, liabilities etc, specially me
n tioning bonds of said wnter-wor
ni- company 10 the amount OF S200,l
zen and the interest thereon, which bon
Nv, are secured by mortgage on the p
of perty, franchises, etc. of said wat
ine works company. BY these inst
mt ments the city assumes and agrees
rn- pay as part consideration for the u
.er. perty, bonded Indebtedness OF So
the 600. This, am OF opinion, the c
rks cannot now legally do. Article 42O
en- the Revised Statutes, part OF the eli
ion ter under which you are
DelS ing, authorizes the city eOuI
ter. to erect water-woTks, and TO ISIS
sue bonds for this and other purposes, /
ock concludes as follows: Provided, IL
,sti- the aggregate amount of bonds issl
hat by the city council shall at no time
ock coed o per cent. OF the value OF
not property In said city subject to ad.
'uld loren tax.
nat, ut IL true that this Inhibition
n, IL against the city council issuing boi
Imi- TO exceed per cent. OF the value of
ith- taxable property. But the true int
nm. and meantime NJ fhn atatufo anpNs