HomeMy WebLinkAboutOrdinance 153 C- v
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OFT I1���ITCE Noe.
An ordinance pursuant to provisions of the Charter of
the City of Fort Worth. alathorizing and. requiring the
creation and isstiance of One Hundred Thousand ( A.100, 000. 00)
Dollars of the Bonds of the corporate C.:overnment of the
City of Fort Worth, ul,h_ch of-all be zr._owri Series �_r, Fort
Worth lir.provernf-,,' _, r,s, all of said Lords to lie, in denom,4 rat-
ions of (;ne Thoueo.rd Do11a.re each, and bearin€ inte;e9t fr�ha
date, at the rate of .four and one-half Per century per Ejnnum,
payable seis,i-ai.nually with coupon interest notes atta.cl�ed.
Where as, by the terms of the presarit Charter of the
City of Fort Wortl'a., enac 6. by the Thirty-first Legislature of
the State of Texas, po-liver is and was conferred, and it was
:jade mditadatory o: the part of the Board of of
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th- Q' s_tcY Q� Fort 'Vlfrart'Cl. t4 ��r3Vide tr1-r the.. isS- .take-- � r
hundred TY..ousa.nd ( �„;lOC, OOc. 00 ) Dollars of `�ihn, of the City of
Fort V-ortl,-; during the year 1910, the orocee:ds of such bonds
to be devoted exclusively to the creation and. const_,.-.ctic-n of
an �:.dequate Seiner System, t1?e extension of water _ work-,,,, the
erection of school 1,uildings and tyle y_)urch.ase of all
necee srry land tl;erefor, in that part of tl-le City of Fo rt -
2.
�'rortl�. 4illiCY1 i6 k?io4PY1 as and is'. he : l eretofore been a pal
of the mutucipality of !north Fort �i ortli.
B.L. IT OF uAI >::r3) BY Tl-M; Y C)1 RD OF C O:�, e I S SI nj,,!RR a O F TEE
C1TY Uro FORT WURrl'h:
Sections 1. That the Mayor and City 9poretary of the City
of Fort Worth. be and they are hereby authorized wird directed.
to prepare and execute , in the nair:e and for and oij beh�ilf
of the City of Fort -Worth and under its corporate seal as the
)ct rand obligation of- said City, Bods cif. the cor oravt.e
r �.
Eovernmgnt of; said City vlhich sr.a11 to ��.T:O1Ffn a11dp denor(Anated
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of the ag re_ aa.te
&.s "Series 19 Fore `4lo rth LrT.,rovement Bonds"
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principal sum of One Hundred Thousand ( '100, 000. OO) Dollars,
and said. Bonds shall recite upon their face the purpose
for which they are iseued., and shall refer to tiie City
Charter, and this ordinance as authorizing sabre.
This series of Bonds shall comsist of One hundred (100)
in riutiiber and shall be numbered consecutively from one to
One Hundred inclusive , and each of same shallbe of the
denomination of One Thousand ( $1000) Collars, embracing One
Hundred bonds of the par value of One Hundred Thousand
( w100,000. 00 ) Dollars.
All of said Bonds shall be dated the 13th, da3? of April
A. D. 1910 and shall be. and become parable Forty (40) years
from date thereof to bearer with the provision:, however, that
same shall be redeemable 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 whicl-t *shat.] have not yet matured, shall
be cancelled. Said bonds shall bear interest at the rate of
four and one-half J4z) per CentulY! per d.liri 1I71, payable semi-annualy
v;:�lich said interest shall be represented by coupon notes of
Twenty-two Dollars and Fifty_ cents each., representing
the semi-annual interest installment attached to each bond.,
both, principal and interest payable to bearer at the Hanover
IJat ioni,l Bank in the City of 11evr York, State o f New York, it
gold coin of the present United State: vfeight and * fineness.
X11 of said Bonds stall be executed in the anme of the City
of Fort Worth by the Mayor and attested by the City Secretary
and er the cor po rate seal of the City, save t=hat in t'iie
n=atter of the coupons, the engraved or lighoLraph.ed signature
of t he Iva.yor and City Secretary shall suffice.
Section 2. Said. Bonds shall •rot be :gold at less than par
.and the accuued interest.
Section 3, In order to provide for the interest on all of
said. Bonds , issued under this ordina=nce and to create a
sinking fund therefor of not less than Two (2 ) per centum per
annum of same , there is he3'eby levied and same shall be
collected as provided by law, set apart and ' a.ppropri�a ted for
said purposes,- and annual , direct, special ad valorum tax,
beein-ning with the eacses srnent and lev-,! for the year 1C10,
of One and Four Tenth. (1 4/10 /) cents on every One Hundred
(1(10) dollars of valuation on all property, real, personal a.nd
mixed, sub ject to taxation by the said City of Fort Worth and
the said tax or so much thereof as raay be necessary for the
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payinent of said interest , and the creation of said sinking
fund shall be annually assessed, levied and collected dur ing
the fife of said Bonds, and if at any tine , the said tax
should r.e insufficient for such purposes , then it shall be the
duty of the Board o f Conmissioners or other governing body
of said City of Ort Forth to set apart and. appropriate
such additional amount of money out of the g=eneral revenues
of the City as may be requisite to supply the deficiency
until all interest shall have beer_ paid arid a sinking fund
e stabli shed as, re qui re-d 'by the Constitution of the State o f
Texas,. s...nd the Charte;c of the City of Fort Worth.
Section 4. The taxable fund hereinbefore provided for
to cover interest and sinking fund as aforec3aid shall .be
collected and the proceed: held and kept by the City
Treasurer as a, separate and distinct account, and
specified-
s such, upon his books , and said fund shall not be used cr
utilized in whole or it part, except for the pu.:rpuses fo,- which
it was created, and the Treasurer of the City of Fort Worth
shall Ywve no authority to honor or recognize any check, warrant
draft or order upon such funds, except for the purpose afore-
said. Provided, however, that the sinking fund and all a.ccret-
io-r.s thereto may be invested by order of the Board of
Corrunissioners or other governing body of tl:te City of Fort
tiYorth in Bonds of the City of Fort Worth or County Bonds
of the sate o.f Texas, or in Bonds of the United States.
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But Game shall not be inwe nt ed in any other manner nor
shall said moneys be diverted to any other purpose than the
payment of interest rind the creation of the sinking fund.
&,f ore said.
Section 5. Said Bonds shall not be negotiated nor sold
nor transferred until same shall have been pre,-ented to the
Attorney General of the State of Texas, and his offic ial
sanction thereof shall have been madifested as prescribed by
law.
Section 6. The City Tref.surer of the City of Tort ortIi.
shall during the months of March and September of each year,
and not later than the 20th, day of each of said months
trans.iit sufficient moneys out of the interest fund herein-
before created for the pa. ,. lent. of the semi-annual interest
accruing upon said Bonds, to the Hanover Ilationa.l Bank 6f
New Yorkgity, in the State of New York. Fut in the event that
said Bank should be non-exietent or go out of business or
fail or refuse to act, then the said moneys shall_ be
transmitted by t1te said Treasurer of the City of Fort Worth,
to the fiscal agent of said City, residing in iNew York City,
State of New York.
Section 7. 4ie ;.,roceeds of the Bonds hereinabove
-provided for, shall be devoted exclusively to the creation .and
construction of an adequate sewer systeiiii,, the extension of
water vgorks, the erection of school buildings and the
purchase of all necessary lands therefor, in that part of. the
City of do rt Worth. which is described in the Charter o f said
City, and vhich is known and has heretofore been a part of
the municipality of North Fort %orth.
Section 8. This ordinance Mall take effect and be in
force 1'ror;: and after its passave as required by law.
T .1rreby cert if,T that thr- above and foregoing ordinance ',,aS
dIz1y i�rpSpnted and iirianimrjusly passed by the Board, of roTwTASCioner5
Oft'r1p of Tort Worth a,+, a. sess_i-o41Y .
ofd Board. held_Tuesda.y
A- Ll 1 th,1.91C.
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