HomeMy WebLinkAboutOrdinance 1888 ORDINANCE NO.AL 8
AN ORDINANCE PROVIDING FOR TEE ISSUANCE OF NEGOTIABLE
COUPON BONDS OF THE GOVM0XNT OF THE CITY OF FORT WORTH,
TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF TWENTY-SEVEN
THOUSAND, FIVE HUNDRED DOLLARS (627,500.00), AND BEING
KNom AS SERIFS 61, AND DESIGNATED AS "TUBERCULAR
SANITARIUM BONDS", TO BE ISSUED FOR TEE PURPOSE OF CON-
STRUCTING, BUILDING AND EQUIPPING A TUBERCULAR SANITARIUM
FOR THE CITY OF FORT WORTH AND FOR SECURING AND ACQUIRING
THE NECESSARY LANDS AND SITE THEREFOR; SAID BONDS TO BE
IN THS FOLLOWING DENOMINATIONS: ONE BOND IN THE SUM OF
TWO THOUSAND, FIVE HUNDRED DOLLARS ($2,500.00), ONE BOND
IN THE SUM OF SIg THOUSAND DOLLARS ($6,000.00), AND ONE
BOND IN THE SUM OF NINEMW THOUSAND DOLLARS ($19,000.00),
TO BE DATED JANUARY 1, 1936, MATURING FROM THREE (3) TO
FIVE (5) YEARS FROM THE DATE THEREOF, AND TO BEAR INTEREST
AT TEE RATE OF THREE PER CENT (3%) PER ANNUM, PAYABLE
SEMIANNUALLY, THE SST 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 TEE PAYMENT OF THE IIQTERFST
ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE PAYMEnTT
OF THE PRINCIPAL THEREOF AS THE SAME MATURES FROM TIME TO
TDZI AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE
AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE.
WUMEA,9, on the $1st day of July, A. D. 1935, 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 an ordinance of that date, directed the submission to the qualified
electors, who own taxable property in the City of Fort Worth, Texas, and who
have duly rendered the same for taxation, at an election to be held in said
City on the 3rd day of September, A. D. 1935, of the right, power and authority
of the City Council of said City to issue negotiable coupon bonds of the cor-
porate government of the said City in the principal sum o"enty-seven Thousand,
Five Hundred Dollars ($27,500.00), for the purpose of constructing, building
and equipping a tubercular sanitarium for the City of Fort Worth and for secur-
ing and acquiring the necessary lands and site therefor/ and,
MEOW, in conformity with said ordinance,therefor) and,
Mayor of said City
did make proclamation of said election, and fixed the date thereof for the 3rd
day of September, A. D. 1935; and,
WHERBAS, said election order and proolanation thereof were pre-
pared and published in the manner and for the time prescribed in said
ordinance; and,
VEMZMAS, on the 3rd day of September, A. D. 1935, 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 qualified electors of said City, who own
taxable property in the City of Fort Worth, Texas, and who have duly rendered
the same for taxation; and,
WHEREAS, the official ballot on such occasion, in conformity with
the ordinance of the 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, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of Six Hundred Eighty-
seven Thousand, Five Hundred Dollars ($687,500.00), for the purpose of con-
structing, building, equipping and improving pleasure grounds, parka and
playgrounds for the City of Fort Worth, and for securing and acquiring the
necessary lands and sites therefor, said bonds being payable aerially as may
be determined by the City Council, so that the last maturing bonds shall be-
come payable within forty (40) years from the date thereof, bearing interest
at a rate not to exceed four (4%) per cent per affium 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?
FCR the Issuance of Pleasure Grounds, Parks and Playgrounds Bonds.
AGAINST the Issuance of Pleasure Grounds, Parks and Playgrounds Bonds.
II.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of Two Hundred Seventy-
five Thousand Dollars ($275,000.00), for the purpose of constructing, building
and equipping a city hall, police station and fail building for the City of
Fort Worth, and for securing and acquiring the necessary lands and site there-
for, said bonds being payable serially as may be determined by the 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 four (4%) per
cent per ennum from the date thereof, payable semi-annually, and levy a suffi-
cient 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 City Hall, Police Station and Jail Building Bonds.
AGAINST the Issuance of City Hall, Police Station and Jail Building
Bonds.
III.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of Two Hundred
Twenty Thousand Dollars ($820,000.00), for the purpose of constructing,
building and equipping a library for the City of Fort Worth and for secur-
ing and acquiring the necessary lands and site therefor, said bonds being
payable serially as may be determined by the 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 four (4%) 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 Library Bonds.
AGAINST the Issuance of Library Bonds.
IV.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of One Hundred Thirty-
seven Thousand, Five Hundred Dollars ($137,500.00), for the purpose of con-
structing, building, acquiring and equipping a hospital for the City of Fort
Worth, and for securing and acquiring the necessary lands and site therefor,
said bonds being payable serially as may be determined by the 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 four (4%) per
cent per annum from the date thereof, payable semi-annually, and levy a suffi-
cient 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 New Hospital Bonds.
AGLMT the Issuance of New gospital Bonds.
V.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of Fifty-five Thousand
Dollars ($55,000.00), for the purpose of improving, extending and enlarging
the City-County Hospital of said City, and for securing and acquiring the
necessary lands and site therefor, said bonds being payable serially as may
be determined by the City Council, so that the last maturing bonds shall become
payable within forty (40) years from the date thereof, hewing interest at a
rate not to exceed four (4%) 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 City-County Hospital Improvement Bonds.
AGAINST the Issuance of City-County Hospital Improvement Bonds.
vie
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of Ninety-one Thousand,
Dollars ($91,000.00), for the purpose of improving, extending and enlarging
the sewage disposal plant of said city, said bonds being payable serially as
may be determined by the 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 four (4%) per cent per annum from the date thereof,
payable ser-i-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 Sewage Disposal Plant Improvement Bonds.
AGAINST the Issuance of Sewage Disposal Plant Improvement Bonds.
VII.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of Twenty-seven
Thousand, Five Hundred Dollars ($27,500.00), for the purpose of construct-
ing, building and equipping a tubercular sanitarium for the City of Fort
Worth and for securing and acquiring the necessary lands and site therefor,
said bonds being payable serially as may be determined by the City Council,
so that the last maturing bonds shall become payable within forty (40) years
from the date thereof, bearing interest at a rate not to exceed four (4%)
per cent per annum from the date thereof, payable semi-ananally, and leey
a sufficient tax to pay the interest on said bonds and create a sinking fund
sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Tubercular Sanitarium Bonds.
AGAINST the Issuance of Tubercular Sanitarium Bonds.
VAS, in the election held in said City of Fort Worth on the 3rd
day of September, A. D. 1935, on the question of the issuance of said bonds
hereinbefore mentioned, there was a majority of votes in favor of the issuance
of said bonds; and,
VMR$AS, by virtue of said election, said City Council is vested with
power and authority by and from the qualified electors, who own taxable property
in the City of Fort Worth, Texas, and who have duly rendered the same for taxation,
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,
%MRFAS, 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 my-seven Thousand, Five Hundred Dollars ($27,500.00) worth of
said bonds, authorized to be issued by the qualified electors of said City,
who own taxable property in the City of Fort Worth, Texas, and who have duly
rendered the same for taxation, at an election held on the 3rd day of September,
A. D. 1935, be issued in bonds at this time, said bonds to be issued being
(Series 61 and designated as "Tubercular Sanitarium Bonds�N0W, THCREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS;
SECTION I.
That pursuant to Section 19 of Chapter XX7 of the Charter of the
City of Fort Worth, 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 Constitu-
tion of the State of Tom", and pursuant to a vote of the qualified electors
of the City of Fort Worth, who own taxable property in the City of Fort Worth,
Texas, and who have duly rendered the same for taxation, at an election held
In said City for such purpose on the 3rd day of September, A. D. 1935, that
the municipal government of the City of Fort Worth issue its corporate negotiable
coupon bonds in the principal sum of 6"Mty-aevan
Thousand, Five Hundred Dollars
5
($27,500.00) which bonds were authorized to be issued at a proper election
held on the
/3rd day of September, A. D. 1935, and which bonds are known as
eries 61 and designated "Tubercular SWtarium BoiLdn.)"and the bonds 0,9 to
be issued shall be in the q:lfst Gina l+osd t me of-Two .
Thousand, Five Hundred Dollars ($20500.00); one bond in the sum of Six Thousand
Dollars ($6,000.00); and one bond in the sum of Nineteen Thousand Dollars
($19,000.00), each of said bonds being dated Tanuary 1, 193d bearing interest
at the rate of three per cent U filer annum, payable semi-annually on the
1.._
first day of-�d 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 impress-
ed, 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 three (3�4e from the date thereof, and annually tPero-�
after until the last maturing bond shall become payable within ive ) years
2 7 J
from the date thereof, and the bonds themselves, three (3)in number, shall
be numbered consecutively from one (1) to (hres (3 , inclusive, and shall
mature in the amount and manner hereinafter not out; said bonds shall be used
for the purpose of making permanent improvements bFtoonstructing, building
and equipping a tubercular sanitarium for the City of Fort Worth and for secur-
ing and acquiring the necessary lands and site therefor
.l
That the general form of said bonds and the coupons thereto annexed
and the interest added to said bonds shall be executed substantially in the
following form:
NO. UNITED STATES
OF dM MCA
STATE OF TMMS, COUNTY OF TARRANT
SERIES 61
CITY OF FORT WORTH
---0000000----
Tuberoular Sanitarium BOmd,of the City of Fort Worth issued for the
purpose of(onstrueting, building and equipping a tubercular
sanitarium for the City of Fort Worth, and for se-
curing and acquiring the necessary lands
and site therefor
KNOW ALL M@1 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 acknowl-
edges itself to owe, and for value received promisee to pay to bearer,
ULURS (# )
in lawful money of the United States of America, on the first da of January,
A. D. 19 together with interest thereon at the rate of thrKr centum
(3%) per annum, payable semi-annually on the first day of and aaaaaryPin
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 irrevocably pledged.
This bond is one__ a series of(three (3"j bonds mm Bred ccnsecu�ive-
.ly from one (1) to three (3), inclusive, Cof the following denominations
$2,500.00; $6,000.00; and $19,000.QO) amounting in the aggregate to the sum of
Ga
�eenty OT / Thousand, Five Hundred Dollars ($27,500.Od issued for the purpose
of 4onstructing, building and equipping a tubercular sanitarium for the City
of Fort Worth and for securing and acquiring the necessary lands and site
therefor 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 ofsaid City lawfully passed and adopted on the �Ljt� day of Deoember,
A. D. 19y35 puranant to valid authority from the qualified electors, who own
taxable property in the City of Fort Worth, Texas, and who have duly rendered
the same for taxation, at a proper and legal election held on the 3rd day of
September, A. D. 1955.
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 required
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 WHMMF, 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 first day of January,
A. D. 1936.
CITY OF FORT WORTH, TEXAS
BY
t%yar
ATTESTS
city Besretery
(FORM OF COUPON NOTE)
NO,
The City of Fort Worth, in the State of Texas, promisee to pay
to $ (>j ), on the let day of
at the Central Hanover Bank and Trust Company in the City of New York, N. Y.,
for interest d that day on its(abercular Sanitarium Bond, Series dated
Jarmary 1, 1936, and umbered
CITY OF FORT WORTH, TEXAS
Muy�r
ATTEST:
City seeretary
(CERTIFICATE OF COMPTROLLER)
OFFICE OF COE-MOIUM,
STATE OF TEXAS.
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 at, A. D. 193 •
Comptroller of Public Accounts of
the State of Texan.
SECTION II.
That the said bonds so to be issued by the City of Fort Worth,
amounting totr ty-s even Thousand, Five Hundred Dollars ($27,500.4 shall
be issued for these of constructing, building and equipping a tubercular
sanitarium for the City of Fort Worth and for securing and acquiring the neces-
eery lands anddsT theWo and shall consist of(three (3) bonds numbered
from pne (1) to three (3) inclusive, and shall bear interest at the rate of
three per cent( ) plow sun=, payable semi-annually as aforesaid, all of which
said BLhTee(3 bonds shall be ]mown as Series 6I and shall be styled and designat-
ed as tbercular Llkmit Iran Hoag'►; that all of the said bonds, comprising the
� ? 06
sum total of&Mty�seven Thousand, Five Hundred Dollars ($27,500.00�shall
mature in numerical order in the manner and amounts as set out in the tabulated
statement herewith attached, to wit:
CITY OF PORT VYORTH
PRINCIPAL MATURITIES
$27,500.00 TUBERCULAR SANITARIUM BONDS
DATED TANUARY 1, 1936
DUE TANUARY 18T PRINCIPAL MATURING
1939 # 2,500.
1940 6,000.
1941 19,000.
4..
SECTION III.
That the said bonds are hereby authorized to be sold to the beat
advantage, but in no event shall same be sold for less 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 Worth and utilized for the special
purposes for which they are created.
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 appropriated
for the said purpose, an annual, direct special ad valorem tax for the year
� 3
5 Yand every successive year thereafter during the life of said bonded
debt or any part thereof of(ftoi)mllls (or such an amount as may be necessary
and adequate, be it more or leas) on One Hundred Dollars ($100.00) of property
valuation, real, personal and mixed, subject to taxation and not exempt there-
from under the Constitution and laws of the State of Texts situated and owned
in the City of Fort Worth on the first day of danuary,C1935)and on the first
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 appropriate
such additional mount 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
1935, 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(-MS mills on the One
Hundred Dollars ($100.00) property Taluation (or so much thereof as may be
requisite and necessary) provided for in the neat 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 fonds 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 VII.
That as soon as convenient after said bonds shall have been prepared
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 indebtedness of the City
of Fort Worth, including the bonds herein and hereby authorized 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 VIII.
That the City Tree Wor of the City of Fort Worth, or other lawful
custodian of such fund, during the months of June and December of each and
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 Centre): 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 Z.
The holding or adjudication of any section, portion or part hereof
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 %I.
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.
ATTEST:
City aoretarl
APPROVED AS TO FORM AND LEGALITY:
we'9��
City Attorney
ORDINANCE
2T
Tider7
Dale.
Filed---.-- .-— .day of
City Secretary
1