HomeMy WebLinkAboutOrdinance 1286 r
The City Council of the City of Fort Worth met in
regular session in the Council Chamber at the City Hall at
9:30 A. M. Tuesday the 19th day of ftly, A. D. 1927, and
upon roll call the following were present: Vim. Bryce, Mayor,
T. B. Hoffer, - . E. Thomas, E. T. Renfro, William 19onnig, W.
E. Austin and J. N. Sparks, Councilmen, copstltuting a quorum
and majority of said Board, and I. L. Van Zandt, Jr., City
Secretary-Treasurer was in attendance at said meeting, and
the following proceedings, among other things were had and
done:
Councilman Austin, seconded by CounciL*nan Monnig,
moved the adoption of the following Ordinance:
ORDINANCE NO. 1286
AN ORDINANCE PROVIDING FOR THE 193: AN(Ji. OF NEGOTIABLE
COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, AMOUNT-
]ENG TO THE PRINCIPAL SUbi OF SEVEN hMTDRFD -�USAND DOLLARS (4700,-
000,00 , IN ATTITION TO THE SUET OF TWO MILLION SIX HUNDRED THOU-
SAND (4,600,000.00) '•.ORTH OF SAID BONDS :1. TOF21:i. ISSUE,. _Y THE
CITY COUNCIL, :URSUANT TO VALID AUTHORITY VESTED III SAID GOVERN-
ING BODIL AT A REGULAR AND PRO"ER i:a_'•-,-�Ii;.: _„- 'et i 2`TH DAY
OF NOVTE R, A. .Q. 1925, OUT OF AN AUTHORI'LSD ISSUE OF THREE MILLION,
THREE HIMDRED ND DOLI,A.. ( 3,300,000.00) i.INO :: .'• N AS
SERIEES NO. 45 iND DESIGNATED AS .A,TER AND SANITARY SEWER BONDS,
TO ' P, _C'L.: .EE ?URPOSE OF ;- EKING : - L. .:� . PROVE. .. PITS IN
Tli4 :''-TEk AND SfXITARY SEWhR SYSTEM OF SAID CITY, ALL OF SAID
BONDS TO P,E I'Y y ;.. D : Oh IP T.-' OF •:: . _� . . _. (. 1,G00.00)
EACH, 70 S1 DATF- QE;TEMH 'R 18T, 1927, i..4LTURING FROM FIVE (5) TO
FORTY (40) YEARS FRG:., TIM DA.; :"' :.T' OF, ... TO I::.:. : -.3T AT
TEL RATE: OF FOUR AND ONE-FOURTH j4*) PER GENT PER ANNUM, PAYABLE
SFVI-AN':;j:;� 1 Y, THE INT''.,1•:�T TO BE EXPR=,]:1L'_ IN c,i,-jiv NOTES AT-
TACHED TO 9AID BONDS; DIRECTING THE UXECUTION OF SAID BONDS BY
THE MAYOR ;,ND ;ITY S AND PROVIT INNG FOR AN
ADEQUATE TAX LEVY FOR '4'HE PAYMENT OF THE INTE"ST ON SAID BONDS
AND TO CREATE A SINKING FUND FOR 1-7- F.',, MENT OF ':ill, .-IINCIP.AL
THEREOF ::'U TEL SAME . +TURES FROM TI1v%. TO TIME; AND PROVIDING THAT
THIS ORDINiINGI- 31•_.,LL IN FORCE AND EFFi.CT FROM -ND -FTEh THE
DATE OF ITS PASSAGE.
WHEREAS, on the 3rd day of November, A. D. 1925,
pursuant to the authority vested in said City by Section 19
of Chapter XXV of the Charter of the City of Fort Worth,
adapted by the qualified voters within the limits of said
City on the filth day of December, A. D. 1924, and the laws
and Constitution of the State of Texas, the City Council
of the City of Fort North, Texas, by resolution and ordinance
of that date directed the submisslon to the resident property
tax paying qualifi--- voters of said City, at an,, election to
be held in maid City on the 24th day of November,. A. D. 1925,
of the right, power and authority of the C3ty Dom cil of said
City to issue negotiable coupon bonds of the corporate govern-
ment of , laid City, In the principal sum of Three Million, Three
Rcmdred, Thoueand Dollars ($3,300,000.00), which amount was to
be used for the purpose of making permanent improvements in said
City by improving and extending the water and sanitary sewer
system of said City, and
WBIMEAS, in conformity with said resolutionand ordinance
tua U4QX of a"61 Gity did WQO1*At1QA Cf laid eloctiou
and the date for same was set on the 24th day of November, A. D.
1925; and
WHEREAS, publication was made of said erection in the
manner and for the time prescribed in said resolution and election
ordinance; and
'WIM'.6A5, on the said 24th day of November, A. D. 1925,
said election was held in the City of Fort Worth at the respective
polling places designated in the election order, at which said
election each issue of ..onds was submitted as a separate and
distinct proposition to the voters of said City, the official
ballot on such occasion, in conformity with the resolution of the
City Council and the order of the election, in form and substance,
rraa as follows:
R
WHEREAS, at the election held in said City on the
24th day of November, A. D. 1925, theme were 3,401 votes
cast in favor of the issuance of ,laid water and sanitary sewer
bonds and 1,256 votes cast against the issuance of said bonds,
leaving a majority in favor of the issuance of said bonds of
2,145 votes; and
IHEHEA.S, by virtue of said election the S•Ad City
Council is vested with power and authority by and from the
people to issue said :onds for the purpose aforementioned,
and to make same valid and binding obligations of the cor-
porate government of the City of Fort ,.orth; and
W&MAS, pursuant to the poorer vested in the City
Council, the duly constituted governing body of the City of
Fort Worth, by said election nd the laws and Constitution of
the State of Texas, the s=id City Council did by an ordinance
lawfully passed and adopted on the 29th day of December, A. D.
1925, and which ordinance was amended by an ordinance law-
fully pass,-d and adapted on the 06th day of January, A. D. 1926,
authorize the issuance of negotiable coupon bonds cf the
government of the City of Fort Worth, amounting to the prtpci-
pal sum of One Killion, Five Hundred Thousand D:.. Ara ($1,500,-
000.00) out of an authorized issue of Three Million, Three
Hundred Thoua�nd Dollars (43,300,000.00) worth of said bonds
authorized by the property tax paying qualified voters of said
City, at the said election held on the 24th day of Eovember,
A. D. 1925, and being ..-..',ln as Series 45 and designated as
dater and Sanitary Sewer =.onds; :Lnd
ZIEEREAS, the said City Council, in accordance with
the power vested in said governing body, as set forth in the
preceding paragraph, did lawfully pasq and adopt an ordinance
on the l5th day of June, As D. 1926, authorizing the issuance
of negotiable coupon bonds of the government of the City of
Fort Worth, amounting to the principal suss of Five Hundred
Thousand Dollars ($50o,000.01^1); :,n r.ddition to the one Million,
r
Five Hundred. Thousand Dollars (41,500,000.00) worth of said
bonds heretofore issued by authority of an ordinance lawfully
passed and adopted on the 29th day of December, A. 1). 1925,
which ordinance was amended by an ordinance adopted on the
26th day of January, A. D. 19261 and
1
WHLR"4, the said City Council, in accordance with
the power vested in said governing body, as aforesaid, did
lawfully pass and adopt an ordinance on the S$th day of Dee-
ember A. D. 1926, and which ordinance has amended the 26th day
of April auUhorizing the issuance of negotiable coupon bonds
of the government of the City of Fort Worth amounting to the
principal sum of Six Hundred Thousand Dollars (0600,000.00)1
in addition to the Two Million Dollars .($2,000,000.0.0) worth
of said bonds heretofore issued for ordinances Noe. 111,5, 1123
and 1160, all of said bonds being issued out of an authorized
issue of Three Million, Three 11undred Thousand Dollars (#3,300,-
000.00) worth of said bonds empowered by the proper y tax payer
ing qualified votes of said City at the said election held on
the 24th day of 'November, A. U. 1925, and being known as Series
45 and designated as Water and Sanitary Sewer Bonds; and
WHEREAS, under proceedings heretofore duly and legally
had and adopted by the City Council of the City of Fort orth,
Texas, as aforesaid, bonds of said City to the total amount of
Two Million Six Hundrad Thousand Dollars ($2,600,000.00) have
been issued not of :series 45; and
.HE RUS, it is deemed wise and expedient by the City
Council of the City st Fort orth, in the exercise of the dis-
cretion reposed in It by law, that Seven Hundred Thousand Dollars
($700,000.00) worth of said bands, in addition to the Two Million
Six Randred Thousand Dollars (;2,600,000.00) worth of said bonds
heretofore issued out of Series 45 and which amount constitutes
the portion of the bonds remaining that can be issued out of the
authorized issue of Three Million Three Hundred Thousand Dollars
($3,300,000.00) and designate4 Municipal Bonds Series 45, be issued
Y
in bonds at this time and said bonds shall be a part of Series
45 and shall be designated Water anal Sanitary Seger Bonds;
NOW, THEREFORE,
BE IT ORDAINLD BY TIF6 CITY COUNCIL OF THE CITY OF FORT WOKTH:
SECTIQIQ
That pursuant to Section 19 of Chapter XXV of the
Charter of the City of Fort .-orth, 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 resi-
dent property tax paying voters of the City of Fort oath,
at an election held in said City for such purpose on the 24th
day of November, A. D. 1925, that the municipal government of
the City of Fort , orth issue its corporate negotiable coupon
bonds in the principal aum of Seven Hundred Thousand Dollars
(, 700,OUO.00), t ii3 amouno of aald bQZaAa be132& 3. u� i :;_�; 60
the One Million, Five hundred Thous- nd Dollars ($1,500,000.00)
worth of said bonds heretofore issued by an ordinance Lawfully
passed and adopted on the 29th day of December, A. D. 1925,
and which ordinance was amended by an ordinance la,-,-fully pass-
ed and adopted on the 26th day of January, D. 1926, b,, the
City, Council and also in addition to Five ?Iundr*.ct 4JM®and
Dollars ( 500,000.00) worth of said 'bonds heretofore i"4ed by
an ordinance lawfully passed and, adopted on the 15th day of
June, . D. 1926, and also in addition to Six Hundred Thousand
Dollars (4600,000.00) worth of bonds heretofore issued by
an ordinance lawfully passed end adopted on the 28th day of
December, D. 1926, and which ordinance was amended by an or-
dinance lawfully passed and adopted on the 26th day of April,
A. D. 1927,_ pursuant to valid authority from the property tax
paying qualified voters of said City, at a proper and regular
election held on the b4#h day of November, A. D. 1925, out of
an authorized issue at said election of Three Million, Three
Hundred Thousand Dollars ($3, 300,000.00) worth of said bonds
and which authorized issue is known as Series #45 and is desig-
nated as Water and Sanitary 0(,O rop II�ndra, and the bands so to be
issued shall be in the denomination of One Thousand Dollars
($1,000.00) each, dated September lst.r 1927, bearing interest
at the rate of four and one-fourth (4*) per cent per annum,
payable semi-annually on the first day of March and September
of each year respectively, both principal and interest of said
bond:m payable at the Hanover National Bank in the City of New
York, St to of New "York, the semi-annual interest evidenced
by interest ooupons attached thereto, all sf said woxfs to be
executed for and an behalf of the City of Fort Worth by the
Wayar thereof, attested by its Secretary-Treasurer, with the
seal thereon duly impressed, but the interest coupons to be
executed with the lithographed facsimile signature of the
Mayor and City Secretary-'treasurer of the City of Fort Worth,
enOh of said bonds and coupons shall be negotiable and payable
to bearer, and said bonds numbered in the way and manner here-
inafter set out, maturing five (5) years from the date thereof
and annually thereafter until the last naturing bonds shall be-
aome payable within forty (40) years from the date thereof.
That the general form of said bonds and the coupons
t1jereto annexed, and the interest to be added to said bonds
shall be executed in substantially the following Forma, to-wit;
NO. UNzT3v STATES fl000
OF AMERICA
ST_ATR OF TEXAS, COUNTY OF TARRANT
SERIES 45
C 1 T Y O F F 0 k T .. O F T H
---0000000---
Water and Sanitary Sewer Bond of the City of Fort .,orth
issued for the purpose of imprcving and extending
the Yiater ana Sanitary Sewer System of the
City of Fort .,orth.
KHO'A ALL MEN BY TaS;K PRSahAT'S.
Zaat the government of the City of Port Forth,
a municipal corporation, duly created under the laws of
the State of Texas, hereby acknowledge itself to owe,
and for value reoeived promises to Fay, to bearer,
oliE THOUSAND DOLLARS (Jl000)
in lawful stoney of the United States of America, on the lat
day of September, A. D. 1932, together with interest thereon
at the sate of four and one-fourth (4-t) per centum per annum,
payable semi-annually on the first day of March and September
in each year, on presentation and surrender of the annexed
Interest coupons, as they severally fall due. Both the principal
and interest of this Mond are p..;. :ble at the office of the Han-
over 11 tional mill_-, in iiew '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 re-
sources of the City of Fort -orth are hereby -irrevocably pledged.
This bond is one of a series of seven hundred (700)
bonds numbered consecutively from two thousand six hundred and
one (2601) to three thousand three hundred (3300) inclusive,
each of the denomination of One Thousand Dollare ($1,000.00),
amounting in the aggregate to the sum of Seven Hundred Thousand
Dollars (4700,000.00) issued for the purpose of improving and
extending the water and sanitary sewer system of the Qity of
Fort i,orth, under and by virtue of the Constitiation and laws
of the State of Texas, the Charter of the City of Fort 'North,
and an ordinance of the City Council of said City lawfully pas-
sed and adopted on the 19th day of July A. D. 1927, pursuant
to valid authority from the property tax paying qualified voters
of said City, at a proper and legal election held on the 24th day
of November, A. D. 1925.
It is hereby further expressly represented, recited
and covenated by the government of the City of Fort north, to
an i with each and every holder of said bonds or any one of
them, that all acts, conditions and things required by the laws
of the State of Texas, and of the Charter and ordinances of the
City of Fort .orth, 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 preaeribed. by law, so
as to make this bond a legal, binding and Rlid obligation of the
City of Fort Sorth, and that provision has been made for the levy
and collection of a direct annual tax on all taxable property in
the Cil-a e- Fort: To2th, and that such tax has been levied. in a
sufficient amount for the payneat of the prinelpal and interest
of this bond at the respective maturity dates thereof, and that
the total indeotednesa 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 TESTINONFY 1411ERE OF, the City of Fort Worth, in
the State of Twws, has executed this bond by pausing it to
be signed by its Mayor and attested by the City Secretary-
Treasurer, ith the seal, of the City thereunto duly impressed
and has caused the annexed interest coupons to be executed
with the facsimile signature of the !tayor and City Secretary-
Treasurer, and dated as the first day of February, A. D. 1927.
ATTEST: THE CITY OF FORT .'ORTH j TEXAS
U acre ary- reasnrer Mayor
(FORM OF COUPON NOTE)
)TO, �F21,25
The Cit7 of Fort forth, in the State of Texas,
promises to ,pay is bearer Twenty-one Dollara and Twenty-
five Cents ($21.25), on the let day of March, A. v. 1927,
at the Hanvver stational Bank in the City of New York, N. Y.,
for interest uuu that uay on its munlalpal. bond
September let, 4. D. 1927, and numbered 2601.
T E CITY OY WORT 'NORTH, TEXAS
A TTEST:
y leore ary- rsnsurer
SECTION II.
That the total amount of bonds to be issued by
the City of Fort =arth, Seven Hundred `Thousand Dollars
($700,000.00) thereof shall be issued for the purpose of
roving and extending the water and sanitary sewer system
of seid City and shall consist of seven hundred (700) bonds
numbered from two thous six hundred and one (2601) to
three thous nd three hundred (3300) inclusive, and shall
bear interest at the rate of .four and one-fourth (4*) per
cent per annuo, payable semi-annually, as afores:.id,, all
of which said seven hundred (700) bonds shall be s pert
of Series 5 45 and shall - styled and designated as ter
and Sanitary Sewer Bonds.
SECTION III.
That all 'of said bonds, comprising the sum total
of seven Hundred Thousand Dollars (0700,000.00), shall ma-
ture in the manner and amounts, with the respective divi-
sions of time, a a set forth in the following taK:'_^te8
schedule:
CITY OF FORT WORTH
PRIAICIEAL MATURITIES
4700,000.00 o ATI:R AIM SLNIT" SLI:roV ;R 60NI&
DATED SEPTEMBER 1ST, 1927
DUE 9RrT. IST PRINCIPAL
VATURI'NG
1932 17,000.
33 17,000.
34 17,000.
35/ 17,000.
36 1.8,000.
37 18,000.
38 18,000.
39/ 16,000.
40 20,000.
41 20,000.
42 20,000.
43 20,000.
44 20,000.
45 20,000.
46 20,000.
47 20,000.
48 20,000.
49 20,000.
50 20,000.
51 20,000.
52 20,000.
53 20,000.
54 20,000.
55 20,000.
66 20,000.
57 20,000.
58 20,000.
59 20,000.
60 20,000.
61 20,000.
62 20,000.
63 "0,000.
64 20,000.
65 20,000.
66 20,000.
67 20,000.
I
SECTION IV.
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 prooseds thereof auall be placed in the
treasury of the City of Fprt north and utilised for the
special purpose for which each issue of bonds is created.
SECTION V.
That for the purpose of creating a sinking fund for
the payment and complete extinguisbment of the foregoing
bonded debt, principal and interest, and all and every part
of same, there is hereby levied and there shall be assessed
and collected as provided by law, set apart and appropriated
for the said purpose, an annual, direct, speoail ad valorem
tax for the year 1927, and every successive year thereafter
during the life of said bonded debt or any part thereof of
3.26 cents (or such an amount as may be necessary and adequate,
be it more or less) on every One Hundred Dollars ($100.00) of
property valuation, real, personal and mixed, subject to taxa-
tion and not exempt therefrom under the Constitution and laws
of the State of *xas, situated and owned in the City of Fort
Worth on the lot day of January, A. D. 1927, and on the lot
day of January of each year thereafter until said debt repre-
sented 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 any other
governing body of the City of Fort Weskth, to set apart and ap-
propriate such additional amount of money out of the general
revenues of said City, as may be requisite to supply the de-
ficiency until all interest shall have been paid and the sinking
fund established as required by the Constitution of the State of
Texas and the Charter of the City of Fort Worth.
SECTION U.
That it shall be the duty of the City Council
of the City of Fort Worth and its successors, and of the
government of the City of port worth, by levying taxes for
general purposes for the said City of Fort Worth for the
year 1927, and for every successive year during the life of
said bonded debt or any part thereof, to ineluele in sao+h
levy the special tax of 3.26 cents on the One Hundred Dollars
($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 yII.
That the special tax hereinbefore provided for,
when collected, shall be placed and kept in separate fund and
shall be devoted to the payment of the interest and the ex-
tinguishment of the principal of all and singular the bonds
hereinabove mentioned as same matures from time to time, and
shall not be used, applied or diverted to any other purpose
of 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 VIII.
That as soon as convenient after s:. id bonds have
been prepar" and signed in the manner prescribed by this
ordinance they shall be submitted to the Attorney (general of
the State of Texas, at $ustin, together with a certified copy
of this ordinance and a statement. of the total bonded indebted-
ness of the City of Fort worth, including the bonds herein
and hereby authorized, and the assessed value of the taxable
I
property in said City, for his approval, and none of the said
bonds shall be negotiated, sold or transferred until the same
shall have received the official sanction of the Attorney General,
as prescribed ty law, and thereafter the bonds shall be presented
to the State Comptroller of Public Accounts for registration.
SECTION IX.
That the City Secretary-Treasurer of the City of Fort
Worth, or other lawful custodian of mush funds, during the
months of August and February of each and every year, during the
life of said bonds or any part thereof, and not later thent the
20th day of eaeh of said months, shall transmit sufficient money
out of the interest funds hereinbefore created for the payment
of semi-annV^l interest accruing on said bonds, to the Hanover
National Bank of the City of New York, State of New York, and
likewise remittance shall be made in doze course to provide for
the payment of the principal of any of said bonds in advance of
the maturity of same.
SECTION X.
All ordinances and parts of ordinances in conflict
herewith be and they are hereby expressly repealed.
SECTION XI.
The holding or adjudication of any section, por-
tion or part hereof to be invalid shall not affect the validity
of any other section or part of this ordinance, but all of such
other sections, portions or parts hereof shall be and remain
valid.
SECTION XII.
That this ordinance shall take effect and be in full
farce from and after the date of its passage and it is so or-
dained.
APPROVED AS TO FORM:
alty erney.
Mayor ft. Bryce, presiding at said meeting,
submitted the motion to adopt said Ordinance and all of
the Councilmen, including the Mayors voted "aye" thereon
and none voted "no", and the'motion to adopt the Qrdinance
was declared to be unanimously passed and adopted.
THE STATE OF TEXAS
COUNTY OF TARRANT �
I, I. L, Van Zandt, Jr., City Se4retary gsurer
of the City of Dort Worth, do hereby certify that the
above and foregoing Ordinance is a trcze and correct copy
of Ordinance No. 1286 , and that same was unanimously
passed and adopted by the City Council of the City of Fort
Worth, Texas, at a regular meeting held in the Council
Chamber at the City Hall on Tuesday the 19th day of
.Tula, A. D. 1927.
WITNESS my hand at Fort Worth, Texas, this the
day of , A. D. 1927,
City ecre ary- asurer
ORDINANCE
No.�
�/-
p ® ®8
r'
Date
Filed day of —
19. ;
ity Secretary
n_.uk