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HomeMy WebLinkAboutOrdinance 1894 ORDINANCE NO. 1894 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS OF THE GOVEBNMENT OF THE CITY OF FORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF NINETY-ONE THOUSAND DOLLARS ($91,000.00), AND BRING KNOWN AS SERIES 63, AND ICSIGULM AS -SEWAGE DISPOSAL PLANT IffROVE14HNT BONDS," TO BE ISSUED FOR THE PURPOSE OF IMPROVING, M=gD- ING AND ENLARGING TEE SEWAGE DISPOSAL PLANT OF SAID CITY; EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE TEOUSAND DOLLARS ($1,000.00), TO BE DATED TANUARY 1, 1938, MATURING FROM ONE (1) TO THIRTY (30) YEARS FROM THE DATE THEREOF, AND TO BEAR nfMMT AT THE RATE OF TffiPM AND ONE-HALF PER CENT (3-1/2%) PER ANNUM, PAYABLE SEMI-AMgUALLY, THE INTEREST TO HE EXPRESSED IN COUPON NOTES ATTACHED TO THE BONDS, DIRECTING THAT THE SAID BONDS BE EXECUTED BY THE MLYOR AND CITY SECRETARY; AND PROVIDING FOR AN AMgUATE TAX LEVY FOR THE PAYMENT OF THE INTMRWT ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL TAF.REOF AS TH$ SAME MATURES FROM Tnffl TO TIME; AND PROVID- ING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE, TMERRAS, on the 31st day of Jhl,y, A. D. 1935, pursuant to the authority vested in said City by Section 19 of Chapter = 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 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 corporate government of the said City in the principal sum of Ninety-one Thousand Dollars ($91,000.00), for the pur- pose of improving, extending and enlarging the sewage disposal plant of said City; and, WK RUB, 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, 1. D. 1935; and, AlUdW, said election order and proclamation thereof were prepared and published in the manner and for the time prescribed in said ordinance; and, SAS, 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 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, WOMM, 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; OFFICIAL 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 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, 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 anaum 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, Perks and Playgrounds Bonds. AGLINST 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 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 City Hall, Police Station and Tail 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 acquiring the neces- sary lands and site therefor, said bonds being payable serially as may be deter- mined 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 (0) 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. TV* Shall the City of Fort Borth, Texas, through its City Council, issue its negotiable coupon bonds In the principal sum of One Hundred Thirty-seven Thousand, Five Hundred Dollars ($137,500.00), for the purpose of constructing, 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. AGUMT the Issuance of New Hospital Bonds. Y. 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 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 City-County Hospital Improvement Bonds. AGAINST the Issuance of City-County hospital Improvement Bonds. VI. Shall the City of Fort Borth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Ninety-one Thousand Dollars ($91,000.00), for the purpose of improving, extending and enlarging the sewage disposal plant of said City, said bonds being payable serially as may be deter- mined 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 Sewage Disposal Plant Improvement Bonds. AGAINST the Issuance of Sewage Disposal Plant Improvement Bonds. me Shall the City of Fort Borth, Texas, through its City Council., issue Its negotiable coupon bonds in the principal sum of Twenty-seven Thousand, Five Hundred Dollars ($87,500.00), for the purpose of constructing, building and equipping a tubercular sanitarium for the City of Fort Worth, and for secur- ing and acquiring the necessary lands and site therefor, said bonds being pay- able 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 oent 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* WHERW, 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 hersinbefore mentioned, there was a majority of votes in favor of the issuance of said bonds; and, WMiS, 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; and, WBEREAS, 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 Ninety-one Thousand Dollars ($91,000.00) worth of said bonds, authorized to be issued by 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 taxa- tion, at an election held on the 3rd day of September, A. D. 1935, be issued in bonds at this time, said bonds to be issued being Series 63 and designated as *Sewage Disposal Plant Improvement Bonds*, NOW, TBFREFOEM9 BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS; SECTION I. That pursuant to Section 19 of Chapter %X9 of the Charter of the City of Fort Worth, adopted by the qualified voters within the corporate limits of said City on the 11th day of December, A. D. 1934, 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 Ninety-one Thousand Dollars ($91,000.00), which bonds were authorized to be issued at a proper election held on the 3rd day of September, A. D. 1935, and which bonds are known as Series 63, and designated as "Sewage Disposal Plant I=rovement Bonds", and the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated January 1, 1936, bearing interest at the rate of three and one-half per cent (3-1/2%) per anaum, payable semi-annually on the first day of dilly and yanuary 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 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 Seore- tarp of the City of Fort Worth, 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 one (1) year from the date thereof, and annually thereafter until the last maturing bond shall become pay- able within thirty (30) years from the date thereof, and the bonds themselves, ninety-mane (91) in number, shall be numbered consecutively from one (1) to ninety-one (91), inclusive, and shall mature in the amount and manner herein- after set out; said bonds shall be used for the purpose of making permanent improvements by improving, extending and enlarging the sewage disposal plant of 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: W0. UNITED STATES OF AMi1= STATE CF TESAB, COUNTY OF TARRANT SERIFS 63 OITY OF FORT WORTH -.-0000coo•-- Sewage Disposal Plant improvement Bonds of the City of Fort Worth issued for the purpose of improving, extending and enlarging the sewage disposal plant of said City. KNOW ALL VM 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 Texas, hereby acknowledges itself to owe, and for value received promises to pay to bearer, ONE THDUSAND DOLLARS(11,000.00) 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 per centum (3-1/2%) per annum, payable semi-4=ually on the first day of Tuly 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 ninety-one (91) bonds numbered con- secutively from one (1) to ninety-one (91), inclusive, each in the denomination of One Thousand Dollars ($1,000.00), amounting in the aggregate to the sum of Ninety-one Thousand Dollars ($91,000.00) issued for the purpose of improving, extending and enlarging the sewage disposal plant of the City of Fort Worth, 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 sots, 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 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 VHKUOF, 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 first day of January, A. D. 1936, CITY OF FORT Worm, THXM BY Moyer ATTEST: 41177 juiresery (?M OF COUPON NOTE) no The City of Fort Worth, in the State of Texas, promises to pay to Beerw (4 ), on the lot day of , 19 , at the Central Hanover Hank and Trust Company in the City of New York, N. Y., for interest due that day on its Sewage Disposal Plant Improvement Bond, Series 63, dated January 1, 1936, and numbered CITY OF FORT WORTH, TEXAS Mayor ATTEST: City Beereftry (CERTIFICATE OF COMPTROLLER) OFFICE OF COMPTROLLER, STATE OF TEXAS. I hereby oartify 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. MOTION Ile That the maid bonds so to be issued by the City of Fort Worth, amounting to Ninety-one Thousand Dollars ($91,000.00), shall be issued for the purpose of improving, extending and enlarging the sewage disposal plant of the City of Fort Worth, and shall consist of ninety-one (91) bonds numbered from one (1) to ninety-one (91), inclusive, and shall bear interest at the rate of three and one-half per cent (3-1/2%) per annum, payable semi-annually as aforesaid, all of which said ninety-one (91) bonds shall be known as Series 63 and shall be styled and designated as "Sewage Disposal Plant Improvement Bonds"; that all of the said bonds, comprising the sum total of Ninety-one Thousand Dollars ($91,000.00) shall mature in numerical order in the manner and amounts as set out in the tabulated statement here- with attached, to wit: CITY OF FORT WORTR PRINCIPAL MATURITIES $91,000.00 SMAGE DISPOSAL PLANT IMPROVIMTT BONDS RATED JANUARY 1, 1936 WE TANUARY 1ST PRINCIPAL MATURING 1937 $ 2,000.00 1938 2,000.00 1939 20000.00 1940 2,000.00 1941 2,000.00 1942 2,000.00 1943 2,000.00 19" 2,000.00 1945 2,000.00 1948 2,000.00 1947 2,000.00 1948 3,000.00 1949 3,000.00 1950 3,000.00 1951 3,000.00 1952 3,000.00 1953 3,000.00 1954 3,000.00 1955 3,000.00 1956 3,000.00 1957 3,000.00 igm 4,000.00 1959 4,000.00 1960 4,000.00 1961 4,000.00 1962 4,000.00 1963 4,000.00 1964 5,000.00 1965 5,000.00 1966 5,000.00 SECTION III. That the said bonds are hereby authorized to be sold to the beat 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 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 appropriated for the said purpose, 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 .2988 cents (or such an amount as may be necessary and adequate, be it more or lose) on One Hundred Dollars ($100.00) of property valuation, real, personal and mixed, subject to taxation 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 first day of Tannery, 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, 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 required by the Constitution of the State of" Texas and the Charter of the City of Fort Worth. SECTION ?. 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 1938, 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 .2968 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 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 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 Me 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 Worth, including the bonds herein and hereby authorized and the assess- ed 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 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 Ville That the City Treasurer of the City of Fort %Drth, 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. SMTION DC. All ordinances and parts of ordinances in conflict herewith be and they are hereby expressly repealed. MOTION Z. The holding or adfudioation of any section, portion or pert hereof to be invalid, shall not affect the validity of nay other section or part of this ordinance, but all such other sections, portions and parts hereof shall be and remain valid. SWTION XI. 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• Nkyor of the 6ity of Fort Worth, Texas. ATTSSTs City Beoretary of the Oity of Fort Worth, Texas. APPROVED AS TO FORM AND TBGALITY: Oity Attorney of the City of Fort Worth, Texas.