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HomeMy WebLinkAboutOrdinance 1672 The City Council of the City of Fort worth met in regular session in the Council Chamber at the City Ball at nine- thirty otclock A. M. , 'wednesday, the 7th day of May, A. D. 19300 and upon roll call the following were present: wm. Bryce, Mayor, Dr. w. R. Thompson, Willard Burton, Van Zaudt Jarvis, 'Ift, Monnig, E. T. Renfro, A. E. Thomas, J. R. Penn, and John Davis, Councilmen, constituting a majority and quorum of the membership of the said board, and I. L. Van Zandt, Jr. , City Secretary-Treasurer, was in attendance at said meeting, and the following proceedings among other things were had and done: Councilman Jarvis, seconded by Councilman Thompson, moved the adoption of the following ordinance: ORDINANCE NO. 1672. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGO- TIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, AMOUNTING TO THE PRINCIPAL SUM OF TWO HUNDRED AND FIFTY THOUSAND ($250,000.00) DOLLARS, IN ADDITION TO THE SUM OF ONE HUNDRED AND FIFTY THOUSAND ($150,000.00) DOLLARS WORTH OF SAID BONDS HERETOFORE ISSUED OUT OF AN AUTHORIZED ISSUE OF FIVE HUNDRED THOUSAND ($500,000.00) DOLLARS, AND BEING KNOWN AS SERIES 58, AND DESIGNATED AS "AIR- PORT BONDS," TO BE ISSUED FOR THE PURPOSE OF ESTABLISHING, EQUIPPING, EXTENDING AND IMPROVING A MUNICIPAL AIRPORT FOR SAID CITY; EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND ($1,000.00) DOLLARS, TO BE DATED JUNE 1, 1930, MATURING FROM FIVE TO FORTY YEARS FROM THE DATE THEREOF, AND TO BEAR INTEREST AT THE RATE OF FOUR AND ONE-HALF PERCENT (4j%) PER ANNUM, PAYABLE SEMI-ANNUALLY, THE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHED TO THE BONDS, DIRECTING THAT THE SAID BONDS BE EXECUTED BY THE MAYOR AND CITY SECRETARY-TREASURER, AND PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAYMENT OF THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF AS THE SAME MATURES FROM TIME TO TIME; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, on the 22nd day of May, A. D. 1929, pursuant to the authority vested in said City by section 19 of Chapter XXV of the Charter of the City of Fort Worth, adopted by the qualified voters within the limits of said City on the 11th day of December, A. D. 1924, and the laws and Constitution of the state of Texas, the City Council of the City of Fort worth, i Texas, by a resolution and an ordinance of that date, directed the submission to the resident property tax payIng qualified voters of said City, at an election to be held in said City on the 25th day of June, A. D. 1929, of the right, porter and authority of the City Council of said City to issue nego- tiable coupon bonds of the corporate government of said City in the principal sum of Five Hundred Thousand Dollars ($500,900.00) , for the purpose of establishing, equipping, extending and improving a municipal airport and landing field for aeroplanes and other aerial machines and acquiring the necessary lands and property therefor; and WHEREAS, 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 25th day of June, A. D. 1929; and WHEREAS, said election order and proclamation thereof was prepared and published in the manner and for the time pres- cribed in said resolutiorAnd ordinance; and WHEREAS, on the 25th day of June, A. D. 1929, said election was held in the City of Fort worth at the respective polling places designated in the election order, at which said election the issuance of said bonds was submitted as a proposition to the tax paying qualified voters of said City; and WHEREAS, the official ballot on such occasion, in con- formity with the resolution and ordinance of the City Council, hereinabove mentioned, and in accordance With the order of said election, in form and in substance reads as follows: OFFICIAL BALLOT I. Shall the City of Fort Worth, through its Cit Council, issue, its negotiable coupon bonds :.runnipg frr��.om ,fire (5) Ito forty (49) .years, in.the principal sum of Two Million ($211000,WOOO.0,O) Dolle;rs, for the purpose of constructing, improving and extending the streets, thoroughfares and storm sewers of said City, ..includ- `ing in .such .permanent improvements the straightening, wtdeni.ng, paring; grade separation and drainage of said ,streets and, thorough- faresthe first of said, bonds being payable at the expiration of five W- years from the date thereof, and -serially thereafter as j � m&y be determined by the said City pouncil, so that the last matur- ing bonds- shall become payable within forty. (40) .years from the date thereof, bearing interest at a rate not to exceed five (5%) per ,cent .per-annum from the date thereof, payable semi-annually, And levy a sufficient tax to pay , the interest on said bonds and create a sinking fund suffioient to. redeem said bonds at the ma- turity thqreof? 1OR the Issuance of Street Improvement Bonde. AGAI96T the Issuance of Street Improvement Bonds. ti U. Shall the City of Fort Worth,, through its City Council, issue its- neg9j4gb�9r ooupon bonds running from five ( j ' to forty (4Q) years Jn.Lthe.,pr:ixioipal sum of Five Hundred Thousand ($500,- 000.00) P911478frtQrjthe purpose of improving and` extending,.the system of ,f#q prptectkon of said. 0-ity° by constructing, building and equ4ppi�g. a ne, r 1 Qentral. fire. station, acquiring the- necessary land therefor} :ai4,.4 tandjng and improving the fire alarm signal system, tY}e first of .goad bonds being ,payable at ibe expiration of five ( ' .pears from tlRe :date thereof i and serially thereafter as may be determined by -the said City Gouncill so that the last maturing�bonjs °hail become. PAyable within fort- (40) years from the date theFegf, eaa�in intexest at a rate noTto exceed five (5%) per cent per annum °from the date thereof, payable semi-an- nually, and levy „4,.suff4cient tax to, pay the interest on said bo{ids, and oreate ,e,-, Vimking fund sufficient to redeem said bonds at the maturity -thgreof? FOR the Issuance of Fire Protection Bonds. AGAINST the Issuance of Fire Protection Bonds. Shall the City of Fort Worth, through its Cit 0?uncil, issue its negotiable coupon. bo4de ruhning- from five T5)1. , to forty A40) years, ,im the principal sum of Five Hundred Thousand 4500,- 000.00) Dqllars, for the purpose of establishing, , equipping, ,ex tending and improving a mur4cipa.l, sai.rport and landing field for aeroplanes and other s.eri,al ,machines; and acquiring the necessary lands and property therefor, the first pf,pe,id bopda being pay- able at the expiration of five {5) years from ,the, date thereof and serially thereafter as may be determined by the said 'City Counctl so that the last maturing bands shall become payable within forty (40) years from- the date° thereof, bearing; interest at a rate 'nod to exceed five (50 pe=E cent per. annum from the date thereof,' payable semi-annually,, ;and levy a sufficient tax ta- pay 1;he interest on said; bonds and create a sinking fund sufficient to redeem said bonds at the. maturity,,thereof? , FOR the Issuance of Airport Bonds. AaAlNe the Issuance of Ai.rpoi•t Bonds. 1 WHEREAS, in the election held in said City of Fort Worth on the 25th day of June, A. D. 1929, on the question of the issuance of said bonds hereinbefore. mentioned, there was a majority of votes in favor of the issuance of said bonds; and WHEREAS, by virtue of said election, said City Council is vested with power and authority by and from the qualified voters to issue said bonds for the purposes afore- mentioned, and to make same valid and binding obligations of the corporate government of the City of Fort worth; and WHEREAS, the City Council, in accordance with the power vested in said governing body set forth in the preceding paragraph, did lawfully pass and adopt an ordinance on the 23rd day of October, A. D. 1929, and which ordinance was duly amended by an ordinance passed and adopted on the 4th day of December, A. D. 1929, authorizing the issuance of negotiable coupon bonds of the government of the City of Fort north, amounting to the principal sum of One Hundred and Fifty Thousand Dollars (6150,000.00) , all of said bonds being issued out of the said authorized issue of Five Hundred Thousand Dollars ($500,000.00) worth of said bonds authorized by the prop- erty tax paying qualified voters of said City at the said election held on. the 25th day of June, A. D. 1929, and being known as Series 58 and designated as "Airport Bonds"; and WHEREAS, 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 Two Hundred and Fifty Thousand Dollars ($250,000.00) worth of said bonds, in addi- tion to the One Hundred and Fifty Thousand Dollars (6150,000.00) worth of said bonds heretofore issued out of the issue of Five Hundred Thousand Dollars ($500,000.00) worth of said bonds, be issued in bonds at this time, said bonds to be issued being a part of Series 58 and designated as "Airport Bonds"; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH: SECTION I. That pursuant to section 19 of Chapter XXV of the Charter of the City of Fort worth, adopted by the qualified voters within the corporate limits of said City on the 11th day of December, A. D. 1924, and the laws and Constitution of the State of Texas, and pursuant to a vote of the resident property tax paying voters of the City of Fort worth, at an election held in said City for such purpose on the 25th day of June, A. D. 1929, that the municipal government of the City of Fort Worth issue its corporate negotiable coupon bonds in the principal sum of Two Hundred and Fifty Thousand Dollars ($R600000.00), this amount being in addition to the One Hundred and Fifty Thousand Dollars ($150,000.00) worth of said bonds heretofore issued, by an ordinance lawfully passed and adopted on the 23rd day of October, A. D. 1929, and which ordinance was amended by an ordinance lawfully passed and adopted on the 4th day of December, A. D. 1929, and all of said bonds being out of an authorized issue at said election of Five Hundred Thousand Dollars ($500,000.00) , and which author- ized issue is known as Series 58 and designated as "Airport Bonds" , and the bonds so to be issued shall be in the de- nomination of One Thousand Dollars (01,000.00) each, dated June 1, 1930, bearing interest at the rate of four and one- half percent (4j%) per annum, payable semi-annually on the 1st day of December and June of each year respectively, both principal and interest of said bonds being payable at the Central Hanover Bank and Trust Company in the City of New York, State of NeW York, the semi-annual interest being evidenced by interest coupons attached thereto, all of said bonds to be executed for and on behalf of the- City of Fort worth by the Mayor thereof, attested by its City Secretary-Treasurer, with the seal of the City thereon duly impressed, but the interest coupons to be executed with the lithographed facsimile signa- ture of the Mayor and City secretary-Treasurer of the City of Fort worth, each of said bonds and coupons shall be negotiable and payable to bearer, and said bonds shall be numbered in the way and manner hereinafter set out, maturing in numerical order five years from the date thereof and annually thereafter until the last maturing bond shall become payable within forty years from the date thereof, and the bonds themselves, Two Hundred and Fifty (250) in number, shall be numbered consecutively from One Hundred and Fifty One (151) to Four Hundred (400) inclusive , and shall mature in the amount and manner hereinafter set out; said bonds shall be used for the purpose of establishing, equipping, extending and improving a municipal airport and landing field for aeroplanes and other aerial machines and acquiring the necessary lands and property therefor. That the general form of said bonds and the coupons thereto annexed and the interest added to said bonds shall be executed substantially in the following form: NO. UNITED STATED 14,1000 OF AMERICA STATE OF TEXAS, COUNTY OF TARFiANT SERIES C I T Y O .F. F 0 R T W 0 R T H ---0000000--- Bond of the City of Fort Worth issued for the purpose of 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 received promises to pay, to bearer, ONE THOUSAND DOLLARS ($1000) in lawful money of the United Stated of America, on the together with interest thereon at the rate of per centum per annum payable semi-annually on the 1st day of and in each year, on presentation and surrender of the annexed interest coupons , as they severally fall due, Both the principal and interest of this bond are'�ayabie at the office .of the Hanover National Bank, in New York City, N. Y. , and for the due and punctual payment of this bond at the maturity thereof, and the interest thereon, 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 bonds numbered consecutively from to inclusive., each of the denomination of One Thousand Dollars ($1,000.00) , amounting in the ag- gregate 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 the City lawfully pass- ed and adopted on the , pursuant to valid authority from the property tax paying qualified voters of said City, at a proper and legal election held on the 24th day of November , A. D. 1925. It is -hereby further expressly represented, re- cited and covenanted by the government of the City of Fort Worth, to and with each and every holder of said bonds or any one of them, that all acts , conditions and things re- quired 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 proper and lawful time, form and man ner as prescribed by law, be 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 payment of the principal and interest of this bond at the respective maturity dates thereof, and that the total indebtedness of said City, including this bond, and toe issue of which it is a component part, does -not exceed any constitutional or stzaturoty limitation. IN TESTIMONY 4VHEREOP, the City of Fort Worth, in the State of Texas, has executed this bond by causing it to bO signed by its Mayor and attested by the City Secretary- Treasurer with the seal of the City thcnpuhto duly impressed, and has caused the annexed interest coupons to bo executed with the facsimile signature of the Magor and City Secre- tary-Treasurer, and dated as the 1st day of 0 CITY 'OF FORT WORTH, TEXAS .ATTEST: City Secre ary- reasurer. (FORM OF COUPON NOTE) SERIES NO. The City of Fort Worth, in the State of Texas, promises to pay to bearer on the 1st day of , at the Hanover National Bank in the City of New' York, N. Y. , for interest due that day on its municipal bonded dated and numbered CITY OF FORT WORTH, TEXAS r Jnr ATTEST: City Sedre ry;- read er. SECTION II. That the said bonds so to be issued by the City of Fort Worth, amounting to Two Hundred and Fifty Thousand Dollars ($250,000.00) out of the said authorized issue of Five Hundred Thousand Dollars ($500,000.00)', shall be issued for the purpose of establishing, equipping, extending and improving a municipal airport and landing field for aeroplanes and other aerial machines, and acquiring the necessary lands and property there- for, and shall consist of Two Hundred and Fifty bonds, numbered from Orae Hundred and Fifty One (151) to Four Hundred (400) in- clusive, and shall bear interest at the rate of four and one- half percent (4j%) per annum, payable semi-annually as aforesaid, all of which said Two Hundred and Fifty (250) bonds shall be known as series 58 and shall be styled and designated as "Air- port Bonds"; that all of the said bonds, comprising the sum total of Two Hundred and Fifty Thousand Dollars (4250,000.00) shall mature in numerical orderAn the manner and amounts as set out in the tabulated statement herewith attached, to-wit: CITY OF FORT WORTH PRINCIPAL MATURITIES $2509000.00 AIRPORT BONDS DATED JUNE 1ST, 1930 DUE JUNE 1ST PRINCIPAL MATURING 1935 5,000.00 36 51000.00 37 59000.00 38 59000.00 39 59000.00 1940 5,000.00 41 5,000.00 42 5,000.00 43 59000.00 44 5,000.00 45 59000.00 46 59000.00 47 5,000.00 48 59000.00 49 51000.00 1950 7,000.00 51 7,000.00 52 7,000.00 53 70000.00 54 79000.00 55 72000.00 56 79000.00 57 7,000.00 58 79000.00 59 7,000.00 1960 72000.00 61 7,000.00 62 72000.00 63 7,000.00 64 11,000.00 65 11,000.00 66 11,000.00 67 11,000.00 68 119000.00 69 11,000.00 1970 119000.00 V SECTION III. That the said bonds are hereby authorized to be' sold 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, to be placed in the treasury of the City of Fort north and utilized for the special purposes for which 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 and interest, and all and every part of same, there is hereby levied and there shall be assessed and collected as provided by law, set apart and appropriated for the said purpose, an annual, direct special ad valorem tax for the year 1930, and every successive year thereafter during the life of said bonded debt or any part thereof of .91 cents (or such an amount as may be necessary and adequate, be it more or less) on every One Hhndred ($100.00) Dollars of property valuation, real, personal and mixed, subject to taxation and not exempt therefrom under the Constitution and law of the State of Texas, situated and owned in the City of Fort worth on the 1st day of January 1930, and on the lst day of January of each year there- after 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 governing body of the City of Fort worth, to set apart and appropriate such additional amount 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 atate of Texas and the Charter of the City of Fort worth. SECTION V. That it shall be the duty of the City Council of the City of Fort worth and its successors , and of the government of the City of Fort worth, by levying taxes for general purposes for the said City of Fort worth for the year 1930, and for every successive year during the life of said bonded debt or any part thereof, to include in such levy the special tag of .91 cents on the One Hundred (6100.00) Dollars property valuation (or so much thereof as may be requisite and necessary) provided for in the next preceding section of this ordinance, and such special tag shall on no account whatsoever be dis- placed 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 estriiguishment of the principal of all and singular the bonds hereinabove men- tioned as same mature from time to time, and shall not be used, applied or diverted to any other purpose or object 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 bonds shall have been prepared and signed in the manner prescribed by the ordinance, they shall be submitted to the attorney General of the State of Texas, together with a certified copy of this ordinance and a statement of the total bonded indebtedness of the City of Fort worth, including the bonds herein and hereby ahthorized and the assessed value of the taxable property in said City, for his approval, and none of said 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 be placed with the state Comptroller of, Public accounts for registration. SECT I ON VIII. That the City Secretary-Treasurer of the City of Fort "orth, or other lawful. custodian of such fund, during the months of November and may ofreach and every year during the life of said bonds or part thereof, and not later than the 25th 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 accruing on said bonds,. to the Central Hanover Bank and Trust Company of the City of New York, state of New York, and likewise proper remittance shall be made in due course to provide for the payment of the principal of any of said bonds in advance 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 hereof shall be and remain valid. SECTION XI. That this ordinance shall take effect and be in full force and effect from and after the date of its passage and it is so ordained. Mayor william Bryce, presiding at said meeting, submitted the motion to adopt said ordinance and all of the Councilmen, including the Mayor, voted "Aye" thereon and none voted "No", and the motion to adopt the ordinance was declared to be unanimously passed and adopted. THE STATE OF TEKAS COUNTY OF TARRANT I, I. L. Van zandt, Jr. , City Secretary-Treasurer of the City of Fort Worth, do hereby certify that the above and foregoing ordinance is a true and correct copy of Ordinance No. 1672, and that same was uganimously passed and adopted by the City Council of the City of Fort Worth, Texas, at a regular meeting held in the Council Chambers at the City Hall on Wednesday, the 7th day of May, A. D. 1930. WITNESS my hand at Fort Worth, Texas, this the day of May, A. D. 1930. City Secre ary- reasurer. e THE STATE OF THUS � COUNTY OF TARRANT CITY OF FORT WORTH REAS, the resident, Qmlified, tax paying voters of the Gity of Fort Warthv Temas, at an sleation duly and regularly held in said City on the 28th day of June J-.. D, 1929, authorised the issuance, among other bonds, of Five Hmdred Thousand Dollars (*500,000.00) worth of na•- gotiable bonds of the Oity of Fort Worth, Texas, for the purpose of establishing, equipping, axteaading and itproving a moniaipal airport for said City, and being known as Series No* 88 and designated as "AirpOrt Bonds," and NAS, on the 23rd day of October, A• D, 19290 Ordinanoe No* 1629 was duly passed and adopted by the City Council of the City of Fort Wwfth, which ordinance was amended by an ordinance passed and adopted on the 4th day of December A. D. 1929, authorising the issuance of one 8undred and Fifty Thousand Dollars (;150,000.00) worth of negotiable coupon bonds of the City of Fort Worth out of Series No. 58, NOW# TFDr:t WORX# I, I. L. Pan zandt, Jr, ,, Secretary- Treasurer of the City of Fort Worth. TVumas do hereby cer- tify that the City of Dort worth has not either by ordinance or otherwise issued or authorised to be issued any bonds out of Series No. 88 except those bonds described in Ordinance No. 1629 passed and adopted by the City Council on Wednesday the 83rd day of October, A. D. 1929, which ordinance was amond- ed by an ordinance passed and adopted on the 4th day of December, A. D. 1929, and Ordinance No. 1672 gassed and adopted by the City Council on YAWWesday the 7th day of May, A. D. 1930. IN TESTIMONY R'H108OF I have hereunto signed vq name officially and *awned to be irpressed hereon the seal of the City of Fort nth, Texas, at ay office in said City this the 29th day of May, A. D. 1930. or e ally of Fort Werth, Tawas.