HomeMy WebLinkAboutOrdinance 1788 ORDINANCE NO. 1788
AN ORDINANCE AMENDING SECTIONS I, II, IV, V AND VIII OF
ORDINANCE NO. 1783, PASSED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS, ON JANUARY 10, 1934, SO AS TO PBDVIDE
FOR TILE ISSUANCE OF SEVENTY-THREE THOUSAND MLLARS
(473,000.00) WORTH OF SAID BONDS INSTEAD OF NINETY-ONE
THOUSAND DOLLARS ($91,000.00) WORTH OF SAID BONDS, AND ALSO
PROVI➢ING FOR A TAX LEVY OF .2780 CENTS INSTEAD OF .3162
CENTS ON THE ONE HUNDRED DOLLARS ($100.00) PROPERTY VALUA-
TION TO PAY THE INTEREST AND CREATE A SINKING FUND TO PAY
THE PRINCIPAL ON SAID SEVENTY-TE3REE THOUSAND DOLLARS
(473,000.00) WORTH OF SAID BONDS, AND ALSO PROVIDING FOR THE
MATURITIES TO BE FROM FIVE (5) TO TW.EIQTY-FIVE (25) YEARS
FROM THE DATE MMMOF INSTEAD OF FROM FIVE (5) TO THIRTY (30)
YEARS FROM THE DATES THEREOF, AND ALSO PROVIDING THAT SAID BONDS
SHALL BE DATED OCTOBER 1, 1933 INSTEAD OF_JANUAHY 15, IOU,
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 SINKING FUND DURING THE MONTHS
OF MARCH AND SEPTEWER, AND NOT LATER MAN THE 25TH OF EACH OF
SAID MONM, SHAl.7• TRANSMIT SUFFICIENT MONEY FOR THE PAYMENT
OF THE SEMI-ANNUAL INTEREST AND PRINCIPAL MATURITIES INSTEAD
OF TRAN`MITTING SUCH FUNDS NOT LATER THAN THE LOTH DAY OF
JANU,ARY AND DULY OF EACH YEAR, AND PROVIDING THAT THIS ORDIN-
ANCE SHALL BE CUMULATIVE OF ALL OTHER ORDINANCES WITEi REFERENCE'S
TO THE ISSUANCE OF THE CITY CF FORT WORTH NEGOTIABLE COUPON
BONDS, EXCEPT TO Tci& EXTENT THAT THE SAME ARE IN OONM *1511
THE PROVISIONS OF THIS ORDINANCE, AND PROVIDING THAT THIS ORDIN-
ANCE SHALL BE 311 FORCE AND EFFECT FROM AND AFTER ITS PASSAGE.
WHEREAS, on the 22nd clay of May, A. D. 1929, pursuant to the
authority vested in said city by Section 19 of Chapter SXV of the Charter
of the City of Fort Worth, adopted by the qualified voters within the limits
of said city on the 11th 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 a resolution and an ordinance of that date, directed the submission
to the resident property taxpaying qualified voters of said city, at an elec-
tion 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 ci'Y* to issue gftg,&-
tiable 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 perman-
ent improvements in said city by constructing, 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 drain-
age of said streets and thoroughfares; and,
AREAS, in conformity with the said resolution and ordinance, the
Mayor of said city did make proolapAtion of said election, and fixed the date
thereof for the 25th day of June, A. D. 1929; and,
XMREAS, said election order and proclamation thereof was prepared
and published in the manner and for the time prescribed in said resolution
and ordinance; and,
WfMF&4,8, 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,
YfUMFIAS, 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,
widening, paving, grade separation and drainage of said streets and thorough-
fares, 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 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 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 (4500,000.00) for the purpose of
Improving and extending the system of fire protection of said city by con-
structing, 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, payable semi-
annually, and levy a sufficient tax to pay the interest on said bonds and create
a sinking Hind sufficient to redeem said bonds at the maturity thereof?
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 neces-
sary lands and property therefor, 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 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.
iNH+PM&S, 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,
WhNRXAS, by virtu* of said aleation, said CiV CounoU 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,
WHEFxaS, the City Council, in accordance with the power 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 adopted on the 4th day of December, A. D. 1929, authorizing the is-
suance 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
(0150,000.00); and,
INUERFAS, 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,
WHEFMAS, the said City Council, pursuant to the authority afore-
said, did lawfully pass and adopt an ordinance on the 21st day of January,
1�
A. D. 1931, authorizing the issuance of negotiable coupon bonds, amounting
to the principal sum of Six Hundred Thousand Dollars ($600,000.00); and,
ihHERRAS, 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,
WHER��, the City Council, pursuant to the authority aforesaid,
did lawfully pass and adopt Ordinance No. 1782 on the loth day of January,
A. D. 1934, and which ordinance was duly amended by an ordinance duly passed
and adopted on the 18th day of April, A. D. 1934, authorizing the issuance
of negotiable coupon bonds of the government of the City of Fort Worth, amount-
ing to the principal sum of Fifty-one Thousand Dollars ($51,000.00); and,
WHEREAS, all of the above described bonds were issued and directed
to be issued out of an authorized issue of Two Million Dollars (42,000,000.00)
worth of said bonds and which bonds were authorized to be issued by the property
taxpaying qualified 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,
WHEREAS, 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. 1783 so as to provide for the issuance
of Saventy-three Thousand Dollars ($73,000.00) worth of said bonds, in addition
to the One Million, Five Hundred and Fifty-one Thousand Dollars ($1,551,000.00)
worth of maid bonds heretofore issued and directed to be issued out of an
authorized issue of Two Million Dollars ($2,000,000.00), be issued in bonds at
this time in order that they may be used as security to secure a loan of Seventy-
three Thousand Dollars ($73,000.00) from the Federal Emergency Administration
of Public Works for the purpose of paying the proportionate cost of the City of
Fort Worth in effecting the grade separation along Daggett Avenue 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 Ninety-one Thousand Dollars ($91,000.00)
worth of said bonds authorized to be issued by Ordinance No. 1783, 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. 1783, to the maturities,
tax rate and date of said bonds and date of payment of interest on said bonds
as hereinafter set out: NOW, TORE,
HE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TX)rA
SECTION I.
That Sections I, II, IV, V and VIII of Ordinance No. 1783, 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
amended and, after being so amended, shall read as follows:
SECTION I.
That, pursuant to Section 19 of Chapter XXY 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
Constitution of the State of Texas, and pursuant to a vote of the resident
property taxLmling 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, the municipal
government of the City of Fort Worth issue its corporate negotiable coupon
bonds in the principal sum of Seventy-three Thousand Dollars ($73,000.00), 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 May, A. D. 1930, in addition to Six Hundred
Thousand Dollars ($600,000.00) worth of said bonds heretofore issued by an
ordinance lawfully passed and adopted on the 21st day of January, A. D. 1931,
in addition to One Hundred Thousand Dollars ($100,000.00) worth of said bonds
heretofore issued by an ordinance lawfully passed and adopted on the 13th day
of January, A. D. 1932, and also in addition to Fifty-one Thousand Dollars
(051,000.00) worth of said bonds heretofore issued by Ordinance No. 1787 lawfully
passed and adopted on the 18th day of April, A. D. 1934, which ordinance amended
Ordinance No. 1782 passed and adopted on the loth day of January, A. D. 1934,
and all of said bonds being issued and directed to be issued out of an authoriz-
ed 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 Tune, 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 ur One uvu,
sand 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 respective, both principal and interest of
said bonds being payable at the Central Hanover Sank 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 coupon
shall be negotiable and psytltble 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-five (25) years from the date thereof,
and the bonds themselves, fifty-one in number, shall be numbered consecutively
from fifteen hundred and fifty-two (1552) to sixteen hundred and twenty-four
(1824), 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 the coupons thereto annexed
and the interest added to said bonds shall be executed substantially in the
following form:
r
N0. UNITED STATES $1000.
OF AWE RI CA
STATE OF TETA , COUNTY OF TARRANT
SER IES 56
0 I T Y O F F 0 R T W 0 R T H
Street Improvement Bond of the City of Fort Worth issued for the purpose
of making permanent improvements by constructing, improv-
ing and extending the streets, thoroughfares
and storm sewers of said city.
$NOW ALL M 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 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 irrevocably pledged.
This bond is one of a series of seventy-three (73) bonds numbered
consecutively from fifteen hundred and fifty-fro (1552) to sixteen hundred
and twenty-four (1624), inclusive, each of the denomination of One Thousand
Dollars ($1,000.00), amounting in the aggregate to the sum of Seventy-three
Thousand Dollars ($73,000.00) issued for the purpose of making permanent im-
provements by constructing, extending and improving the streets, thoroughfares
and storm sewers of the City of Fort Worth, Texas, including in such permanent
improvements the straightening, widening, paving, grade separation and drain-
age of Said street& and thoroughfares, under and by virtue of the Constitu-
tion 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 10th 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 18th 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,
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 WHEREOF, 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 1st day of October,
A. D. 1933.
CITY OF FORT WORTH, TEXAS
ATTEST:
City Secretary
(FORM OF COUPON NOTE)
NO.
The City of Fort Worth, in the State of Texas, promises to pay to
bearer 4 ), on the lot day of ,
at the Central Hanover Bank and Trust Company in the City of New York, N. Y.,
for interest due that day on its Street Improvement Bond, Series 56, dated
and numbered
CITY OF FORT WORTH, TEXAS
Mayor
ATTEST:
City Secretary
(CERTIFICATE OF COMPTROLLER)
OFFICE OF C017MLLER,
STATE OF TEXAS.
I hereby certify that there is on file and of record in my office,
a oertifiente 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.
Oomptroller 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 Seventy-three Thousand Dollars ($73,000.00), in addition to tlxe
sum of One Million, Five Hundred and Fifty-one Thousand Dollars ($1,551,-
000.00) of said bonds heretofore issued out of the said authorized issue of
Two Million Dollars (42,000,000.00), shall be issued for the purpose of making
permanent improvements in said city by constructing, improving and extending
the streets, thoroughfares and storm sewers of said city, and including in
such permanent improvements the straightening, widening, paving, grade aspara-
tion and drainage of said streets and thoroughfares, and shall consist of
seventy-three (73) bonds, numbered from fifteen hundred and fifty-two (1552)
to sixteen hundred and twenty-four (1624), inclusive, and shall bear interest
at the rate of four per cent (4%) per annum, payable semi-annually as afore-
said, all of which said seventy-three (73) bonds shall be known as Series 56
and small be styled and designated as "Street Improvement Bonds"; that all 6f
the said bonds comprising the sum total of Seventy-tbree Thousand Dollars
(473,000.00) shall mature in numerical order in the manner and amounts as
set out in the tabulated statement herewith attached, to wit:
CITY OF FORT WORTH
PRINCIPAL MATURITIES
$73,000.00 STREET IFPROVAWT BONDS, SERIES 56
DATED OCTOBER 1, 1933
PRINCIPAL
DOE OCTOBER IST MATURING
1938 $ 2,000.
39 2,000.
1940 2,000.
41 3,000.
42 3,000.
43 3,000.
44 3,000.
45 3,000.
46 4,000.
47 4,000.
48 4,000.
49 4,000.
1950 4,000.
51 4,000.
52 4,000.
53 4,000.
54 4,000.
55 4,000.
56 4,000.
57 4,000.
58 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 approfirlat-
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 bond-
ed debt, or any part thereof, of .2780 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
Texas, situated and owned in the City of Fort Worth on the let day of January,
1934, and on the 1st 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 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 re-
quired by the Constitution of the State of Texas and the Charter of the City
of Fort Worth.
SECTION P.
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 thereof, to include in such levy the special tax of .2780 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
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 paylent 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.
ATTEST:
Oity Secretary
COVED AS TO FORM AND LEGALITY:
City attorney
ORDINANCE
No. —
Tide
Filet day oL----- .
cty Secretary