Loading...
HomeMy WebLinkAboutOrdinance 1783 ORDINANCE NO. 1783 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS OF THE CITY OF PORT WORTH, AMOUNTING TO THE PRINCIPAL SUM OF NINETY-ONE THOUSAND DOLLARS ($91,000.00), IN ADDITION TO THE SUM OF ONE MILLION, FIVE HUNDRED AND SIXTY-THREE 'THOUSAND DOLLARS ($1,563,000.00) WORTH OF SAID BONDS HERETOFORE ISSUED AND DIRECTED TO BE ISSUED OUT OF AN AUTHORIZED ISSUE OF TWO MILLION DOLLARS ($2,000,000.00) AND BEING KNOWN AS SERIES #56 AND DESIGNATED AS "STMET nA ROVmum BONDS", TO BE ISSUED FOR THE PURPOSE OF MAKING PERWENT IMPROVEMTS BY CONSTRUCTING, IMPROVING AND MCMDING THE SnMTS, THOROUGHFARES AND STORM SEWERS OF SAID CITY, INCLUDING IN SUCH PERMANENT IMPROVEMENTS THE STRAIGHTENING, WIDENING, PAVING, GRADE SEPARATION AND MAIN- AGE OF SAID STR1-_TS AND THOROUGHFARES, EACH OF SAID BONDS TO BE IN THE DWOMINATION OF ONE THOUSAND DOLLARS ($1,000.00) TO BE DATED JANUARY 15, 1934, MATURING FROM FIVE (5) TO THIRTY (30) YEARS FROM THE DATE THEREOF, AND TO BEAR INTEREST AT THE RATE OF FOUR PER CENT (4%) 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; AND PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAY- MENT 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 EFFPsOT FROM AND AFTER THE DATE OF ITS PASSAGE. WEER=, 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 llth day of December, A. D. 1924, and the laws and Con- stitution of the State of Texas, the City Council of the City of Fort Worth, Texas, by a resolution and an ordinancs of that date, directed the submission to the resident property taxpaying qualified voters of said city, at an also- tion to be held in said city on the 25th day of June, A. D. 1929, of the right, power and authority of the City Council of said city to issue negotiable coupon bonds of the corporate government of said city in the principal sum of Two Million Dollars ($2,000,000.00), for the purpose of making permanent improve- ments in said city by constructing, improving and extending the streets, thoroughfares and storm sewers of the said city, and to include in such perman- ent improvements the widening, paving, grade separation and drainage of said streets and thoroughfares; 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, WFBEFMAS, said election order and proclamation thereof was prepared and published in the manner and for the time prescribed in said resolution and ordinance; and, AH REAS, 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 taxpaying qualified voters of said city; and, WHEREAS, the official ballot on such occasion, in conformity with the resolution and ordinance of this 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 City Council, issue its negotiable coupon bonds running from five (5) to forty (40) years, in the principal sum of Two Million Dollars ($2,000,000.00), for the purpose of con- etructing improving and extending the streets, thoroughfares and storm sewers of said city, including in such permanent improvements the straightening, widen- ing, paving, grade separation and drainage of said streets and thoroughfares, the first of said bonds being payable at the expiration of five (5) years from the date thereof, and serially thereafter as may be determined by the said 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 five (5) per oent 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 fund suffi- cient to redeem said bonds at the maturity thereof? FOR the Issuance of Street Improvement-Bonds. AGAINST the Issuance of Street Improvement Bonds. 119 Shall the City of Fort Worth, through its City Council, issue its negotiable coupon bonds running from five (5) to forty (40) years, in the principal sum of Five Hundred Thousand Dollars (#500,000.00) for the purpose of improving and extending the system of fire protection of said city by con- structing, building and equipping a new central fire station, acquiring the necessary land therefor, and extending and improving the fire alarm signal system, the first of said bonds being payable at the expiration of five (5) years from the date thereof, and serially thereafter as may be determined by the said 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 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 sink- ing fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Fire Protection Bonds. AGAINST the Issuance of Fire Protection Bonds. III. Shall the City of Fort Worth, through its City Council, issue its negotiable coupon bonds running from five (5) to forty (40) years, in the principal sum of Five Hundred Thousand Dollars ($500,000.00), for the purpose of establishing, equipping, extending and improving a municipal airport and landing field for aeroplanes and other aerial machines and acquiring the neces- eery lands and property therefor, the first of said bonds being payable at the expiration of five (5) years from the date thereof, and serially thereafter as may be determined by the said 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 five (5) per cent per annum from the date thereof, payable semik=ually, 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 Airport Bonds. AGAINST the Issuance of Airport Bonds. 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 iesu- ante of said bonds; and, 1+EEVA8, 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 aforementioned, and to make same valid and binding obligations of the corporate government of the City of Fort Worth; and, idUUREAS, the City Council, in accordance with the power vested in said governing body, 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 is- suance of negotiable coupon bonds of the government of the City of Fort Worth amounting to the principal sum of One Hundred and Fifty Thousand Dollars (*M5 000.00); and, WHERM, the City Council, pursuant to the power vested in said governing body, did lawfully pass and adopt an ordinance on the 7th day of May, A. D. 1930, authorizing the issuance of negotiable coupon bonds of the government of the City of Fort Worth, amounting to the principal sum of Six Hundred and Fifty Thousand Dollars ($650,000.00); and, WEUMW, the said City Council, pursuant to the authority afore- said, did lawfully pass and adopt an ordinance on the 21st day of January, A. D. 1931, authorizing the issuance of negotiable coupon bonds, amounting to the principal sum of Six Hundred Thousand Dollars ($600,000.00); and, WFMREAS, the said City Council, pursuant to the authority afore« said, did lawfully pass and adopt an ordinance on the 13th day of January, A. D. 1932, authorizing the issuance of negotiable coupon bonds amounting to the principal sum of One Hundred Thousand Dollars ($100,000.00); and, WHEREAS, the said City Council, pursuant to the authority afore- said, did lawfully pass and adopt Ordinance No. 1782 on the loth day of January, A. D. 1934, authorizing the issuance of negotiable coupon bonds amounting to the principal sum of Sixty-three Thousand Dollars ($83,000.00); and, WHEREAS, all of the above described bonds were issued and directed to be issued out of an authorized issue of Two Million Dollars ($2,000,000.00) worth of said bonds and which bonds were authorized to be issued by the property taxpaying qualified voters of said city at an election held on the 25th day of June, A. D. 1929, and all of them being a part of and known as Series #58 and designated as "Street Tftrovem&nt ma`s'*; 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 Ninety-ono Thousand Dollars ($91,000.00) worth of said bonds, in addi- tion to the One Million, Five Hundred and Sixty three Thousand Dollars ($1,583,.. 000.00) heretofore issued and directed to be issued out of the authorized issue of Two Million Dollars ($2,000,000.00), be issued in bonds at this time in order that they may be used as security to secure a loan of Ninety-one Thousand Dollars ($91,000.00) from the Federal Emergency Administration of Public Works for the purpose of paying the proportionate cost of the City of Fort Worth in effecting the grade separation along Daggett Avenue over the tracks of the Fort Worth and Rio Grande Railway Company and the Texas and Pacific Railway Company, said bonds to be issued being a part of Series #56 and designated as "Street Improvement Bonds": NOW, THIMCRE, BE IT ORDAINED BY THE CITY COUNCIL OF ZiE CITY OF MRT 1DRTH, TEXAS: SECTION I. That pursuant to Section 19 of Chapter XXP of the Charter of the City of Fort Worth, Texas, 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 Constitution of the State of Texas, and pursuant to a vote of the resident property taxpaying 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 munici- pal government of the City of Fort Worth issue its corporate negotiable coupon bonds in the principal sum of Ninety-one Thousand Dollars, 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. 1929s in addition to Six Hundred and Fifty Thousand Dollars (4;650,000.00) worth of said blinds here- tofore issued by an ordinance lawfully passed and adopted on the 7th day of May, At D. 1930, in addition to Six Hundred Thousand Dollars ($600,000.00) worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 21st day of January, A• D. 1931, in addition to One Hundred Thousand Dollars (4100,000.00)41worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 13th day of January, A. D. 1932, and also in addition to Sixty-three Thousand Dollars ($63,000.00) worth of said bonds heretofore issued by Ordinance No. 1782 lawfully passed and adopted on the loth day of January, A. D. 1934, and all of said bonds being issued and directed to be issued out of an authorized issue of Two Million Dollars ($2,000,000.00), and which bonds were authorized to be issued at a proper election held on the 25th day of June, A. D. 1929, and which bonds are known as Series ,#56 and designated as "Street Improve- ment Bonds", and the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated January 15, 19349 bearing interest at the rate of four per cent (4%) per annum, payable semi-annually on the fifteenth day of July and January 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 evidenc- ed 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 thereon duly impressed, but the interest coupons to be executed with the lithographed 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 number- ed in the way and manner hereinafter set out, maturing in numerical order five (5) years from the date thereof and annually thereafter until the last maturing bond shall become payable within thirty (30) years from the date thereof, and the bonds themselves, ninety-one in number, shall be numbered consecutively from fifteen hundred and sixty-four (1564) to sixteen hundred and fifty four (1654), inclusive, and shall mature in the emiount and manner hereinafter set out, said bonds shall be used for the purpose of making perman- ent improvements by constructing, extending and improving the streets, thoroughfares and storm sewers of said city, and including in such permanent improvements the straightening, widening, paving, grade separation and drain- age of said streets and thoroughfares. That the general form of said bondsand the coupons thereto annexed and the interest added to said bonds shall be executed substantially in the following forms NO" ---- UNITED STATES $1000+ ' OF AhMICA STATE OF TEXAS, COUNTY OF TARRANT SERIES 56 CITY OF FORT WORTH Street Improvement Bond of the City of Fort Worth issued for the purpose of making permanent improvements by constructing, improv- ing and extending the streets, thoroughfares and storm sewers of said city* KNOW ALL MB] BY THESE PRESENTS: That the government of the City of Fort Worth, a municipal cor- poration, duly created under the laws of the State of Texas, hereby acknow- ledges itself to owe, and for value received promises to pay to bearer, ONE THOUSAND DOLLARS ($1000) in lawful money of the United States of America, on the 15th day of January, A* D. 1939, together with interest thereon at the rate of four per oentum (0) per annum, payable semi-annually on the fifteenth day of July and January 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 Hanover Bank and Trust Company, in Now 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 ninety-one (91) bonds numbered con- secutively from fifteen hundred and sixty-four (1564) to sixteen hundred and fifty-four (1854), inclusive, each of the denomination of One Thousand Dollars (4I,000.00), amounting in the aggregate to the sum of Ninety-one Thousand Dollars ($91,000.00) issued for the purpose of making permanent improvements by constructing, extending and improving the streets, thoroughfares and storm sewers of the City of Fort Worth, Texas, including in such permanent improve» ments the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares, under and by virtue of the Constitution and laws of the State of Texas, the Charter of the City of Fort Worth, and an or- dinance of the City Council of said city lawfully passed and adopted on the loth day of January, A. D. 1934, pursuant to valid authority from the property taxpaying qualified voters of said city, at a proper and legal, election held on the 25th day of June, A. D. 1929. 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 requir- ed 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, 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 the issue of which it is a component part, does not exceed 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 facsimile signature of the Mayor and City Secretary, and dated as the 15th day of Jammry, A• D. 1934. CITY OF FORT WORTH, TEXAS WFOW ATTEST: Rty Secretary (FORM OF COUPON NOTE) NO. _ The City of Fort Worth, in the State of Texas, promisee to pay to b+baer ( )i on the 15th 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 municipal bond dated , and numbered CITY OF FORT WORTH, TEXAS UWW ATTEST: Oity Beereftry SECTION II. That the said bonds so to be issued by the City of Fort Worth, amounting to Ninety-one Thousand Dollars ($91,000.00), in addition to the sum of One Million, Five Hundred and Sixty-three Thousand Dollars ($1,563,w 000.00) of said bonds heretofore issued out of the said authorized issue of Two Million Dollars ($2,000,000.00),9hall be issued for the purpose of mak- ing permanent improvements in said city by constructing, improving and ex- tending the streets, thoroughfares and storm sewers of said city, and inelud- ing in such permanent improvements the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares, and shall consist of ninety-one (91) bonds, numbered from fifteen hundred and sixty-four (1564) to sixteen hundred and fifty-four (1654), inclusive, and shall bear interest at the rate of four per cent (4%) per annum, payable semi-annually as afore- said, all of which said ninety-one (91) bonds shall be known as Series #56 and shall be styled and designated as "Street Improvement Bonds"; that all of the said bonds comprising the sum total of Ninety-one Thousand Dollars ($91,000.00) shall mature in numerical order in the manner and amounts as set out in the tabulated statement herewith attached, to wit: CITY OF FORT WORTH PRINCIPAL MLTLIRITIES $91,000.00 SUMT IiMMUNT BONDS DATED TANUARY 15TH, 1934 PRINCIPAL DUE ZANUARY 15TH M►TU4ING 1939 290000 1940 2,000, 41 2,000. 42 2,000. 43 2,000. 44 2,000. 45 3,000, 46 3,000. 47 3,000. 48 3,000. 49 3,000. 1950 3,000. 51 3,000. 52 3,000. 53 4,000. 54 4,000. 55 4,000. 56 4,000. 57 4,000. 58 4,000. 59 5,000. 1960 5,000, 61 5,000. 62 5,000. 63 5,000. 64 6,000. 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 le;s 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 forth and utilized for the special purposes for which they are created. SECTIOid IV. That x the ;_urpose of creating a sinking fund for the payment and co,-,1pL to prt3nguishment of the foregoing bonded debt, principal and interest, and all an(i every part of same, there is hereby levied and there shall be assessed and collected as provided by law, set apart and appropriat- ed for the said purpose,an annual, direct, special ad valorem tax for the year 1934, and every successive year thereafter during the life of said. bond- ed debt, or any part thereof, of .3162 cents (or such an amount as may be necessary and adequate, be it more or less) on every One Hundred Dollars (2�100.00) of property valuation, real, personal and mixed, subject to taxa- tion and not exempt therefrom under the Constitution and laws of the 6tate of Texas, situated and owned in the City of Port Worth on the 1st day of January, 1934, and on the 1st 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, such tax should be insufficient, then it shall be the duty of the City Council or apy other governing body of the City of _port diorth, to set apart and appropriate ;uch 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 establi2hed as required by the Constitu- tion of the State of Texas and the Charter of the City of Fort "worth. SECTION V. That it shall be the duty of the City Jouncil of the City of Fort 64orth and its successors, and of the government of the City of Fort Vorth, by levying taxes for general purposes for the said City of Fort ';Vorth for the year 1934, 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 ,3162 cents on the One Hundred Dollrms (�100.00) 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 tax shall on no account whatsoever 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 pay- ment 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 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 Secretary 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 indebted- ness of the City of Fort ?orth, including the bonds herein and hereby author- ized 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. SECTION VIIIo That the City Secretary of the City of Fort V7orth, or other lawful custodian of such fund, during the months of January and July of each and every year during the life of said bonds or part thereof, and not later than the loth 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 accru- ing 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 here- of 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 LEGALITY: City Attorney Van Landt Jarvis, Mayor, presiding at said meeting, submitted the motion to adopt said Ordinance, and Mayor Tarvis and Councilmen Burton, Calla- way, Davis, Harrell, Martin, Monnig, Penn and Thompson all voted "aye" thereon and none voted "no", and the motion to adopt the ordinance was declared to be unanimously passed.