HomeMy WebLinkAboutOrdinance 1787 ORDINANCE NO. 1787
AN ORDINANCE AMANDING SECTIONS I, II, IV, V AND VIII OF
ORDINANCE NO. 1782, PASSED BY THE CITY COUNCIL OF THE CITY
OF FORT FORTH, TEXAS, ON JANUARY 10, 1934, SO AS TO PROVIDE
FOR THE ISSUANCE OF FIFTY-ONE THOUSAND DOLLARS ($51,000.00)
FORTH OF SAID BONDS INSTF.AI) AB SIXTY-THREE THOUSAND DOLLARS
($63,000.00) WORTH OF SAID BONDS, AND ALSO PROVIDING FOR A
TAX LEVY OF .2021 CENTS INSTEAD OF .2188 CENTS ON THE ONE
HUNDRED DOLLARS ($100.00) PROPERTY VALUATION TO PAY THE INTER-
EST AND CREATE A SINKING FUND TO PAY THE PRINCIPAL ON SAID
FIFTY-ONE THOUSAND DOLLARS ($51,000.00) MRTH OF SAID BONDS,
AND ALSO PROVIDING FOR THE MATURITIES TO BE FROM FIVE (5) TO
TWENTY-FOUR (24) YEARS FROM THE DATE TaREOF INSTEAD OF FROM
FIVE (5) TO THIRTY (30) YEARS FROM THE DATE 'HEREOF, AND ALSO
PROVIDING THAT SAID BONDS SHALL BE DATED OCTOBER 1, 1933
INSTEAD OF TANUARY 15, 1934, AND ALSO PROVIDING FOR THE PAYMENT
OF THE INTEREST ON SAID BONDS ON APRIL 1 and OCTOBER 1 INSTEAD
OF DULY 15 AND JANUARY 15, AND ALSO PROVIDING THAT THE CITY
SECRETARY OR OTHER LAWFUL CUSTODIAN OF THE INTEREST AND SINK-
ING FUND DURING THE MONTHS OF MARCH AND SEPTEMBER,AND NOT LATER
THAN THE 25TH OF EACH OF SAID MONTHS, SHALL TRANSMIT SUFFICIENT
MONEY FOR THE PAYMENT OF THE SEMI-ANNUAL INTEREST AND PRINCIPAL
MATURITIES INSTEAD OF TRANSMITTING SUCH FUNDS NOT LATER THAN THE
LOTH DAY OF JANUARY AND JULY OF EACH YEAR, AND PROVIDING THAT
THIS ORDINANCE SHALL BE CUMULATIVE OF ALL OTHER ORDINANCES WITH
REFERENCE TO THE ISSUANCE OF UM CITY OF FORT A'ORTH NEGOTIABLE
COUPON BONDS, EXCEPT TO THE EXTENT THAT THE SAME ARE IN CONFLICT
WITH THE PROVISIONS OF THIS ORDINANCE, AND PROVIDING THAT THIS
ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER ITS PASSAGE.
SEAS, 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 Constitution of the State
of Texas, the City Council of the City of Fort Worth, Texas, by a resolution
and an ordinance of that date, directed the submission to the resident property
taxpaying qualified voters of said city, at an election 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 improvements in said city by con-
structing, improving and extending the streets, thoroughfares and storm sewers
of the said city, and to include in such permanent improvements the widening,
paving, grade separation and drainage of said streets and thoroughfares; and,
WEEF&AS, 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,
NEDOFA.S, said election order and proclamation thereof was prepared
and published in the manner and for the time prescribed in said resolution
and ordinance; and,
WEEPXKAS, 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-
structing, 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 thorughfares,
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 suf-
fioient 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.
II.
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 prin-
cipal sum of Five Hundred Thousand Dollars ($5500,000.00) for the purpose of
improving and extending the system of fire protection of said city by construct-
ing, 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, payeible semi-annually, and levy a
sufficient tax to pay the interest on said bonds and create a sinking fund suffi-
cient to redeem said bonds at the maturity theirsof?
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
necessary lands and property therefor, the first of said bonds being payable
at the expiration of five (5) years from the date thereof, and abrially there-
after 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 sinking fund sufficient to redeem said
bonds at the maturity thereof?
FOR the Issuance of Airport Bonds.
AGAINST the Issuance of Airport Bonds.
WBEMUS, 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 herein-
before mentioned, there was a majority of votes in favor of the issuance of said
bonds; and,
WHERW, 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,
WhTaUM, the City Council, in accordance with the poser 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 adapted on the 4th day of December, A. D. 1929, authorizing the
issuance 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
($150,000.00); and,
MiEREA,S, 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,
HEMEAS, the said City Council, pursuant to the authority aforesaid,
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,
iNHEREAS, 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, all of the above described bonds were issued out of an
authorized issue of Two Million Dollars (f2,000,000.00) worth of said bonds
and which bonds were authorized to be issued by the property taxpaying quali-
fied 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 56 and designated
as "Street Improvement Bonds"; and,
WH MAS, it is deemed wise and expedient by the City Council of the
City of Fort Worth, in the exercise of the discretion reposed in it by law, to
amend certain sections of Ordinance No. 1782 so as to provide for the issuance
of Fifty-one Thousand ($51,000.00) Dollars.worth of said bonds, in addition to
the One Million, Five Hundred Thousand ($1,500,000.00) Dollars worth of said
bonds heretofore issued out of an authorized issue of Two Million ($2,000,000.00)
Dollars, be issued in bonds at this time in order that they may be used as
security to secure.a loan of Fifty-one Thousand ($51,000.00) Dollars from the
Federal Emergency Administration of Public Works for the purpose of paying the
proportionate cost of the cost of the City of Fort Worth in effecting the grade
separation along Ballinger Street over the tracks of the Fort Worth & Rio Grande
Railway Company and the Texas & Pacific Railway Company, said bonds to be issued
being a part of Series 56 and designated as "Street Improvement Bonds", instead
of Sixty-three Thousand (463,000.00) Dollars worth of said bonds authorized to
be issued by Ordinance No. 1782, and to change the maturities, tax rate and date
of said bonds and date of payment of interest on said bonds as the same appear
In Ordinance No. 1782 to the maturities, tax rate and date of said bonds and date
of payment of interest on said bonds as hereinafter set out: NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION I.
That Sections I, II, IV, V and VIII of Ordinance No. 1782, passed at
a regular meeting of the City Council of the City of Fort Worth, Texas, on
Wednesday, the loth day of January, A. D. 1934, be and the same are hereby amend-
ed and, after being so amended, shall read as follows:
r
`SECTION I.
That pursuant to Section 19 of Chapter IBY 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
Couatitutiou -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 Fifty-one Thousand (451,000.00) 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. 1929, in addition to Six Hundred and Fifty Thousand Dollars ($650,000.00)
worth of said bonds heretofore issued by an ordinance lawfully passed and
adopted on the 7th day of Delay, A. D. 1930, in addition to Six Hundred TLQuasma
Dollars ($800,000.00) worth of said bonds heretofore issued by an ordinance
lawfully passed and adopted on the 21st day of January, A. D. 1931, and also
in addition to One Hundred Thousand Dollars (4100,000.00) worth of said bonds
heretofore issued by an ordinance lawfully passed and adopted on the 13th day
of January, A. D. 1932, and all of said bonds being 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 Improvement Bonds",
and the bonds so to be issued shall be in the denomination of One Thousand
Dollars ($1,000.00) each, dated October 1, 1933, bearing interest at the rate
of four per cent (4%) per annum, payable semi-annually on the first day of
April and October 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 evidenced 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 numbered
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 twenty-four (24) years from the date thereof,
and the bonds themselves, fifty-one (51) in number, shall be numbered conse-
outively from fifteen hundred and one (1501) to fifteen hundred and fifty-one
(1551), inclusive, and shall mature in the amount and manner hereinafter set
out, said bonds shall be used for the purpose of making permanent improvements
by constructing, extending and improving the streets, thoroughfares and storm
sewers of said city, and including in such permanent improvements the straighten-
ing, widening, paving, grade separation and drainage of said streets and
thoroughfares.
That the general form of said bonds and thq coupons thereto annexed
and the interest added to said bonds shall be executed substantially in the
following form:
NO► UNITED STATES $1000.
OF AMERICA
STATE OF TSXA.S, COUNTY OF TARRANT
SERIES 56
CITY OF FORT WORTH
Street Improvement Bond of the City of Fart 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 MIN BY THESE PRESENTS:
That the go►ernment of the City of Fart 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 ($1000)
in lawful money of the United States of America, on the let day of October,
A. D. 1938, together with interest thereon at the rate of four per centum
(4`$) per annum, payable semi-annually on the first day of April and October
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
New 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 irrevooably pledged.
This bond is one of a series of fifty-one (51) bonds numbered con-
secutively from fifteen hundred and one (1501) to fifteen hundred and fifty-
one (1551), inclusive, each of the denomination of One Thousand Dollars
($1,000.00), amounting in the aggregate to the sum of Fifty-one Thousand Dollars
(451,600.00) issued for the purpose of making permanent improvements by construct-
ing, extending and improving the streets, thoroughfares and storm sewers of the
City of Fort Worth, Texas, including in such permanent improvements the straighten-
ing, widening, paving, grade separation and drainage of said atreets 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 ordinance of the
City Council of said city lawfully passed and adopted on the loth day of
January, A. D. 1934, which ordinance was amended by an ordinance of the City
Council of said city lawfully passed and adopted on the lath day of April,
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 re-
quired 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, bind-
ing 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 WEMMOF, 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 let day of October,
A. D. 1933.
CITY OF FORT WORTH, TMW
Mayor
ATTEST;
City Secretary
(FORM OF COUPON NOTE)
NO,
The City of Fart Worth, in the State of Texas, proni.aes to pay
to bearer { ), on the 1st day of
at the Central Harover Bank and Trust Company in
the City of New York, N. Y., for interest due that day on its Street Improve-
ment Bond, Series 56, dat*d , and numbered
CITY OF FORT WORTH, TEXAS
ATTEST:
City Secretary
(CERTIFICATE OF OOMPTROLLLR)
OFFICE OF COIMPTROLLER,
STATE OF TLOCAS.
I hereby certify that there is on file and of record in my office,
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 Worth, Texas,
and said bond has this day been registered by me.
WITNESS my hand and seal of office, at Austin, Texas, this the
day of , A. D. 1934.
Comptroller of Public Accounts of
the State of Texas.
SECTION II.
That the said bonds so to be issued by the City of Fort Worth,
amounting to Fifty-one Thousand Dollars ($51,000.00), in addition to the sum
of One Million, rive Hundred Thousand Dollars ($1,500,000.00) of said bonds
heretofore issued out of the said authorized issue of Two Million Dollars
($2,000,000.00) shall be issued for the purpose of making permanent improve-
ments in said city by oonatructing, improving and extending 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, and shall consist of fifty-one (51)
bonds, numbered from fifteen hundred and one (1501) to fifteen hundred and
fifty-one (1551), inclusive, and shall bear interest at the rate of four per
cent (4%) per annum, payable semi-annually as aforesaid, all of which said
fifty-one (51) bonds shall be known as Series 56 and shall be styled and de-
signated as "Street Improvement Bonds"; that all of the said bonds comprising
the sum total of Fifty-one Thousand Dollars (451,000.00) shall mature in
numerical order in the manner and amounts as set out in the tabulated state-
ment herewith attached, to wit:
CITY OF FORT WORTH
PRINCIPAL MATURITIES
#51,000.00 STRI6'ZT INPROYL'IT �T BONDS, SERIES 56
D&TED OCTOBER 1, 1933
PRINCIPAL
DUE OCTOB3R 1ST MATURING
1938 1,000.
39 2,000.
1940 2,000.
41 2,000.
42 2,000.
43 2,000.
44 2,000.
45 2,000.
46 2,000.
47 2,000.
48 3,000.
49 3,000.
'1950 3,000.
51 3,000.
52 3,000.
53 3,000.
54 3,000.
55 3,000.
56 4,000.
57 4,000.
SECTION IV.
That for the purpose of creating a sinking fund for the payment
and complete extinguishment 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 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 bonded
debt, or any part thereof, of .2021 cents (or such an amount as may be neoss-
sary and adequate, be it more or less) on every One Hundred Dollars ($100.00)
of property valuation, real, personal and mixed, subject to taxation and not
exempt therefrom under the Constitution and laws. of the State of Texas, situated
and owned in the City of Fort Worth on the let day of January, 1934, and on the
let 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 any other governing body of the City of Fort Worth, to set apart and appro-
priate such 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 established as required by the Constitution
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 Council of the City of Fort
Worth and its successors, and of the government of the City of Fort Worth, by
levying taxes for general purposes for the said.City of Fort Worth for the
year 1934, and for every successive year during the life of said bonded debt
or any part 9hereof,, to include in such levy the special tax of .2021 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 dis-
placed therefrom.
SECTION VIII.
That the City Secretary of the City of Fort Worth, or other lawful
custodian of such fund, during the months of March and September of each and
' r
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 II.
This ordinance is hereby declared to be cumulative of all other
ordinances of the City of Fort Worth with reference to the issuance of its
negotiable coupon bonds, except to the extent that the same are in conflict
with the provisions of this ordinance.
SECTION III.
This ordinance shall take effect and be in force from and after
the date of its passage and it is so ordained.
Mayor
ATTEST:
City-Secretary
APPEOVSD AS TO MIM AND LEGAL ITT:
City Attorney
ORDINANCE
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