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HomeMy WebLinkAboutOrdinance 1558 The City Council of the City of Fort Worth met in regular session in the Council Chamber at the City Ball at bine-thirty o'clock a.m. Wednesdays the 23rd day of ,Tanvary, A. D. 1929s and upon roll call the following were present: Nm. Bryce, Mayor, Dr. W. R. Thompson, Willard Burton$ Van Zandt Jarvis, Wm. Monnig., E. T. Re$fra, John 1q. Sparks, A.E, Thomas s and J. R. Penn, Councilmen, con- stituting the entire membership of said board, and I. L. Van Zandt, Jr. , City Secretary-Treasurer, was in attend- ance at said meeting, and the following proceedings among other things were had and done: Councilman � rmas , seconded by Councilman ...� a moved the adoption of the following ordinances ORDINANCE N0. LL9 AN ORDINANCE PROVIDING FOR Tgh ISSU&NCLE OF NEGOTIABLE COUPOR BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, AXOUN`lING TO THE PRINCIPAL SUM OF EIGHT HUNDRED THOUSAND ($800.,000.00) DOLL&R'S 11 ADDITION TO Ta SUM OF 3EVNN HUNDRED THOUSAlc'D (4?00,000.00) DOLLARS ' ORTH OF SAID BONDS jjRR , 0FORF ISMED BY TRE Crlrl COUNCIL BY ORDINANCES DULY ENACTED 3Y Tla CITY COUNCIL - 6'1i6 4UAIT TO °'' L2D N UTHORITY VESTED IN SAID GOVERNING BODY BY A REGULAR AND 1R.OtEB ELBC- TI4)i HJiLD ON TH4 TENT-,x DAY OF JANUARY, A . D. 1928, OUT OF AN AUTHORIZE., ISSUE OF ONE I-JILLION BIVE HUNDRED T'BOU3AND ($105000000.00) DOLLARS, AND BEING DESIGNP TED ,, S ET 1M JROVIs"T BONDS% TO BE I3SUED FOR 'PRE PUR- 0 OSE OP' MA.K IN G F7sRMA1MT ZN?R OVEMEN PS BY 1k-eh0VZJW 0D jiXTb;XDl.NG THE STREE`T'S, THOROUGHFARES AND STORM SE VERS OF SLID CITI; EACH OF -!D BONDS TO BE IN TMD�61O11b,,TION OF 00 THOUSaD ($1,000.00) DOLLARS EAC Ts TO BE DATED MARCA 10 149*, NAMING n0k FIVE (W' ) TO FORTH (40) Y AR-a FROM THE DATE!tThERROF, AP TO BEAR INTFJIE8T AT THE RATE OF DOUR AND ONE-►FOtRTH (4j%) PER CENT PU ANN`UM0 PAYA23a SEMI-AXNVALLY„ TI& INVREST TO BE EXPRESSED IN COUPON NOWS ATTACM& TO THE BONDS, DIRECTING THAT THE SAID BONDS TSE ElUCUTUD BY THE MAYOR AND CITY SECRETARY-TREASURER; AND `G14rYID+i ING FOR AN ADZtXA` B TAX LEVY FOR THE PAY96NT OF THE INTEREST ON SAID BONDS IIID TO CREATE A SINKING FOND FOR M PAYMENT OF THE PRINCIPAL T OF; AS THE SAYE MATURES FROM TIME TO TIME; AND PROVIDING THAT THIS ORDINANCE SHALL BE Ili FORCE AND RFFECT FROM AND AFTER TO DATE OF ITS PASSAGE WEMAS, on the 6th day of Devember, A. D. 1927, pursuant to the authority crested in said City by Section 19 of Chapter XXV of the Charter of the City of bort Worth, adopted by the qua3,fied voters within the limits of said ©ity on the 11th day of December, : . D. 1924, and the lags and Constitution of the State of Texas , the City Council of the City of Fort forth, Texas, by a resolution and an ordin- ance of that date, directed the submission to the resident property taxpaying qualified voters of said City, at an election to be rheld in said City on the 10th day of da$tary, A. A. 19288 of the right, power and authority of the City Council of said City to issue negotiable coupon bonds of the corporate government of the said City in the principal sum of One Million, Five Hundred Thousand ($1,500,000.00) Dollars, for the purpose of making permanent improvements in said Cityrby constructing, improving and extending the streets, thoroughfares and storm sewers of the said Csity, and to include in such permanent improvements ,the Widening, paving, grade separation, bridges and drainage; and TAS, in conformity with the said resolution and ordinance, the Mayor of said City did make proclamation of said election, and fixed the date thereof for the 10th day of January, A. D. 1928; and WHERBAS, said election order and proclamation there* of was prepared and published in the manner and for the time prescribed in said resolution and ordinance; and WHEREAS, on the 10th day of January, A. D. 19280, said election was hold in the City of Fort Worth at the re- spective polling places designated in the election order, at which said election the issuance of said bonds was submitted as a proposition to the taxpaying qualified voters of said Cityl and WHEREAS, the official ballot on such occasion, in conformity with the resolution and ordinance ot., 0 City Council, hereinabove mentioned, and in accordance with the order of said election, in form and in substance reads as follows: P WMRRAS, in the election held in said City of Fort Worth on the 10th day of January, A. D. 1928, on the ques- tion of the issuance of said, bonds hereinbefore mentioned,* there was a majority of votes in favor of the issuanee of said bonds; and WHREAS, by virtue of said election said Council is vested with power 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 government of the City of Fort Worth; and WAS,, pursuant to the power vested in the City Ouuncil, the duly constituted governing body of the City of Fort Worth, by said election and the laws and Constitution of the State of Texas, the said .City Council did,, by an or- dinance lawfully passed and adopted on the 97th day of lurch, A. 17, 191 8, and which ordinance was amended by an ordinance lawfully passed and adapted by the City Council on the 12th day of April, A. D. 1928, authorize the issuance of negotiable coupon bonds of the government of the City of Fort Worth amounting to the principal sum of Seven Hundred Thousand ($700.000.00) Dollars out of an authorized issue of One F Million Five Hundred Thou& and ($1,500,000.00) Dollars worth of said bonds authorized by the property tax paying qualified voters of said City at the said election held on the 10th day of January, A. D. 1928s, and being known as Series No. 52, and designated as "Street Improvement Bonds"; and _tHFJtEASs it is deemed wise and expedient by the City Council of the City of fort Worth,, in the exercise of the discretion reposed in it by law, that an additional Eight Hundred Thousand ($8003,000.00) Dollars worth of the said authorized issue of One Million Five Hundred Thous and ($1,5001000.00) Dollars be issued in bonds at this time; said bonds to be issued Ding part of Series No. 52 and a designated as "Street Improvement Bonds" . NOW TIOMPORR, BE IT ORDAINED BY THE CITY CODICIL OF TSh CITY OF FORT WCRTHi SECTION I That pursuant 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. 1824, end the laws and Constitution of the State of Texas, and pursuant to a vote of the resident property taxpaying voters of the City of Fort Worth, at an elect- tion held in said City for such purposes on the 10th day of January, A. D. 1928, that the municipal government of the City of Fort 'Orth issue its corporate negotiable coupon bonds in the principal sum of Bight Hundred Thousand ($800,000.00) Dollars, this sum being in addition to the Seven Hundred Thousand ($700,000.00) Dollars worth of- said bonds heretofore issued by an ordinance lawfully passed and adopted on the 27th d4y of March, A. D. 1928s, and which ordinance was amended by an ordinance lawfully passed and adopted on the 12th day of April, A. D. 19280 b8 the City Council pursuant to valid au.#hority from the property taxpaying qualified voters of said City at a proper and regular election held on the 10th day of January, A. D. 1928, out of an authorised issue at said election of One Million Five Hundred Thous and (4105000000.00) Dollars, and which authorised issue is known as Series No. 52, and designated as "Street Uproveasnt Bonds" and the bonds so to be issued shall be in the denomination of One Thousand 1 ($1&000* 0) Dollars "ship dated Stroh k. 1959, bearing interest at the rate of tour and ane-tourth (4j%) per teat per ams payable semi --annually on the first day of September and March of each year respectiVely, both prineipal'a►nd interest of said bonds being payable at the Hanover National Bank In the City of New York, Stats cC Now York, the foul-annual inters+-t being ovideneed by interest coapma attached thsreto, all of said bows to be executed for and on behalf of th* 04ty of PbrtWoarth by the Mayor thereof, attested by its Knty Secretary easuer, with the seal of the City thereon duly impressed, but the inter- oat coupene to be eaeauted with the 11thopaphed fa caimile slg- nature of the Mayor and City SeoretaryoTreasuarm of the City at Fort Worth, each of said bands &rA ooupons shall be Hugo- tiable and 1*. yablre to beaver, and said bonds shall be numbered In the way and manner he"Inaf ter not out, maturing five (0) years fr©m the date thereof and annually thereafter until the last maturing bond shall bi►cone payable within forty (40) Ceara from the date thereof, and the bonds th usolves, sight hundred (SM) in number, shall be numbered consecutively frca seven hid one (701) to eight hundred (800) iaoiusivo, and shall mature in the amounts and manner hereinafter not out; said bonds aha11 be used for the purpose of making per- max►ont improve ante by construatings extending and iaprovUS the streeta, thorea►gbfares and stors sewers of said dityw shat the soneral 'form •f said bends and the coupons thereto annexed and the l atere t added to said bonds shalt be' mxe cuted substantially in the following torsi NO. UNITED STATES $1000. OF AMERICA STATE OF TEXAS, COUNTY OF TARRANT SERIES CITY -0F FORT WORTH --4-0000eoo--- KNOW ALL MEN BY THESE PRESENTS: 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 owe, and for value re- ceived promises to pay, to bearer, ONE THOUSAND DOLLARS ($1000.00) in lawful money of the United States of America, on the day of , A. D. 19 , together with interest thereon at the rate of four and one"fourth (4 0) per centum per annum, payable semi-annually on the let day of November and May in each year, on presentation and surrender of the annexed interest cou- pons , as they severally fall due. Both the principal and inter- est of this bond are payable at tl�e office of the Hanover National Bank, in New York City, N. Y. , and for the due and -punctual pay- ment of this bond at the maturity thereof, and the interest there- on, 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 numbered consecutively from to inclusive, each of the denomination of One. Thousand (01,000.00) Dollars , amounting in the aggregate to ,the sum of issued for the purpose of under and by virtue of the Constitution and laws of the State of Texas , the Charter of the City of Fort Worth, and an ordinance of the City Council of said City lawfully passed and adopted on the � day of , A. D. 19 , pursuant to valid au- thority from the property taxpaying qualified voters of said City, at a proper and legal election held on the 10th day of January, A. D. 1928. It is hereby further exnressly represented, recited, and covenanted by the government of the City of Fort Forth, to and with each and every holder of said bonds or any one of them, that all acts, conditions and things required 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 pro- per and lawful time, form and manner 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 vayment of the principal and inter- est of 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 Dart , does not exceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City of Fort Worth, in the State of Texas, has executed this bond by causing it to be sign- ©d by its Mayor and attested by the City Secretary-Treasurer, with the seal of the City thereunto duly impressed, and has caused the annexed interest eo�ipons to be executed with the facsimile signature of the Mayor and City Secretary- 3Treasurcr, and dated as the first day of May, A. D. 1928. CITY OF FORT WORTH, TEXAS. Yo r ATTEST ; City Secretary- reasurer (FORM OF COUPON NOTE) SERIES NO. x$21.25 The City of Fort Worth, in the State of Texas, pro- mises to pay to bearer Twenty—one Dollars and Twenty-five Cents (421.25) , on the day of , A. D. 19 at the Hanovor National Bank in the City of New York, N. Y. , for interest due that day og its municipal bond, dated May 1, A. D. 1928, and numbered . CITY 0 FORT INORTH, TEXAS �o ATTEST ; City' ecretaryw ;eagure UCTI :1 11 flint tba said bonds so to be issued bor the City at t Worth# ano sting to Night Hur diad Thousand 14800#000.00) Dollars, aut off' tbm said gUthori"d issvie of Ono Million Figs ?t "Od Thousand 01AW 0100*00) Del3a.rs,. shall be Issued for the purpose of eonstftettug, improving and extending the streets, thwoug fares, storm sewers, bridges and draimSe of said City and ssbx11 consist of eight bundrod bonds, numbered from seven wed one (701) to fifteon hared (111) Inclusivog and shall bear %utere-t at tbo rate of four and one -faswth (00 per Bout per anmrmi,, ayable seal-awmllyp as aforossid; all of which said eight hid (SM) bonds shall be Imom an 3orias ]o. 59 and *hall be styled and desigpatied as "Street Impnmenext Bonds"f that all of eAld bonds, comprising the sum total of XIght► Rundrod Thousand (4800#000*00) Dollars, Oall become duet and paysablo its their numerical order, and they shall mature E 17a the ma.wwr and amounts as sat out in the tabulated state- went herewith attaoh*4,, to-wit$ SECTION III That the said bonds are hereby authorised to be sold to the best advantage, bub 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 special purposes for wh1oh they are created. SECTION IV That for the purpose of creating a sinking fund for the payment and complete extinguishment of the foregoing bonded debt, principal an$ interest, and all and every part of same, there is hereby levied and there shall be 'assessed and collect- ed as provided by lar, not apart and appropriated for the said purpose, an annual,, direct special advalorem tax for the year 19290 and every successive year thereafter during the life of said bonded debt or any part thereof of 3.55 cents ( or such an amount as may be necessary and adequate, be it more or less) on every One Hundred ($100.00) Dollars of property valuation, real, personal and mixed, subject to taxation and not exempt therefrom under the Constitution and lam of the Stete of Texas, situated and owned in the City of Fort Worth on the lot day of January, 1929, and on the lat day of January of each year thereafter until said debt represented by said bonds and coupon interest notes shall have been fully paid., and if, at any time, such tax should be insufficient, then it shall be the duty of the City Council or any other govern- ing body of the City of Fort Worth# to set apart and appro- priate such additional anent of money out of the general revenues of the said City, as may be requisite to supply the deficiency until all Interest shall have been paid and the sinking fund established as required by the Constitution of the State of Texas and the Charter of the City of Fort Worth. a 0 SECTION 9 That it shall be the duty of the City Council of the City of Fort north and its successors, and of the govern- ment of the City of bort Horth, by levying Uxes for general purposes for the said Cityof Fort Horth for the year 1929, 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 3.55 dents on the One Hundred ($100.00) Dollars proper- ty valuation (or so such thereof as may be requisite and ne- cessary)provided for in the neat preceding section of this ordinance, and such special tax shall on no acoount whatso- ever be displaced therefrom. SECTION VI That the special tax hereinbefore provided for, when collected, shall be placed and kept in a separate fund and shall be devoted to the payment of the interest and the extin- guUbment of the principal of all and singular the bonds here- inabove mentioned as same matures from time to time, and shall not be used, applied or diverted to any other purpose or ob- ject whatsoever; and the funds derived from said tax shall be held and listed as a separate account on the books of said City, and the proceeds 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 as convenient after said b9nds shall have been prepared and signed in the manner prescribed by the ordinance, they shall be submitted to the Attorney Gen- eral of the State of Texas, together with a certified copy of this ordinance and a statement of the total bonded indebted- ness of the City of Fort Worth, including the bonds herein and hereby authorized and the assessed value of the tax- able property in said city, for his approval, and none of =aid 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 b e placed with the. State Comptroller of Public jLacounts for registration. SECTION VIII That the City Secretary-Treasuver of the City or Fort Worth, or other lawful custodian of such funds, during the months of August and February of each and every year during the life of said bonds or part thereof, and not later than the 20th day of each of said months , shall transmit sufficient money out of the interest funds hereinbefore created, for the payment of the semi-annual interest ac- cruing on said bonds, to the Hanover National Bank of the City of New York, state of New York, and likewise remittance shall be made in due course to provide for the payment of the principal of any of said bonds in a dvance of the maturity of same, SECTION IX All ordinances and parts of ordinances in conflict herewith be and they are hereby expressly repealed. SECTION X 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 hdreof shall be and re- main talid. sE CTI OST XI That this ordinance shall take effect and be in full force and effect fro® the date of its passage and it In so ordained. APPROVED AS TO FORK: nify- Ittarney Mayor Wm. Bryce, presiding at said meeting" sub- mitted the motion to adopt said Ordinance and all of the Councilmen, Including the Mayor, voted "aye" thereoh and none voted "no", and the motion to adopt the erdir►nce was declared to be unanimously passed and adopted, THE STATE OF TEXAS COUNTY OF TAR RA NT � s 1, 1. L. Van Zand t, Jr, ,, City Se are tar y-Weasurer of the City of Fort Wcr th, do hereby certify that the above and. foregoing Ordinance is a true and correct copy of Ordinance No. �La and that same was unanimously passed and adopted by the City Council of the City of Fort Worth, Texas, at a regular meeting meld in the Coun- cil Chamber at the City Hall an Wednosday, the 23rd day of January, A. D. 1929. WITNESS my hand at Fort Worth, Texas, this the 23rd day of January, A. D. 1929. City Secretary-Treasurer