HomeMy WebLinkAboutOrdinance 1975 ORDINANCE N0. 1975
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
NEGOTIABLE COUPON BONDS OF THE GOVERNMENT
OF THE CITY OF FORT WWOR12, TEXAS, AMOUNTING
TO THE PRINCIPAL SUM OF TWO HUNDRED TWENTY
THOUSAND DOLLARS ($220,000*00), AND BEING
KNOWN AS SERIES 67 AND DESIGNATED AS "LIBRARY
BONDS,- TO BE ISSUED FOR THE PURPOSE OF CON-
STRUCTING, BUILDING AND EQUIPPING A LIBRARY
FOR THE CITY OF FORT WORTH AND FOR SECURING
AND ACVIRING THE NECESSARY LANDS AND SITE
MIFIXFOR, SAID BONDS TO BE IN THE MCNOMINATION
OF ONE THOUSAND DOLLARS (#1,000.00) RA CH, To
BE DATED NOVEMBER 1, 1937, MATURING WITHIN
FORTY (40) YEARS FROM THE DATE MEREOF AND
TO BEAR INTEREST AT THE RATE OF THREE AND
THREE-FOURTUS PER CENT (3-5/4%) PER ARM,
PAYABLE SEMI-ANNUALLY, THE INTEREST TO BE EX-
PRESSED IN COUPON NOTES ATTACHED TO THE BONDS,
DIRECTING THAT THE SAID BONDS BE MXCUTED BY
THE MAYOR AND CITY SECRETARY; AND PROVIDING
FOR AN ADEQUATE TAX LEVY FOR THE PAYMENT OF
THE INTEREST ON SAID NOTES AND TO CREATE A
SINKING FUND FOR THE PAST 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.
IHERZAS, on the 31st day of July, A. D. 19359 pursuant to the au-
thority 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 llth day of December, A. D. 19&4, and the laws and Con-
stitution of the State of Texas, the City Council of the City of Fort Worth,
Texas, by an ordinance of that date, direoted the submission to the qualified
electors who own taxable property in the City of Fort Worth, Texas and who
have duly rendered the same for taxation, at an election to be held in said
City on the 3rd day of September, A. D. 1935, of the right, power and authori-
ty of the City Council of said City to issue negotiable coupon bonds of the
corporate goverment of the said City in the principal sum of Two Hundred
Twenty Thousand Dollars ($220,000.00) for the purpose of constructing, build-
ing and equipping a Library for the City of Fort Worth and for securing and
aequiring the necessary lands and site therefor; and,
WEEMS, in conformity with said ordinance, the Mayor of said City
did make proclamation of said election, and fixed the date thereof for the
3rd day of September, A. D. 1935; and,
WH MAS, said election order and proclamation thereof were prepared
and published in the manner and for the time prescribed in said ordinance;
and,
WHEURAS, on the 3rd day of September, A. D. 1935, 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 qualified electors of said City who own tax-
able property in the City of Fort Worth, Texas and who have duly rendered the
same for taxation; and,
WAS, the official ballot on such occasion, in conformity with
the 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, Texas, through its City Council, is-
sue its negotiable coupon bonds in the principal sum of Six Hundred Eighty-
seven Thousand, Five Hundred Dollars ($8B7,500.00), for the purpose of con-
structing, building, equipping and improving pleasure grounds, parks and
playgrounds for the City of Fort Worth, and for seouring and acquiring the
necessary lands and sites therefor, said bonds being payable serially as may
be determined by the City Coinnoil, so that the last maturing bonds shall be-
come payable within forty (40) years from the date thereof, bearing interest
at a rate not to exceed four per cent (4%) 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 sufficient to redeem said bonds at the maturity
thereof?
FOR the Issuance of Pleasure Grounds, Parka and Playgrounds Bonds.
AGAIldST the Issuance of Pleasure Grounds, Parks and Playgrounds Bonds.
II.
Shall the City of Port Worth, Texas, through its City Ccunoil, is-
sue its negotiable coupon bonds in the principal sum of Two Hundred Seventy-
five Thousand Dollars ($275,00000), for the purpose of constructing, tuild-
ing and equipping a city hall, police station and jail building for the
City of Fort Worth, and for securing and acquiring the necessary lands and
site therefor, said bonds being payable serially as may be determined by the
City Council, so that the last maturing bonds shall become payable within
forty (40) years from the date thereof, bearing interest at a rate not to ex-
ceed four per cent (4%) per annum from the date thereof, payable semi-annually,
and levy a sufficient tax to pay the interest on said bonds and create a sink-
ing fund sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of City Hall, Police Station and Jail Building
Bonds.
AGAINST the-Issuanoe of City Dull, Police Station and Jail Building
Bonds.
III.
Shall the City of Fort Worth, Texas, through its City Council, is-
sue its negotiable coupon bonds in the principal sum of Two Hundred Twenty
Thousand Dollars ($220,000.00), for the purpose of constructing, building
and equipping a library for the City of Fort Worth and for securing and ac-
quiring the necessary lands and site therefor, said bonds being payable series
ally as may be determined by the City Council, so that the last maturing
bonds shall become payable within forty (40) years from the date thereof,
bearing interest at a rate not to exceed four per cent (4%) 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 sufficient to redeem
said bonds at the maturity thereof?
FOR the Issuance of Library Bonds.
AGAINST the Issuance of Library Bonds.
I9.
Shall the City of Fort Worth, Texas, through its City Council, is-
sue its negotiable coupon bonds in the principal sum of One Hundred Thirty-
seven Thousand, Five Hundred Dollars ($137,500.00), for the purpose of con-
structing, building, acquiring and equipping a hospital for the City of Fort
Worth, and for securing and acquiring the necessary lands and site therefor,
said bonds being payable serially as may be determined by the City Council,
so that the last maturing bonds shall become payable within forty (40) years
from the date thereof, bearing interest at a rate not to exceed four per
cent (4%) 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
sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of New Hospital Bonds.
AGAINST the Issuance of New Hospital Bonds.
V.
Shall the City of Fort Worth, Texas, through its City Council, is-
sue its negotiable coupon bonds in the principal sum of Fifty-five Thousand
Dollars ($55,000.00), for the purpose of improving, extending and enlarging
the City-County Hospital of said City, and for seouring and acquiring the
necessary lands and site therefor, said bonds being payable serially as may
be determined by the City Council, so that the last maturing bonds shall be-
come payable within forty (40) years from the date thereof, bearing interest
at a rate not to exceed four per cent (4%) 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 sufficient to redeem said bonds at the maturity
thereof?
FOR the Issuance of City-County Hospital Improvement Bonds.
AGAINST the Issuance of City-County Hospital Improvement Bonds.
VI.
Shall the City of Fort Worth, Texas, through its City Council, is-
sue its negotiable coupon bonds in the principal sum of Ninety-one Thousand
Dollars ($91,000.00), for the purpose of improving, extending and enlarging
the sewage disposal plant of said City, said bonds being payable serially as
may be determined by the City Council, so that the last maturing bonds shall
become payable within forty (40) years from the date thereof, bearing inter-
est at a rate not to exceed four per cent (4%) per annum from the date there-
of, payable semi-annually, and levy a sufficient tax to pay the interest on
said bonds and create a sinking Rind sufficient to redeem said bonds at the
maturity thereof?
FOR the Issuance of Sewage Disposal Plant Improvement Bonds.
AGAINST the Issuance of Sewage Disposal Plant Improvement Bonds.
VII.
Shall the City of Fort Worth, Texas, through its City Council, is-
sue its negotiable coupon bonds in the principal sum of Twenty-seven Thousand,
Five Hundred Dollars ($$7,500.00), for the purpose of constructing, building
and equipping a tubercular sanitarium for the City of Fort Worth and for se-
curing and acquiring the necessary lands and site therefor, said bonds being
payable serially as may be determined by the City Council, so that the last
maturing bonds shall become payable within forty (40) years from the date
thereof, bearing interest at a rate not to exceed four per cent (4%) per an-
num from the date thereof, payable semi-ennually, and levy a sufficient tax
to pay the interest on said bonds and create a sinking fund sufficient to re-
deem said bonds at the maturity thereof?
FOR the Issuance of Tubercular Sanitarium Bonds.
AGAINST the Issuance of Tubercular Sanitarium Bonds.
VikREAS, in the election held in said City of Fort Worth on the 3rd
day of September, A. D. 1935, on the question of the issuance of said bonds
hereinbefore mentioned, there was a majority of votes in favor of the issu-
ance of said bonds; and,
79HEYMAS, by virtue of said election, said City Council is vested
with power and authority by and from the qualified electors who own taxable
property in the City of Fort Worth, Texas and who have duly rendered the same
for taxation, 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,
gEMMAS, it is deemed wine and expedient by the City Council of the
City of Fort Worth, Texas, in the exercise of the discretion reposed in it by
law, that Two Hundred Twenty Thousand Dollars ($220,000.00) worth of said
bonds, authorized to be issued by the qualified electors of said City who
own taxable property in the City of Fort Borth, Texas and who have duly ren-
dered the same for taxation, at an election held on the 3rd day of September,
A. D. 1935, be issued in bonds at this time, said bonds to be issued being
Series 67 and designated as "Library Bonds"; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION I.
That pursuant to Section 19 of Chapter SX9 of the Charter of the
City of Fort Worth, adopted by the qualified voters within the corporate limits
of said City on the llth day of December, A. D. 1924, and the laws and Con-
stitution of the State of Texas, and pursuant to a vote of the qualified
electors of the City of Fort Worth who own taxable property in the City of
Fort north, Texas and who have duly rendered the same for taxation, at an
election held in said City for such purpose on the 3rd day of September, A.
D. 1935, that the municipal government of the City of Fort Worth issue its
corporate negotiable coupon bonds in the principal sum of Two Hundred Twenty
Thousand Dollars ($220,000.00), which bonds were authorized to be issued
at a proper election held on the 3rd day of September, A. D. 1935, and which
bonds are known as Series 67 and designated as 1°Library Bonds," and the
bonds so to be issued shall be in the denomination of One Thousand Dollars
($1,000.00) each, said bonds to be dated November 1, 1937, bearing interest
at the rate of three and three-fourths per cent (3-3f4%) per annum, payable
semi-annually on the first day of May and November 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 Now York, the semi-
anneal 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, with the seal of the City there-
on duly impressed, but the interest coupons to be executed with the litho-
graphed facsimile signature of the Mayor and City Secretary 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 one (1) year from the date thereof, and
annually thereafter until the last maturing bond shall become payable within
forty (40) yearn from the date thereof, and the bonds themselves, two hundred
and twenty (220) in number, shall be numbered consecutively from one (1) to
two hundred and twenty (220), inclusive, and shall mature in the amount and
manner hereinafter set out; said bonds shall be used for the purpose of mak-
ing permanent improvements by constructing, building and equipping a Library
for the Oity of Port Worth and for securing and acquiring the necessary lands
and site 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 STATES $
OF AMERICA
STATE OF TRIAS, COUNTY OF TARRANT
SERIES 67
CITY OF FORT WORTH
- 0000000--
Library Bond of the City of Fort Worth issued for the purpose of construct-
ing, building and equipping a Library for the City of Port
Worth and for securing and acquiring the necessary
lands and site therefor.
KNOW ALL MEN BY' THESE PRESENTS:
That the government of the City of Fort Worth, a municipal corpora-
tion, duly created under the laws of the State of Texas, hereby acknowledges
itself to owe, and for value received promises to pay to bearer,
DOLLARS ($ )
in lawful money of the United States of America, on the first day of November.
A. D. 18 _, together with interest thereon at the rate of three and three-
fourths per cent (3-3/4%) per annum, payable semi-annually on the first day
of May and November in each year, on presentation and surrender of the annexed
interest coupons, as they severally fall dne. Both the principal and interest
of this bond are payable at the office of the Central Hanover Bank & Trust
Company, 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 here-
by irrevocably pledged.
This bond is one of a series of two hundred and twenty (220) bonds,
numbered consecutively from one (1) to two hundred and twenty (220), inclusive,
each in the denomination of One Thousand Dollars ($1,000.00), amounting in
the aggregate to the sum of Two Hundred Twenty Thousand Dollars ($220,000.00),
issued for the purpose of constructing, building and equipping a Library for
the City of Fort Worth and for securing and acquiring the necessary lands
and site therefor, under and by virtue of the Constitution and laws of the
State of Texas, the Charter of the City of Fort Borth, and an ordinance of
the City Council of said City lawfully passed and adopted on the loth day of
November, A. D. 1937, pursuant to valid authority from the qualified electors
who own taxable property in the City of Fort Worth, Texas and who have duly
rendered the same for taxation, at a proper and legal election held on the
3rd day of September, A. D. 1935.
It is hereby further expressly represented, recited and oovenanted
by the government of the City of Fort Worth, to and with each and every holder
of said bonds or any one of theca, 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 manner as prescribed by law, so as to make this bond a legal, bind
ing 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 the issue of which it is a component part,
does not exceed any constitutional or statutory limitation.
IN T&STIMONY WfMWOF, the City of Fort Worth, in the State of Texas,
has executed this bond by causing it to be signed by its Mayor and attested
by the City Secretary, with the seal of the City thereunto duly impressed,
and has caused the annexed interest coupons to be executed with the facsimile
signature of the Mayor and City Secretary, and dated as the first day of
November, A. D. 1937.
CITY OF FORT WORTH, TEUS
BY
mayor
ATTEST:
City Secretary
(FOFM OF COUPON NOTE)
NO.
The City of Fort Worth, in the State of Texas, promisee to pay to
Bearer Dollars ($ on the 1st day of
at the Central Hanover Bank and Trust Company in the
City of New York, N. Y., for interest due that day on its Library Bond,
Series 67, dated November 1, 1937, and numbered .
CITY OF FORT WORTH, TEXAS
Mayor
ATTEST:
City Secretary
(CERTIFICATE OF COMPTROLLER)
OFFICE OF COMPTROLLER,
SPATE OF TEXAS.
I hereby certify that there is on file and of record in my office,
a certificate of the Attorney General of the State of Texas, to the effect
that this bond has been examined by him as required by law, and that he finds
it has been issued in conformity with the Constitution and laws of the State
of Texas, and that it is a valid and binding obligation upon said City of
Fort Worth, Taxes, and said bond has this day been registered by me.
WITNESS my hand and seal of office, at Austin, Texas, this the
day of , A. D. 193
Comptroller of Public Accounts of
the State of Tezaa
SECTION II.
That the said bonds so to be issued by the City of Fort Worth,
amounting to Two Hundred Twenty Thousand Dollars ($2E0,000.00) shall be is-
sued for the purpose of conntruoting, building and equipping a Library for
the City of Fort Worth and for securing and aoquiring the necessary lands
and site therefor, and shall consist of two hundred and twenty (220) bonds,
numbered from one (1) to two hundred and twenty (220), inclusive, and shall
bear interest at the rate of three and three-fourths per cent (3-3/4%) per
annum, payable semi-annually as aforesaid, all of which said two hundred and
twenty (220) bonds shall be known as Series 67 and shall be styled and desig-
nated as "'Library Bonds"; that all of the said bonds, comprising the sum total
of Two Hundred Twenty Thousand Dollars ($220,000.00) shall mature in numeri-
oal order in the manner and amounts as set out in the tabulated statement here-
with attached, to wit:
CITY OF FORT WORTH
PRINCIPAL MATURITIES
1220,000.00 LIBRARY BONDS
SERIES 67
DATED NOVEMBER 1, 1937
DOS NOVIIMBER isr PRINCIPAL MATURING
1936 0,000.00
1939 1,000.00
1O40 1,000.00
1941 0,000.00
1942 5,000.00
1943 3,000,00
19" 1,000.00
1045 1,000.00
19" 0,000.00
1947 12,000.00
1948 120000.00
1949 7,000.00
1950 1,000.00
1951 7,000.00
1952 5,000.00
1953 5,000.00
1954 6,000.00
1955 7,000.00
1956 8,000.00
1957 99000000
1958 10,000.00
1959 11,000.00
1960 10,000.00
1961 9,000.00
1962 11,000.00
1963 lzsOOO•owO
1964 13,000.00
1985 13,000.00
(coNz=D)
WE NOVEMBER 19T PRINCIPAL MATURING
1966 11,000.00
1967 12,000.00
SECTION III.
That the said bonds are hereby authorized to be cold to the beat
advantage, but in no event shall same be sold for lose than par, and the ac-
crued interest to the time of delivery and the proceeds thereof to be placed
in the treasury of the City of Fort Worth and utilized for the special pur-
poses 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 in-
terest, and all and every part of some, there is hereby levied and there shall
be assessed and collected as provided by law, met apart and appropriated for
the said purpose, an annual, direct special ad valorem tax for the year 1938,
and every successive year thereafter during the life of said bonded debt or
any part thereof of .7786 cents (or such an amount as may be necessary and
adequate, be it more or less) on One Hundred Dollars ($100.00) of property
valuation, real, personal and mixed, subject to taxation and not exempt there-
from under the Constitution and laws of the State of Texas, situated and owned
in the City of Fort Worth on the first day of January, 1938, and on the first
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, sueh 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 raquiaite to supply the deficiency until all in-
terest 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.
SECTION Y.
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 Forth for
the year 1958, 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 .7786
cants on the One Hundred Dollar ($100.00) property valuation (or so much there-
of as may be requisite and necessary) provided for in the next preceding sec-
tion of this ordinance, and such special tax shall on no account whatsoever
be displaced therefrom.
SECTION 4I.
That the special tax hersinbefore 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 extinguiehment of the principal of all and singular the
bonds hereinabove mentioned 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 authorized and the assess-
ed 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.
SECTION VIII.
That the City Treasurer of the City of Fort Borth, or other lawful
custodian of such fund, during the months of April and October of each 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 hersinbefore created for the payment of the semi-annual in-
terest 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
ATTEST:
City Secretary
APPROVED AS TO FORM AND LEGALITYs
City Attorney