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HomeMy WebLinkAboutOrdinance 1659 r 4 The ordinance an passed is as follows,�to �-wits #t ORDINANCE # ACCXPTINtF THE POWERS AND ASS3UKING THE DUTIFIS'P PRO- VIDED LWER HOUSE BILL NO. 101„ PASSED BY TER FOURTH CALLED SESSION OF TAE 413T LEGISLATURE IN REFIR CS TO THE ISSUANCE OF THE SPECIAL DeROV16- liMI+T BONDS HORSUNDER, PROVIDING FOR THE PLEDGM AND DAPOUNDING win TuE CITT TREASURER OF $40,,121.52 OF SPECIAL ASS TT CERTIFICAT3S TO SWMA THS PAYMENT OF PRIWIPAL AND INTEREST OF THE SPSCIAL DeRMOUNT BONDS E3RZAD11R, PROVIDING FOR THE ISSUANCE OF $00000.00 OF 0% 8MLa DJPR==W BONDS, PRESCRIBIM THE F0FX OF TEZ BONDS COUPON AND GIRTIFICATB BY THE CITY TRUSURER, CREL,TIa A SPECIAL FUND OUT OF WHICH.SAID BONDS AND INT&WT TH ON SBALI. BE PAID, PROVIDING MAT SAID BONS SHALL NIM BE RECKONED IN DITERVINING THE DEBT LIMITATIONS IVOSER ON THE CITY, NOR AS AN .ACT OF CRIATING OR INCURRING - 3T3DVXSS, PROVIDING POOR APPROVAL OF THE BONDS BY THE ATTORNEY GXKIAAL AND THEIR RMISTRATTON BY THE COMPTROLLAR0 PROVIDING FOR TZ DELI7ERY OF THE BONDS M THE 1MCBA=, ASSUASIW FOR THE CITY ME OBLIGATIONS I11POSED BY THE CHARTER AND STATUTES IN RVMIC OZ TO ENFORCI110 THE PAYEWT OF THE SPECIAL ASSI$S=W CERTIFICATES PLEDGED, ASSMIING THE DUTIES IMPOSED BY THE AC'S' OF THE LIDISLA.TURN IN REt+`ERENCE TO THE PArAW OF SAID BONDS AND INTEREST THMIZON, RZ- PEALING ALL ORDINANCES AND RESOLUTIONS AND PARTS SOF IN CONFLICT HEREWITH TO THE EXTENT OF SAID OO19LICT9 PR1I:S011IBING TBI DUTIES OF CIRTAIN CIRT OFFICERS IN RZFEMCE TkiERBTO, AND DZC1J.RING AN ENCY. heretofore on the 19th day of July, 19589 the City Council passed as ordinance providing for cartel% street Inprove ants, censistin8 in the widening and straightening of South Main Street from Tacker Street to Mwrpby Street, and assessing a part of the cost of said street iapravenents against certain zamed and described property and property owners benefited thereby, fixing the time when such speoial assessiaeats should became due and delinquent, and providing for the collection thereof; and in accordance with the terms of sold ordinance No. 1483, certain special assessment certificates were aatually and legally executed and retained by the City against the property owners secured by liens against the property, and in the anousts described in said ordiaasseey and I the 0144 now oenas certain of said aaaeasmeat e ortifieatos more partioulwly described. as to amaerrs, owners of pmpetty and outstandIAM amouaats is the schedule attacher bsreft, vada a part harsof and asrkod 1xhibit "00, aggregating at this tine the pariaacipal amount of Forty Thousand One Hundred Twenty One and42 100 A400121052, Dollaral and Fes} said sperstal asesssment oortifieates are dated Jane 6f 19299 bear 7% intcsreste Latereat payable at the maturity of the rompestive tastdliestse and the inatallam sats vatGASS as follmms (1) oss-sixth thirty &we from J=s a, long (d) ant-sixth - Atlr t, 1960, S) Ove+sixth - JIy b, 19319 * 01e-sixth - 3'alt 60 long is Ona-sixth - Jay 0, low, (b) Ons-sixth - MY 00 10"1 add oeartifieato cent imi*S provision that the propeortp owner *ball have the right to pay-Us whde ammaat or aag iastal2veat thereof up0m giTisg tUrty 4WO written Monro to the TW 001100tor of the CitS► of rt firth, or to the bolder of add oortifieat*1 eard jM=tzA8e it is deesasd to be to the best isterost of the City teat of M WevWsUe or a para, of sand certificates to sold, or otherwise sonverted Into easy► is *rdW to reimburse the funds now used is carrying said a rtifioasm" am *am MUS,, =dear the tears of the IM/Ibie h said eertifieates were issuer, under the teraass of the ordismses, amtborisiaag the issuance of said eesrUtIeatoa, and wader the teniae of the oortifloates thesselves# the elnty is assumed by the 011y to exercise its fall Charter powers to enforcer amd ool ost the oertifisates by suit is its owa same for the benefit Of the holders and to exercise its legal power to enforce said ssrtiftse'tes as p"sided by the laws of ahe state of `faagasi"A rMs,ogs the 41st Legislature of the State of Texas at its Fourth waned Searsios has esaeaed a lav deslga s4od Mouse Hill No* 101, s atitleds "Ag AOT providing that certain cities braving the populatioa requiramsats sat forth herein my atsquirc and erre spacial assessment cartifioates lamed I& eonseotiels with street improvenestsl that such cities may pledge and impoaad 'said certificates as the basis for the Issuance of spealel luprovemeat bonds subject to the limltatieras and previsions of this est= providing for use of funds from the sols or such bonds; providing that sash bonds shall not be reckoned is detexulaing Charter,,Constitutional or statutory bond lliaitatiaas and shall not constitute indebtedness of the city oontesplated under cert ais provisions of the Cossti tutleal prssoribisg statutory duties imposed on such cities when such bonds are iasuedg pavvidiag for flea examination and approval of such bonds by the attorney General and for their r�i` tratioa by the t�asa�rtrci�er, and Aselariag an emeergacsey.'� ' WHR MWO the City of ft. Sorth has the populatlema require- =onto auth+arlslag It to &seep$ the provisions of said enabling ast; end IABe by acsepting.the provisions thereofo the City can iesus sposiaL l apreverssat beads to the eztest or Twenty Thousand ($W,j tt #"00) days„ pledging soldForty Thousand One Huadr®d Twenty One and (,A40,121.52) Della" of speslal assessmost certificates is the manner set forth is said been, and by such action ons issue odd special Improtonat bonds to bear 5% iaterest, thus saving for the beaaefit of the City the difference between the 9% bora by the certificates as empared with the 5% Interest bora* by the spssial imprevea wet bonds$ And CASs the City Gouncil has deteradned and so ad jUdgas that the margin. between the account or bonds issued and the asonat or sartifleates pledgedt and the difference is mosey which It will rgosive frac interest on US oartifleates at IF% as eoerpased with the Interest whish It rsill disburse oa the bonds bearing 0% iateraaty will create a surplus !sand asking It usaeeessary ever to "sort to other f=ds of the City to pay the pA=ipal and interest of said bawds; and s WIMMASr is aesepting the pravisiens of Data enabling as$* the duties dosed by lar is roferease to the attys aeskisg good say deficit of principal and interest are sot sash as would or ooald embarrass the City is the operation of its ga►verAmental and geserdl powers and duties from year to year, due to the Fast #hat saah year the City resolves for Its general, frard: not spealflely pledged to latomt and sucking fttads and not requir4A by Charter to, be applied to special nosso atlr rextmat*4 Two Million tj 2,000,000 00 -) sa Vbioh to subjest to be tet apprspriatioss from year to year; and 1tkFaMs if the ooatingeaesy should arise !that the City soold not pay said deficit out of fends thea within Its esatrolp It hes Charter and statutory pones to make adequate proviaioas for the pap ent of sash deli ci t up to as moult not less than, Orta gills os Lo3l+aars; and a by aceoptiat the provisloas of said emablling act Is the !tours Operation of its tagrovessat progrry the city can materially deeftase the east of atrost fcsrssts both to the individml propsrty owmars and to the tax payers of the City of ft. Worth BE IT ORDAIM BY THR CITY OOUMIL OF "* WOMWO TU": X0 The powers afforded and the duties prescribed under the p ovislons of House Hill lin ldl,O pawed by the$au *h Callad Session of the `let Leiiislatuxe in 1989a are hereby aecepted and assumed by the City of I't. worth insofar as is aeeessary lie the isewmeo of the special. improV - meet boards anthorized W this ordimames+ I i II. Tba Forty Thousand One hundred Twent 0. nd 21.52) TwellSrs of *pselal assess mot aertifieatesa dated Toss bv l9ag o bearing $MR (?%) per oast interest,, payable in six isstallneats as fbllewss (1) tYze-sixth VdrV days from JWw Sr 1080; (4) one-sixth • Talp 6, I0j (3) Ono-alzU - My `p 19319 146) fine-sixth hely 5, 19511 6 Eben-sixth • Tely m, 19359 6 one-sixth • My t, 193410 with option to pay &a or aU iastallaaaets pries' to their naturity upon the giTisg of thirty days written sotieo to the Tax 0ollsotor or to the balder of said individual soxtifl,oaterf mars, partioularly described as to their no bees, names of property owners and present ontstanding aaousts in the sohodals Ott" herete and made a past heroof, marked Iddbit "hN, ars bereby plodded and iupwadod with the City Weamer of the City of no nth for the purpose of securing the psymsst of the prinalpal and Interest of the speetal lWravasent bonds hweinafter more fully described. I= Satre "all be wants& W issued MW of M yorth Special Mopmensat DoMes dated March 4 10301v bearing filo (5%) per cost interest, payabic Septanber 1# 19209 and sed-saxnally► therea ftw on Mardb Lt and Sept wbor 1st, in the denomination of one Thouswnd ($1,000006) Dollars 0")4 zimbered tvm one (1) to Twenty (so), inan"Too a"rogat"S Twenty Thousand ($30g000,00) Dollara, and matmrisg as tol►losss 1 • 5 Harsh 1, 1932 $ 5 000*00 ♦ - 10 March,1, 1933 3,000000 11 • l6 March 19 19" 50000.00 16 - 80 Dhr" 1, 1935 59000.00 R. �r The primalpal and Interest of said bonds Shall be payable at Guaranty Trust Ompamy of Now Tevkq Now Tovk* No Y.:* and the City Treasuror is busby direeted to do any and all things sesessary &Ww someaiest to tr4nswit add funds in the bank asued as and when acid priaeipal and interest matures and aocrues. Said bonds shallbe signet by the Mayar and shall be attested by the City S*retar * Tho Interest oa said bonds shall be remrosent" by empone attashed thereto and either aiwd by or oentalsiag the printed or lithogrobed signatures of the Malw and City seerstaryw They ahall be registered by the alty Ttrswrer f wbo shall also identity said bonds as Trust*** TO The fora of said spatial Imps ovateat bond, ompaa and Tsustre•e Certificate shall be mbstaaU&Uy as followss �� c>F h30hh1�� MMM IMAM OF M=0A, alkn OF T I COMM Olr TacT as am-,A. THS Cly OF FORT " s a sauaitipel sorporatioa, duly inoerporated under its Spoaial Charter and under the Laws of the State of Texans, Fri VALUZ FtgLlhhC:Y 9 hereby promises to pay is bearer hersof as handmafter statedp on the let day of Marsh, lSi i at Ginaranty Trust C mpany of New York, is the City of Now York and State of Now Yewkl, the sm of ONS TEDUSA>t.0 DOLLARS �2 EO1,Q00.004 in lawful money of the United States of Moriea, with Interest thereon from the date hereof at the rate of 8% per ai umn, payable on the lot day of September, 1930, and thereafter saml-annually on the' lot day of March and the lot day of Septestber ii each year, and the Treasurer of the City of Fort Worth, Teras, is hereby authorised, ordered and directed to pay to bearer hereof the said principal ancm, together with the interest thereon, evidenced by the coupons hereto amazed, both principal and interest payable when due at the bank above named, out of and from the money belonging to "SPECIAL IlWWVIMBNT BOND FUND, SERIES 1930 A," of said City, created for that purpose by funds realized from the collection of principal of and/interest, respectively, from Certificates of Special Assessment issued for street improvements more particularly described is the ordinance authorizing this issue of bonds, which valid outstanding certificates have been pledged in the principal amount of �40,181e5x. r THIS BDND Is one of an issue of like tenor and effect, except as to maturity, of the denomination of $19000.00 each, numbered from One (1) to Twenty (20), inclusive, aggregating the principal sum of Twenty Thousand ($20,000.00) Dollars, issued under and by virtue of Kouse Bill No. 1010 passed by the Fourth Called Session of the 41st Legislature, x effective February 18th, 1930, and pursuant to an ordinance passed by the City Council of said City on the 26th day of February, 1930, recorded In the Ordinauce Records of said Citye The City of Fort forth reserves the right to redeem this bond at any interest paying date by giving written notice of its intention to redeem. said bond to the bask of payment at least thirty days'prior to the date so fixed for redeaptioa; provided the City shall also result to the bank of payment at least fifteen days before the data so fixed for redemption a sum of money equivalent to the par value of this bond, plus accrued interest to date fixed for paymeat. In event this bond is not presented for paymeat on the date fixed for redemptioa, it shall not thereafter beau lateresto" THIS BOND and the series of which it is a part is directly secured by a first and paramount liea on the special assessment certificates pledged aid the income thereof. Said certificates are pledged In as amount and yield interest at a rate determined by the City to be sufficient and ample to meet the principal and interest of this bond and the series of which it is a part. The City pledges all of its Charter and Statutory pourers to the collection of such certificates, and it pledges its full faith and credit to exercise its Charter powers and all lawful means to the end that this bond aad interest thereon will be paid according to its tenor and effect. In event there shall not be funds on hand, realized from the collection of said assessment certificates and interest thereon, sufficient to pay the principal and interest of this bond as and when they nature and acertie, the duty has been placed on said City by Statute to deposit in said pledged fund as amount sufficient to make good the deficit, said deposit to be made out of say money thea under control of the City which may be lawfully used for said purpose, and with the further duty of makiva yrsvisioa to obtaia said m03sy for the p%U"** of BMWs- said deposit is eveet it is not etherwise available at the tfaae IWTIDM this bead nor asf soupoa hereto eiaaawAA shall be valid unless autheatleated by the exesutioa of Us sertifisate herW& isdrarsod by the Tfoasurarof sato city* IF ` m%rnoff Up', the City of Fort Worth haw oansed its es"wate seal to be hereto afflaoad and this bond to be signed by Its ]door, attested by Its City &esretsry# registered by the City Trot cad the iaterest **upon* heroto attached to have lith+spWhsd or wq"Yod Uwe= a faosiaile of the slgaa%was of the said Iftyor sad the City 3esrstaryt this the lot dsy of M&Mh* A*D* 19M* of for . � , alli 8eorotary, "Olty of Fort worth+ Texas. RMI SDS city er: City Awt d Temas. (rm OF Oom") Of TIS , . DAY OF .wnrMrwN. the bearer hereof is snti tled to receive at AGnamty Trust comm y of Now Yorke Now Tsrkg FIs Tog the am of 1 � I I+ is 1a11M W"y of the IIalted States of mooriaa, .belag , roast iaterest os "CITY Ot "W MOATS WMAL I1WMi MQW wo jimu mo •", "t" ftrch 10 1914, ate.' shah payasst to be Made as stated is said boad. Zww, city if er 'Wor , eca& ©OUNTUSIGNAM is eiz;, city Ur Fort ft"14 Tesas. (?it�TJAHd�B Q�tT�'ICl'fi� V Is HXMW CXRT[FXM that thie bond is one of the beads described is the ordisaaos thare3a usationed, mW that certifloatss of Special lit, as described is said ord Ixaw*t is the prlulpaa waist stated is thls band} have boom d epositsd with the uaderslgook nsder and pnromat to the pr4mislons of said arllimmuess laws of tho, Stats, aid the Charter of the City of Fevt 9sr*ht Texas* 9YMEW MY OrYlOZA 81MAIM& at Fort Wwlh, Tszsst this the me dw of 1p,,�a. ► Texas. 9=o ator the psrpose of paying the prlmlpal and laterest of said boadsg a spssial fuM is hereby created shloh she)" be designated r "8P=AL Il MOYWT SM PCs , sM.tl9 19WARS and the Oity ?roaasugr is hereby ordered and ddrseted to open an soemat with said fund,and to wh1oh fQXd there shall be Credited the prooseds, from tilts pajaml of the prinsipal and interest of aad frust all of the spostal asesssment oortifiaatos pledged and Impounded to soeurs said bonds, as well as any and all moaays whish may be ftositea ty the Oily for the purpose of s+ .«arftbius or laosroasisa said fund under the tam of this ordtaanooi and any other moneys whish may be prerided by said tiny for "Id, !"aA; that so *181m of any oharastor tkatsosvere other than 'bonds and ooupons of this series, shall be psld out of soda spooiol fundo vtr. The spseial inprovemest bonds authorized by this ordlasses shall nover to reakoned is detsio4ning Charters Constitutlonal or Statatorlr limitations imposed as the Oity of Pt. Morth restriotiag its power is issue bonds for any purpose. Neither *bell, the issuance of said bonds ouenstdtute the ding of indebtedness or the oreatlos of indebtedness as eonteyplated is the provisions of Seotiose S and 9 of Artiole ll of the Constitution. of Tam" 1►III0 said bonds and the r000rd partaining thereto shall be presented to tlae Atte'rsoy Qoasral for his approval# and said bonds ,Miall thereaftear be registered by the Oostptrollerr of the state of Texas* Pending their registration by the OWUollear they shall be in the swatody of the City Treasurew. l7G After said bonds hams benne registered they shall be delivered to the puuehasear. r In the passage of this ordinance and in the subsequent Issuance of said bonds, including their registration and further identifi- cation by 'the City Treasurers the City of Fort forth assumes for itself all of the obligations Imposed on it in reference to the enforcement of said special assessment certificates set forth in 'Title 289 Revised Statutes of 11126, In the applicable prevlsions of the City Charter, and I In the provisions of House Hill No. 101 passed at the Fourth Called session of the 41st Legislature* By the act of passing this ordinance and the further proceedings hereunder in the issuance of said bonds and their delivery to the purchaser, the City accepts and assumes the duties imposed ars it by the Legislature In the act last mentioned. The duties imposed on the City Treasurer under the provisions of this ordinance and wider the provisions of said act are assumed by him in the passage of this ordinance and in the further registration and identification of said toads, without the necessity of executing any additional declaration of trust or &denture of trust. xio All ordinances and resolutions, and parts thereof, in oonfliot herewith are hereby wWressly repealed to the exteat of said conflict. XZI� The Mayor, City Secretary, City Treasurer, City Manager end City Attorney are hereby direc=ted to do any and all things necessary "d/or convenient to couplets the issuance, approval, registration and delivery of the bonds authorized. by this ordiaeuace. zM* The fact that it is oonsidered to be of great importaaoe to the City of Ft. Werth, to the taxpayers of the City and to preppy owners atfeetod, that this ordinance be effective ismediately from and after its passage, it is ordained that this ordinance be effective I 11ately 1�h011 aad ti'th� its pe« PASSE) AM A"MVXD thio the26th day of lam, 1930. Rayon. icy- or � "lut Tea. A MTI 3 Ci tl of Fust �i�i ��ao. APP rO1►'10) as to toM and 1 IW. Wry i i 0 i n E q {dp �I �I STBiY OF TAW • COUM OF TARWT s CITr Or FT.WORTS _ it 1. to Yn Lndto Oity sowetu r of the City of Fort ftVIAI TOUSS do horeby serUt! that tiro abovo and forolplaa is a *moo fall and oorreat oapy of an ordiaasoe passed ty the Citi► C maeil on the ftwm, ,_ dp of Fobr%Mg 19300 as is reaorded is the idiot" of the City t3mmUs Book Pao �„ and is the ordisa se reoords of said "two Hook Page . p M=VTID uder ay head and the seal of snid Cityl We the 26th day of FebrUMys 1M. UriSema« • mrr ;N SRI �SFrAt.� F E E I r THE STATE (W TIM" # (3tiUM OF WOUNT # On #his the ,26th day of yebveryr 193D. the Clty Council of the city of no t4OC414 Tom, soavened is regular meeting with the following xrsbers mitts, to-wits @#MIM screeR D Irl Vulard akaatoa, s J. R. pons s A, R. TbaMtas, t Yaa zaadt Iav+►Is, a $. T. Rsaf"t i C tlmea� Willisat 1�tttaM s Dat. No A. TbMpsous t J. Be Dowl s, # I. 1.6 Yaa Iwdti CIO Seeroun, Ru"hart a tteva Olty A%tara4Wp with the following umbers absssat# to-idts Vis# ooastltuting a quorm f .at which time the f+ellowiag aong other busiaeso was trasseested, to-wits IaUvduoed a proposed ordiaeaw• and bade a notion that It be passed,► The motion was seconded by Ur. Jarvis The motion carrying with It the "ago of the ordlaasoe provailed by the follaowing rotes AYZSa mayor Bvyoe and Qouncilmen Butr'twq peen,, Tbatsess Jarvis, Rout". Maania, Thmqmon and Davis.