HomeMy WebLinkAboutOrdinance 1893 ORDINANCE ND 893
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE
COUPON BONDS OF THE GOVERN4M OF THE CITY OF FORT WORTH,
IMIAS, AMOUNTING TO THE PRINCIPAL SUM OF 8I1 HUNDRED
LIMTY-+BEM THOUSAND, FM HUNDRED DOLLARS ($687,500.00),
AND BEING KNOWN AS SERIES 62, AND DESIGNATED AS "PLEASURE
GROUNDS, PARKS AND PLAYGROUNDS BONDS,- TO BE ISSUED FOR
THE PURPOSE OF COMTRUCTING, BU0LDING, zwn ING AND IM-
PROVING PLEASURE GROUNDS, PARKS AND PLAYGROUNDS FOR THE
CITY OF FORT WORTH, AND FOR SECURING AND A0WIRING TEE
NECESSARY LANDS AND SITES THEREFOR; SAID BONDS TO BE IN
THE FOLLOWING DEROMINATIONS: ONE BOND IN THE SUM OF
FIFE HUNDRED DOLLARS ($500.00), AND THE REMA=G BONDS
TO BE IN THE MNaMINATION OF ONE THOUSAND DOLLARS (01,000.00)
EACH, TO BE DATED JANUARY 1, 1936, MATURING FROM
TO THIRTY (30) YEARS FROM THE DM THMOF, AND TO BEAR
INTEREST AT THE RATE OF THREE AND ONE-HALF PER CENT (3-1/2%)
PER ANNOM, PLIABLE SEMI-AMALLY, THE TEST TO BE EX
PRESSED IN COUPON NOTES ATTACHED TO THE BONDS, DIRECTING
THAT THE SAID BONDS BE 3XIGUTED BY ME MAYOR AND CITY
SECRETARY; AND PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE
PA== OF THE INIEREST ON SAID BONDS AND TO CREATE A SnX-
ING FUND FOR THE PAYMENT OF 'I'SE PRINCIPAL THEREOF AS THE
SAMS MATURES FROM TIME TO TIM; AND PROVIDING THAT THIS
ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE
DATE OF ITS PASSACC.
@ZRM, on the 31st day of Yuly, 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 Ilth 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 (forth,
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 some 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 of six Hundred Eighty-
seven Thousand, Five Hundred Dollars ($687,500.00), for the purpose of con-
struoting, building, equipping and improving pleasure grounds, parks and
playgrounds for the City of Fort Worth, and for securing and acquiring the
necessary lands and sites therefor; and,
WEKREW, in conformity with said ordinance, the 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,
WMMM, said eleotion'order and proclamation thereof were prepared
and published in the manner and for the time prescribed in said ordinance; and,
WAS, 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 sub-
mitted 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:
OVICIAL 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 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 (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 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 jail 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 fops (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 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 ($220,000.00), for the purpose of constructing, building
and equipping a library for the City of Fort Worth and for securing and acquir-
ing 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 (W7,500.00), 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
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 New Hospital Bonds.
AGAINST the Issuance of New Hospital 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, bearing interest at a
rate not to exceed four (4%) per cent per annum from the date thereof, payable
semimannually, 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.
AGLIMT. the Issuance of City-County Hospital Improvement Bonds.
VI.
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 ($81,000.00), 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 semi-annually, and levy a sufficient tax to pay the interest on said
bonds and create a sinking fund sufficient to redeems 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-sevan
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 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 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.
AREAS, 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,
WEMZAS, 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 taxa-
tion, 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,
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 Six Hundred Eighty-seven Thousand, Five Hundred Dollars ($687,500.00)
worth of said bonds, authorized to be issued by the qualified electors of said
City, who own taxable property in the Oity of Fort Worth, Texas, and who have
duly rendered the same for taxation, at an election held on the 5rd day of
September, A. D. 105, be issued in bonds at this time, said bands to be issued
being Series 62 and designated as "Pleasure Grounds, Parks and Playgrounds Bonds,"
NOW, THUMFORE,
BE IT ORDAZOD BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
SECTION I.
That pursuant to Section 19 of Chapter ASV 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. 19249 and the laws and Constitution
of the State of Texas, 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 Six Hundred Eighty-se►en Thousand, Five
Hundred Dollars ($687,500.00), which bonds were authorized to be issued at a
proper election held on the 3rd day of September, A. D. 1935,.aud which bonds
are known as Series 62 and designated as "Pleasure Grounds, Parks and Play-
grounds Bonds," and the bonds so to be issued shall be in the following denomin-
ations: One bond in the sum of Five Hundred Dollars ($500.00), and the
remaining bonds to be in the denomination of One Thousand Dollars ($1,000.00)
each, dated Tanury 1, 1936, bearing interest at the rate of three and one-half
per cent (3-1/2%) per annam, payable semi-annually on the first day of July
and Tanuary 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 Now York, State of Now 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 Borth 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 Borth, 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) years from the date thereof, and Annually thereafter until the last
maturing bond shall become payable within thirty (30) years from the date
thereof, and the bonds themselves, six hundred eighty-•eight (688) is number,
shall be numbered consecutively from one (1) to six hundred eighty-eight (688),
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 constract-
ing, building, equipping and improving pleasure grounds, parks and playgrounds
for the City of Fort Worth, and for securing and acquiring the necessary lands
and sites therefor.
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 AMERICA
STATE OF TXUS, COUNTY OF TARRANT
SERIES 62
GITY OF FORT WORTH
•--000000o.--
Pleasure Grounds, Parks and Playgrounds Bond of the City of Fort Worth issued
for the purpose of constructing, building, equipping and improving
pleasure grounds, parks and playgrounds for the City of
Fort Worth, and for securing and acquiring the
necessary lands and sites therefor.
SNOW ALL UNK BY THESE PRESENTS:
That the government of the City of Fort Worth, a municipal corporation,
duly created under the laws of the State of Texas, hereby acknowledges itself
to owe, and for value received promises to pay to bearer,
DOLL'L2S ($ )
in lawful money of the United States of America, on the first day of January,
A. D. 19_, together with interest thereon at the rate of three and one-half
perm(3-1/2%) per annum, payable semi.-annually on the first day of July
and January 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 six hundred eighty-eight (688) bonds
numbered consecutively from one (1) to six hundred eighty-eight (688), inclusive,
of the following denominations: One bond in the sum of Five Hundred Dollars
($500.00), and the remaining bonds to be in the demmination of One Thousand
Dollars ($1,000.00) each; amounting in the aggregate to the sum of Six Hundred
Bighty-seven Thousand, Five Hundred Dollars ($687,500.00), issued for the purpose
of constructing, building, equipping and improving pleasure grounds, parks and
playgrounds for the City of Fort Worth, and for securing and acquiring the
necessary lands and sites 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 lawfully passed and adopted by the City Council of the City of Fort
Worth.
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*turity 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 WH0=F9 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 signa-
ture of the Mayor and City Secretary, and dated as the first day of January,
L. D. 1936.
CITY OF FORT WORTH, THUS
HY
Vayor
ATTEST:
Oity Secretary
(FORM of COUPON NOTE)
NO.
The City of Fort Worth, in the State of Texas, promisee to pay to
Beeper _(t, ), on the lat day of
19l, at the Central Hanover Bank and Trost Company in the City of New York,
N. Y., for interest due that day on its Pleasure Grounds, Perks and Playgrounds
Bond, Series 62, dated January 1, 1936, and mzbered
CITY OF FORT WORTH, TEXAS
Mayor
ATTEST:
City Secretary
(CERTIFICATE OF CONPMOLLER)
OFFICE OF COMBTROLLER,
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 of , A. D. 19
Comptroller of Public Accounts of the
State of Texas•
SECTIOU II.
That the said bonds so to be issued by the City of Fort Worth,
amounting to Six Hundred Eighty-aeven Thousand, Five Hundred Dollars
($687,500.00), shall be issued for the purpose of constructing, building,
equipping and improving pleasure grounds, parks and playgrounds for the City
of Fort Worth and for securing and aequiring the necessary lands and sites
therefor, and shall consist of six hundred eighty-eight (688) bonds, numbered
from one (1) to six hundred eighty-eight (688), inclusive, and shall bear
interest at the rate of three and one-half per cent (3-1/2%) per annum, pay-
able semi-annually as aforesaid, all of which said six hundred eighty-eight
(688) bonds shall be known as Series 62 and shs11 be styled and designated as
"Pleasure Grounds, Parks and Playgrounds Bonds"; that all of the said bonds,
comprising the sum total of Six Hundred Eighty-seven Thousand, Five Hundred
Dollars ($687,500.00) shall mature in numerical order in the manner and amounts
as set out in the tabulated statement herewith attached, to wit:
CITY OF FORT FORTS
PRINCIPAL MATORITISB
$687,500.00 PL6ASDRE GROUNDS, PARKS AND PLAYGROUNDS BONDS
DAM 7ANUARY 1, 1936
WE JANUARY 1ST PRINCIPAL MATURING
1939 # 500.00
1940 3,000.00
1941 4,000.00
1942 21,000.00
1943 7,000.00
19" 19,000.00
1945 15,000.00
1946 17,000.00
1947 10,000.00
1948 19,000.00
1949 39,000.00
1950 40,000.00
1951 18,000.00
1952 4,000.00
1953 28,000.00
1954 28,000.00
1955 29,000.00
1956 30,000.00
1957 31,000.00
1958 32,000.00
1959 33,000.00
1960 33,000.00
1961 35,000.00
196E 36,000.00
1963 37,000.00
1964 38,000.00
1965 40,000.00
1986 41,000.00
SECTION III•
That the said bonds are hereby authorized to be sold to the best
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 ITS
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 purposes, an annual, direct special ad valorem tax for the year 1936,
and every successive year thereafter during the life of said bonded debt or
any part thereof of 2,3291 cents (or such an amount as may be necessary and
adequate, be it more or less) 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 Texas, situated and owned
in the City of Fort Worth on the first day of January, 1936, 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, aik--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 required by
the Constitution of the State of Texas and the Charter of the City of Fort Worth.
SECTION Fe
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 Forth, by
levying taxes for general purposes for the said City of Fort Worth for the year
1936, and for every successive year during the life of said bonded debt or any
part thereof, to include in such levy a special tax of .2,3291 cents on the One
Hundred Dollars ($100.00) property valuation (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 TI.
That the special tax hereinbefore provided for, when collected,
shall be placed and kept in a separate hind 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 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 YII.
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 North, 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 receiv-
ed the official sanction of the said Attorney General as prescribed by law, and
thereafter said bonds shall be place& with the State Comptroller of Public
Accounts for registration.
SECTION YIII.
That the City Treasurer 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 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 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 X.
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 SIe
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.
Mayor of the City of Fort Morth,
Texas.
ATTEST:
City Secretary of the City of Fort
Forth, Texas.
APPROVED AS TO FORM AND TZQT ITY:
City Attorney of the City of Ybrt
North, Texas.
ORDINANCE
No. Zf
J,
T i t I e l�G�t 'CO f C / y0
Date— - <��-�• s�� � ;' ���:
Filed day of
City Secretar