HomeMy WebLinkAboutOrdinance 985 1 '
ORDINANCE NO.
AN ORDINANCE TO PROVIDE FOR THE FUNDING
OF CERTAIN F'LOATINO CURRENT AND SIMPLE,-
CONTRACT DEBTS OF TIE CITY OF FORT WORTH
NOW EVIDENCED BY DOTER, WARRANT" AND
OHOSES IN ACTION OUTSTANDING AND UN—
PAID BY THE ISSUANCE OF NWWIA13LE MUNI-
CIPR BONDS OF THE CITY OF FORT NORTH IN
THE AGGREGATE AMOUNT OF QNS MILLION TWO
HUNDRED FIFTY THOUSARD ($10350,000) DOL-
LARS TO TAKE UP AND DISCHAXW SUCH DEBTS.
".AID BONDS TO BE IN THE DENOMINATION OF
ONE THOUSAND ($1#000) DOLLARS FACE
1110 SERIALLY FROM FIVE (:7) TO FORTY
(4 YYEARS HRARING INTERElr FROM THE
DATE THEAF AT THE RATE OF FIYB (B%)
per oentcm per unnm Mable *ad-
ANNUALLY, EXPRESS89? fN COUPON NOTES AT-
TACIEW TO THE BONDS DIRECTING THE ZXE-
CCTION OF SAID BONDS BY THE MAYOR AND
CITY SECRETARY or THE CM OF FORT WORTHO
AND TO PRDVIDE AN ADEQUATE; TAX LEVY FOR
THE PAYMENT OF INITEAE^T ON SAID BONDS AND
THE CREATION OF A SINKING FUND TOR THE
PAYMENT OF THE PRINCIPAL THEREOF AS SAME
MATURES ERCH TIME TO TIME.
« M t a s M
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF FORT WORTH, TEXASt
THAT SAS, the City of Fort Worth is
indebted on wootmt of aertsin flewting, ourrent
�Aua sitsplewoutmot debts, eviderAed by virkx ante
dmvn by direallon of the Bastrd of Ce nisslanars
of the City of Tort Worth, and prosissoxy notes and choses
In action executed and created by the sane .utb6:rity,which have been
heretofore lw# t11T twurred end oantruated by thw
n
""Ll City for and during the period of approximately
eU,,�S months next precoUng the pasiage of this
Ordinance. which said debts anon t in the a Mats
to IbA sum of one ai.xlion two hundred fifty (#1,350,000)
dOILLrs anA a,ro now =,i kAve been since their oreatlon
andla, lsl seed subsisting obli::xtiems of the Bald
City of Fort ti,orth, and sires yet outstanding &nd un—
pzdd; and
WHIMS, all the foregoing iidobtodusss
was lawflally lnaurrod by the City of Foort Worth under
the provisions of its sahftrter uxt in riooerds2wo with
law; rind
MERKA1, under the p rovieions of section
Igo of C2.%ptor 8, of the obartor of the City of Fort
Worth. the bm d of t3ounlesloners of s%IA City are
expressly crested with the power wnd authority to
fund wV debt or debt a wh.Acb may be owing by the
City of tort Worth whstbor the some be flostivgs our-
ream or 4aple-oontract dobts, wA to fveue bps
therefor to n000mplish s%id ftwding purpose; and
PIIMEAS, all said debts which are to be funded by the terms
of this ordinance bear an interest rate of, not less than six per coat
per annum; and
,'iHZRZAS, the sa A City of Fort Worth is
now unable to posy the gaid Ird.ebtednees, but do—
si re s to secure an extension of time within which
to pzq the SAMS1 and
THCRU8, it is essential to the welfare
of the City UzA to the M'Untenamoe of its credit
1
that the rate of lntare st an said original debt be
lowored ad that maid indebtednen be fined in no-
,otiable beads of the City of Form Wortb in the saw
of am million two humid fifty thoonkM ($1,3500000)
dollars, bearing interest fram; the dFite thereof at
Via ,r4a of fine (5) per oentm per annmj, pWable
n#+,:i—uTuxually, xaanin.; s arially from five f 5) to
forty (40) yeaurs, the interest to be expressed is
coupons aattaobod to sasid bonde, and the bastds tbm►
selves $0 be issued in denorain-Aims of $10000,00
each; ani
WHRMS, it i;i estimated that the total
assessed values of property in the City of Fort
Worth eubj act to taxation A or the yersr 1934, and
the year theramMar, will �,wumt to a sum smsed—
ing one hun rail forty million ($140O 0,a00) 401—
7,HEMS, it i.a estimated that an the
')leis of a"d ft►axable vfslues, it will ral. uire the
levy of a npnaial, duet: ad YvLlorsm tax in *be
sua of gayan((7) cents on anoh one bwAred dollars of
property valu.,'U m to provido for the p#^ont of the
Interest an naid bonds as eamo accrues, ard, for the
payment of the principal thereof as a arse matures
fxm yeast to year)
NOW THZRJWO M; HE IT FETRR`MM ORDAINSD BY
TEM BOATID OF dOUISSIMMS OF THE CITY OF b'OM TiORTH,
AS FMIoDwei
That to: the purpose of taklrk+ np and ftmod-
ing said floatimga current and al,"ple-canty:-tat dete
of the said City of hart Rosth, heretofore legally
c1ontra"od -und inouxTod, azmnt1nY in %he aggregate
to the " of one million two hundred fifty
dollars, the wWor and the city seoreU y of the City
of Fort Worth be and they are hereby mutsaorized,, &I.
reated and emp+twerod wid it is mada their duty to
fund the said floating, aurrerit qaA pimple-oontraot
debts of said city, represented by warvants and out—
standing not** and choses In rwtion, by issuing to
e#id creditors or to the holders of amid debts, fu*Aw
Ing bonds of the Oily of Fort Worth# as hereinafter
provided.
NVTION 11
That pursuant to tht foregoing dlreati*n
and authority, and to arA for the puvoses afore-
said., beptlable mialpal bonds of the City of
Fort Werths Texas in Its gova=merrtml oarwity to
the +awonnt of one million two hundred fifty
5
dellars shall be issued, of the denomination of 'one
theuasaid ($1,000) dollars eeeh, dated J=Mo►ry 10,
1934 to bear Interest Lt the gate of five (5) per
center per a;ramm, payable sent-ommlly on the loth
idly of January and on the loth day of July of each
year, both prinaiyal and interest of said bonds to
be payable at the Hanover National Hank in the City
of New Tork, &M all :said bonds shall be exeouted
for and on behalf of the said pity of Dort north
by the mayor thereof �LW attestal by Its city asorey-
t%ry, -41th the seal of the city thereon duly !*-
pressed. The sad-awmal interest to accrue on
said bonds sha11 be evlde mod by interest coup=*
attaohed thereto, which coupons shall be issued
�-Ith the litbographod fea-siadls signeatwme of the
mayor and the city aooretary of said City of Fort
Worth. The said bonds send the said coupon shall be
negotiable in form alsd shall be made payable to
bearer, ;grid the bonds themselves, twelve himdsred
fifty (1250) in msssber, shall be nmsbered oaanaeow-
tiv'ely from one (1) to twelve hundred fifty (1 )
invlusi-i and shall mature in US amounts hereinafter
set out -he first meatuAties to ooaur five years
from the date ,,'hereof, and the sremalader of the
bode to beocame due and payable thereafter from year
to year so that the last maturing boffin shall beaeme
due axid 1,ayuble forty years from the elate thereof,
and the order of their maturity, with the nca=bers,
d enominat i vn, maturity axed amoenat s of sense shall
be tj sort out in the tabulated statement herewith
msbjolned, tegwitt
$1,250,000.
CITY �' FORT WORTH, TEXAS, 5% LEVEL TAX
BOND SCHEDULE
(Extended)
Dated
Due Bonds out- Bonds Principal Annual Total
standing Numbered Maturing Interest Annual
Jan Require- Require-
loth ments Mesnts
19255 $1,250,000. $62,5oo, $62,5oo.
1926 1,250,000. 62,500. 62,500.
1927 1,250,000. 62,500',� 62,500.
1929 1,250,000. 62,500. 62,500.
1929 1,250,000, 1 to 13, ino. $133'000. 62,500. 75,500.
1930 1,237,000. 14 to 27, inc. 14,000. 61,950. 75,g50•
1931 1,223,000. 29 to 41, inc. 14,0o0. 61,150. 75,150.
1932 1,209,000. 42 to 56, ino. 15,000. 60,450, 75,450.
193 1,194,000. 57. to 72, inc. 1e,.000. 59,700• 75,700.
1934 1169,000. 73 to 99, ins. 17,000. 59,900. 72,900,
193 1:161,000. 90 to 107, inc. 19,000. 59,050. 7 ,050.
1932 1,143,000. 109 to 125, ino. 19,000. 57,150• 75,150.
1937 1,12 ,000. 126 to 144, inc. 19,000. 56,250. 75,250.
1939 1,10�,000. 145 to 174, inc. 20,000 5 ,300. 75,300.
193j9 1,096,000. 17 to 195, inc. 21,000: R,300• 75,300.
194F0 1,065,000. 196 to 217, ino. 22,000. 53,250• 7 ,250.
1941 1,043,000. 219 to 241, inc. 24,000. 52,1 5, .
942 1, 50.,0o0�. 242 to 266, ino. 2 ,000. 5 , ,
1943 994,000. 267 to 292, inc. 2 ,000. 49,700. 75,700.
1944 969,000. 293 to 319, inc. 27,000. 49,400. 75,400.
1945 941,000. 320 to 349, ino. 29,000. 47,050. 7b,050.
1946 912,000. 349 to 379, inc. 30,000. 45,600. 75,600.
1947 992,000. j79 to � 09, inc. 31,000. 4444,100. 75,100.
1949 951,000. 410 to 4492 inc. 33,000. 42,550• 75,550'
1949 919,000. 443 to 477, ino. 3 ,000. 4o,goo. 75,900.
1950 793,00o. 479 to 513, ino. 36,000. 39,150. 75,150•
19551 747,000. 514 to 551, inc. 9,000. 37,"50• 75, 50,
19532 669,00000. 552 to 91, inc. 40,000. 35,E+50• 75, 50•
3 92 to 33, inc. 42,000. 33,450. 75,450.
1954 627,000. 634 to 677, inc. 44,000. 31,350• 75,350•
1955 583,000. 679 to 723, ino. 46000 29,150. 75,150,
1956 37,000. 724 to 772, inc. 49:000: 26,950. 75,950•
1957 99,000. 773j to $23, ino. 51,000. 24,400. 75,400.
1959 437,000. 924 to 977, ino. 54,000. 21,950. 75,950.
19559 393,000. 979 to 933, inc. 56,000. 19,150. 75,150..
1960 327,000. 934 to 992 inc. 59,000. 16,J50. 75,3450•
1961 269,000. 993 to 1054, inc. 2,000. 13, 00. 75, 00.
1962 2%,00o. 1055 to 1119, inc. 65,000. 10,3X. .,300.
19633 141,000. 1120 to 1179, inc. 69,000. 7,050. 71,050.
1964 72,000. 1179 to 1250, inc. 72,000. 3,600. 75,660.
Total $1,250,000 $2,969,100;
�1,719,100.
7
SCTIOH I IT
That the said UomAe $ 4nd the coup*" thora.•
to aung%►d dvidaTluixv� the intnreat to be paid on esid
bonda, mil he executed in substantially the follow•►
i ng f 9m, toy-x+1t 3
(Tomm or BOND)
UNrT1D STATES'OF A11MCA
STATE OF TXXAS
COUNTY OF TARRANT
CITY Or FORT WOVE
MUNICIPIL BOND MUES 44
X90W ALL MEN BY THESE PRISENTM That the
goveramont of the city of Fort Worth# a► mcnieipal
c orpornti en, duly v reat ed under the laws of the State
of Tozaa, hereby a,aknowladgaa itself to owe, wA for
value received premises to pW* to bearer nne theueead
($1,000) dollars in lawfbl money of the United States
of Ameriam can the day of P 19...0
t+x*ethesr with interest thereon at the rate of five
Por aemtumr per aa=xp payable soul-au a Ally on the
10tb day of da`maary and July in saarh year an pre-
nantation and surrender of the !umoxed Interest
coupone as they severally fall due. Both the prin-
cipal -trill interest of this bond are pourable St the
office of the I'bnnovor Rational Bank in Now York City,
Now York and for the due and pmotual p&ya*ut of this
band at the maturity thereof, vid the interest thereon
8
w)'Dn it falls due, the frill faith# credit and re-
sources of the City of Fort worth a" h►ereby irrevo-
cably pledged.
This bond is onm of a aeries of 125) bonds
numbered consecutively fsorn I to 1250 inclusive, asoh
of this denwinatimn of O1,000, =mac rating in the 04"
gregate to the aws of one mill1m two hundred fifty
thauetr nd ($l, ,ono) dollars, issued for the pnr-
pose of funding a like Amm ut of valid xvA sub..
.Ast inn, floating„ ourareft and *UvIe- o ntrasrt debts
of the City of port viorth, heretofore legally in-
ourred and contracted by the govermeealt of the City
of Fort Toros, and the molder of this band is sub-
rog"tOLL pro t=to to all the right3 ", rose"" of
the original holder of the debt so funded herein
It In hereby represented, recited and
obvs=uded to and with each a A overt' folder of
said beffis, or wV one of then, that all acts, con-
ditions and things re juirod by the legs of the Rixte
of Texans, and of the charter and oxdinawos of the
City of Fort Worth precedent to and in the issuance,
of this bond have been done, have heapponed and hares
been performed in proper tine, fora and: ==net as
prescribed by law; that all the indebtedness repre-
,Yented by the wa>rranta and notes which have been
funded ;.ml extended by the issuance of this bond,
wa 6 1 awftx l l y COM rrssat ed, Incurred ate at the t lao
when this bond was imm%4ed, min a lmil, binding and
vulld obis;%tiani of the City of Fort AarEh, Znd that
provision bai been made for the levy and aol7 eation
of cti :tract, :'Mual t%x on all t'%X3bje 'Praper'ty in
the City cf Fort v7orth, and that mach tan han been
111viO in a sufficient ama=t for the piaymant of the
principr•.,1 and interest of thin band at the ragpeative
riaturity diLte►s t,hor*ot, and that the tatrl Indebted—
nesa of anift city, inaluding this bored, aruf the imam
of whiah it is a ocmponanst part, does not exceed amey
csanaatitutioniL l or statutory Unitar~tion.
IN TESTIMONY .THEREOF, the City Of Fort
'"ar'tr in the I MI,@ of "fax!z has arxaouled this bond
by oauazing it to be air-Metd by its aaa;yor anA mttasted
Ly its sacreatary, with the aawal Of the city theraeaaento
duly impremaeed, and bait amend thn annexed Interest
acupona to be executed with the litthsgraphad fac—
siaila of the 31. naturan of the anVrar and city ssoro—
ta y and dated as of the lath day of Jiunuary, A. D.
191,33.
THE CM OF FOF& WORTH
At~tant« mayor
CM Sec arx-r
10
(row or (JOW011 )
NO.
The City Of Tort Wor#b, State of Teurceeet,,
promises to Pay to bearer
( dollars on the of
Ar D. 19 at the Ha ovor National Bank in the City
of Bow York for Interest due that dAW on its smiaipal
r
barid,F dated Jarneeavy 10e, 1924 and n berefd oft-r
THS 01TY OF FORT WORTH
,At t eist C aya r
* rty goo-rate
i
11ECTION IV
That noun of the said bolo heerei hove
1
authorizod. to be issued sball be issued or uttered
by the mayor and olty deoreltary exaspt in etrab angs,
for lawful and subsisting '.Lrr&ts saw indA*s& ss
of the city of Fort Worth *1496 to the holder
thereof, and the ovidecoo of said indebtedness, whetlaerr
In form of wit, note or athereriseo owl forthwith,
be craraellod ark: voided *ban such eroha s oases about.
Provide do however$ that tbl,a re vireme t as to the
exot
use and epplioa'ticwa of satd bonds aball/bed construed
11
to impose on any third party wbo nay as agvl ro said
baalld -,or ;u-ky one of annoy for value, the aiaty to sae
to 00 C&n061106tion of Ssaid, warrar�U or notes, or
other form of indebtedness, so taken tap by the bonds
herxsin twthorised to me exaouEted# or to the exti>9gaish-
-taent of the Indebtedneiv, so handed thereby. Hut it
Is further providel that the bolder of said basis*
or QW one of same, shall be subrogated jara taanto
to all the rights oax3 remedies of the holder or bolders
of.the original debts antboriaae d to be funded borel.n.
sICTION V
That for the purposa of or*wting a sinldug
fUMJ for the 'p;c6yaxent FLEA extlnlntisbKgn$ of the fora..
going, bonded debt, pritesipal wA interest, aalld all
not every part of ssase, there is hereby levied, and
there shall be assessed and oolleoted as provided by
lwi, ,,,n nnnwLl, direct, elmolaal, ad—valorem tax for
the year 1 1::4 -and for saah stsaaaaassive year these"►
.Lfter during the life of odd bonded debt, or tatty
part thereof, of Am, oents (or so much thereof
as may be nooessa►ry !uul adequate, be it Barre or lass), on every
ne lwt4mdr'ed dall&re of Praperty vzL-lU&ti0a, Taal, pess-
==. l wA mixed, nubjeaet to taxation sand not exaerallt
therefrom by the constitution arUA 1axars Of the state
of Tema, situated Sri owned in the aitir of rorft
Worth on thra 1st day of Jsitwary, 19"A and on the
l►at day of d4nua Ty of every year thereafter =ttl
said debt r rseented by said basis and moupalen in-
tereet notes aball have been fully paid and extIMMAshed.
12
MIEN V'I
That it shall be the duly of the Seard of
Camuwisslonerm of the City of Fart Forth, and their
sucosssor,3 in office, .and of the go renu mt of said
City of Fort Worth, in lovyir ; taxes for general pur-
poses for the City of Fort worth for the year 1934,
and for every sueoessive year durbW the life of said
debt, or my part thereof, to include in said levy
the 1,pevial tax of ;Qyq," cents on the one Inuxtred
4tollar propvr`y valuation (car ao smoh thereof ram say
be reatuisite and neoessaxy, be it more or lets) plro.
vidsd for in the next Precedirg. section of this '
o adinedrae, atxi such special taro stall on no asoaunt
whatsoever be di.ar lo-O act frost such tax levy and from
tho budget which may be framed w maid city govern-
mmit in the conduct of its fiscal ;affairs.
920TIpg YII
That the special tax hereinbefore provided
for, when.colleatwL, stall be I�Imcod i%mi kept in a
separate fund and shall Us devoted to the psi*Onik
of the interact and the extingulabnent of the prin-.
owl of the bonda hersinabova mentioned, and shall
not be used, axxpU*d or diverted to any other purpose
or object whatsoever.
13
k3IMON VIZI
That c6$ +wax al 401wor+iant after said furl-
in- borts ahall have been r r spared PxA sirrA& in the
osmnnar pr000rlbed by thl a ordinance, they, the said
.' bonds, with the record parti%1-nin- thereto shall be r.
' aaibrAt'ted to the Attorney General of the States of ?l�,
t
Tnx&n, gather :=ith a oerttifled OW of this and snoa;
d� Mind a statement of the trAal bmrAad indebted so of the
` e Cite of Fort W art4 InoludIng the bonds herein snd V
p� Mraby authorized, n*kd t%e ma#ossesd valxerof the
° taxable pr*pert71 in the 171ty of For6 worth* for t►iB
approval as to the validity of asae; ar-d �,-fter acid
Attorney Cameral rP,.LI3 haves nmprnved said bonds
that theythen :.vid tbaretaftsr be ledged with the
at,te 000trellsr for re a'tr%tieann.
MOTION 1%
That r+hi a ordi pe shall take effect and. be
In force trox *axed after its ptoomra, and it is so or•-
•'-'nir�rd.
ORDINANCE
Title —
Date
Filed day oft `i
197
City Secretary