HomeMy WebLinkAboutOrdinance 2290 ORDINANCE NO. '
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON
BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, TEXAS,
AMOUNTING TO THE PRINCIPAL SUM OF TWO HUNDRED AND FIFTY
THOUSAND DOLLARS ($250,000.00) IN ADDITION TO THE SUM OF ONE
MILLION DOLLARS ($1,000,000.001 WORTH OF SAID BONDS HERETO-
FORE ISSUED OUT OF AN AUTHORIZED ISSUE OF ONE MILLION, TWO
HUNDRED AND FIFTY THOUSAND DOLLARS (41,250,000.00), AND BE-
ING KNOWN AS SERIES 68 AND DESIGNATED AS "AIRPORT BONDS,"
TO BE ISSUED FOR THE PURPOSE OF ESTABLISHING, EQUIPPING,
EXTENDING AND IMPROVING MUNICIPAL AIRPORTS AND LANDING
FIELDS FOR AIRPLANES, AIRCRAFT AND OTHER AERIAL MACHINES,
AND ACQUIRING THE NECESSARY LANDS AND PROPERTY THEREFOR FOR
SAID CITY, EACH OF SAID BONDS TO BE IN THE DENOMINATION OF
ONE THOUSAND DOLLARS ($1,000.00), TO BE DATED FEBRUARY 1,
1946, MATURING FROM ONE (1) TO TWENTY-FIVE (25) YEARS FROM
THE DATE THEREOF, THE FIRST FORTY-TWO THOUSAND DOLLARS
($42,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE
RATE OF FOUR PER CENT (4%) PER ANNUM, THE NEXT ONE HUNDRED
AND FIFTEEN THOUSAND DOLLARS ($115,000.00) WORTH OF SAID
BONDS TO BEAR INTEREST AT THE RATE OF ONE.PER CENT (1%) PER
ANNUM, AND THE REMAINING NINETY-THREE THOUSAND DOLLARS
($93,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE
RATE OF ONE AND ONE-QUARTER PER CENT (1t9) PER ANNUM, SAID
INTEREST BEING PAYABLE SEMI-ANNUALLY, THE INTEREST TO BE EX-
PRESSED IN COUPON NOTES ATTACHED TO THE BONDS; DIRECTING THAT
THE SAID BONDS BE EXECUTED BY THE MAYOR AND CITY SECRETARY;
PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAYMENT OF THE
INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE
PAYMENT OF THE PRINCIPAL THEREOF AS THE SAME MATURES FROM
TIME TO TIME; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN
FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE.
WHEREAS, on the 12th day of February, A. D. 1941, 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 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 elec-
tion to be held in said City on the 4th day of March, A. D. 1941, of the
right, power and authority of the City Council of the City of Fort Worth,
Texas, to issue negotiable coupon bonds of the corporate government of said
City in the principal sum of One Million, Two Hundred and Fifty Thousand
Dollars ($1,250,000.00) for the purpose of establishing, equipping, extend-
ing and improving municipal airports and landing fields for airplanes, air-
craft and other aerial machines and acquiring the necessary lands and prop-
erty therefor for said City; and,
WHEREAS, in conformity with said ordinance, the Mayor of said City
did make proclamation of said election and fixed the date thereof for the
4th day of March, A. D. 1941; and,
WHEREAS, said election order and proclamation thereof were prepared
and published in the manner and for the time prescribed in said ordinance;
and,
W1ffM1,S, on the 4th day of March, A.-D. 1941, said election was held
in the City of Fort Worth, Texas, at the respective polling places desig-
nated 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 said 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 One Million, Two Hundred
and Fifty Thousand Dollars ($1,250,000.00) for the purpose of establishing,
equipping, extending and improving municipal airports and landing fields
for airplanes, aircraft and other aerial machines, and acquiring the neces-
sary lands and property 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 inter-
est at a rate not to exceed four per cent (4%) per annum from the date there-
of, 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.
II.
Shall the City of Fort Worth, Texas, through its City Council, issue
its negotiable coupon bonds in the principal sum of One N5.11ion, One Hun-
dred and Twelve Thousand Dollars ($1,112,000.00) for the purpose of con-
structing, improving and extending the streets, thoroughfares and storm
sewers of said City, including in such permanent improvements the straighten-
ing, widening, paving, grade separation, lighting and drainage of said
streets and thoroughfares, said bonds being payable serially 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 inter-
est at a rate not to exceed four per cent (4%) per annum from the date
thereof, payable semi-annually, and levy a sufficient tax to pay the inter-
est 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.
III.
Shall the City of Fort Worth, Texas, through its City Council, issue
its negotiable coupon bonds in the principal sum of Three Hundred and Twenty
Thousand Dollars ($320,000.00) for the purpose of constructing, building
and equipping additional incinerators for said City and acquiring the neces-
sary lands and sites therefor, said bonds being payable serially 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 per cent (4%) 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 Incinerator Bonds.
AGAINST the Issuance of Incinerator 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 and Sixty
Thousand Dollars (4160,000.00) for the purpose of building, enlarging and
improving the garages and repair shops of said City and acquiring the neces-
sary lands and site therefor, said bonds being payable serially 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 inter-
est at a rate not to exceed four per cent (4%) per annum from the date
thereof, payable semi-annually, and levy a sufficient tax to pay the inter-
est on said bonds and create a sinking fund sufficient to redeem said bonds
at the maturity thereof?
FOR the Issuance of Garage and Repair Shop Bonds.
AGAINST the Issuance of Garage and Repair Shop Bonds.
ve
Shall the City of Fort Worth, Texas, through its City Council, issue
its negotiable coupon bonds in the principal sum of One Hundred and Fifty-
eight Thousand Dollars 0158,000e00) for the purpose of improving, extend-
ing and enlarging the sanitary sewer system and 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 per cent (4%) 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 there-
of?
FOR the Issuance of Sanitary Sewer System and Sewage Disposal
Plant Bonds.
AGAINST the Issuance of Sanitary Sewer System and Sewage
Disposal Plant Bonds..;
and,
WHEREAS, in the election held in said City of Fort Worth, Texas, on
the 4th day of March, A. D. 1941, 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,
WHEREAS, 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, Texas; and,
WHEREAS, the City Council, im accordance with the power vested in
said governing body, did lawfully pass and adopt an ordinance on the 26th
day of March, A. D. 1941, authorizing the issuance of negotiable coupon bonds
of the government of the City of Fort north amounting to the principal sum
of One Million Dollars ($1,000,000.00); and,
WHEREAS, all of the above described bonds were issued out of an au—
thorized issue of One Million, Two Hundred and Fifty Thousand Dollars ($l,-
250,000.00) worth of said bonds, which bonds were authorised to be issued
by the property taxpaying qualified.voters of said City at an election held
on the 4th day of March, A. D. 1941, and all of them being a part of and
known as Series 68, and designated as "Airport Bonds"; and,
WHEREAS, 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 Two Hundred and Fifty Thousand Dollars ($250,000.00) worth of
said bonds,in addition to the One Million Dollars ($1,000,000.00) worth of
said bonds heretofore issued and sold out of the authorized issue of One
Million, Two Hundred and Fifty Thousand Dollars ($1,250,000.00),be issued
in bonds at this time, said bonds to be issued being a part of Series 68
and designated as "Airport Bonds"; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION I.
That the municipal government of the City of Fort Worth, Texas, issue
its corporate negotiable coupon bonds in the principal sum of Two Hundred
and Fifty Thousand Dollars ($250,000.00), this amount being in addition to
the One Million Dollars ($1,000,000.00) worth of said bonds heretofore is—
sued by an ordinance lawfully passed and adopted by said City Council on the
26th day of March, A. D. 1941. The said bonds above described were issued
and sold out of an authorized issue of One Million, Two Hundred and Fifty
Thousand Dollars (61,250,000.00), authorized to be issued at a proper elec—
tion held on the 4th day of March, A. D. 1941, and which bonds are known as
Series 68 and designated as "Airport Bonds," and the bonds so to be issued
shall be in the denomination of One Thousand Dollars ($1,000.00) each,
dated February 1, 1946, the first Forty-two Thousand Dollars ($42,000.00)
worth of said bonds, maturing from 1947 to 1951, inclusive, to bear inter-
est at the rate of four per cent (4%) per annum, the next One Hundred and
Fifteen Thousand Dollars ($115,000.00) worth of said bonds, maturing from
1952 to 1963, inclusive, to bear interest at the rate of one per cent (1%)
per annum, and the remaining Ninety-three Thousand Dollars ($93,000.00)
worth of said bonds, maturing from 1964 to 1971, inclusive, to bear inter-
est at the rate of one and one-quarter per cent (1j%) per annum, payable
semi-annually on the first day of August and February of each year respec-
tively, both principal and interest of said bonds being payable at the Cen-
tral 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, Texas, 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 signatures of the Mayor and
City Secretary of the City of Fort Worth, Texas. 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, so that the last matur-
ing bond shall become payable within twenty-five (25) years from the date
thereof, and the bonds themselves, two hundred and fifty (250) in number,
shall be numbered consecutively from one thousand and one (1,001) to one
thousand, two hundred and fifty (1,250), inclusive, and shall mature in
the amount and manner hereinafter set out. Said bonds shall be issued for
the purpose of making permanent improvements by establishing, equipping,
extending and improving municipal airports and landing fields for airplanes,
aircraft and other aerial machines, and acquiring the necessary lands and
property therefor for said City.
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:
i
r
NO. UNITED STATES $
OF AMUCA
STATE OF TEXAS, COUNTY OF TARRANT
SERIES 68 r
C I T Y O F F 0 R T W O R T H
-00000-
Airport Bond of the City of Fort Worth issued for the purpose of establish-
ing, equipping, extending and improving municipal airports and landing
fields for airplanes, aircraft and other aerial machines,and ac-
quiring the necessary lands and property therefor.
KNOW ALL MEN BY THESE PRESENTS:
That the government of the City of Fort Worth, a municipal corpora-
tion duly created under the laws of the State of Teams, hereby acknowledges
itself to owe, and for value received promises to pay to bearer,
ONE THOUSAND DOLLARS ($1,000.00)
in lawful money of the United States of America, on the first day of I Febru-
ary, A. D: 19 _, together with interest thereon at the rate of
percentum ( %) per annum, payable semi-
annually on the first day of August and February in each year, on presenta-
tion 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, New York,
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 re-
sources of the City of Fort Worth are hereby irrevocably pledged.
This bond is one of a series of two hundred and fifty (250) bonds
numbered consecutively from one thousand and one (1,001) to one thousand,
two hundred and fifty (1,250), inclusive, in the denomination of one
Thousand Dollars ($1,000.00) each, amounting in the aggregate to the sum
of Two Hundred and Fifty Thousand Dollars ($250,000.00), issued for the
purpose of establishing, equipping, extending and improving municipal air-
ports and landing fields for airplanes, aircraft and other aerial machines,
and acquiring the necessary lands and property therefor, under and by vir-
tue of the Constitution and laws of the State of Texas, the Charter of the
City of Fort Worth, and an ordinance lawfully passed and adopted by the
City Council of the City of Fort Worth, pursuant to valid authority from
the property taxpaying qualified voters of said City, at a proper and legal
election held on the 4th day of Lurch, A. D. 1941.
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 Constitution and laws of the State of Texas, and of
the Charter and Ordinances of the City of Fort (North, precedent to and in
the issuance of this bond, have been done, have happened, and have been per-
formed 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 consti-
tutional or statutory limitation.
IN TESTIMONY WHEREOF, the City of Fort Borth, 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 fao-
simile signatures of the Mayor and City Secretary, and has caused this
bond to be dated as the first day of February, A. D. 1946.
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST:
City Secretary
(FORM OF COUPON NOTE)
The City of Fort Worth, in the State of Texas, promises to pay to
Bearer ($ ) on the 1st day of
19 _, at the Central Hanover Bank and Trust Company,
in the City of New York, New York, for interest due that day on its Air—
port Bond, Series 68, dated February 1, 1946, and numbered
_t
CITY OF FORT WORTH, TEXAS
BY
ATTEST: Mayor
NO.
City Secretary
(CERTIFICATE OF COMPTROLLER)
OFFICE OF COMPTROLLER,
STATE OF TEXAS.
I do 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. 19 _.
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, Texas,
amounting to Two Hundred and Fifty Thousand Dollars ($250,000.00), in addi-
tion to the sum of One Million Dollars ($1,000,000.00) worth of said bonds
heretofore issued out of the said authorized issue of One Million, Two Hun-
dred and Fifty Thousand Dollars ($1,250,000.00), shall be issued for the
purpose of establishing, equipping, extending and improving municipal air-
ports and landing fields for airplanes, aircraft and other aerial machines,
and acquiring the necessary lands and property therefor for said City, and
shall- consist of two hundred and fifty (250) bonds numbered from one thousand
and one (1,001) to one thousand, two hundred and fifty (1,250), inclusive,
and the first Forty-two Thousand Dollars ($42,000.00) worth of said bonds,
maturing from 1947 to 1951, inclusive, shall bear interest at the rate of
four per cent (4%) per annum, the next One Hundred and Fifteen Thousand Dol-
lars ($115,000.00) worth of said bonds,; maturing from 1952 to 1963, inclusive,
shall bear interest at the rate of one per cent (1%) per annum, and the re-
maining Ninety-three Thousand Dollars ($93,000.00) worth of said bonds, ma-
turing from 1964 to 1971, inclusive, shall bear interest at the rate of one
and one-quarter per cent (1j%) per annum, payable semi-annually as aforesaid,
all of which said two hundred and fifty (250) bonds shall be known as Series
68 and shall be styled and designated as "Airport Bonds"; and that all of
the said bonds, comprising the sum total of Two Hundred and Fifty Thousand
Dollars ($250,000.00), shall mature in numerical order in the manner and
amounts as set out in the tabulated statement herewith attached, to wit:
SECTION III.
That the said bonds are hereby authorized to be sold to the best ad-
vantage, but in no event shall same be sold for less than par, and the ac-
crued 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 pur-
poses for which they are created.
SECTION IV.
That for the purpose of paying the interest of said bonds, as well as
the various installments of principal, as the same shall respectively mar
ture, there is hereby levied for the year 1946 and for each succeeding year
thereafter so long as the same may be necessary, to provide for the inter-
est and annual installments of principal of said bonds, on all property in
the City of Fort Worth, Texas, liable to taxation, a straight ad valorem
tax of .7186 cents on the one hundred dollar valuation of said property,
or so much thereof as may be necessary, and if at any time the amount of
said tax shall not be sufficient to provide for the interest and annual
installments of principal, it shall be the duty of the City Council to so
increase said rate that an amount shall be realized from said tax sufficient
to meet the requirements aforesaid for interest and annual installments of
principal of said bonds; and it is hereby promised and agreed that such in-
crease of tax shall be made, if required for the purposes named, asioften
as it may be necessary. There shall be assessed and collected annually
a sufficient sum to pay the interest on such bonds and to create a sinking
fund of at least two pereentum (2%) of the principal debt herein authorized.
SECTION V.
That it shall be the duty of the City Council of the City of Fort
Worth, Texas, and its successors, and of the government of the City of Fort
North, in levying taxes for general purposes for the said City for the year
1946 and for every successive year during the life of said bonded indebted-
ness or any part thereof, to include in such levy the special tax of .7186
cents on the one hundred dollar property valuation (or so mach thereof as
may be requisite and necessary), provided for in the next preceding section
of this ordinance, and said special tax shall on no account whatever 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 payment
of the interest and the extinguishment of the principal of all and singu-
lar 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 what-
soever; and the funds 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 sub-
mitted to the Attorney General of the State of Texas, together with a cer-
tified copy of this ordinance and a statement of the total bonded indebted-
ness of the City of Fort Worth, including the bonds herein and hereby au-
thorized and the assessed value of the taxable property in said City, for
his approval, and none of said bonds shall be negotiated, sold or trans-
ferred 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 Treasurer of the City of Fort Worth, or other lawful
custodian of such fund, during the months of July and January 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 Sank 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 IL
That all ordinances and parts of ordinances in conflict herewith be
and they are hereby expressly repealed.
SECTION X.
That the holding or adjudication of say section, portion or part here-
of 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 11.
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:
Mayor of the ity of Fort Worth,
Texas
City Secretary of the City of
Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
City Attorney of the City of
Fort ➢Yorth, Texas
CITY OF FORT WORTH
PRINCIPAL, MATURITIES
$250,000.00 AIRPORT BONDS
DATED FEBRUARY 13, 1946
DUE FEBRUARY 1ST PRINCIPAL MATURING
1947 $ 8,000.00
1948 8,000.00
1949 8,000.00
1950 9,000.00
1951 9,000.00
1952 9,000.00
1953 9,000.00
1954 9,000.00
1955 9,000.00
1956 9,000.00
1957 9,000.00
1958 10,000.00
1959 10,000.00
1960 10,000.00
1961 10,000.00
1962 10,000.00
1963 11,000.00
1964 11,000.00
1965 11,000.00
1966 11,000.00
1967 12,000.00
1968 12,000.00
1969 12,000.00
1970 12,000.00
1971 12,000.00
ORDINANCE
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City Secretary
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