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HomeMy WebLinkAboutOrdinance 152 ORDII`,lANCE N0.k� '�:: . An ordinance ' pursuant to provisions of the City 'll Charter of the City of Fort Worth and an election held there- under on January 25th, 1910, in the said City of Fort Worth, authorizing the creation and issuance of One Hundred Thousand ( w""100,000. 00) dollars of the bonds of the corporate govern- tr_ent of the City of Fort (forth, to be known as "Series 18 School Bonds", all of said Bonds to be in denominations of One Thousand ( $1, 000. 00) dollars each, and bearing interest from date at the rate of Four and one half (4- ) per centum per annum, payable semi-annually, with coupon interest notes attached: said . bonds to run for a period of Forty (40) years , but redeemable at the expiration of Twenty (20) years, or any interest paying period thereafter. And providing for the levy (In , of a .,tax for the creation of a sinking fund and for the payment of interest on said bonds. �I.FE ,R.EAS, by the terms of the present Charter of the City of Fort Worth enacted by the Thirty-first Legislature of the State of Texas, power is and was conferred on the Board of Couimissioners of the Citi of Fort Worth, to provide for the issuance of h�not exceeding Four Hundred Thousand L I ( 14Y.400;000. 00) dollars of bonds of the City of Fort Worth during any period of four years from and after the passage of said Charter for the purpose of increasing and i-rrrproving the "school faoilitss in said City, and for the purchase of lands therefor, the construction of buildings thereon and the repair, reconstruction and renovation thereof: ) AIM WHEREAS, said City of Fort Worth through its Iviayor anti Board of Coinrnissioners has heretofore and under and by the authority of said Charter duly and legally issued Three Hundred Thousand (4300, 000. 00) dollars of such bonds for the purposes enumerated in said Charter: 'TfHEHEAS, on the 4th, day of January 1910, pursuant to i -2- . I such Charter provisions, The Board of 3rustees of the Independent School District of the City of Fort Worth requested of said Board of Commissioners, the issuance Qf One Hundred Y Thousand ( $100,000. 00) dollars of school bonds of the corporate government of the City of Fort Worth: AND WHEREAS, on the 11th, day of January 1910, the said Board of Commissioners, pursuant to such request and the aforesaid Charter provisions, by resolution of that date adopted, referred the matter of such bond issue and the authority to enact an ordinance therefor, to the qualified voters of the City of Fort Worth, who are and were tax-paying property owners in said City, at an election held for that purpose in the various wards of said City, on the 25th, day* of January 1910: AND WREREAS on the 25th, day of Jamary 1910, an election was duly and legally held in the said City of Fort Worth in the various wards of said City, at which was submitted to the qualified tax-paying voters of said City, the matter. of the issuance of bonds, in the following form, to-wit: For Bond issue of $100,000. 00 for erecting and making additions to the public school-L buildings. ' 'Against Bond issue of $100,000. 00 for erecting and making additions to the public school buildings' Said bonds shall run for a period of forty (40) years with the right of redemption after twenty (20) years shall be sold at not less than par and shall bear interest at a rate not exceeding 411-% per annum, payable semi-annually, which said election resulted as follows: r For th8 issuance of said bonds for (erecting, and makin g additions to theublic school buildings Four Hundred and p g Five votes; against the same One Hundred and Fifty votes; ) =-- , AND V,=REAS, on the 12th3 day of April A. D. 1910, at a regular meeting of the Board of Commissioners of the City of Fort Worth on said date, returns of said election were duly ax2t canvassed and the vote duly and legally antinted end -3- and the result duly and legally declared as hereinabove specified. Vff THEREFORE, BE IT OPJ)AIITED BY THE BOARD OF C012VIISSIONERS OF THE CITY OF FORT WORTH: Section 1. That the Mayor and City Secretary of the City of Fort Worth be, and they are hereby authorized and directed to prepare and execute, in the name of and for and on behalf of the City of Fort Worth and under its corporate seal, as the act and obligation of said City, bonds of the corporate government of said City, which shall be known end den, minated as "Series 18 School Bonds" , of the aggregate "9 prindipal sum of One Hundred Thousand ( $100,000. 00) dollars, and said bonds shall recite upon their face the purpose wtd for which they are issued and shall refer to the City Charter and this Ordinance authorizing same. This series of school bonds shall consist of One Hundred (100) in number, and shall be numbered consecutively from one to one hundred (100) inclusive, and each of same shall be of the denomination of One Thousand ( 11,000. 00) dollars, embracing One Hundred (100) bonds of the par value of One Hundred Thousand ( $100, 000. 00) dollars. k All of said Bonds shall be dated the 13th, dal of April A. D. 1910 and shall be and become payable forty ( 40) years from date thereof to bearer, with the provisions, however, that same shall be redeeLa.ble at the expiration of Twenty (20) years from the date thereof, or at any interest paying period thereafter , in which event, interest shall thereafter cease and the _interest coupons which shall not yet have matured, shall be cancelled, which said bonds shall bear interest at the rate of Four and One-half (4 ' ) per centum per annum, payable semi-annually, which said interest shall be -4- represented 4-represented by coupon notes each bond being only for the principal sum and having attached to it Eighty (30) coupons notes of Twenty-two and 50/100 (22. 50) dollars each, represent - ing the semi-annual interest in stallments, both principal and interest, payable to bearer at the Hanover national Bank in the City of New York, State of New -York, in gold coin of the United States of the present weight and fineness. All of said bonds shall be executed in the name of the City of Fort Worth by the Mayor and attested by the City Secretary under the corporate seal of the City, save that in the matter of the coupons, the engraved or lighographed signature of the Mayor and City Secretary shall be sufficient. Section 2. Said bonds shall not be sold for less than par and the accrued interest. Section 3. To provide for the interest on all of the bonds issued under this - ordinance and to create a sinking fund therefor, of not less than Two (2`') per centum per annum of same, there is hereby levied and same shall be collected as provided by law, set apart and appropriated for said purposes, an annual, direct, special ad valorem tax, beginning with the assessment and levy for the year 1910 of Cfour and one -kaftf tenth (4 1/10 V) cents on every One Hundred ( x';100. 00) dollars of valuation on all property, real, personal and mimed, subject to taxation by said City of Fort Worth and not exempt from municipal taxation by laver, and the said tax, or so much thereof as may be necessary for the payment of said inter- est and the creation of said sinking fund shall be annually assessed, levied and collected during the life of said bonds and if at ani- time said tax should be insufficient for such purposes, then it shall be the duty of the Board of Commiss- ioners or other governing body of said City of Fort Worth to set apart and an such additional amount of money out of the general revenues of the City, as may be requi'ite to supply the def icency, until all interest shall have been paid, and -5- a sinking fund established as required by the Constituion of the State of Texas and the Charter of the City of Fort Worth. Section 4. The takable fund hereinbefore provided for to cover interest and sinking fund as aforesaid, shall--be,` y co-llected, held and listed as a separate account upon the -- books_ of. said Cit * and the proceeds held 3 , p and kept by the City Treasurer as a separate and distinct accouirit and specified as such upon his books, and said fund shall not be used or utilized in whole or in part, except for the purposes for which it was created, and it shall be unlawful for the Treasurer of the City of Fort Worth to honor or recognizeA any check, warrant, draft of order upon such funds except for the �Durposes aforesaid. Provided, however, that the sinking fund and all accretions thereto may be invested by order of the Board o'f Commissioners or other governing body of the City of Fort Worth, in bonds of the City of Fort Worth or County bonds of the State of Texas or in bonds of the United States, but same shall not be invested in any other manner nor shall said moneys be diverted to any other prupose than the payment of interest and the creation of the sinking fund as aforesaid. Section 5. Said bonds shall not be negotiated, sold or f transferred until same shall have been presented to the Attorney General of the State of Texas, and his official sanction of same shall have been manifested as prescribed by law. Section 6. The City Treasurer of * the City of Fort Worth shall, during the months of March and September of each year and not later than the 20th, day of each such month, transmit sufficient moneys out of the interest fund hereinbefore created for the parment of the semi-annual interest accurirg upon said bonds , to the Hanover National Bank of. New York City , in the State of New York, but in the event that such shall } "' -V- tae non-existent or go out of business or fail or . refuse to act, then the said moneys shall be transmitted by the said Treaaurer of the City of Fort Worth to the Fiscal Agent of j said City, residing in TTew York. City, State of Zdetr York. Section 7. 'this ordinance shall take effect and be in force from and after its passage ad prescribed by law. f T hereby certify t,hat the above and fore going ordinance vias duly presented and unanimously passed by the Roard of Commissioners of the City of Fort. Worth at a session of said Roard . held Tuesday April 12th,1910. / CitySrcr,ta.ry.