HomeMy WebLinkAboutOrdinance 377 0RD"f'rIR' CL B0 .
An ordinance pursuant to the present Charter of the City of
Port Worth, enacted by the Slat. Legislature of the State of Texas,
and an election held thereunder on April 8th. , 1913, in the City of
Port Worth, authorizing the creation and issuance of Three Hundred
Thousand ($300,000.00) Dollars of bonds of the corporate government
of the City of Fort Worth, to be known as: "Series 29 of West Fork
of trinity River Reservoir Construction Bonds".
Said bonds to be in denominations of One Thousand ($1,000)
Dollars, each, and to be sold for not less than par and accured
interest, and to bear interest from date at the rate of five (5%)
per cent per annum, payable semi-annually, with coupon interest
notes attached, said bonds to run for a period of Forty (40) years,
to be redeemable at the elpiration of Twenty (20) years, or, at any
interest paying period thereafter, and providing, pursuant to said
authority and to said election, for the levy of a special tag of
:�* cents on the $100.00 valuation for the creation of a'
sinking fund of not less than Two (2) per cent per annum and for the
payment of interest on said W0,000.00 of bonds.
WH
ERR AS, by the present Charter of the City of Fort Worth
enacted by the 31st. Legislature of the State of Texas, among other
powers therein given, power is and was conferred on the Board of
Commissioners to issue bonds of the corporate government of the
City of Fort Worth, for any lawful municipal purposes; provided.
however, no bonds shall be issued or bonded debt created unless author-
ity therefor shall first be submitted to the qualified voters who
pay taxes on property in said City of Fort Worth; and
WH3R AS, on the 25th day of March, A. D. , 1913, the Board
of Commissioners of said City of Fort Worth, pursuant to the afore-
said provisions of law, by order of that date, adopted, referred
the matter of said bond issue and authority to enact an ordinance
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therefor. to the qualified voters of the City of Fort Worth, who are
and were tax paying owners of property in said City, at an election to be
held for such purposes in the various wards in said City, on the 8th
day of April, A. D. , 1913; and
W$3R3AS, on the 8th day of April, A. D , 1913, an election
was legally and duly held in the various wards of said City of Fort
Worth, at which was submitted to the qualified tax paying voters of
said City of Fort Worth, the matters of the issuance of said bonds,
in the following form, towit:
OFFICIAL BALLOT
1.
For Bond issue of $300,000.00. the proceeds to be expended
upon the construction of the Reservoir on the West Fork of Trinity
River, and necessary appurtenances.
Against Bond issue of $300,000.00, the proceeds to be ex-
pended upon the oonstruotion of the Reservoir on the West Fork of
Trinity River, and necessary appurtenances.
Which said election resulted as follows;
For Bond issue of $300,000.00, proceeds to be expended
upon the construction of the Reservoir on the West Fork of Trinity
Rivir, and necessary appurtenances,there were cast 930 votes,
Against said Bond issue of $300,000.00, there were cast
577 votes.
WHEREAS, on the 15th day of April, 1913, at a regular meet-
ing of said Board of Commissioners of said City of Fort Worth, re-
turns of said election were, by said Board of Commissioners, duly
canvassed, and the vote counted, and result declared, as herein-
above set forth.
HOW THEREFORE. BE IT ORDAINM BY TECR BOARD OF COMMISSIOHERS
OF THE CITY OF FORT WORTH:
- -S
See. 1. That the Mayor and the City Secretary of the City
of Fort Worth, be and they are hereby authorized, empowered and
directed to prepare and execute in the name and for and on behalf
of the City of Port Worth, and under its corporate seal, as the
obligation of said City, bonds of the corporate government of said
City, which shall be known and denominated as follows. "Series 29,
West Fork of Trinity River Reservoir Construction Bonds, of the
aggregate principal sum of $300,000.00". each of said bonds of said
series shall recite upon its face the purpose for which it is issued,
and shall refer to the provisions of the City Charter and this ordin-
ance as authorizing same, and each and all of said bonds shall be of
the denomination of $1,000.00, each, embracing, in all, Three Hundred
(300) bonds, of the par value of $300,000.00.
All of said bonds shall be dated the let. day of May, A.D.
1913, and shall be and become payable forty years from the date
thereof, with the provision, however, that the same shall be redeem-
able at the expiration of twenty years from the date thereof, or at
any interest paying period thereafter, and, in the event any such bond
or bonds shall be so redeemed, interest thereon shall thereafter cease,
and the interest coupons which shall have not matured, shall be cancel-
led; each of said bonds shall bear interest at the rate of five (b°%)
per cent per annum, .payable semi-annually; which said interest shall
be represented by eoupnn notes, each bond being only for the princi-
pal sum of 41,000,00, and having attached to it eighty (60) coupon
notes of the value of $25.00, each, representing a semi-annual interest
installment, both principal and interest payable to bearer at the
Hanover Natinnal Bank of New York City, in the State of New York, in
gold coin of the United States of the present weight and fineness; all
of said bonds shall be executed in the name of the City of Fort Worth
by its Kayor and attested by its City Secretary, under the corporate
seal of said City, except that in the matter of the coupons an en- ---a-
graved or lithographed signature of the Mayor and City Secretary
+4,
shall be sufficient.
Sea. P. None of said bonds shall be sold for less than
par and accrued interest.
Sea. 3. To provide for the interest on the said $300,000.00
of bonds and to creat a sinking fund of not less than two (2%) per
cent per annum on same, there is hereby levied, and the same shall be
collected as provided by law, set apart and appropriated for said pur-
poses, an annual, direct special ad valorem tax, beginning with the
assessment and levying for the year 1913 of .9 cents on every
One Hundred Dollars valuation of all property, real, personal and
mixed, subject to taxation, by said City of Fort Worth, and not ex-
empt by law from municipal taxation, and the said tax or so much
thereof, as may be necessary for the payment of said interest and the
creation of said sinking fund, shall be annually assessed and levied
and collected during the life of said bonds, and if, at any time,
said fund shall be insufficient for ouch purposes, then it shall be
the duty of said 'Board of Commissioners, or other governing body of
said City of Fort Worth, to set apart and appropriate such additional
amount of money )ut of the General revenues of said City, as may be
requisite to supply the deficiency, until all interest shall have
been paid and the sinking Bind established, as required by the
Constitution of the State of Texas and the Charter of the City of
Fort Worth.
Sec. 4. The taxable funds hereinabove provided for, cover-
ing interest and sinking fund, as aforesaid, shall be collected, held
and listed as a separate account upon the books of said City, and
the proceeds held and kept by the City Treasurer as a separate and
distinct account and so specified as such upon his books, and said
funds shall not be used or utilized, in whole or in part, except for
the purpose for which they were created, and it shall be unlawful
for the Treasurer of said City of Fort Worth to honor or recog-
t
nize any check, warrant, draft or order upon such fands, ex het for
the purposes aforesaid; provided, however, that said sinking Rind;
and all accretions thereto, may be invested, by order of the Board
of Commissioners or other governing body of the City of Fort Worth,
in any bonds of the City of Fort Worth, or County bonds of the State
of Texas, or bonds of the United States of America; that the same shall
not be invested in any other manner,nor sh811 said money be diverted
to any other purpose than to the payment of interest and the crea-
tion of the sinking fund aforesaid.
Sec. B. None of said bonds shall be negotiated, sold or
transferred until same shall have been presented to the Attorney
General of the State of Texas and his official sanction of same shall
have been given, as prescribed by law.
See. 6. The City Treasurer of the City of Fort Worth, during
the months-'of May and November, of each and every year, during the life
of said bonds, not later than the 20th day of each of said months, shall
transmit sufficient monies out of the interest fund,here inabove creat-
ed, for the payment of the sumi-annual interest accruing upon said
bonds to the Hanover National Bank of few York City, in the St6ate of
New York, but in the event that said bank shall be non-existing, or
go out of business, or fail or refuse to act, then said money shall
be transmitted by said Treasurer of the City of Fort Worth to the
Fiscal Agent of said City residing in New York City, State of New
Yo rk.
Sea. 7. This ordinance shall take effect and be in force
from and after its passage.
I hereby certify that the above and foregoing ordinance
was duly presented and unanimously passed and adopted by the Board
of Commissioner of the City of Fort Worth, at a regular session of
said Board, held on the day of %_ ,A. D. , 1913.
AL-d-
City Secretary.
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