Loading...
HomeMy WebLinkAboutOrdinance 986 �V 4 ORDINANCE 110. q i 4 AN ORDINANCE TO PROVIDE FOR THE SUBMISSION TO THE TAXPAYING pQUALIFIED VOTERS OF THE CITY OF FORT WORTH FOR THE FUNDING OF CERTAIN FLOATING, CURRENT AND SIMPLE-CONTRACT DEBTS OF THE CITY OF FORT WORTH EVIDENCED BY NOTES, WARRANTS, JUDGMENTS AND CHOSES IN ACTION OUT- STANDING AND UNPAID BY THE ISSUANCE OF NEGOTIABLE MUNICIPAL BONDS OF THE CITY OF FORT WORTH IN THE AGGREGATE AMOUNT OF ONE MILLION TWO HUNDRED FIFTY THOUSAND (91,250,000) DOLLARS TO TAKE UP AND DISCHARGE SUCH DEBTS, SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND ($1,000) DOLLARS EACH, MATURING FROM FIVE TO FORTY YEARS FROM THE DATE THEREOF, BEARING INTEREST FROM THE DATE THEREOF AT THE RATE OF FIVE PER CENT PER ANNUM PAY- ABLE SEMI-ANNUALLY, EXPRESSED IN COUPON NOTES ATTACHED TO THE BONDS, AND CALLING AN ELECTION FOR THAT PURPOSE TO BE HELD IN THE CITY OF FORT WORTH ON TUESDAY, JANUARY - — 22, 19240 . At a regular meeting of the Board of Com- missioners of the City of Fort Worth held in the coun- cil chamber at the city hall in the City of Fort Worth, Texas, on Thursday, January 10, 1924, at which meet- ing were present E. R. Cockrell, Mayor, Chester L. Jones, Commissioner of Finance, J. C. Lorca, Commis- sioner of Water and Sewers, Paul Gilvin, Commis- sioner of Streets, John Alderman, Commissioner of Fire and Police, and R. A. Hunter, Commissioner of Lights, constituting the entire membership of the Board, with the city secretary in attendance on the meeting, the following proceedings, among other things, were had and done: r Commissioner Lord, seconded by Commissioner Jones, moved the adoption of the following resolution: BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF FORT WORTH: THAT WHEREAS, the City of Fort Worth is in- debted on account of certain floating, current and simple-contract debts, evidenced by warrants drawn by direction of the Board of Commissioners of the City of Fort worth and promissory notes and chores in ao- tion executed and created by the same authority and by judgments of courts of competent jurisdiction amlagt tha Fort Worth, which have been heretofore lawfully incurred and contracted by said city for and during a period of approximately eighteen months or more next preceding the passage of this ordinance, which said debts amount in the aggre- gate to the sum of one million two hundred fifty thousand ($1,250,000) dollars, and are now and have been since their creation valid, legal and subsist- ing obligations of the said City of Fort worth, and are yet owing, outstanding and unpaid; and r WHEREAS, all the foregoing debts and in- debtedness were lawfully incurred by the City Of Fort Worth under the provisions of its charter and in accordance with law; and i WHEREAS, under the provisions of Section 18, of Chapter 8, of the charter of the City of Fort Worth the said city, through its Board of Commis- sioners, is expressly vested with the power and au- thority to fund any debt or debts which may be owing by the said City of Fort North, whether the same be floating, current or simple-contract debts, and to issue bonds therefor to accomplish said funding pur- pose; and WHEREAS, all said debts which are to be funded by the terms of this ordinance bear an in- terest rate of not less than six per cent per an- - num, and WHEREAS, the said City of Fort Worth is now unable to pay the said indebtedness, but de- sires to secure an extension of time within which to pay the same; and WHEREAS, it is essential to the welfare ,. of the city, and to the maintenance of its credit, that said debts be paid and that the rate of interest on said original debts be lowered and that said in- debtedness be funded in negotiable bonds of the City of Fort Worth in the sum of one million two hundred fifty thousand ($1,250,000) dollars, bearing interest I w I I ' i from the date thereof at the rate of five per centum . per annum payable semi-annually, running serially from N five to forty years, the interest to be expressed in coupons attached to said bonds, and the bonds them- selves to be issued in denominations of one thousand ($1,000) dollars each; and WHEREAS, it is estimated that the total assessed values of property in the City of Fort Worth subject to taxation for the year 1924, and the years thereafter amount and will amount to a sum exceed- ing one hundred forty million ($140,000,000) dollars; and WHEREAS, it is deemed wise and expedient by the Board of Commissioners of the City of Fort Worth, in the exercise of the discretion reposed in it by law, that the foregoing debts should be funded and converted into negotiable bonds as aforesaid, and that said bonds be issued in exchange for a like amount of debts which are to be funded herein; and WHEREAS, it is deemed proper to submit to the qualified voters of said city who pay taxes on property therein the question of whether such bonds should be issued by the said City of Fort Worth; NOW, THEREFORE: T '} r tir BE IT FURTHER RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF FORT WORTH: That there be submitted at an election to be held in the City of Fort worth on Tuesday, the 22nd day of January, A. D. 1924 to the qualified voters of said City of Fort Worth who pay taxes on property in the City of Fort North, the following proposition for the issuance of bonds of the government of the City of Fort Worth for the purpose hereinbefore mentioned and set out, and that the proposition for authority to issue such bonds be submitted on a ballot to be used at such election in form and manner as follows, to-wit: (1) Shall the City of Fort Worth, through its Board of Commissioners, issue its negotiable coupon bonds running from five to forty years from the date thereof in the principal sum of one million two hundred fifty thousand ($1,250,000) dollars for the purpose of taking up and funding floating, cur- rent and simple-contract debts now owing by the City of Fort Worth, amounting to the principal sum of one million two hundred fifty thousand ($1,250,000) dollars, said bonds payable at the expiration of five years from the date thereof and serially thereafter from year to year so that the last maturing bonds shall become payable forty years from the date there- 0 of, bearing interest at the rate of five 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 sinking fund sufficient to pay said bonds at the maturity thereof? And the Mayor, E. R. Cockrell, presiding at such meeting having put the motion to adopt said resolution to the Board, then and thereupon all the commissioners, including the mayor, voted aye there- on, and none of the commissionera voted no, where- upon said resolution was unanimously passed and adopted. And immediately following the adoption of said resolution, on motion of Commissioner Lord, seconded by-,Commissioner Jones, the entire Board of Commissioners, including the Mayor, concurring there- in and voting aye thereon so that said motion was unanimously passed and adopted, the following ELECTION ORDER was adopted and became the official and unan- imous action of the Board of Commissioners of the City of Fort Worth, to-wit: ELECTION ORDER WHEREAS, the Board of Commissioners of the City of Fort Worth deem it advisable to issue negotiable coupon bonds of said city for the purposes hereinafter mentioned, THEREFORE: BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF FORT WORTH: I That an election be held in the City of Fort Worth on Tuesday, the 22nd day of January, A. D. 1924, at the polling places hereinafter mentioned, be- tween the hours of eight o'clock a. m. and seven o'clock p. m. at which election the following proposition for .,, the issuanca of i-.z4ing bonds of the City of Fort Worth shall be submitted to the qualified voters of said city who are property taxpayers therein: (1) Shall the City of Fort Worth, thorugh its Board of Commissioners, issue its negotiable i coupon bonds running from five to forty years from the date thereof, in the principal sum of one million ktwo hundred fifty thousand (81,250,000) dollars for the purpose of taking up and funding floating, cur- rent and simple-contract debts now owing by the City of Fort Worth, amounting to the principal sum of one million two hundred fifty thousand ($1,250,000) dollars, said bonds payable at the expiration of five years from the date thereof and serially thereafter from year to year so that the last maturing bonds shall become payable forty years from the date there- of, bearing, interest at the rate of five 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 sinking fund sufficient to pay .said bonds at the maturity thereof? II The said election shall be held at the following places, with the following named persons appointed presiding judges of said election, to-wit: 1st Ward East 1st & Harding W. 1st Ward West Fire Station W. A. Abey 2d & Commerce 2nd Ward North Court House Basement Ed Provine 2nd. Ward South 701 Throckmorton J. B. Andrews 3rd Ward East Chambers Hill Fire -�'- Station 3rd Ward West 16th &J-ones Lee R. Stubbs 4th Ward West Rotary Park Bernard Renfro- 4th Ward East Central Fire W. E. Sharp Station 5th Ward West Tucker Hill Fire John Goodman Station 5th Ward East Garland Stove Ben J. Hines 6th Ward East 313 So. Jennings A. B. Fraser 6th Ward West 6th Ward Fire Sta. A. Fouts - ^� 7th Ward West Stubbs Drug Store J. P. Wear 7th Ward East 7th Ward Fire Sta. , 7th Ward. N. E. 7th Ward Police W. B. Collup Station 1 1 7th Ward S. E. Caldwell Garage I. A. Turner 1300 Richmond 8th Ward S. E. 1601 Lipscomb5 U. M. Lee Sth Ward S. W. Fairmount and H. L. Hancock Weatherby 8th Ward N. E. Robertson Garage Magnolia & Hemphill 8th Ward N. W. Lee's Drug Store C. S. Knott 6th Ave. & Magnolia 9th Ward East Peach Street Fire S. T. Walker Station 9th Ward West Court House Base- Stanley Hamlet meat loth Ward North -Stewart Drug Store John Stewart 10t h Ward-Central 10t h Ward Fire Sta. loth Ward South Brazier's Drug Store Goo. H. Porter 3045 Hemphill llth Ward East llth Ward Fire Sta. K. Roby llth Ward West Arwine Pharmacy L. P. Card 706 Central Ave. 12th Ward East 25th & No. Main J. F. Vickery 12th Ward West Methodist Church . 25th & Roosevelt 13th Ward South 13th Ward Fire Sta. W. * Jones I 13th Ward North 2001 Vickery Blvd. Tom Wren Van Zandt Arlington Heights L. L. Burton Brooklyn Heights Garage Arlington Heights Arlington Heights Paul W. Evans Pharmacy Rosen Heights Bogard Store A. -eo-=wtvrr Niles City Police Station R. F.' Bates Riverside Odd Fellows Hall Jeff Johnson Sycamore Heights Tandy Lake Garage Walter Echols Polytechnic North Polytechnic Ice N. N. McCaslin Company Polytechnic South A. C. B6bb Polytechnic Central City Hall R. C. Murphy South Ft. Worth So. Ft. Worth W. W. Hughes Drug Company T. C. U. 2432 Forest Park W. F. Burnes Boulevard Mistletoe Heights Fred Marlow -jllil�(p4t i.u,r' Washington Heights 3116 No. Houston , 4 III The said election shall be held under the provisions of the charter of the City of Fort Worth, being Section 20, Chapter 6 thereof, granted by Act Of the 31st legislature, and the constitdon and laws of the State of ;'exav, and on23L-4u&1ifiad voters who are property taxpayers of said city shall be allowed to vote on said proposition. IV All voters who favor said proposition to issue said bonds shall have written or printed on their ballots the words: FOR THE ISSUANCE OF SAID BONDS. Wo- And those opposed to the issuance of said bonds shall have written or printed on their ballot: AGAINST THE ISSUANCE OF SAID BONDS. L V The manner of holding said election, the polling places thereof, the personnel of the offi- cers who are to hold the same, and all details con- nected with the holding of the said election shall be determined and arranged by the Board of Commis- sioners and proper notice of such matters shall be given in a proclamation by the Mayor of Fort Worth. VI A copy of this ordinance signed by the Mayor of the City of Fort worth, attested by the city 4 secretary thereof, shalt-serve as a proper notice of said election. VII The Mayor is authorized and directed to cause said notice of said election to be posted up at the city hall and at two other public places within said city for ten full days prior to the date of said election. VII I The Mayor is further authorized and di- rected to have said notice of election published in some daily newspaper of general circulation published in the City of Fort Worth for' ten days next prior to the date of said election. IA 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, City of Fort Worth Attested: City Secretary Approved: r orporation ounsel ORDINANCE No.q 9 4 Title ' Date Filed day o �L�c�?/ 1924_ City Secretary