HomeMy WebLinkAboutOrdinance 888 { 1
ORDINANCE NO_ 888
January 12th, 1923.
AN ORDINANCE providin for the issuance of
'negotiable munici al bonds of e Government of the dity of
Fort forth amoun�inr in the aggregate to the principal sum
o f Two Million Seven'Hundred and Fifty Thousand Dollars
( ? 750,000.00), divided. into four series, one of which shall
be mown as Series No. 40, and designated as, "Plater and
Sewer Improvement Bonds," in the principal sum of �ne Mil-
li" Five Hundred Thousand Dollars ($1,500 000.001, one of
which shall be known as Series No.' 41, anA designated as
"Street Improvement and Extension Bonds." in the pp inc' al
sum of Eight Hundred Thousand Dollars ($1800 000.00F; one of
which shall be known as Series No. 42, and Aesignated
as "Light Improvement and Extension Bonds," in tho prin-
t al sum of Two Hundred and Fifty Thousand Dollars
( 50,000.00): one of which shall be known as Series No.
43, and des iga ated as "Fire Protection bonds " in
the principal stun of Two Hundred Thousand Dollars ($200,000.00);
all said onds to be in the denomination of One Thousand
Dollars ($1,000.00 each, to be dated January 1st 19?3
maturingfrom five to forty years from the date thereo ,
5 and to ear interest at the rate no t to exceed five
percentum per annum, payable semi-annually the interest
expressed in coupon notes attached to the fonds; directing
the execution of said bonds by the Mayor and Citv Sec-
retary and providing for an adequate tax levy for the
payment of the interest on said bonds, and to create a
pinking fund for the payment of the principal thereof as
same x6tures from time .to time, and providing that this
._ XIA anee- shall t r�rrnet- rvm-and after tie passage
thereof.
1.
WHEREAS, on the 13th day of December, 19212
ppursuant to Section 20, Chapter 6' of the Charter of the
City of Fort Worth, g, anted by Act of the Thirty-First
Legislature of the State of Texas, .at, the regular session
thereof, the Boaxd lof Commissioners of the City of Fort
Worth by resolution of that date directed the submission to
the property tax payfn qualified voters of the City of Fort
Worth, at an election o-be held in said City on the 30th day
of December A. D. 1922, of the right, power and authority
of the BoarA of Commissioners of said City to issue ne-
gotiable bonds of the corporate government of said City,
amounting in the aggregate to the principal srm of Two
Million Seven Hundred and Fifty Thousand Dollars ($2 750,000.00)
o which amouup�t One Million Five Hundred Thousand Dollars
(1,500,000.001, was to be issued for the improvement of the
water an sewer systgm of the City; Ei ht Hundred Thousand
Dollars 4800'000.00] for the construction, i� ��rrrrd
extension of the streets and thoroughfa s of said ity;
Two hundred and Fi ft y Th ousand Dollars ($250,000.00), for
the improvement and extension of tY� lightingg system of the
City; Two Hundred Thousand Dollars (( 00, 00.00) for the
improvement and extension of the system of fire protection
for the City; each of the several issues hereinbefore A�nea-
ified to indicate and express its respective purpose; ail
said bonds maturing from five to forty years from the
date thereof, and o bear interest at the rate of five
per centum per annum, payable semi-annually; and,
P9fiEREAS, in conformity with said order and re-
solixtion the Mavor of said Citq did make proclamation
of said election and fixed the date thereoT for the 90th
day of December, A. D. 19T,; and
ti'PREREAS, publication was made of said elec-
tion in the manner and for the time prescribed in said re-
solution; and,
WFEM AS on said 30 t h day of Pe cembe r, A. D.
1922, said elect lon was held in the City of Fort Worth, at
the respective polling places designates in the election
order at which said election each issue of boTd s was sub-
mittec) as a separate and distinct proposition to the voters
of said City, -the official ballot on such occasion, in con-
formity with the resolution of the Bo ,id of Commissioners,
and the order of the election, in form and substance rea -
ing as follows:
OFFICIAL BALLOT.
(1) Shall the City of Fort Worth through its
Board of Commissioners, issue its negotiable coupon bonds
running from five to forty years, in the pr cippal sum of
One Million Five Fundred-Thousand Dollars t 1,b00,000.001,
for the purpose of improving and extending the water and sewer
system of said City, payable at the expiration of five years
from the date thereof, and serially thereafter from vear to
year, so that the last maturing bonds shall become oav-
able forth ve rs pram Rate t--he+ree€-, bearin .inte �t the rate of fine per cent per annum from Ne date Preof,
ayable semi-annuallv md levy a sufficient *ax to pav
he interest on said fonds and create a sinking fund suf-
ficient to redeem said bonds at the maturity thereof?
FORT'uE ISSTANCE OF SA ID RTMS.
AGAINST THE ISSUANCE OF SAID ROT1nS.
V Shall the City of Fort Worth through its
b board of Commissioners, issue its neMtiable coupon bends
running from five to fortv ypa.r in the pri ci al sum of
Eight Hundred Thousand Dollars ($800,000.001, or the pur-
�pse of constructing improving and extending the streets
and thoroughfares off' said City, payable at the ex iratioa
of five years from the date thereof, and serially �bere-
after from year to year, so that the last maturing bonds
shall become payable forty years from the ate thereof,
bearin , interest at the rate of five per centum per annum
from Ne 'Tate thereof, pa able semi-annually, and levy
a suff ici en tax "—pay the interest on said hand.&, and,
create a s inl-ing fund sufficient to redeem said bonds at
the maturity thereof?
FOR T HE I SS11ATJCE OF SAID RIPS.
AGAINST THE ISSUANCE OF SAID RONBS.
(3) Shall the City of Fort Worth through its
Board of Commissioners, issue its nepptiable coupon
2
' � a
bonds running from five to forty nears in the principal
sum of Two Hundred and Fifty Thousand 1ollars (TP50 00.001,
for the purpose of improving and extending the lig�iting
system of said City, payable at the expiration of five
years from the date thereof, and serially thereafter from near to
Tear, so that the last_ maturing bonds shall become parable
fort, Pears from the date thereof, bearinp, interest at the
rate of five per centum per annum from the date thereof,
payable semi-annually, and levy a sufficient tax to ppav the
interest ran said beds, and create 4k- e inki-n;. fund -aX1-
cient to redeem said bonds at the maturity thereof?
FOR THE ISSUANCE OF SAID BONDS.
AGAINST THE ISSUANCE OF SAID RO'dDS.
(4) Shall the City of Fort Worth, through its
to and of Commissio ners,issue its negotiable coupon bonds
running from five to forty yea s in the principal sum of
Two Hundred Thousand Dollars (Rb0,A00.00), for the pur-
�ose of improvi and extending the system of fire pro-
ect ion of said i ty payable at the expirat ion of five
uears from the date thereof and serially thereafter
from year to year, so that the last maturing vonds stall
become ayabl6 forty years from the date thereof, bearing
intere- at the rate of five per centum per annum from the
date thereof payable semi-annually and levy a sufficient
tax to pay tte interest on said b6h, and create a sink-
ing fund sufficient to redeem said bonds at the maturity
thereof?
FCR "NE ISSLf M-B OF SAID ROMS.
AGAINST "PE ISSIMCE OF SiID RO'TnS.
AND WREIAS, the elect ion held in said Citv of
Fort Worth, on the four issues of bonds hereinbefore men-
tioned, resulted in a majority in favor of the issuance
pf all said bonds and each issue thereof; and,
W EREAS, by virtue of said election said 'Board of
Commissioners is vested with authority by and from the
people to issue said bonds, for the pu.pose aforementioned,
and to make same valid and bindin obli , tions of the corpor-
ate govermgent of the City of Fort Worth;
NOW , THEREFORE
RE IT ORDAL^IED t7 THE -BOARD OF COMMISSIONERS OF
THE CITY OF FORT WORTH:
Sec. 1.
That pursuant to Section 20. Chapter 6 of the
Ch arte r of the Ci ty of Fo rt Worth granted by Act of the
Tbirty-First Legislature of the Sate of Texas, at a rern-
lar session that convened Januarp 1?th, 1909 and adjourned
larch 13th, 1909, and a vote of the property tax paying
qualified voters of the City of Fort "forth at an election
held in said City for such^ purposes, on the .30th day of
December A. D. 1922., that the municipal government of the
City of Port Worth issue and utter itscorporate negotiable
coupon bonds in the agpgr ate 81 of Two Million Sjjven pan-
dred and Fifty Thoueanc� bollars ( ,750,000.00) in the
sr
3
.'
denomination of One Thousand Dollars ($1,000.00) each da-
ted January 1st, 1923, bearing interest at the rate of five
per centum per annum, payable semi-annually on the first days
of July and January of each year, both principal and inter-
es t of said bonds pavabl e at the uanover National Bank, in
the City of New Trork State of New York, the semi-annual
interest on said bon;s evidenced by interest coupons at-
tached thereto all said bonds to be executed for and on
behalf of the Laity of Fort Worth by the Mayor thereof, at-
tested bir its Olt Secretary with the seal of the City there-
on dulo im ress but the interest coupons to be executed
with the Ii hograp�ied facsimile signature o' the Favor and
City Secretary of the Ci tyy of Fort Worth each of said bonds
and coupons shall be negotiable and payable to bearer and
said bonds numbered in the wav and manner here inaffer'se't out,
maturin five years from the date thereof, and annually
thereafter until the last maturing bonds shall become payable,
fortv years from the date thereof; said bonds to he divided
into four series for the four separate and distinct* purposes
hereinafter set out- that is to HR Oee million Five uundred
Thousand Dollars, (*1 500,000.00� t�iereof shall be devoted
to the im rovement ana extension of the water and eewer system
o the My f Fort Worth; Eight Hundred Thousand Dollars
( 800,000.00� thereof for the construction a nd improvement
of the streets and thoroughfares of said City; Two Fundeed
and Fifty Thousand Dollars ($250,000.00 thereof for the
improvement and extension of the lighting system of aid
City; and Two Hundred Thousand Dollars MOf.000.001, thereof
for the extension and improvement of the fire. system of said
City, making the sum tot 1 of Two Mil ion Seven Hundred and
Fifty Thousand Dollars (,2,750,000.001 of bonds of said City,
divided for.th&%ia=oses-hereinabove set out.
That the general form of said bonds and the
coupons thereto annexed being the interest to be paid on
said bond , shall be executed in substantially the follow-
ing form s(va in only in expressing the respective purpose
of each issue, �o-wit:
UNITED STATES OF AMERICA,
STATE OF -EXAS,
COUNTY OF 'ARRANT,
CITY OF FORT WORM
__,fond of the City of Fort "north (here insert
a genera 'description of the purposes for which said bond
is issued).
w
No. ]
KNOW ALL MEN Br '"HF SE PRE SENT S:
w That the government of the City of Fort Worth a
municipal corporation, duly created under the laws of tie
State of Texas, hereby acknowledges itself to owe, and for
value recce ved pproq'ses to pay to bearer One Thousand
Dollars ( 1,000.001, in lawfuf money of the United States
of America, on the day of A. D. 19 ,
together with interest thereon at the rate of per
centum per annum, payable semi-annually on the first days
of July and January in each year, on presentation and sur-
render of the annexed interest coupons, as they severally
fall due. Both the princip al and interest of this bond are
ppayable at the office of the Hanover National 1%nk, in New
York City, TT. Y. , and for the due and punctual pay&e nt of
�+ this bend at the maturity thereof, and the interest thereon,
4.
s— -
+ i
when it falls due the full faith credity and resources of the
City .of Fort Worth are hereby irrevocable pledged.
This bond is one of a series of
bonds numbered consecutively from One 1, to
inclusive, e eh of the denom-
ination of One Thousand oltars (1,000.00 , amounti in the ,
aggre ,ate to the sum of ,
issueg for the purpose o
under and by virtue of the Grinstitut !on nind laws of the St ate
of Texas, the Charter of the City of Fort Worth and an or-
dinance of the Board of Commissioners of-said City lawfully
passed and adopted on the d av of .TamiarV, A. D. 19�
ursuant to valid authority from the property tax paving nuali-
ied voters of said City at a proper and legal election held
on the 30th day of December, A. D. 1922.
It is hereby further expressly represented
recited and convenanted by the government of the Gity of
Fort Wo rtb, to and with each and every holder of said
bonds or'anv one of them that all acts conditions and
thin�.s 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 teen
done have happened, and have been performed in proper
and (awful time, form and manner as prescribed by law so
as to make this bend a legal, binding and valid obliga, ion
of the City of Fort Wort and 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
t_- has �1� ;3,e►rted -in sufffcfent amount for tha payae t
of the pFincipa`I and 'merest of this bend at the respective
maturity ddtes thereof, and that the. total indebtedness of said
Ci tv, including t1is; 15md, and the issue of which it is a
compponent ppart does not exceed any constitutional or
statutory limitat ion.
IN TE SP IMONY WNEIMOF., the C i t.7 o f Po rt Wo rth
in the State of Texas, has executed this bond by causin, it
to be signed by its Mayor and Attested by the City SecWlary,
with the seal of the City thereunto duly impressed, and has
caused the annexed interest coupons to be executed with the
lithographed facsimile signature of the Mayor and City Sec-
retary, and dated as of the first day of -Tanuary, A.. I).
1923.
TPE CITY OF FOP7 TOITTT, 71E-T4S,
ATTEST:
GITY : TA:HY ..,,�U
( FORM OF COUPON NOTE.)
No.
The City of Fort Worth, in the State of Texas,
promises o pay to bearer
dole rs, , on f1ii day. of
A. D. 19 , at th a flan over Na t ional
Bank in the Gity of New vork� N. V, , for interest due that
s
7 .
a
day on its municipal bond dated January 1st, 19M, and num
be red
THE CITY OF FORT WORTH, TnAS.
:favor -
ATTEST
Ci tv erotary:: 71ME
Sec. 2.
That of the total amount of bonds so to be is-
sued by- the Citv of Fort Worth One Million Five Hundred
Thousand Dollars $1,5004000.6O) thereof shall be issued
for the pu.pose of improving the water and sewer system
of said Gi .pose
and sh ll consist of fifteen} hundred bonds.
numbered from One (11 to Fifteen Hundred (1500) inclusive,
of which seven hundred and fifteen, numbered from Ofte (1)
to seven hundred and fifteen (715) inclusive, shall bear
interest at the rate of frur and one-half percentum per
antrum, payable semi-annualy as aforesaid; and seven hun-
Bred and eitbty five (781 ereof, numbered from seven
hundred and- sixteen (716) to fifteen hundred (1500),
inclusive, shall bear interest at the rate of five percen-
tum per annum, avable semi-annually, as aforesaid; all
of which said fifteen hundred bonds shall be known as Se r-
ie8 No. 40 , and styled and designated as,
"WELter and Sewer Improvement Lond."
Sec. 3.
That of the total amount of bonds so to be
issued by the City of Fort Worth Eight Hundred Thous-
and Dollars ($800,000.00) therFot shall be issued for
the purpose of improvinr, and extending the streets
and thoroughfares of said C' v, and shall consist
of eight hundred b nds (800 , numbered from one fll to
eight 'hundred (800) inclusive of which three hundred
and a ighty-one (3811, nVe ed from one (l i to three
hundred' and eighty-one (381) inclusive shall bear in-
terest at the rate of fiur and one-half' per centum per
annum, pavable_ semi-annua iv as aforesalcY- and four
hundred and nineteen (4101 thereof, numbered from three
hundred and ei ghty-two (382) to eight hundred (600), in-
clusive, shall bear interest at the rate of five per-
centum per annum, avable semi-annually, as aforesaid; all
of which said eigh hundred ponds shall be known as Series
No. 41 andd styled and designated as " Street
Improvement and Extension Bonds."
6.
Sec. 4.
That of the total amount of bonds so to be
issued by the City of Fort Wo th Two Hundred and Fifty
Thousand Dollars '($250,000.00f Aereof, shall be issued
for the purpose of improving and extending the lighting
system of said City, and shall am sist of two hundred and
fif b nds, numbered from one (1) to two hundred and fif-
ty �50�, inclusive of which one hundred and nineteen
numbered from One (f) to one hundred and nineteen (1191
inclusive, shall bear interest at the rate of four and
one-half per centum per annum dyable sem an wally, s
aforesaid; and one hundred anA �hirty-one (1311 a
thereof,
-numbered fm -h ne undred and _twenty (120 to two hundred
and fiftr ro inclusive, shal inttq—st nt `he rate
of five per centum per annum avable semi-annual1v, as
aforesaid; all of which saiA two hundred and fifty bonds
shall be known as Series No. —42- and stvled and
designated as, "Light Improvement and Extension Bonds."
Sec. 5.
That of the total amount of bonds so to be issued
by the City of Fort Worth, Ww o Hundred Thousand Dollars,
($200,000.00) thereof shall be issued for the purpose of
improving and extending the fire protection system of
the City, and shall. consist of two hundred bonds (200)
numbered from one (1) to. two hundred (200), inclusive,
of which ninety-six (96) numbered from one (11 to Ninety-six
19 6) inclusive, shall bear interest at the
rate of four and one-half per centum per annum, pay -
able semi-annually, as aforesaid; and one hundred and
four (104) thereof, numbered from ninetv-seven (971
to two hundred (200), inclusive;, shall bear interest at
the rate of five per centum per annum, pavable semi-
annually, as aforesaid; all of which said two hundred
bonds shall be known as Series No. _AL , and styled
and designated as, "Fire Protection !Iotds."
7.
SCHEDULE OF MATURITIES., for SHE CITY OF FORT WORTH
TEXAS. GENERAL IMPROVEhIENT BONDS.
Year 4-21% water- 4j Street 1 4 Light 42,% Fire De- Total f
Works Bonds Imp. Bonds Imp Bonds partment Bonds Maturit;
1928 17,000 9,000 , 3,000 2,000 $31,000
1929 18,000 10,000 3,000 2,000 33,000
1930 18,000 10,000 3,000 3,000 34,000
1931 20,000 10,000 3,000 3,000 36,000
1932 20,000 11,000 3,000 3,000 37,000
IM 21,000 11,000 3,000 4,000 39,000
22,000 12,000 4,000 3,000 41,000
1935 23,000 13,000 4,000 3,000 43,000
1936 25,000 133,000 4,000 3,000 45,000
1937 26,000 14,000 4,000 3,000 47,000
1938 27,000 14,000 4,000 4,000 49,000
1989 28,000 15,000 5,000 3,000 51,000
1940 29,000 15,000 5,000 4,000 53,000
1941 31,000 16,000 5,000 4,000 56,000
1942 32,000 17,000 5,000 4,000 58,000
1943 33,000 la,,000 6,000 4,000 61,000
1944 35,000 19,000 6,000 4,000 64,000
1945 360000 19,000 6,000 5,000 66,000
1946 38,000 20,000 6,000 5,000 69,000
1947 40,000 21,000 7,000 5,000 73,000
1948 41,000 22,000 7,000 6,000 76,000
1949 43,000 23,000 7,000 6,000 79,000
1950 45,000 24,000 8,000 6,000 83,000
1951 47,000 250-000 8,000 7,000 87,000
Total
4Q's $710, 381,000 119,000 4 96111000 $ 1,311,000
Year Water- 5% Street 5% Light 5%.iftre de- Total for
w r�s Bonds Imp.Bonds Imp.Bonds partment Bonds Maturity
1952 49,000 $ 26,000 $ 8,000 7,000 $ 90,000
1953 52,000 28,000 9,000 6,000 95,000
1954 55,000 w MOOO 9,000 7,000 100�000
1955 57,000 31,000 10,000 7,000 105,000
1956 60,000 320-000 101,000 8,000 110,000
1957 63,000 33,000 10,000 9,000 115,000
1958 66,000 35,000 11,000 9,000 121,000
1959 69,000 37,000 12,000 9,000 127,000
1960 73,000 39,000 12,000 10,000( 134,000
1961 76,000 41,000 13,000 10,000 140#000
1962 80,000 43,000 13,000 11,000 147,000
1963 85,000 45,000 14,000 11,000 156,000
Total
5's $ 785;000 419,000 6 131,000 6 104,000 $ 1,439,000
Grand
Total 01,500,900 0 800,000 $ 250,000 $ 200,000 0 21750,000
seat. 6
That all said bonds 2o750i0 00)dollars# arranged d the sum total Of oaccording t o Millionetheurespectiv
and Fifty thousand (J , ,00
divisions or purposes in to which they fall, including those that bear
interest at the said rate of four and one half #ef-444nt (% 422-) 8xxtxx
and those that bear interest at the said rate of five per cent (%5) shall
matre in setu
uforth inethentabulatedmscheduled at the herewithrespective subjoined,periods of time as
to-wit;
Sec. 7
Said bonds are authorized to be sold to the best advantage, but at not
less than par and accrued interest to the time of delivery, and the proceeds
theeof covere into the City cf Fort
forr
rthe special purposes for awhich each sury of eissue of bonds wist h and utilized
created
See. 8
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 .,ppart and appropraited
for said purpose, and annual , direct special ad valorem tax for the year
1923 , and for every successive year thereafter during the life of said
bonded debt, or any part thereof, ma of cents (or such an amount
as may be necessary and adequate, be it more or Tss ) xaxxtkff on every one
hundred ($100.00) Dollars of property valuationo real, personal and mixed,
subject to taxation and not exempt therefrom under the CIDnstlitution and
law of the State of Texas, aatW situated and owned in the City of Fort
Worth on the first day of January 1923, and on the lot 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 insuffient, then it shall be the duty of the Board of Commissioners
or other governing body of said City of Fort Worth, to set apart and ap-
propriate such additional amount of money out of the general reloenues of
said City, as may be requisite to supply the deficiency until all interests
shall have been paid and the sinking fund established as required by the
wo�hitution of the State of Tess and by the Charter of the City of Fort
Sec. 9
That it shall be the duty of the Board of Commissioners of the City of
Fort Worth, as as successors in office, and of the Government of said
City of Fort 4ortht in levying taxes for general purposes for the 6ity
of Fort worth for the year 1923 , 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 cents on the one hundred ($100.00) Dollars
property valtftV1b'd or so much therof 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 therefromt.
Sec. 10
That the special tax hereinbefore provided for, when collected, shall be
placed and kept in a separete fund and shall be devoted to the payment
of the interest and the extinguishment of the principal of all and
singular the bonds hereinabdi8e mentioned as same mature from time to time,
and shall not be used applied or diverted to any other purpose or object
whata,oever. And the funds derived from said tax shall be held and listed
as sepparate accounts on the books of said City, and the proceeds held and
kept by the City Treasurer of said gity as a separate and distinct account
$nd so specified as such on his books; and it shall be unlawful for the
reasueee of the said City of Fort Worth, or other lawful custodian therof ,
to honor or recognize any check, warrant draft or order upon Ach funds
except for the purpose afaoresaid.
Sec.11
That as soon as convenient after said bonds shall have been prepared and
signed in the manner prescribed by thks ordinance they shall be submitted
to the Attbvney General of the State of Texas, together with a certified
copy of this ordinance and a statement of the total bonded indebtedness
of the dity of Fort Worth, including the bonds herein and Hereby authorized
and the accessed value of the taxable property in said city, for his
approval, and none of said bond shall be negotated, saxaax sold or transferr
ed until the same shall have received the official sanction of said Attornry
Geheral as prescribed by law, and therrafter said bonds shall be lodged with
the State Comptroller for registration
Sec. 12
The city Treasurer of the City of Fort Worth, or other lawful custodian
of such funds , during the month of Junexx and December of each and every
year during the life of said bonds, or any part thereof, and not later
than the 20th 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 Hanover National Bank
of the City of New York, State of New York; and likewise 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.
Sec. 13
All ordinances and parts of ordinances in conflict here*ith be and they are
hereby expressly repealed .
See. 14
This ordinance shall take effect and be in full force from and after its
passage , and it is somordained .
F
ORDINANCE
Title
oa
Date
File day of ..,.
192�—
City Secretary