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HomeMy WebLinkAboutOrdinance 4911 OFFICIAL RECORD ORDINANCE NO . CITY SECRETARY [FT. WORTH, TEX. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF TWO MILLIO.N, `"- SEVEN HUNDRED AND FIFTY THOUSAND DOLLARS ($2, 750, 000.00) OF CITY OF FORT WORTH, TEXAS, GENERAL OBLIGATION STREET IMPROVEMENT BONDS, SERIES 1963, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE . WHEREAS, it is deemed advisable and to the best interest of the City of Fort Worth that Street Improvement Bonds au- thorized at elections previously held in said City be combined in a single issue and sold at this time, the dates of election, amount of bonds authorized thereat, amount of bonds previously sold and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT ELECTION AUTHORIZED SOLD NOW OFFERED Nov. 18, $22,875,000 $14, 580,000 $ 685,000 1958 Jan. 24, 13,650,000 3,845,000 2,065, 000 1961 $2,750,000 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That the bonds of said City to be called "City of Fort Worth, Texas, General Obligation Street Improvement Bonds, Series 1963, " be issued under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said City, in the amount of Two Million, Seven Hundred and Fifty Thousand Dollars ($2,- 750,000.00) for the purpose of making permanent city improvements by constructing, improving and extending the streets, thorough- fares and storm sewers of said City, including in such permanent public improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thorough- fares, and acquiring the necessary lands therefor. SECTION 2. That said bonds shall be numbered from one (1) to five hun- dred fifty (550) , both inclusive, of the denomination of Five Thousand Dollars ($5, 000.00) each, aggregating Two Million, Seven Hundred and Fifty Thousand Dollars ($2,750, 000 .00) . SECTION 3 . That said bonds shall be dated June 1, 1963 , and shall be- come due and payable serially as follows: Bond Numbers Maturity Dates Amounts 1 to 22, both incl. June 1, 1964 $110,000.00 23 to 44, both incl. June 1, 1966 110, 000 .00 45 to 66, both incl. June 1, 1966 110,000 .00 67 to 88, both incl. June 1, 1967 110,000.00 89 to 110, both incl. June 1, 1968 110,000.00 111 to 132, both incl . June 1, 1969 110,000.00 133 to 154, both incl. June 1, 1970 110,000.00 155 to 176, both incl . June 1, 1971 110,000.00 177 to 198, both incl. June 1, 1972 110,000.00 199 to 220, both incl. June 1, 1973 110,000.00 221 to 242, both incl . June 1, 1974 110,000.00 243 to 264, both incl . June 1, 1975 110, 000.00 265 to 286, both incl. June 1, 1976 110, 000.00 287 to 308, both incl. June 1, 1977 110, 000.00 309 to 330, both incl. June 1, 1978 110,000.00 331 to 352, both incl. June 1, 1979 110,000.00 353 to 374, both incl . June 1, 1980 110, 000.00 375 to 396, both incl. June 1, 1981 110,000.00 397 to 418, both incl. June 1, 1982 110, 000.00 419 to 440, both incl. June 1, 1983 110, 000.00 441 to 462, both incl. June 1, 1984 110,000 .00 463 to 484, both incl. June 1, 1985 110,000.00 485 to 506, both incl. June 1, 1986 110, 000.00 507 to 528, both incl. June 1, 1987 110, 000 .00 529 to 550, both incl. June 1, 1988 110,000.00 SECTION 4. That said bonds shall bear interest at the rates as follows: Bonds Nos. 1 to 242, both incl . , 5% per annum; Bonds Nos . 243 to 264, both incl. , 4-1/4% per annum; Bonds Nos. 265 to 330, both incl. , 3/ per annum; Bonds Nos . 331 to 418, both incl. , 3-1/4% per annum; Bonds Nos . 419 to 506, both incl. , 3 .30°/ per annum; and Bonds Nos . 507 to 550, both incl. , 1/10• per annum, payable December 1, 1963, and semi-annually thereafter on June 1st and December 1st of each year. SECTION 5. That the principal of and interest on said bonds shall be payable upon presentation and surrender of bond or proper cou- pons at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York. SECTION 6. That each of said bonds shall be executed for and on behalf of the City of Fort Worth, Texas, by the facsimile signature of the Mayor, approved as to form and legality by the facsimile signature of the City Attorney, and attested manually by the City Secretary, with the seal of the City thereon duly im- pressed or affixed, and the interest coupons shall be executed with the lithographed or printed facsimile signatures of the Mayor and City Secretary of the City of Fort Worth, Texas, and such facsimile signatures shall have the same effect as if manually placed on said bonds. SECTION 7 . That the form of said bonds shall be substantially as fol- lows: SECTION 8 . That the proceeds from all taxes collected for and on ac- count of this series of bonds shall be credited to an Interest and Redemption Fund for the purpose of paying the interest as it accrues and to provide a sinking fund for the purpose of paying each installment of principal as it becomes due; that for each year thereafter while any of said bonds, or interest thereon, are outstanding and unpaid, there shall be computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest approved rolls of said City as will be requisite and sufficient to make, raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund sufficient to pay the principal as it matures, or at least 2/ of the principal as a sinking fund, whichever is greater, full allowances being made for delin,- quencies and costs of collection; that a tax at the rate as hereinabove determined is hereby ordered to be levied and is hereby levied against all of the taxable property in said City for each year while any of said bonds, or interest thereon, are outstanding and unpaid; that the said tax each year shall be assessed and collected and placed in the Interest and Redemp- tion Fund; and that the City Treasurer shall honor warrants against said fund for the purpose of paying the interest matur- ing and principal of said bonds and for no other purpose. SECTION 9 . That to pay the principal and interest scheduled to mature on December 1, 1963, and June 1, 1964, there is hereby appro- priated the sum of Two Hundred Fourteen Thousand, One Hundred Fifteen and no/100 Dollars ($214, 115 .00) from funds of the City available for such purpose; and that the money thus appro- priated shall be used for no other purpose than to pay said principal and interest. SECTION 10. That the bonds herein authorized shall be presented to the Attorney General of the State of Texas for examination and approval and to the Comptroller of Public Accounts for registration; that upon registration of said bonds, the Comp- troller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller's certificate of registration prescribed herein to be printed on the back of each bond; and that the seal of the Comptroller shall be impressed, or printed, or lithographed on each of said bonds. SECTION 11. That the sale of the bonds herein authorized to The First National Bank, of Chicago, Illinois, and Associates, at a price of par and accrued interest to date of delivery, plus a premium of $1,055.00, is hereby confirmed; and that delivery of such bonds shall be made to such purchasers as soon as may be after the passage of this ordinance upon payment therefor in accordance with the terms of sale. SECTION 12 . That all ordinances and resolutions or parts thereof in con- flict herewith are hereby repealed. SECTION 13 . That this ordinance shall take effect and be in full force and effect from and after the date of its passage, and it is so ordained. (Mayor of the City of Fort Worth, Texas ATTES C4 y ecretary of the City of Fort Worth, Texas AP VED AS TO FORM AND LEGAL TY: -5771 City Attorney of the City of Fort Worth, Texas NO. $5, 000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH GENERAL OBLIGATION STREET IMPROVEMENT BOND SERIES 1963 The City of Fort Worth, in the County of Tarrant, State of Texas, a municipal corporation duly incorporated under the laws of the State of Texas, for value received, hereby promises to pay to the bearer hereof, on the lst day of June, 19 , the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon from date hereof at the rate of / per annum, evidenced by coupons payable December 1, 1963, and semi-annually thereafter on June lst and December lst of each year, both principal and interest payable upon presentation and surrender of bond or proper coupon at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York, and the City of Fort Worth, Texas, is hereby held and firmly bound, and its faith and credit and all taxable property in said City are hereby pledged for the prompt payment of the principal of this bond at maturity and the interest thereon as it accrues . This bond is one of a series of five hundred fifty (550) bonds of like tenor and effect, except as to number, interest rate and maturity, numbered from one (1) to five hundred fifty (550) , both inclusive, of the denomination of Five Thousand Dollars ($5, 000.00) each, aggregating Two Million, Seven Hundred and Fifty Thousand Dollars ($2, 750,000.00) , issued for the pur- pose of making permanent city improvements by constructing, im- proving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent public improve- ments the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor, under and by virtue of the Constitution and laws of the State of Texas and the Charter of said City, and pursuant to an ordinance passed by the City Council of the City of Fort Worth, Texas, which ordinance is duly of record in the Minutes of said City Council. The date of this bond in conformity with the ordinance above mentioned is June 1, 1963 . AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond, and the series of which it is a part, is duly authorized by law and by a vote of the resident, qualified electors who own taxable property in said City and who had duly rendered the same for taxation in the City of Fort Worth, Texas, voting at elections held for that purpose within said City on November 18, 1958, and January 24, 1961; that all acts, condi- tions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision for the levy and collection of taxes has been made, which, when collected, shall be appropriated exclusive- ly to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons hereto annexed as the same shall become due; and that the total indebtedness of said City of Fort Worth, Texas, including the entire series of bonds of which this is one, does not exceed any constitu- tional, statutory or charter limitation. IN WITNESS WHEREOF, this bond has been signed by the im- printed or lithographed facsimile signature of the Mayor of said City, countersigned by the manual signature of the City Secretary and approved as to form and legality by the imprinted or lithographed facsimile signature of the City Attorney, and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signatures of the Mayor and City Secretary, and the official seal of said City has been duly impressed, or printed, or lithographed on this bond. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary APPROVED AS TO FORM AND LE ITY: r City Attorney That the form of coupon shall be substantially as follows: The City of Fort Worth, in the State On the first day of of Texas, promises to pay to bearer at the Dec. , 19 Manufacturers Hanover Trust Company, in the June, City of New York, New York, for interest NO. - $ due that day on its Street Improvement Bond, SERIES 1963 Series 1963, dated June 1, 1963 . BOND NO. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary That substantially the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER STATE OF TEXAS I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas, to the effect that this bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas and the Charter of said City, and that it is a valid and binding obligation upon said City of Fort Worth, Texas, and said bond has this day been registered by me. WITNESS my hand and seal of office, at Austin, Texas, this day of A. D. 19 Comptroller of Public Accounts of the State of Texas