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HomeMy WebLinkAboutOrdinance 1891 ORDINANCE NO. 1892 AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NINETY-SIX THOUSAND DOLLARS ( 96,000) AIRPORT IMPROVEMENT WARRANTS, SERIES 1936, FOR THE PURPOSE OF MAKING PERMANENT IMPROVEMENTS AT THE MUNICIPAL AIRPORT IN THE CITY OF FORT WORTH, BY CONSTRUCTING AND INSTALLING A LIGHT- ING SYSTEM AND CONSTRUCTING A BUILDING TO PRO- VIDE ADEQUATE TERMINAL FACILITIES; TO PROVIDE FOR A TAX LEVY OF .6929 CENTS ON THE $100 PROPERTY VALUATION TO PAY THE INTEREST ON SAID WARRANTS AND TO CREATE A SINKING FUND WITH WHICH TO PAY THE PRINCIPAL AS IT MATURES; AND TO PROVIDE THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, moneys are needed for the purpose of making per- manent improvements at the municipal airport in the City of Fort Worth, by constructing, improving and enlarging the lighting sys- tem and constructing a building to provide adequate terminal fa- cilities, so as to make said properties adequate to the growing needs of the expanding population of said City; and, WHEREAS, the City Council of the City of Fort Worth, by virtue of Article 1269-J of the Revised Civil Statutes of Texas, is vested with full power and authority to pass this ordinance and to authorize the issuance of the warrants hereinafter de- scribed; and, WHEREAS, no time warrants have been issued or authorized in the current fiscal year for any purpose, NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH: SECTION I. In order to provide funds for the purpose of malting per- manent improvements at the municipal airport in said City, by con- structing and installing a lighting system and also constructing a building to provide adequate terminal facilities, pursuant to the constitution and laws of the State of Texas and the Charter of said City, including particularly Article 1269-J of the Re- vised Civil Statutes of Texas, there shall be issued Airport Im- provement Warrants, Series 1936, of the City of Fort Worth, in the principal sum of Ninety-six Thousand Dollars ($96,000), num- bered from one (1) to ninety-six (96), inclusive, in the denomi- nation of $1,000 each. SECTION II. Said warrants shall be dated February 1, 1936. They shall mature in the order in which they are numbered in the respective years and in the amounts as follows: Due February lst Principal Maturing 1937 8,000 1938 8,000 1939 9,000 1940 9,000 1941 9,000 1942 10,000 1943 10,000 1944 11,000 1945 11,000 1946 11,000 SECTION III. Warrants numbered fron one (1) to fifty-three (53), in- clusive, maturing in and prior to 1942, shall bear interest at the rate of three and one-half per centum (3�%) per annum. war- rants numbered from fifty-four (54) to ninety-six (96), inclu- sive, shall bear interest at the rate of four per centum (4%) per annum. Interest shall be payable semi-annually on the lst days of August and February of each year and both principal and interest of said warrants shall be payable in lawful money of the United States of America at the principal office of the Central Hanover Bank and Trust Company, in New York City. SECTION IV. Each of said warrants shall be signed by the Mayor and countersigned by the City Secretary, and the corporate seal of the City of Fort Worth shall be impressed upon each of them. The fac-simile signatures of the Mayor and City Secretary may be lithographed, engraved or printed upon the coupons attached to said warrants, and shall have the same effect as if they had been signed by said officers. SECTION V. The form of sa-td warrants shall be substantially as fol- lows: NO. $1,000. UNITM) STATES OF AMERICA STATE OF TEXAS, COUNTY OF TARRANT CITY OF FORT WORTH AIRPORT IMPROVEMENT WARRANT, SERIES 1936. The City of'Fort Worth, in the County of Tarrant, in the State of Texas, for value received, hereby acknowledges itself in- debted to and promises to pay to the bearer, on the 1st day of February, 19 _, the sum of $1,000 with interest thereon from date at the rate of per centum (.,____%) per annum, payable semi-annually on the 1st days of August and Febru- ary of each year until the principal sum shall be paid, upon the presentation and surrender of the annexed coupons as they sever- ally become due. Both principal and interest of this warrant will be payable in lawful money of the United States of America at the principal office of the Central Hanover Bank and Trust Com- pany in the City of New York. The full faith, credit and re- sources of the City of Fort North are hereby irrevocably pledged for the punctual payment of the principal of and interest on this warrant according to its terms. This warrant is one of a series, issued in the denomina- tion of $1,000 each, and payable in,substantially equal annual installments over a period of ten years from their date, under the authority of the Constitution and laws of the State of Texas, particularly Article 1269-J of the Revised Civil Statutes 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. It is hereby certified and recited that the issuance of this warrant, and the series of which it is one, is duly author- ized by law and that all acts, conditions and things required to be done, precedent to and in the issuance of this series of war- rants and of this warrant, have been properly done, have happened and have been performed in regular and due time, form and manner, as required by law; that sufficient and proper provision for the levy and collection of taxes has been made, which, when collected, shall be appropriated exclusively to the payment of this warrant and of the series of which it is a part, and to the payment of the interest coupons hereto annexed as the same shall become due; that the total indebtedness of the said City of Fort Worth, in- cluding the entire series of warrants, of which this is one, does not exceed any constitutional or statutory limitation; and that the amount of time warrants for all purposes, including the entire series of warrants of which this is one, issued during the current calendar year, does not exceed one hundred thousand dollars ($100,- 000). IN WITNESS WHEREOF, the City of Fort Worth by its City Council has caused its corporate seal to be hereto affixed and this warrant to be signed by its Mayor, countersigned by its City Secretary, and the interest coupons hereto annexed to be executed by the fac-simile signatures of the Mayor and City Secretary, and this warrant to be dated February 1, 1936, Mayor or trie City or Fortor COUNTERSIGNED: City BeFretary of-the city of Fort Worth. The form of said coupons shall be substantially as follows: NO. On the 1st day of , 1936, the City of Fort Worth will pay to bearer, at the principal office of the Central Hanover Bank and Trust Company, in the City of New York, the sum of Dollars ($ -), being six months interest due on that date on its Airport Improvement Warrant, Series 1936, dated February 1, 1936, and numbered mayor of the City or Fortnor . y secretary or tHe=y of Fort Worth. The following certificate shall be printed on the back of each of said warrants: OFFICE OF THE COMPTROLLER j ss. : STATE OF TEXAS I 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 warrant has been examined by him as required by law, and that he finds that 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 the City of Fort Worth, Texas, and said warrant has this day been registered by me. WITNESS my hand and seal of office at Austin, Texas, this day of , 19 _. CoMpt5oller or Putlic XecoMe of the State of Texas. SECTION VI, It is further ordained by the City of Fort Worth that there is hereby created a separate and special fund or account to be called "interest and warrant retirement fund account, Series of 1936", which fund shall be set aside to pay the interest and to provide the necessary sinking fund to redeem or pay the principal of said warrants at maturity and for no other purpose, and that to create the aforesaid fund or account, a tax of .6929 cents on each One Hundred Dollars ($100) valuation of all taxable property in the City of Fort Worth, is hereby levied for the current year (or the amount thereof set aside as collected from the proceeds of tax already levied for such year or from other funds available for such purpose) and so much thereof as shall be necessary, or additional thereto as may be required, is hereby levied for each successive year while said warrants or any of then are outstand- ing; and such tax shall be annually assessed and collected and ap- plied exclusively to the purpose herein stated. All accrued in- terest received by the City of Fort worth, from the sale of said warrants at the time of the payment therefor, and any balance or balances remaining unexpended in the principal account or accounts created in respect to such project, after completion of such pro- ject, and which are not required to meet unpaid obligations in- curred in connection with such projects, shall be paid into said interest and warrant retirement fund account, and shall be used for the payment of the interest on and the principal of the war- rants, or for the purchase of such of the warrants as are then outstanding, at a price, exclusive of accrued interest, not ex- ceeding the principal amount thereof. Any warrants so purchased shall be cancelled, and no additional warrants shall be issued in lieu thereof. It is further ordered that the Mayor of the City of Fort Worth be, and he is hereby authorized to take and have charge of all necessary records pending their investigation by the Attorney General, and shall take and have charge and control of the war- rants hereby authorized pending their approval by the Attorney General and registration by the Comptroller of Public Accounts. SECTION VII. All ordinances in conflict with the provisions of this ordinance are hereby repealed. SECTION VIII. This ordinance shall take effect and be in full force and effect from and after the date of its passage, and it is so or- dainede mayor or the y or Fort Worth, Texas. ATTEST: y Becretary gr Me- city of Fort Worth, Texas. APPROVED AS TO FORM AND LEGALITY: orney o —: e of Fort Worth, Texas. ORDINANCE lie dav o------------------------ City Secretar 4