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HomeMy WebLinkAboutOrdinance 1629 The City Council of the City of Fort Worth met in regular session in the Council Chamber at the City Hall at nine- thirty o'clock A . M., odnosday, the 23rd day of October, k; D. 19210, and upon roll call the following were presents Wm. Bryoe, Mayor, Dr. W. R* Thompson, 11'i l lard Barton., Van Zondt Jarvis, Wm. Nonnig, R. T. Renfro, A . S. Thomas, and J. : . Penn, Counel linen, constituting a majority and quorum of the membership of the said board, and 1, L, Van Zandt, Jr., City 3 ecretayy-Treas user, was in attendance at said meeting, and the following proceedings among other things were had and done; Councilman 8 erg , seconded by Councilman =alv c----- moved the adoption of the following? ordinances ORDINANCE N0, 1629 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, AMOUNT- ING TO THE PRINCIPAL SUM OF ONE HUNDRED AND FIFTY THOUSAND DOLIARS ($150p 000.00)p OUT OF AN AUTHORIZED ISSUE OF FIVE HUNDRED THOUSAND DOLIARS (#8001,000.00), AND BEING KNOWN AS SERIES 58 AND DB3IGNATED AS "AIRPORT BONDS", TO BE ISSUED FOR THE PURPOSE OF BgTABLISHING, B=PPING, EXTENDING AND IMPROVING A MUNICIPAL AIRPORT FOR SAID CITY; BACH OF SAID BONDS TO BE IN THE DENOMIa NATION OF ONE THOUSAND DOLIARS ( 1 000.00), TO BE DATED NOVEMBER]ST, 1929, MATURING FROM FIVE (I I FORTY (40) YBARS FROM THE DATE THEREOF, AND TO BZ►R INTEREST AT THE RATE' OF FOUR AND THREE FOURTHS (41%) PER CENT PER ANNUM, PAYABLE SEMI-ANNUALLY, THE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHE) TO THE BONDS, DIRECTING THAT THE SAID BONDS BE EKECUTED BY THE MAYOR AND CITY SECEMRY-TRILSURER; AND PROVIDING FOR AN ADNQ%T$ TAX LEVY FOR THE PAYMENT OF THE INTEREST ON SAID BONDS AND TO CRVLTE A SINK- ING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF, AS THE SAME MATURES PROM TIME TO TIME; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSA Gas. WHZRNAZ, on the 22nd day of May, A . D. 1929, pursuant to the authority vested in said City by Section 19 of Chapter XXV of the Charter of the City of Fort �orth, Adopted by the Qualified voters within the limits of said City on the 11th day of December, A . D. 1924, and the laws and constitution of the State of Texas, the City Council of the City of Fort forth, TesasP by a resolution and an ordinance of that date, directed the sub- ndasion to the resident property tax paying qualified voters of sold City, at an election to be held in said City on the 85th day of June, k . D. 1989, of the right, poei er and authority of the City Council of said City to issue nogotiable coupon bonds of the corporate government of the said City in the principal sum of One Hundred and Fifty Thousand Dollars ($180,000.00) for the purpose of establishing, equipping, extending and In- proving a n mlcipal airport and landing field for seroplanes and other aerial machines and acquiring the necessary lands and property therefor; and WHARSk3, in conformity with the said resolution and ordinanoe, the Mayor of said City did make proclamation of said elootion, and fixed the date thereof for the 85th day of June, A . D. 1989; and WHE?=, said election order and proclamation thereof was prepared and published in the manner and for the time pros- cribed in said resolution and ordinanmo; and WHOAS, on the 85th day of June, A. D. 19890, said election was held in the City of Fort Worth at the respective polling places designated in the election order, at which said election the issuance of said bonds was submitted as a proposition to the tax paying qualified, voters of said Cit„ and VPMMEOLS, the official ballot on such ooeaslon, in con- formity with the resolution and ordftance of the City Council, hereinabove mentioned, and in accordance with the order of said eloction, in form and in substance reads as follows s OFFICIAL BALLOT f- I. shal the City of Fort Worth, through- its City Council, issue its negotiable, coupon'bonds running from five (5) to forty (40) years, in the principal sum of Two Million. ($$2,000,000.00), . • Dollars, for the purpose ;of+ constructing, improvring and e,xtendizag the streets, thoroughfares and storm Lewers of said City,', Inclu&_ ing in­ such permanent improvements the straightening, *.dening, paying,,,grade separation and drainage of said streets atd thorough- fares the first of said bonds being payable at the expiration of five ?5) ears from the date thareof, °and serially thereafter as may be determined .by the said City Council, so that. the last matur- ing bonds shall become payable within forty (40) years from the date thereof, bearing thtereet at a agate `ndt to exceed five (5%) per cent per annum from the date thereof, payable semi-annually, and-. levy a sufficient tax to pay the interest on said bonds and create .a sinking fund sufficient to redeem said bonds at the ma- turity thereof? II rOR the Isstxancel of Street Improvement Bonds. AGAI!P - he Issuance of 5tTeet Improvement Bonds. II.® Shall h+e ,Gity� i�f_rort Worth, through its City Council, issue -itsaneRot,iab1e ca, ' ' bonds running from, five (5 . to fort g. (40) years, .kn .the �rindt.pal` sum of ?live. Hundred Thousand ($500,— 000.00) Doll'ai_" .`:r >`, tbg. purpose of improving and extepding the system of ,fi3ze; pre s. sr of said City by constructing, bul2d ng , and equipping t neer central fire station, acquiring the necessary land therefor-, r ,ext{endj'�g and improving the fire alarm,:signal system, -the first .-6f of said .'bonds .being payable `at tie expiration Of fj�ve, f(5, ) years 'ram the cute thereof, 'and sefiially thereafter as may be deterpined by 4.e said City Council, so, that the last' maturing bonds , shah, bgoe` payable within: forty (40) years from the date thereof, beaxi,h.g intErest at a' rate not to exceed five (5%) per cent pert anhuia`.°from the date thereof,. payable semi-an- nually, and levy a suf f*c ent tax to' pay 'the interest on said bonds and create .a =sia3,>�g fund' sufficient to redeem said .bonds at the maturity thereof'! " ' FOR the Issutt4 L'e 1of`'-Fi5re Protection Bonds. AGAINST the Js�6&110e' of Fire: Protection Bonds. Shall. the City of` Fort Worth, through 'Its City . CoUn,cils issue its 'negotiable ogupon bonds ,runni°ng. from- Five. (5)'`' to- :f.07ty (40) years, .in the pitncijjal '.sum of Five'' ,Hti-hdz�d Thous"d OOO..00) Dollars, for thOl. pu>`pose Qf establishing, equi,ppi•ng,• ,ex- tending and improving a Muftivips:J 'airport° and landing, field for aeroplanes and' other aerial riachines end acquiring the nece-asary landa and. property therefor , the first of said bonds being pay- able at the .expiration of" five (5) ,years from the date thereof, ' , and, serially thereafter as 'may- be' deterriined by the :said City Council,. so that the last maturing ,bonds shall become _payabla within forty (40) ,.ye"arb s from the date thereof; bearing Interest •at° a rate not toy exceed,' five- .(5%Y per cent' per annum from the date �h.ereof payable, semi-annually, and levy a, suf ficient tax to pay the, interest on said bends and create a -sinking fund sufficient to,m redeem eaid bonds at the maturity, thekdo'ff. , r FORT the issuance of Airport Boirr'da. the Issuance of Ai�rpo2, Bo3nd@-. I • r)r • r MMMLS, in the election hold in said City of Fort Worth on the 25th day of dMe, k . D. 19891, on the question of the issuance of said bonds hereinbefore mentioned, there was a majority of votes in favor of the issuance of said bonds; and WHB AS, by virtue of said olostien, said Council Is vested with pager and authority by and from the people to issue said bonds for the purposes aforementioned, and to make same valid and binding obligations of the corporate govern- ment of the City of Fort Worthf and WHARVLS, it is deemed wise and expedient by the City Council of the City of Fort Worth, in the eaeroise of the discretion reposed in it by law, that only One Hundred and Fifty Thousand. Dollars ($lb©,000.00) worth of the authorised issue of Five Hundred Thousand Dollars ($500,000.00) be issued in bonds at this time; said bonds to be issued beings part of Series 58 and dosignated •s- "Airpert Bonds." ROW, THMEFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTHS SECTION I That purauant to Section 19 of Chapter XXV of the Charter of the City of Fort Worth` adopted by the qualified "voters within the corporate limits of said City on the 11th day of December, A. D. 104, and the laws and constitution of the State of Teves, and pursuant to a vote of the resident property taut paying voters of the City of Fort ,,'orth, at an election held in said City for such purpose on the 25 th day of Dino, k . D. 1959, that the municipal government of the City of Fort Worth issue its corporate negotiable coupon bonds in the principal sum of One Hundred and Fifty Thousand Dollars ($150,000.00) out of an authorised issue at said election of Five Hundred Thousand Dollars ($800,000.00), and which authorised issue is known as Series 58 and designated as "Airport Bonds," and the bods so to be issued shall be in the denomination of One Thousand Dollars ($1#000.00) each, dated November is t, 1989, bearing interest at the rate of four and three fourths (4t%) per cent per annum, payable semi-annually on the 1st day of May and November of each year respectively, both prinsipal and Interest of said bonds being payable at the Hanover National Bank in the City of Now York, state of Now York, the semi- annual interest being evidenced by interest coupons attached thereto, all of said bonds to be executed for and on behalf of the City of Fort Worth by the Magor thereof, attested by its City Seer+ttaryyiTreasurer, with the seal of the City thereon duly impressed, but the interest coupons to be szoauted with the lithographed facsimile signature of the Mayor and City secret"7- Treasurer of the City of Fort Worth, each of said bonds and coupons shall be negotiable and payable to bearer, and said bonds shall be numbered in the way and manner hereinafter set out, maturing five (5) fears from the date thereof and annually thereafter until the last maturing bond shall become payable within forty (40) years from the date thereof, and the bonds themselves, One Hundred and Fifty (150) In number, shall be numbered emseeutively from one (1) to one hundred and fifty (180) inslusive, and shall mature in the amount and manner hereinafter not outf said bonds shall be used for the purpose of making permanent improvements by constructing, extending and improving the streets, thoroughfares and storm sewers of said City. That the general form of said bonds and the coupons thereto annexed and the interest added to said bonds shall be executed substantially in the follming forms NO. UNITED STATED $ao00 OF'AMERICA- STATE OF TEXAS, COUNTY OF TARRANT SERIES u C I T Y O F F 0 R T W 0 R T H ---.0000000--- Band of the City of Fort Worth issued, for the. purpose of KNOW ALL MEN BY THESE PRESENTS.- That RESENTS:That the government -of the City of Fort Worth, a municipal corporation, duly created under the laws of the State of Texas , hereby acknowledges itself to Qwe, and for value received promises to pay, to bearer, ONE THOUSAND DOLLARS ($1000) in lawful money of the United Stated of America, on the together with interest thereon at the rate of per- centum per annum payable s$mi;annually on the lst. ,day of and in each year, on presentation and surrender of the-annexed interest coupons , as they severally fall due, Both the principal and interest of this bond are payable at the office of the Hanover National Bank, ,in New York City, N. Y. , .and for the due and, punctual payment of this bond at the maturity thereof, and the; interest thereon, when it falls due, the full faith, credit and resources of the City of Fort Worth are hereby irrevocably pledged. This bond is one of a series of bonds numbered consecutively from to inclusive , each of the denomination of One Thousand Dollars ($1,000.00) , amounting in the ag- gregate to the sure of issued for the purpose of under and by virtue of the Constitution and Laws of the State of Te.�as, the Charter of the City of Fort Vlorth, and an ordinance of the City Council of the City lawfully pass- ed and adopted on the , pursuant to valid authority from the property tax paying qualified voters of said City, at a proper and legal election held on the v4mbe.r, ;'-. D. -- It is hereby further expressly represented, re- cited and covenanted by the government of the City of Fort Worth, to and with each and every holder of said bonds or any one of them, that all acts , conditions and things re- quired by the laws of the State of Texas , and of the Charter and Ordinances of the City of Fort Worth, precedent to and in the issuance of this bond, have: been done, have happened, and have been performed in proper and lawful time, form and man- ner- as prescribed by law, so as to make this bond a legal, binding and valid obligation of the City of Fort Worth, and that provision has been made for the levy and collection of a direct annual tax on all taxable property in the City of Fort Worth, and that such tax has been, levied in a sufficient amount for the payment of the principal and interest oP this bond at the respective maturity dates thereof, and that the total indebtedness of said City, including this bond, and the issue of which it is a component part, does not exceed any constitutional or staturoty limitation. IN TESTIMONY !,,' -iEREOF, the City of Fort Worth, in the State of Texas, has oxecuted this bond by causing it to bd signed by its Mayor And attested by the City Secretary- Treasurer with the seal of the City thereuhto duly impressed, and has caused the annexed interest coupons to be executed with the facsimile signature of the Mayor and City Secre- tary-Treasurer, and dated as the 1st day of CITY OF FORT WORTH, TEXAS Mayor ATTEST: City Secr7 ary-Treasurer, (FORM OF COUPON NOTE) SERIES NO. The City of Fort Worth, in the State of Texas, promises to pay to bearer on the ist day of , at the Hanover National. Bank in the City of New York, N. Y, , for interest due that day on its municipal bonded dated and numbered CITY OF FORT WORTH, TEXAS ATTEST: Clty 'gelc-Fetary- r©asur�`er; SBCTXON at That the said bonds so to be issued by the City of Fort Worth# ameunting to One Bundred and Fifty Thousand Dollars ($1800,000.00)1, out of the said authorised issue of Five AwAred Thousand Dollars ($M,000.00), shall be Issued for the purpose of establishing, oquipping, extending and improving a municipal airport and landing field for aeroplanes and other aerial machines, and acquiring the necessary lands and property there- for, and shall consist of one hundred and fifty bonds, numbered from one (1) to one hundred and fifty (150) inclusive, and shall bear interest at the rats of four and three fourths per cent (41%) per annum, payable semi-annually, as aforesaid f all of which said one hundred and fifty (180) bonds shall be known as J4ories 58 and shall be styled and designated as "Airport Bonds"; that all of the said bonds, comprising the sum total of One Hundred and Fifty Thousand Dollars ($lW,000.00), shall mature in the mariner and amounts an not out in the tabulated statement herewith attashod, to-wits CITY OF FORT WORTH PRINCIPAL MATURITIES $150,000.00 AIRPORT BONDS DATED NOVEh=R 1ST, 1929 DUI NOVRNMR IST PRINCIPAL HATURING 1934 3,000. 35 3,000. 35 3,000. 37 3,000. 58 3,000. 39 3,000. 1940 3,000. 41 3,000. 42 3,000. 43 3,000. 44 3,000. 45 3,000. 46 3,000, 47 30000. AO 3 0@Q. 49 , 00. 1950 50000. 51 3,000. 52 8.*000. 53 5,000, 54 5,000. 55 5,000. 56 5,000. 57 5,000. 58 5,000. 59 5,000. 1960 50000. 61 5,000. 62 5,000. 63 5,000. 64 5,000. 65 5,000. 66 5,000. 67 5,000. 68 5,000. 69 5,000. 3&CTiox III That the said bonds are hereby authorlaed to be sold to the best advantage, but in no event shall same be sold for less than par, and the accrued Interest to the time of delivery and the proceeds thereof, to be placed in the treasury of the City of Fort worth and utilised for the spatial purposes for which they are created, 3 ECTI08 Iv That for the purpose of creating a sinking fund for the payment and complete estingulshreat of the foregoing bonded d4pbt,. primeipai and interest, and all and every part of same, there is hereby levied and there shall be assessed and collsoted as provided by law, set apart and appropriated for the said purpose, an annual, direct speelal ad valorom tax for the year 1988, and every successive year thereafter durinthe life of said bonded debt or any- part thereof of .6 cents (or such an amount as may be necessary and adequate, be it more or long ) on every One Hand ed 0100,00} Dollars of property valuation, room., personal and mixed, subject to taxation and not exempt tbwefro® wader the Constitution and law of the State of Texas# situated and owned in the City of Fort ,forth on the 1st day of January 19300, and on the is t day of January of each vow thers- efter E tLj. said debt represented by said bonds and coupon interest notes shall have been ftitliy paid, and if,, at any time, tgth tax should be Insufficient, then it shall be Us duty of the City Ca=cel or any other goterning betty of the City of Fort worth, to not Sprt and appropriate such additional amount of MMOT out of as general revenues of the said City, as may be mulaito to supply the deficiency until all interest shall have Sad the +�;,' &Ug fund established as roquired by the ,Ott � �Us 3tlte of Texas and the Charter of the C1 4 a That it shall be the duty of the City Council of the City of Fort North and its successors, and of the government of the City of Fort Worth, by levying taxes for gonerel purposes for the said City of Fort Worth for the year 1930, and for . every successive year during the life of said 'bonded debt or any part thereof, to Include in such levy the special tax of .6 cents on the One Hundred ($1OC,00) Dollars property r valuation (or so much thereof as may be requisite and necessary) provided for in the next preceding section of this cardinanco, and such special tax shall on no account whatsoever be displaced therefrom. SECTIN YI That the special tax hereinbefore provided for, when vollected, shall be placed and kept in a separate fund send shall be devoted to the payment of the interest and the extinguishment of the principal of all and singular the bonds hereinabovomen- tioned as same mature f rom time to time, and shall not be used, applied or diverted to any other purpose or object whatsoever; and the funds derived from sold tax shall be hold and listed as a separate account on the 'boobs of said City, and the proce.ds held and kept by the City Treasurer of said City as a separate and distinct account and so specified as such on his books. SECTION VII That as soon an convenient after said bonds shall have. been prepared and signed in the manner prescribed by the ordinanoe, they shall be submitted to the Attorney Oenoral of the State of Texas, together with a certified copy of this ordinanco and a statement of the total bonded indebtedness of the City of Fort Worths incUding the bonds herein and hereby authorised and the assessed value of the taxable property in said City, for his approval, and none of said bonds shall be negotiated, sold or transferred until the same shall have received the official sanction of the said Attorney General as prescribed by law, and thereafter said bonds shall be plaeed with the State Comptroller of Ptatblic Accounts for registration. S BC TI ON VIII That the City Secretary-Treasurer of the City of Fort Worth, or other lawful custodian of such fund, during the months of November and Nay of each and every year during the life of said bonds or part thereof, and not later than the 5th day of Qaeh of said months, shall transmit sufficient mosey out of the Interest funds hereinbefore created., for the payment of the semi-annual interest accruing on said bonds, to the Hanover National Bank of the City of New York, State of New York, and 111rewise proper remittance shall be made in due course to pro- vide for the payment of the principal of any of said bonds in advance of the maturity of sage. SECTION 31 A11 ordinance s and parts of ordinances in conflict herewith be and they are hereby expressly repealed. SECTION R The holding or adjudication of any section, portion or part hereof to be invalid, shall not affect the validity of any other section or part of this ordinance, but all such other sections, portions and parts hereof shall be and remain valid. SECTION %I That this ordinance shall take effect and be in full force and Affect from and after the date of its passage and it is so ordained. Mayor William Bryce, presiding at said meeting, submitted the motion to adopt said ordinance and all of the Councilmen, Including the Mayor, voted "Aye" thereon and none voted "No", and the motion to adopt the ordinance was declared to be unanimously passed and adopted. THE S%TE OF TMS COUNTY OF TA RRANT O I, I. L. Van Zandt, Jr., City Secretary-Treasurer of the City of Fort Worth, do hereby certify that the above and foregoing ordinance is a true and correct copy of Ordinance No. 1629 , and that same was unanimously passed and adopted by the City Council of the City of Fort Worth, Texas, at a regular neat .ng held in the Council Chambers at the City Hall on Wednesday, the 23rd day of October, A . D. 1929. WITH= my hand at Fort North, Texas, this the day of October, K . D. 1929. City SooreWiroasurfr.