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HomeMy WebLinkAboutOrdinance 976 A P.1. ORDINANCE NO. q 7 AN ORDINANCE PROVIDING FOR A LO/aN OF $7000.00 FROM THE BROWN CRUMMER COMPANY, A CORPORATION , THE PROCEEDS OF WHICH TO BE DEVOTED TO THE IMPROVSKENT OF THE GOLF LINKS AND RECREATION PARK OF THE CITY OF FORT WORTH UNDER THE CHARGE AND JURISDICTION OF THE PUBLIC RECREATION DEPARTMENT OF THE CITY OF FORT WORTH IN CONFORMITY WITH A RESOLUTI02 REQUESTING AND PROPOSING SAID LOAN BY THE MEMBERS OF TiiE PUBLIC RECREATION BOARD OF THE CITY OF FORT WORTH AND BRO_ VIDING FOR THE ISSUANCE BY THE CITY OF FORT WORTH OF ITS PROMISSORY NOTES, SEVi'N IN NUMBER, IN TOKEN OF SAID LOAN, EXTENDING OVER A PERIOD OF SEVEN YEARS, EACH IN THE PRI.-CIPAL SUM OF $100U.U0, AND MATURING CONSECUTIVELY FROM YEAR TO YEAR, BEARING INTEREST -AT THE ftl PER eMT PE.k A"UM, -PAYABLE SMI-ANNUALLY, SUP- PORTED BY A SINKING FUND OUT OF TAXES AND RESOURCES ALLOTTED UNDER THE CHARTER OF THE CITY OF FORT M RTH TO SAND PUBLI,, RECREATION DE- PARTMENT. I At a meeting of the Board of Commissioners of the City of Fort Worth in regular session at the City Hell in said city on the first day of December, A.D. 1923, at which the Mayor, Honorable h.tt.uockrell, Jno. Alderman, Commissioner of Fir* &. Police, J.C. i Lord, Commissioner of Water and Sewers, and Chester L. Jones, Com- missioner of Finance, constituting a quorum of the Board, the City Secretary being in attendance thereon and keeping the records of the meeting, the following proceedings, among others, were had and done, to-wit: Commissioner Chester L. Jones, seconded by Commissioner J.C. Lord, moved the adoption of the following ordinance: BE IT ORDAINED BY THE BOARD OF COMMISSIO:ERS OF THE CITY OF FORT WORTH: S That whereas, it appears that the Board of Commissioners of the City of Fort Worth, that the Public Recreation Department of said City, at a meeting held in its offices, in the City Hall in the City of Fort Worth,• Texas, on the 23rd day of November A.D., 1923, proposed a loan in the principal sum of $7000.00 for the purpose of creating certain betterments on the Golf Links, under the charge and jurisdiction of said Recreation Department, and to that end, passed and adopted the following resolution; to-wit: BE IT RESOLVED BY THE PUBLIC RECREATION BOARD OF THE C1TY .OF FORT WORTH: 7Section 1. That inasmmch as funds are needed for the purpose of'making requisite improvements on the golf Links and Recrea- tion Park, under the charge and authority of said Recreation Board. And Thereas, moneys at the present time are not available . therefor; And Whereas, the sum of Seven 'Thousand, (47000.UU) Dollars is the amount required to make.eaid imp!gTements; And Whereas, it is deemed proper that notes should be issued in the name of the City of Fort Worth, in, the sum of Seven Tho1s- and ( 7000.UO) Dollars, maturing annually, in the principal sum of One Thousand 191000.00) Poll-re each, an4 to be dated the first day of De- cember, A.D. 1923; the note first maturing to become due two years from the date thereof, and the other six notes each at consecutive in- tervals of one year apart thereafter. f� NOW THEREFORE: BE IT FURTHER RESOLVED jsY SAID RECREATION BOARD: Section 2. That the Board of Commissioners of the City P. 2. of Fort north, shall be, and said Board is hereby requested to borrow for the use of said Public Recreation Board in the crea- tion of improvements and betterments on the Golf Links and Parks of the City of Fort Worth, under the charge and jurisdiction of said Public Recreation Board the sum of $7,000.OU on the faith and credit of the City of Fort 'forth, to be charged and assess- ed against the resources and funds that now, or that may here- after belong to the said Recreation Board under the Charter of the City of Fort Worth, which said loan shall be expressed in the promissory notes of the City of Fort Worth, payable in a period of eight years from the date thereof, and maturing con- secutively from two to eight years from the date thereof in the principal sums of One Thousand (#1,000.00) Dollars each, and bearing interest from the date thereof at the rate of six (6) per cent per annum, payable semi-annually. Section 3 . That a copy of this resolution, properly certified by the Secretary of this Board, shall be forthwith submitted to the Board of Commissioners of the City of Fort Worth for appropriate and expeditious action thereon. And the foregoing resolution having been propsaad and duly seconded, as aforesaid, and having been read to the entire Board, was placed before the Board for the vote thereon by the Chairman of said Board, whereupon, all the members of the hoard voted "aye" on the adoption of said resolution, and none of the members voted "No" thereon, whereupon, the Chairman declared the resolution unanidously curried and adopted. " P. 3. And whereas, it appears to the Board of Commissioners of the City of Fort Worth, that such loan of money is needed at the present time to make said improvements, and that such hm- provements are requisite and neeessary for the purpose of making said Golf Links suitable for the purposes for which same were created. And Vvheaeas, it appears that funds for such purpose belonging to said Public Recreation Department are not now a- vailable at the present time but that said money may be borrow- ad from._the Brown-Crammer Syr a comoration, on the terms hereinafter set out; NOW THEREFORE: BE IT FURTHER ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF FORT WORTH. Section 1. That the City of Fort Worth, acting by and through its Mayor and City Secretary, in conjunction with the President of said Recreation Board and the Secretary thereof, be and they are hereby authorized and empowered to negotiate a loan of $7000.OU from the Brvwn-Crummer Company, a corporation, and that said loan be evidenced by the issuance of the promis- sory notes of the City of Fort Worth, executed by the Mayor, at- tested by the City Secretary, countersigned by the Auditor of the City of Fort Worth, which said warrants shall bear date December let, 1923, and shall be seven. (7) in number, inclusive, each in the principal sum of One Thousand ($1000.0U) Dollars, and maturing in consecutive order from year to year, the first one of which said notes to be and become payab%a on the first day of December, A.D. 1923,, and the remainder of the notes at consecutive intervals of one year apart thereafter, and the manner of their maturity shall be in the following order to-wit: NOTE NO. DATE OF MATURITY AMOUNT. 1 December 1, 1925 $lODU.UU 2 December 1, 1926 $1000.00 3 December 1, 1927 $1000.00 4 December 1, 1928 1000.00 5 December 1, 1929 1000.OU 6 December 1, 1930 $1000.00 7 December 1, 1931 S1000.UU Said notes shall bear interest from their date at the rate of Six (6) per cent per annum, payable semi-annually, and both principal and interest shall be payable at the Haftever National bank of New York, in the City of New York, State of New York. In addition to the signatures of the Mayor and the at- testation Qf_the Gity Secretary BaI4_ao.te$,_ Cl__also be sip-ned bye President of the Recreatlon.Board,, countersigned,by the Secretary of said Board, and ,the seal of the City of Fort Worth shall be impressed on each of said notes; the fac-simile sig- ns.tures of the 'Mayor of the City and the City Secretary thereof and the President of said Public Recreation Board, and the Secretary thereof, and of the City Auditor may be lithographed on the interest coupon attached to each of said notes. P. 4. Section 2. Said notes shall be in form substantially as follows and varied so as to correspond to the maturity of each one of same: NO. UNITED STATES OF AMERICA $lUUU.OU STATE OF TEXAS, CITY OF FORT WORTH. CITY OF FORT 9)RTH RECREATION NOTE. THE CITY OF, FORT WJXTH, a municipal corporation, duly organized and ineorpeT2tbed-under the-lawa of trh-e-eta;tte- o-f Texas, is Justly indebted and hereby promises to pay to bearer on the first day of December A.D. 19 at the Hanover National hank in the City of New York, State of New York, the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon from the date thereof at the rate of six (6) per cent par annW, pay- aole semi-annually, interest payaole on the first day of June, and the first day of December, of each year upon presentation ana surren- der of proper coupons; and the Treasurer of said %ity is hereby au- thorized, ordered and directed to pay to bearer said principal sum, with interest thereon, evidenced by coupon5attached hereto out of moneys to the credit of the Recreation Fund created for said purpose, princi- pal and interest payable at the hank above named; and the full faith and credit of the City of Fort Worth is hereby pledged for the full and prompt payment of this note, and the interest hereon as it matures. THIS NOTE is one of a series of seven (7) notes of like date and tenor, except as to maturity, numbered from One (1) to Seven -i 7J lnclullye� ,gaah 9 f whi i,�_ig the denomination of 0" Thousand (1,000.UU) Dollars, amounting in ths, aggregate to the principal sum of Seven Thousand t*7000.00j Dollars, issued for the purpose of making bet- terments and improvemdnts on the Golf Links and Recreation Park of the City of Fort worth, situated in Tarrant County, Texas, under the Ju- risdiction of the Recreation Department of the City of Fort Worth, pur- suant to resolution of said Recreation Department, duly adopted on the 23rd day of November, A.D. 1923, and pursuant further to Ordinance No. passed and adpptad by the Board of Commissioners of the Gity of Fort Forth on the first day of December, 1923, recorded in Book , page , et seq. of the Ordinance of said Board of Commissioners. The date of this note conforming to the orainance above mentioned, is Decmmber first, 19231 AND it is hereby certified and recited that all acts, conditions and things required to be done precedent to ana in the issuance of this note have been properly done, have happened and have been performed in regular and_ due time, form and manner as required by law and by; the City Charter of the City of Fort North, and the a- mendments the_eto, and that the total_indebtedness, of the City of Fort Worth, including this note, and all others of this series, does not ex ceed any constitutional, statutory or charter limitation; and that sufficient and proper provision for the levy and collection of taxes has been, made for the payment of the principal and interest of this note and of the series of nottes of which it is a part as the same shall become due. s 5. IN TESTIMONY WHEREOF, the Board of Commissioners of the City of Fort Worth, hath caused the. seal of said City *a be hereunto affixed, and this note to be signed by theMayor and attested by the City Secretary and also signed by the Pres- ident of the Public Recreation Board, coun,tereigned by the Secretary of said Board and countersigned and registered by the City Auditor, on this tklo. first day of December A.D. 1923. fayvr, City of Fort "ort2!, 'Pexas. Ing "SQ arj� `" or orth, Texas. Irrii.0oit Public Recreation Board; Countersigned: Secretary Public Recreation Board _Countersigned and registered: F. `��'ty"�u�"��;�i�y-'•of,`�o�t rt3r;""�a�6�p. Seotion 4. The form of interest coupon attached to each of said notes shall be substantially as follows: NO. $ ON THE FIRST DAY OF the City Treasurer of the City of Fort Worth, Texas, will pay to bearer at the Hanover National ban$, New York, K.T. , the sure of Thirty ($SO,00) Dollars, said sum being six months' interest due that day on City of Fort Worth Recreation Note.No. , dated November 1923, to which this coupon is attached � and is a part thereof. Mayor, City of Foat vrth. — ATTEST: City georetary of Fort Worth. President Public Recreation_ Board; Secretary Public Recreation Board; F ty Auditor, SEOTION 5. That a SPECIAL FUND to be designated "Recrea- tion Park Note Fund" shall be set aside out of the ad valorem 6. tax authorized for "Pub. Recreation" by Section 7, df Article. %ViIi, of the Charter of the City of Fort Worth, which fund shall be used for the payment of the interest on said notes and the principal there- of at maturity of same, and for ng other purpose; and .that to create said fund with which to pay the interest on said notes and to pro- vide the necessary sinking fund with which to pay the principal of said notes at the maturity thereof, there shall be and is hereby ap- propriated a sufficient amount of money out of funds belonging to said Recreation Department to pay the interest on said notes as same matures on the first of June, 1924, and there shall be levied in the year 1924, Anti far_ maid notes, or any u=Lr thereof, principal and interest, are outstanding and unpaid, a suffi- cient continuing direct annual tax ors each One Hundred ($100.00) Dol- lars valuation of all taxable property in. the City of Fort worth, Tex- as, out of the said Public Recreation Tax of- said City, adequate to raise and produce in each of maid years the amount of 'principal and interest maturing in said year and if each of said years while said indebfedness, or any part thereof, is outstanding and unpaid, and such tax shall be levied at such rate as shall be necessary and adequate to create and raise the funds requisite for the aforesaid purpose, and all said taxes so collected shall be placed in a separate and special fund for the payment of principal and interest of each and all said notes, and for no other purpose, and the Board of Commissioners of the City of Fort Worth, shall each year in making its annual budget include therein the amount of principal and 'interest of said notes maturing in said respective years, including the year 1924. Section 6: That this ordinance shall take effect and be in force from and after its passage and it is so ordained. And the foregoing Ordinance having-been read and fully c nsidered, a quorum of the Board being present, and the motion to oet the samQ.having been put-to t-ha--Bo"d by +ka -;,nycr, a o i .,r,�i_ ' 'nance was passed and a ft, the Mayor, Coritissioners J.C.LordVand Chester L. Jones voting "Aye" thereon and Commissioner Jno. Alder- man voting "No" thereon. Mayor City of Fort Forth, Texas. ATTEST: City Secretary, Fort Worth, Texas.