HomeMy WebLinkAboutOrdinance 1559 The City Council of the City of Fort Werth
met in regular se sion in the Council Chamber at the Cit
Hall ll at nine-thirty e T e e a. .., Wednesday.. the 23rd day
of January, A. D. >1929, and upon roll call the following
were present-. Imo.. Bryce, Mayor, Dr. W. R. ompson, Wil-
lard Burtono Van Zandt,jarvis, Wm. Monnig, E. T Renfro,
John '. Sparks, A. E. Thomas, and J. R Penn, Councilmen,
consItituting the entire membership of the said board., and
I. L. Vani Zandt, Jrs City Secretary-Treasurers was in a.t-
endan e at said meetings and the following proceedings
among ether things were had and done-,
Councilman Thomas seconded by
Councilman moved the adoption of thefol-
lowing
ORDINANCE NO.
f
a
AN ORDINANCE PROVIDING FOR THE ISSUANCE C
1EGU2IABLE COUPON BONDS OF THE GOVERNMENT OF THE
CITY OF FORTWORTHO AMOUNTING TC THE, PRINCIPAL
SUM R FIVE R THOUSAND ($5000000.00) DOL RS
IN ADDITION TO THE SUM OF SIX RED THOUSAND I` 9C,-
: ) DOL S,WORT: T SAID BONDS I x E° C 'CRE ;SSS
BY
THE_' CIT COUNCIL B:Z ORDINANCES DULY7E
CITE' COUNCIL PURSUANT TO VALID AUTHORITY VESTED I
SAID GOVERNING BODY BY A. REGUDkR AND ;?R02ER ELL40TION
HELD ON THE, 10th DAYOF JANUARY A, D . 1928s , OUT OF
AN AUTHORIZED ISSUE, OF ONE MILLION, ONE HUNDREDTHOU-
SAND (01,100.9000,00) C , ND BEING KNOWN AS
SERIES NO. 53 A DESIG ATED AS " `I AR SI*IP'V'ER BONDS"
`ICv ISSUED FOR TML POS: C ANG P11R NENT IM-
PROVEMENTS
FRC S BY IMPROVING,* TENDI.i ' AND ENLARGING THE
SANITARY SEWERS AND SEWAGE DISPOSAL PLANT OF SAID CITY$*
ALL OF, SAID BONDS TO BE IN THE DENOMINATION OR ONE
THOUSAND ( 110OO o O) DOLLARS ACR, O BE DATED WKC1 01,
1929s MATURING O IV ( ) TO FORTY' ( 0) YEARS PROM
IM :SATE TH REO , AND C BEAR INTEREST AT THE RATE C
FOUR AND ONE-FCURTH PER CENT PEH ANNUM, PAYABLE
SEMI-ANNUALLY, TBE INTEREST To R.j, EXPRESSED IV CaURO
NOTES Alr2 CHED TO SAID BONDS, DIRECTING I THE EXECUTION
OF SAID BONDS BY TM MAYOR AND CITY-SECRETARY TRSAS ER
AND PROVIDING FOR AN ADE(XATB TAX IZVY FOR THE PAYMENT
OF THE INTEREST ON SAID BONS A TO CREATE A SINKING
FUND FOR THE, PAYMENT OF THE PRINCIPAL THEREOFs AS THE
SAM MATURES PROM TIEETO TIMES AND PROVIDING THAT THIS
ORDINANCE SHALT., BE IN FORCE AND EFFECT FROM AND AFTER
THE DATE OF ITS PASSAGE.
WHEREAS, cin the 6th day of December, A. Do 1927,
pursuant to the authority vested in said City by Section. 19,
of Chapter, XXV of the Chartorof the . fir of Fort Worth,
adoptedby the qualified voters within the limits of said
City on the llth day of December.. A. D. 1924, and the lava
and Constitution of the State of Texasothe City Council of
the City of Fort Worth,, Texas, by resolution and order of
that date directed the submitsibn to the resident property
taxpaying qualified rota of ,aid. Citi, at an election to
be held.' in, said City on the 10th day of January,, A. D. 1928,0
of the right, power and authority of the City Council it of
said City to issue netotiable coupon donde of the corporate
government of said City,` in the principal sum of One Million,
One dr d Thousand ($l.,100, 00) Dollars, which amount
was to be used for the purpose of making permanent improve-
ments
. prove-
e t in the said City by improving., extending and enlarging
the Sanitary Sewer. . and Sewage Disposal Plant' of said. City;
VY EREA , in on.for it ith said resolution and order,
the Mayer of said City dial make proclamation of said election
and the date for same was set on the 10th day of January, A.
D. 1928; and
"R public tion. was made of said; election in the
manner and for the time prescribed in said. resolution 'and ;
election order; and
IAJIHEREAS, on the said 10th day of Januaryi, A. D. 1928,
said election was Veld in the City of Fart Worth at the re-
ap,petive polling places designated i the election order, at
which aid election each issue of bands was submitted` as a
separate and distinct proposition to the voters of the said
Citi', the official ballot on such occasion, in conformity with
the resolution of the Citi' Council and the order of the o-
tion in farm and substance was as follows.-
,NIMREAS, at the election n ,d. in said City on the
10th day of January, A. D. 1928, there were 4,941 votes cast
in favor of the issuance of said Sanitary Sewer and Sewage
Disposal Bonds and 2,358 Votes cast against the issuance o
said bonds, leaving majority favor of the issuance o
said bonds of 1,583 votes; and
'rV REAS$ by virtue of said election, the said C1`
Council vested 17ith. authority by and from the people to
issue said bends for: the purpose aforementioneds and to make
same valid and binding obligations of the corporate govern-
ment of the City of Fent Worth,* and
pursuant to the power vested in the City
Council.* the duty' on tl ted governing body of the City o
Fort 'North, a .d election and the laws and Constitution
of the State of Texas, the said City Council did, by an or-
dinance
rdlne lawfully passed and adopted on the 27th day o ` Hard.,
A. D. 1928, and which ordinance was amended by an ordinance law-
fully passed and adopted by .tine Cite Council on the 12th day
of April., A D. 1928, authorize the issuance of e' t . le
coupon `ends of the ;government of the City of Fort Worth amount-
ing
t-ink; t the principal stmi of Six Hundred Thousand ( 6 0,00 *00)
aDollars out of an authorized issue of One Million One Hundred
11. a 1010 pOOO, )' Dollar' worth of said bonds authorized
by the property taxpaying qualified voters of said Cite at
the said election e'ld pan 'the 10th day of January, A. D. 1928 ,p
and being known as Series No. and designated as "Senitary
Sewer 'and' ,86,tragerl' Disposal Bonds . and
I,- 1:REAS$ it is deemed wise expedient Vhe City
o ao l o e t ort +t' a t , lay the' e :e of off` the .is-
tion reposed in It by lawn that an additional Tile Hundred
Th
o a�d ($500, .90 Dollars be issued bonds at this. $
said bonds to be issued being part of Series No. 53 and desig-
nated
.es . -.aced as "Sana tart' Sewer Bonds"
T ORDAINED BY THE CITY COUNCIL OF 'TB
OF FORT WORTH.,
SECTION
riThSt Pursuant to Section 19 of Chapter XXV of the
Charter of the CitY of Fort Worth adopted b7 the qualified
voters Within the corporate limits of said City on the lith
dly of Deoembero A. D. 19240 and the laws and Constitution
of the stato or Texas, and pursuant vote of the residont
Property taxpayingvoters of the City of port Worth at an
electionbold in said Gita' ;dor such purposes on the 10th day
f January, A.Q. 1928$ that thO amnicipal government of the
AN Of Art Worth issuO its corporate negotiable epupotz bonds
In e PrinCiPal sum of Five dreg Thousand .
Dollarsp this sum being in i the Six Hundred Thou-
sand ($600,000.00) Dollars worth of said. bonds beretoforp
issved by an ordinanh lawfully passed and adoptedthe 27th
day of March, A. D. 19 by the City 001m0il Pursuant `;valid
authority From the PrOPerty tax paying quallfled
id City at a Propera 'gui eleetion beld on the 10th day
f Knuary,' .w D. 19Out of an a0horized issue at said
Kee-Kee-
tion of 02 Million One Evndred Thousand is Dol-
lars,
h which' uth ized issue is knows as Series No. 53,
and desisnated as"Sanitary wsoy and the bonds so to
be id shall be in the denomination of One Thu .
$1p Dollars t dated Marda i. 19290 bearing inter-
est at the ratO, g four and (40%) per cent per
payable a0zl-annmally on the first day of September
and March of each year respekively, both principal ani. inter-
est of Aid bonds being payably at the Knr Naini Bk
in the ,' Y of New York, State of Qw Yorko the semi-annual
interest being evidensed by interest scoupons attaebod theretooall
of said bonds to be 0=006d gor ard on babalf or the City
f Fort Warth bY U144 Mayor tboreof p a Weated y its City
� f �
With' thO 86911f the Gity thereon dul
Impressed, but the a � , � � to be eaeautedthe
11thograpbad facsimile aignature of the Hay d City Socre-
tary-I!Veasuftr of the QQY Of FOrt WOrth# 0ach of said
and poupons aball be mog*tlablo and payable to bearer* and
said banda shall be nvmbered In the way ariid manijwsr bereinaftor
met OuN maturing ) 10ara from the date thereof and
anmV017 theroafter until the last maturing bond shall Wcome,
payable within, forty 4 y'1'a arz from the ate 'horoot
hi bowds themsolves, five bundred 500) In nl be
MOMber0d 060SOWIVAY from six Wdre .
Kre 1) Jnol�sjvo, and shall mature In thensen
marmr hereinafter set out; ahid. bond,,-,, used for
the purposh of making Vermanant Improvements ` yIzilwovil,%os,
ex-
nd 1 enlarging e naritary 6ew an; Sewage o
Plant of said, cito
That We gOneral form of said bonds anA the
NO. UNITED STATES $1000.
OF AMERICA:
STATE OF TEXAS, COUNTY OF TA'R.R-A5,,1
SERIES
C I T Y O F F O R T W O R T H
---000Osoo---
KNOW ALL LIMEN BY THESE PRESEITTS
That the government of the City cf Fort Worth, a
municipal corporation, duly created under tizp 1��VTs of the State
of Texas, hereby acknowledges itself to owe, Lard 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'�o) per centum per annum,
payable semi=annually on the lst 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 princioal and inter-
est of this bond are -payable at the 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 ��1,G0�..OU, 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 votaee of said
City, at a proper and legal election held on tb.e 10th dray of
January, A. D. 1926.
It is hereby. reci-ted,
and covenanted by the go va i-L- o -t
and with each and every holder of said uond.s �,r :_a ' one of them,
that all aots , conditions and things required by the laws of the
State of Texas , and of the Charter mad 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 ),11 taxable property
in the City of Fort Worth, and that such tax has been levied in
a sufficient amount for the payment 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 n?rt , does not exceed
any constitutional or statutory limitation.
IN TESTIMONY WHEREOF, the City of Fort Worth, in the
State of Texas, has executed this bon(' by c.o;using it to be sign—
(FORM OF COUPON NOTE)
SERIES
NO. $21.25
The City of Fort Worth, in the State of Texas, pro—
mises to pay to bearer Twenty-one Dollars and Twenty-five Cents
(421.25) , on -the day of A. D.. 19 at
the Hanover National Bank in the City of New York, N. Y. , for
interest due that day ori its municipal bond, dated May 1, A, D.
1928, and numbered
CITY OF FORT WORTH, TEXAS
Mayor
ATTEST :
City Secretary-Treasurer
7bat the said bonds so to Q issuod bq the City of
Fit Worth* amountint to Five Hundred Thousand ` 50 0 0
Qllaras a ut of the said-Authorized Issue of one NjUjan
Andred Thousand 01#100s000*00) Dollars* sball be Issued
Or M PUMse of improving, extending and enlarging the
Unitary tory Sw r and Sewage Dispoaal Plant f said My# and sball
=a1st of dive `red from six
one 601 to eleven hundred o i 1101 and shill
hear Interost at tbo rate of tour an one-fawau-th (4-j cent
er annump payablenn a yae aforesaid; al of whiedh
said live bufired 500) bonds AM be a ;,;.:art of series
ON and shall be styled and deaIgnated "Sanitary a 3ower
and S "
SECTION IIS.
That all ofsai . bondup comprisingtho oum tptalo
,Flve 11 n 4500 0 ; ams sball Woome due
a,nd pay,' le in AM rumerical order,, &-.n&-.nd they b Mrture
In itbavvammar azd amounts as yet out in the tabalated afata-
viont Wrowith attached* tea w
SECTION IV
That the said bonds are hereby authorized to b
.d to the best advantage, but in no event shall same be
sold for less than par and the accrued interest to the time
of delivery, and the proceeds thereof shall be placed in
the Treasury of the City of Fort Worth and utilized for
special purposes for "which each issue of bcn.d.s is crested,
SECTION-
That for the purpose of creating a si .n d for
the payment and complete extinguishment of the foregoing
bonded debt, pr neip .l . and interest., and all and every ,part
of arae there is hereby levied and there ' hall 'bee` assessed
and collected as provided by lavrj set apart and appropriated
or the said purpose$ an annual, direct spec al ad valorem
x for the ;year 1929, every successive year thereafter
during the die of said bonded debt or any part h reof of
1*9 cents (or such an amount as may be necessary and adequate :
be it more or les on every one Hundred 100*00 Dollars
of property lon$ real, ;per on and ,, subject to
taxation and: not exempt herefro der the Constitution and
law of the State' of Texas,,$ situated and ovined In. the City of
Fart lorth on the Ist day of January 1929, and on the lat day
of `an r each year thereafter until said debt; represented
by said bonds as coupon interest notes shall have been fully
paid, and if, at any timep such tax should be insufficient.,
en it shall be the duty of the City Council or any other
governing body of the Citi' of o Worth, to set apart and ap-
propriate
.ppr pr .a e arch additional a .d of money o#t ' of the general
revenues of he ;s a .d City, as may be requisite c supply .e
deficiency until all interest shall have been paid and the
sinking fund established as required by the Constitution of ,
the State oaf Texas and the Charter of b City of Fort Worth.
SECTIO14 VI
That it shall be the duty of the City Council of the
City of FortOrth and its successors$ and of the government
of the City of 'Fart Worth,, by levying taxes for general pur-
poses
r-poses 'a the said City of Fart Worth for the year 1999$ and
or every successive year during the life of said bonded debt
or any part thereof.,, to include In suoh, levy the special tax
of 1,9 cents on the One H . ($100 oO) Dollars property
valuation (or so much thereof as may be requisite and neces-
sary) provided for In the next preceding section of this
Or-
dinanoe., and such special tax shall o whatsoever
be displiced therefrom,
SECTION I VII'
That the special.; tax hereinbefore provided for,, when
collected, shall; be placed and kept in a separate fund and
shall be devoted to the payment of the interest and the extin-
guishmentof theprincipal ofallaadsingular theb re-
inabov mentidned as` same s from time to time., and shall
ago be used$ applied or diverted to any other purpose or abject
whatsoever; and the funds derived from said tax shall be held
and listed as a separate dcaount on the "books of 'said City
and the proceeds held and kept by the City Treasurer of said
City as a separate and distinct a000 t and so specified a
such on his books
SECTION I II
That as soon as convenient after said bonds have
been prepared and signed in the manner prescribed by this
ordinance they shall be submitted to the Attorney General
ofthe State of Texas., at Austinv together with a certified
copy of this ordinance and a statement of the total bonded
indebtedness of the City of Fart Worthy including the 'bond.
herein and hereby authorized; and the assessed value of the
taxable property in. said. City, for his approval and nuns of
the said bonds shall be negotiated, sold, or transferred until
the same shall have received the official sanction (f the At-
torney Ge
tfor , n.a al, as prescribed by law, and thereafter the bonds
shall be presented to,, the StateComptroller of Public Accounts
,for registration*
SECTION
That the City Secretary-Treasurer of theCity of
Fort Worth, or ether` lawful custodian of such funds., during
the months of August' anal'' February of each and every year,,
during the life of said bonds gar any part thereof and not -
later
ot ..ater than the 20th dayof Each of sa'i.d. months, shall ll tran
mi,t sufficient money' out f the interest funds hereinbefore
created for the payment of semi-annual n.tera t ad r ,i. e
said bends , to the Hanover National Banc of the Citi' of New
York, State of New Fork, and likewise remittance sha,ll b
made in, due courseto ptovide for the payment the ine -
p l of any of said bends in advance of the maturity same,
SECTION
All. ord.i.nances and. parts of ordinances in conflict
herewith be and: they are 'hereby expressly repealed.
SECTION XI'
The holdingor adjudication of any section,, portion
or part hereof to be invalid shall not affect the validity
of any other section er part of this ordinanee,, but all of
such other sections, portions or parts hereof shall be and
remain valid.
TBE STATE O SEX&
O Y OF
N b�
1), 1. L. Van Zandt2 Jroj, Gity Se ore tary-Trea surer
of the #City of Fort `" ort1h, do hereby certify that the above
and foregoing Ordinance is a true and correct copy of Ordin-
ance No. 1559 and that same was unanimouslypassed and
adopted by the City Council of the City of Fort `ffo t ., , ,
at a regular' session held in the Council Chamber at the Oit y
Rall on Wednesday the 23rd day of January,, A. D. 1929"
IL .Y SAM 3] ND at Fort 'Worth, Texas, this
day of January,, A. D. 1929
City tary-Trea surer