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HomeMy WebLinkAboutOrdinance 2378 ORDINANCE NO. 2378 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS OF THE GOVFMME iT OF THE CITY OF FORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF FIVE HUNDRED THOUSAND DOL- LARS (6500,000.00), OUT OF AN AUTHORIZED ISSUE OF ONE MILLION, FIVE HUNDRED THOUSAND DOLLARS ($1,500,000.00) WORTH OF SAID BONDS, AND BEING KNOWN AS SERIES 77 AND DESIGNATED AS "AGRI- CULTURAL AND LIVESTOCK EXHIBIT BUILDING BONDS," TO BE ISSUED FOR THE PURPOSE OF CONSTRUCTING, EQUIPPING AND IMPROVING AGRICULTURAL AND LIVESTOCK EXHIBIT BUILDINGS FOR SAID CITY, AND ACQUIRING THE NECESSARY LANDS THEREFOR FOR SAID CITY, EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND DOL- LARS ($1,000.00), TO BE DATED DECEMBER 1, 1946, MATURING FROM ONE (1) TO TWENTY-FIVE (25) YEARS FROM THE DATE THEREOF, THE FIRST TWO HUNDRED AND SEVENTY-THREE THOUSAND DOLLARS ($273,- 000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF TWO PER CENT (2%) PER ANNUM AND THE NEXT TWO HUNDRED AND TWENTY-SE EN THOUSAND DOLLARS ($227,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF TWO AND ONE-QUARTER PER CENT (21-%) PER ANNUM, SAID INTEREST BEING PAYABLE SEMI-ANNUALLY, THE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHED TO THE BCNDS; DIRECTING THAT THE SAID BONDS BE EXECUTED BY THE MAYOR AND CITY SECRETARY; PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAYMENT OF THE INTEREST ON SAID BONDS AND TO CREATE A SINK- ING 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 5th day of September, A. D. 1945, pursuant to the authority vested in said City by Section 19 of Chapter 1XV 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. 1924„ and the laws and Constitution of the State of Texas, the City Council of the City of Fort Worth, Texas, by an ordinance of that date, directed 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 elec- tion to be held in said City on the 2nd day of October, A. D. 1945, of the right, power and authority of the City Council of the City of Fort Worth, Texas, to issue negotiable coupon bonds of the corporate government of said City in the principal sum of One Million, Five Hundred Thousand Dollars 41,500,000.00) for the purpose of constructing, equipping and improving agricultural and livestock exhibit buildings for said City, and acquiring the necessary lands therefor for said City; and, WHEREAS, in conformity with said ordinance, the Mayor of said City did make proclamation of said election and fixed the date thereof for the 2nd day of October, A. D. 1945; and, iVHEREAS, said election order and proclamation thereof were prepared and published in the manner and for the time prescribed in said ordinance; and, + AREAS, on the 2nd day of October, A. D. 1945, said election was held in the City of Fort Worth, Texas, at the respective poll$ng 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 tastable property in the City of Fort Worth, Texas, and who have duly rendered the same for taxation; and, WHEREAS, the official ballot on said 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 Nine Million Dol- lars ($9,000,000.00) for the purpose of constructing, improving and ex- tending the streets, thoroughfares and storm sewers of said City, include ing in such permanent public improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor, said bonds be- ing 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 Street Improvement Bonds. AGAINST the Issuance of Street Improvement Bonds. SECTION IL That the said bonds so to be issued by the City of Fort Worth, Texas, amounting to Five Hundred Thousand Dollars ($500,000.00), shall be issued for the purpose of constructing, equipping and improving agri- cultural and livestock exhibit buildings for said City, and acquiring the necessary lands therefor for said City, and shall consist of five hundred (500) bonds numbered from one (1) to five hundred (500). inclusive, and the first Two Hundred and Seventy-three Thousand Dollars ($273,000.00) worth of said bonds, maturing from 19.47 to 1961, inclusive, shall bear interest at the rate of two per cent (2%) per annum, and the next Two Hundred and Twenty-seven Thousand Dollars ($227,000.00) worth of said bonds, maturing from 1962 to 1971, inclusive, shall bear interest at the rate of two and one-quarter per cent (2j%) per annum, payable semi-annually as aforesaid, all of which said five hundred (500) bonds shall be known as Series 77 and shall be styled and designated as "Agricultural and Livestock Exhibit Build- ing Bonds"; and that all of the said bonds, comprising the sum total of Five Hundred Thousand Dollars ($500,000.00), shall mature in numerical or- der in the manner and amounts set out in the tabulated statement herewith attached, to wit: 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 Worth and utilized for the special purposes for which they are created. SECTION IV. That for the purpose of paying the interest of said bonds, as well as the various installments of principal, as the same shall respectively mature, there is hereby levied for the year 1947 and for each succeeding year thereafter so long as the same may be necessary, to provide for the interest and annual installments of principal of said bonds, on all prop- erty in the City of Fort Worth, Texas, liable to taxation, a straight ad valorem tax of 1.3786 cents on the one hundred dollar valuation of said property, or so much thereof as may be necessary, and if at any time the amount of said tax shall not be sufficient to provide for the interest and annual installments of principal, it shall be the duty of the City Council to so increase said rate that an amount shall be realized from said tax sufficient to meet the requirements aforesaid for interest and annual in- stallments of principal of said bonds; and it is hereby promised and agreed that such increase of tax shall be made, if required for the purposes named, as often as it may be necessary. There shall be assessed and col. lected annually a sufficient sum to pay the interest on such bonds and to create a. sinking fund of at least two percentum (2%) of the principal debt herein autTidriz6: SECTION V. That it shall be the duty of the City Council of the City, of Fort Worth, Texas, and its successors, and of the government of the City of Fort Worth, in levying taxes for general purposes for the said City for the year 1947 and for every successive year during the life of said bonded in— debtedness or any part thereof, to include in such levy the special tax of 1.3786 cents on the one hundred dollar property valuation (or so much there— of as may be requisite and necessary), provided for in the next preceding section of this ordinance, and said special tax shall on no account what— ever be displaced 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 extinguishment of the principal of all and singular the bonds hereinabove mentioned as same mature from time to time, and shall not be u-sed, 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 pre— pared 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 in— debtedness of the City of Fort Worth, including the bonds herein and hereby authorized and the assessed value of the taxable .property in said City, for his approval, and none of said bonds shall be negotiated, sold or trans— ferred 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 Worth, or other lawful custodian of such fund, during the months of May and November of Bach 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. That this ordinance shall take effect and be in full force and ef— fect from and after the date of its passage, and it is so ordained. ATTEST: Mayor of the City of Fort Wo , Texas City Secretary of the City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: y A toxney 61 T17e y of Fort Worth, Texas II. Shall the City of Fort Worth, Texas, through its City Council, is- sue its negotiable coupon bonds in the principal sum of Two Million, Five Hundred Thousand Dollars ($2,500,000.00) for the purpose of establishing, equipping, extending and improving=%nicipal airports and lauddng fields for airplanes, aircraft and other aerial machines, and acquiring the necessary lands therefor, said bonds being payable serially as may be de- termined by the City Council, so that the last maturing bonds shall be- come 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 thereof, payable semi-annually, and levy a sufficient tax to pay the in- terest on said bonds and create a sinking fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Airport Bonds. AGAINST the Issuance of Airport 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 Million Dol- lars ($2,000,000.00) for the purpose of improving, extending and enlarg- ing the sanitary sewer system and sewage disposal plant of said City, and acquiring the necessary lands 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, bear- ing 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 Sanitary Sewer System and Sewage Disposal Plant Bonds. AGAINST the Issuance of Sanitary Sewer System. and Sewage Dis- posal Plant Bonds. IV. Shall the City of Fort Worth, Texas, through its City Council, is- sue its negotiable coupon bonds in the principal sum of Three Million Dol- lars ($3,000,000.00) for the purpose of improving, extending and enlarging the water works and water works system of said City, and acquiring the necessary lands therefor, said bonds being payable serially as may be de- termined 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 there- of, 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 Water Works Bonds. AGAINST the Issuance of Water Works Bonds. V. Shall the City of Fort Worth, Texas, through its City Council, is— sue its negotiable coupon bonds in the principal sum of Three Hundred Thousand Dollars ($300,000.00) for the purpose of constructing, building and equipping a police station and jail building, said bonds being pay— able 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 Police Station and Jail Building Bonds. AGAINST the Issuance of Police Station and Jail Building Bonds. VI. Shall the City of Fort Worth, Texas, through its City Council, is— sue its negotiable coupon bonds in the principal sum of Seven Hundred Thousand Dollars ($700,000.00) for the purpose of purchasing, acquiring and improving land and property for public parks in 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, beaming 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 Park Bonds. AGAINST the Issuance of Park Bonds. VII. Shall the City of Fort Worth, Texas, through its City Council, is— sue its negotiable coupon bonds in the principal sum of Five Hundred Thou— sand Dollars ($500,000.00) for the purpose of purchasing, acquiring and improving the playgrounds and recreation parks 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 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 Playground and Recreation Park Bonds. AGAINST the Issuance of Playground and Recreation Park Bonds. VIII. Shall the City of Fort Worth, Texas, through its City Council, is— sue its negotiable coupon bonds in the principal sum of Eight Hundred Thousand Dollars ($800,000.00) for the purpose of constructing, building and equipping an art and children's museum for said City, and acquiring the necessary land 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 in— terest 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 ttke in— terest on said bonds and create a sinking fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Art and Children's Museum Bonds. AGAINST the Issuance of Art and Children's Museum Bonds. IX. Shall the City of Fort Worth, Texas, through its City Council, is— sue its negotiable coupon bonds in the principal sum of Five Hundred Thou— sand Dollars ($500,000.00) for the purpose of constructing, building and equipping a recreation center building and amphitheater for said City, and acquiring the necessary land therefor, said bonds being payable serially as may be determined by the City Council, so that the last ma— turing 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 1"evy 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 Recreation Center Building and Imphi- theater Bonds. AGAINST the Issuance of Recreation Center Building and Amphitheater Bonds. X. Shall the City of Fort Worth, Texas, through its City Council, is— sue its negotiable coupon bonds in the principal sum of One Million, Five Hundred Thousand Dollars ($1,500,000.00) for the purpose of constructing, equipping and improving agricultural and livestock exhibit buildings for said City, and acquiring the necessary lands 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 (401 years from the date thereof, bearing interest at a rate.not to exceed four per ce# (4%) per annum from the date thereof, payable semi—annually, and levy a suf— ficient tax to pay the interest on said bonds and create a sinking fluid sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Agricultural and Livestock Exhibit Building Bonds. AGAINST the Issuance of Agricultural and Livestock Exhibit Building Bonds.; and, WHEREAS, in the election held in said City of Fort Worth, Texas, on the 2nd day of October, A. D. 1945, 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 electors who own tax- able 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, Texas; and, WHEREAS, it is deemed wise 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 Five Hundred Thousand Dollars ($5002000.00) worth of said bonds, out of an authorized issue of One Million, Five Hundred Thousand Dollars ($1,500,000.00), be issued in bonds at this time, said bonds to be issued being Series 77 and designated as "Agricultural and Livestock Exhibit Building Bonds"; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION I. That the municipal government of the City of Fort Worth, Texas, issue its corporate negotiable coupon bonds in the principal sum of Five Hundred Thousand Dollars ($500,000.00), out of an authorized issue of One Million, Five Hundred Thousand Dollars ($1,500,000.00), which bonds were authorized to be issued at a proper election held on the 2nd day of Octo- ber, A. D. 1945, and which bonds are known as Series 77 and designated as "Agricultural and Livestock Exhibit Building Bonds"; that the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,.. 000.00) each, dated December 1, 1946, the first Two Hundred and Seventy- three Thousand Dollars ($273,000.00) worth of said bonds, maturing from 1947 to 1961, inclusive, to bear interest at the rate of two per cent (2%) per annum and the next Two Hundred and Twenty--seven Thousand Dollars ($227,- 000.00) worth of said bonds, maturing from 1962 to 1971, inclusive, to bear interest at the rate of two and one-quarter per cent (2j%) per annum, pay- able semi-annually on the first day of June and December of each year re- spectively, 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 at- tached thereto, all of said bonds to be executed for and on behalf of the City of Fort Worth, Texas, by the Mayor thereof, attested by its City Secretary, with the seal of the City thereon duly impressed, but the in- terest coupons to be executed with the lithographed facsimile signatures of the Mayor and City Secretary of the City of Fort Worth, Texas; that 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, so that the last maturing bond shall become payable within twenty-five (25) years from the date thereof, and the bonds themselves, five hundred (500) in number, shall be numbered consecutively from one (1) to five hundred (500), inclusive, and shall mature in the amount and manner hereinafter set out; and that said bonds shall be issued for the purpose of construct- ing, equipping and improving agricultural and livestock exhibit buildings for said City, and acquiring the necessary lands therefor for said City. 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 follo*ing form: NO. UN= STATES $ OF AMERICA STATE OF TEXAS, COUNTY OF TARRANT SERIES 77 C I T Y O F F 0 R T W 0 R T H —00000— Agricultural and Livestock Exhibit Building Bond of the City of Fort Worth issued for the purpose of constructing, equipping and improv- ing agricultural and livestock exhibit buildings for said City, and acquiring the necessary lands 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 acknowl- edges itself to owe, and for value received promises to pay to bearer, ONE THOUSAND DOLLARS ($1,000.00) in lawful money of the United States of America, on the first day of December, A. D. 19 �, together with interest thereon at the rate of percentum ( %) per annum, payable semi-annually on the first day of June and December 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 payable at the office of the Central Ha wer Bank & Trust Comparr, in New Tory t" tq, New York, 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 five hundred (500) bonds numbered consecutively fromt one (1) to five hundred (500), inclusive, in the de- nomination of One Thousand Dollars ($1,000.00) each, amounting in, the age gregate to the sum of Five Hundred Thousand Dollars ($500,000.00), issued for the purpose of constructing, equipping and improving agricultural and livestock exhibit buildings for said City, and acquiring the necessary lands therefor, 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 lawfully passed and adopted by the City Council of the City of Fort Worth, pursuant to valid authority from the property taxpaying qualified voters of said City, at a proper and legal election held on the 2nd day of Octo- ber, A. D. 1945. It is hereby further expressly represented, recited 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 required by the Constitution and 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, binding and valid obligation of the City of Fort Worth, and that provision has been made for the levy and collec— tion 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 ma- turity dates thereof, and that the total indebtedness of said City, includ- ing this bond and the issue of which it is a component part, does not ex- ceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, 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 fac- simile signatures of the Mayor and City Secretary, and has caused this bond to be dated as the first day of December, A. D. 1946. CITY 0 J; H, TEXAS B U �i� Mayor ATTEST: City focr4tary (FORM OF COUPON NOTE) The City of Fort Worth, in the State of Texas, promises to pay to Bearer ($ on the lst day of 19 , at the Central Hanover Bank and Trust Company, in the City of New York, New York, for interest due that day on its Agricultural and Livestock Exhibit Building Bond, Series 77, dated December 1, 1946, and numbered CITY OF FORT WORTH, TEXAS BY ATTEST: Mayor N0. City Secretary (CERTIFICATE OF COMPTROLLER) OFFICE OF COMPTROLLER, STATE OF TEXAS. I do hereby certify that there is on file and of record in my of— fice 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 North, Texas, and said bond has this day been regis— tered by me. WITNESS my hand and seal of office, at Austin, Texas, this the day of , A. D. 19 . Comptroller of Public Accounts of the State of Texas CITY OF FORT WORTH PRINCIPAL MATURITIES $500,000.00 AGRICULTURAL AND LIVESTOCK EXHIBIT BUILDING BONDS DATED DECEMBER 1, 1946 DUE DECEMBER 1ST PRINCIPAL MATURING 1947 $16,000.00 1948 16,000.00 1949 17,000.00 1950 17,000.00 1951 17,000.00 1952 18,000.00 1953 18,000.00 1954 19,000.00 1955 19,000.00 1956 19,000,00 1957 19,000.00 1958 19,000,00 1959 19,000.00 1960 20,000,00 1961 20,000.00 1962 20,000.00 1963 21,000.00 1964 22,000.00 1965 22,000.00 1966 23,000.00 1967 23,000.00 1968 23,000.00 1969 24,000.00 1970 24,000.00 1971 25,000.00