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HomeMy WebLinkAboutOrdinance 94 • 1 i a ORAI-ANCE NO. An ordinanc,a pursuant to Section 1, Charter XVI of the Charter of the City of Fort Worth, authorizing; and requiring the creation and issuance of One Hundred Thousand (8100,00.00) Dollars of the Bonds of the cc.,pl,raL-L :government of Mhe Cit., of Poi -. 'Forth, which shall be }mown as Series 11, North Fort Worth Bonds, all of said Bonds to be in denominations of One Thousand (e1000.oc) Bollars each, and bearing interest from date, at the rate of Four and One-half ,( '_5) per centum per annum, payable semi-annually with coupon interest notes attached. Whereas, by the terms of Section 1, Chapter XVI of the present Oharter of the City of Fort Worth, enacted by the Thirty-first Legislature of the State of Texas, rower is and was conferred and it was made nan :: tory on the part of the Board of Commissioners of the' City of Fort Worth to provide for the issuance of One Hundred Thousand ( 100,00!�.00) Dollars of Bonds of the City of Fort Worth during the year 1909, the proceeds of such Bonds to be devoted exclusively to the creation and construction of an adequate sewer system, the extension of water works, the erection of school buildings and the purchase of all necessary land there-or, in that part o-- the Cit-- of Fort worth which is known and which has heretofore been a part of the municipality of the City of North Fort Worth; NOW, TT1T7RF:F' RF- , Akk Bi IT BY THE BOAR'. OF C I.. to .I-.' RS OF THE CITY OF FORT "'..RTH:- Section 1. That the ,,ayor and Oity Secretary o' the City of Fort Worth be and they are hereby authorized and directed to prepare and 'xecute in the nam : and for and in behalf of the -1- ' v City of Fort Worth andl,under its corporate seal as the act and obligation of said Oity, Bonds of the corporate government of said City, which shall be known and den,&minated as Series 1', "North Fort Worth Improvement Bonds" o` the aggregate principal sum of One Hundred Thousand 0 100,000.00) Dollars, and said Bonds shall recite upon their face the purpose for which they � are issued, and shall refer to the provision of the city Charter and this ordinance as authorizing same. This series of Bonds shall consist of One Hundred (100) in number, and shall be numbered consecutively from One (1) to One Hundred (100) inclusive, and each of same shall be of the denomination of One Thousand (�,1000.00) Dollars, embracing One Hundred (100) Bonds of the par value of One Hundred Thousand ("100,000.00) Dollars.All of said Bonds shall be dated the 15 _ day of- 7 7!, A. D. 1909, r: : shall be ur. - ise;c:::... —, ahl,- FQn-t. (40) years from the date thereof to bearer, with the provision, however, that same shall be redeemable at the expiration of twenty (PO ) years from the date thereof, or at any interest paying Period thereafter, in which event, interest shall thereafter cease, and the interest coupons which shall have not yet matured, shall be cancelled. Said Bonds shall bear interest at the rate of Four and One-half (4k%) per centum per annum, payable semi-annually, which said interest shall be represented by coupon notes of Twenty Two Dollars and Fifty Cents($22.50 ) each, representing the semi-annual interest installment attached to each Bond, both principal and interest payable to bearer at the Hanover National Bank in the City of New York, State of New York, in gold coin of the present United States weight and fineness. All of said Bonds shall be executed in the name of the City of Fort North by the Mayor, and attested by the 9ity Secretary under the corporate seal of the City, save that in `thf, matter of the coupons, the engraved or litR-p'rirhed s9gnA+"re of the Mayor and city Secretary shall suffice. Section 2. Said Bonds shall not be sold for less than par and the accrued interest. Section 3. In order to provide for the interest on all of said Bonds, issued under this ordinance and to create a sinking fund therefor, of not less than. Two (I per per centum per annum. of same, there is hereby levied and same shall be collect^d as provided by lava, set apart and appropriated for said purposes, an annual, direct, special ad valorem tax, beginning with the assess- ment and levy for the year 1909 of One ani Seven Tenths (1-7/10�) Cents on every One Hundred ("`100.00) Bollars of valuation on all property, real, personal and mixed, subject to taxation by the said City of Fort Worth and the said tax or so much thereof as may be necessary for the payment of said interest, and the crea- tion of said sinking fund shall be annually assessed, levied and collected during the life of said Bonds, and if at any time, the said tax should be insufficient for such purposes, then it shall be the duty of the Board of Commissioners or other governibng body of said 0ity of Fort North to set apart and appropriate such additional amount of money out of the gen ral revenues of the City as may be requisite to supply the deficiency, until all interest shall have been paid and a sinking* fluid established as required the constitution of the State of Texas and the Char- ter of the City of Fort Worth. Section 4. The taxable fund hereinbefore provided for to cover interest and sinking* fund as aforesaid, shall be collected, held and listed as a separate account upon the bo.�ks of said dity, and the proceeds held and kept by the City Treasurer as a separate and distinct account, and specified as such upon his books, and said fund shall not be used or utilized in whole or in part, except for the purposes for which it was created, and the Treas- urer of the City of Vort Worth shall have no authority to honor or recognize any check, warrant, draft or order upon such funds, _7- abb except for the purposes as aforesaid. Provided, howl�ler, that the sinking fund and all accretions thereto may be invested by order "of the Board of Commissioners or other governing body of the City of Fort forth, in Bonds of the City of Fort Worth or County Bonds of the State of Texas, or in Bonds of the United States. But same shall not be invested in any other manner nor shall said moneys be diverted to any other purpose than the payment of interest, and the creation of the stn1c" fun , aforesaid. Section b. Said Bonds shall not be negotiated nor sold nor transferred until same shall have been presented to the Attorney General of the State of Texas, and his official sanction thereof shall have been manifested as prescribed by law. Section 6. The City Treasurer of the City of Fort Votth shall, during the months of and,,Lt==mb= of each year, and not later than the 20th day of each said month, transmit sufficient moneys out of the interest fund hereinbefore created for the pay- ment of the semi-annual interest accruing upon said Bonds, to the Hanover National Bank of New York City, in the State of Ilew York. But in the event that said Bank should be non-existent or go out of business or fail or refuse to act, then -the said moneys shall be transmitted by the said Treasurer of the City of Fort Forth, to the fiscal agent of said City, residing in New York City, State of New York. Section 7. the proceeds of the Bonds hereinabove provided for, shall be devoted exclusively to the creatiotd construction of an adequ,-te sever _ystGr , th; ext. ...-I - -� r"- ... + � r1,-, the erection of school buildings and the -purchase of all necessary lands therefor, in that part of the eity of Fort Torth which is described in Chapter 1, Section 2 of the Charter of said City, and which is known, and has heretofore been a part of the munic- ipality of the Gity of North Fort Forth. Section B. Phis ordinance shall take � ffect and be in force frori ant after its passage and publication as qui_,f by law. I hereby certify that the above and foregoing ordinance was duly pre- sented and unanimously passed by the�p��erdi.e L(iommissioners of the City of fort North at a regular session^ Ic ay jth, 1909. ((( C te t ary.