Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-12-16

- VN'HpN"h hohuslf can aNkNis ~
made, are two;
Finst Does said section 81. hercinbeforc |
quoted, authorize the Investment IN aus
uonf aud Second; II Il b. dciernincd |
that. by the terms OF said SECTION ~. the |
council are given authority to aake such |
Investment of said sinking fund, then j. |
SAID provision IN conflict with tho mdA
mental law, the constitution Of The. state
correct answer to the question IN,
wolves a construction OF the incaning Of |
lhe last clause of section s. whereof |
me city council Is given power to Invest
Fort Worth "
In constituting this last clause 81 said
section, we note, IN the first placr that
y seems TO he in direct conflict With
lhe other parts OF the simc section, which
pwcede Il, and which provldp that
SAID fund shall not be- diverted nor
drawn upon for ANY other purpose than
10 redeem the hondsl and that the city
treasurer shall honor no drafts on snid fund
except To- pay interest upon, or relctm
sald bonds for which Il was provided
10 invest said sinking fund IN other
Guy bonds. aud 10 draw upun sah fluid
Tor he purpose OF purchasing such oiher
nonls would unquestieuahly, We think,
be 'diNerting md drawing upon eaid
innls Tor another purpose than TO "rr-
ueem the bonds aud should YOU, a.
'9s"g'r' uphNr dfatt on saih fund
WY, LOT the purpose Of purchasing such
Ipo,u' uui'Is' WINE Nan might be held IL
nave acted IN ohcdicuce TO said last
clause of said section, you would GER
tninly be, at the same time held guilty
ot violating the preceding clause which
plainly commands You TO honor No draft
mpen SlW lnnu except TO pay inieresi
ii,p"1, or reieam sold bonds Tor which
ii,,s VI llVNlu'N' Ia .olner words 9
literal Construction al a0fN au.sNfaR
fl"t wv ,"unvll 10 lhNcat thc klukinp
unu III p'nIs OF me city Of Fort Worth.
,' y WuuV Al INC same umc iormN
svn, ~ ''v"sutVl, 10 allow them 20 con
Jrs,,.i,, u ful'nNNe OF ancl pqfhN ~
En"iinn Wv HoNN on OF ihc gpaSufs
rch,ss pH,I"s'' "4d You e9nlg tRrl
ronncn ~, nvnIl nralI made " the
osition ,b,t ti,, pHnriNe' uhdi,er US prop
,,is{- 'su' ~" ,HuI t'f' WhlV onlN per.
io NIL ~ NlqWlhk me ci'y council
liz, wv investment 81 qn"s'
ive II s,,'i,i,u,E Nnu hhpou'
~, 5,.r. u'''uk You 20 ~
in -. utSWH upon rue treasury
.sin eH"ln''c s9'9 PURPOSE
-t'", ~ SERTED ruie oil eou-
uu,N '"N ll"D WuNl' lhrlr ~ q dlrerl
'gulh'l ne.M"'n Two dulerent clauses
OF g statute ana such conflict IS lrrecoh-
Hl"nN' t3en lhhl portion whlrh ~ wo7L
~ "eoord win me gcneMl purpose nl
| l'e ACT construed w lhc llsht Hhd WIN
| lhe Hil 81 ull olher statutes IN lWl mate
rn' shnh prevail over any PORTION lhtt
may ne onnoNlohs 10 aalu general pnr'
! pose
! Applying Huu rhlo or CONSTITUTION 10
| section - we iind'
J. Tint me general purpose OF tnid SOC
| ton ~ ~ panty manifested on lls ihg''
| u ls 10 guard and protect hoih the Guy
ana Is creditors ana to hmit gPd aunt
| ny the authority 81 the councu ~ in'
matter OF tue issuance 81 COUPON p9nu-;
| Whlrh hhs heen authorized IN general
terms in the next preceding svilon
| 80 OF The charter. Its general purpose
vs. ia, compel me council Whenever u
should issue ANA market surh coupon
bonds, 90, 90 the same time prpvd,
a fund sufficient no pay the Interest lgd
crcate sinking fund 10 redeem thl
bonds ana further 90 make saul inp9
q sRcrcd deposit Tor that purpose An1
that purpose alone; and 70 thi1 end Wv
| " npprehensiyo OF attempted enffoArh
inents by tho council The imperative IN
junction Is laid upon TIM city treasurer
That he SHAH honor no drafts upon san
fund except 10 pay interest upon or q
redeem said bonds, for which y wa
provided," We believe v VIII not hl
coutcrdol for moment that u 4 nn'
part Of the general purpose OF said ser
ton to prescribe or provide ways ,an'
means for the Investment ol the anhin
fund. or that the last section Us no
merely subsidiary provision
| Constituting sad section 100 the llFhl o
the other parts of said charter ln pan
moicria, and bearing upon the sam
subject ~ general purpose u equally ~
yiou% Section ~ Of said charter nhs.f
lhiely PROMPTS ihe 0roaiiou oI any d'i
unless az the SAME time provision u
made 90 assess and collect annually
sum sufficient 10 nay the interest lhereo
and create a sinking fund Of at least
per cent thereon,
Section ~ makes u highly nonnl n
amy officer to divert any special fund
any other use ihnn that for winch
WAS created. Sections w anl ~
said charter require o " bonds 10 be regl
! tered In The Office " The state oomplroll'
and that The mayor make statement
> the amount 81 taxes that have bec
i levied FOR 'tlic payment Of Interest an
j 70 create o sinking fund, and u is all.
10 said last named section, made n
{ duty Of the e0mplroher 10 see thnt 10
J " levied and collected by me cry ~
d ficirnt 10 my the interest gcui-annnnl
I on all bonds issued, aud create q ainl,ir
fund sufficient TO pay the ponds nl ~
. turlty."
II seems loo nlain for argument that y
; intention ~ the legislature a. mar
e fcdcd throughout these Other prnfhpi
o Of The charter. was mat whenever 90
o non bonds should be Issued ilicre shou
4 AL the same lime be provided siukii