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HomeMy WebLinkAboutOrdinance 2796 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 THREE HUNDRED AND TWENTY THOUSAND DOLLARS ($320,000.00), AND BEING KNOWN AS SERIES 81 AND DESIGNATED AS "INCINERATOR BONDS," TO BE ISSUED FOR THE PURPOSE OF CONSTRUCTING, BUILDING AND EQUIPPING ADDITIONAL INCINERATORS FOR SAID CITY AND ACQUIRING THE NECESSARY LANDS AND SITES THEREFOR FOR SAID CITY, EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND DOLLARS ($1,000.00), TO BE DATED SEPTEMBER 1, 1950, MATURING FROM SIX (6) TO TWENTY- FIVE (25) YEARS FROM THE DATE THEREOF, THE FIRST SIXTY-FOUR THOUSAND DOLLARS ($64,000.00) WORTH OF SAID BONDS TO BEAR IN- TEREST AT THE RATE OF ONE AND ONE-HALF PER CENT (1-1/2%) PER ANNUM AND THE NEXT TWO HUNDRED AND FIFTY-SIX THOUSAND DOLLARS ($256,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF ONE AND THREE-QUARTERS PER CENT (1-3/4%) PER ANNUM, SAID INTEREST BEING PAYABLE SEMI-ANNUALLY, THE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHED TO THE BONDS; DIRECTING THAT THE SAID BONDS BE EXECUTED BY THE MAYOR AND CITY SECRE- TARY; 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 with- in 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 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 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 necessary lands and sites therefor for said City; and, WMUMM, 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, WHBREAS, said election order and proclamation thereof were pre- pared and published in the manner and for the time prescribed in said ordinance; and, SAS, 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 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, HAS, the official ballot on said occasion, in conformity with the ordinance of the City Council hereinabove mentioned and in ac- cordance with the order of said election, in form and in substance reads as follows: OFFICIAL BALIAT Ie 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 lending fields for airplanes, airoraft and other aerial machines, and acquiring the necessary lands and property therefor, said bonds being payable mortally 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 ma- turity thereof? FOR the Issuance of Airport Bonds. AGAINST the Issuance of Airport Bonds. IIe Shall the City of Fort Worth, Texas, through its City Council, Issue its negotiable coupon bonds in the principal sum of One Million, One Hundred and Twelve Thousand Dollars ($1,112,000.00) for the purpose of constructing, improving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent improvements the straightening, 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 ma- turing 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 suf- ficient 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 Street Inprovement 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 construct- ing, building and equipping additional incinerators for said City 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 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 ($160,000.00) for the purpose of building, enlarging and improving the garages and repair shops of said City 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 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 Garage and Repair Shop Bonds. AGAINST the Issuance of Garage and Repair Shop Bonds. v. 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 ($156,000.00) for the purpose of im- proving, extending 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 (A,%) 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 suf- ficient to redeem said bonds at the maturity thereof? 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 Fbrt 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, 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 Three Hundred and Twenty Thousand Dollars ($320,000.00) worth of said bonds authorized to be issued at the election held on the 4th day of March, A. D. 1941, be issued in bonds at this time, said bonds to be issued being Series 81 and designated as "Incinerator 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 Three Hundred and Twenty Thousand Dollars ($320,000.00), which bonds were authorized to be issued at a proper election held on the 4th day of March, A. D. 1941, and which bonds are known as Series 81 and designated as "Incinerator Bonds"; that the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated September 1, 1950, the first Sixty-four Thousand Dollars ($64,000.00) worth of said bonds, maturing from 1956 to 1959, inclusive, to bear interest at the rate of one and one-half per cent (1-1/2%) per annum and the next Two Hundred and Fifty-six Thousand Dollars ($256,000.00) worth of said bonds, maturing from 1960 to 1975, inclusive, to bear interest at the rate of one and three-quarters per cent (1-3/4%) per annum, payable semi-annually on the first day of March and September 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 there- to, 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; that 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 maturing bond shall become payable within twenty-five (25) years from the date thereof, and the bonds themselves, three hundred and twenty (320) in number, shall be numbered consecutively from one (1) to three hundred and twenty (320), inclusive, and shall mature in the amount and manner hereinafter set out; and that said bonds shall be issued for the purpose of constructing, building and equipping additional incinerators for said City and acquiring the necessary lands and sites therefor for said City. That the general form of said bonds and the coupons thereto an- nexed and the interest added to said bonds shall be executed substan- tially in the following form; s SECTION II. That the said bonds so to be issued by the City of Fort Worth, Texas, amounting to Three Hundred and Twenty Thousand Dollars ($320,000.00), shall be issued for the purpose of constructing, building and equipping additional incinerators for said City and acquiring the necessary lands and sites therefor for said City, and shall consist of three hundred and twenty (320) bonds numbered from one (1) to three hundred and twenty (320), inclusive, and the first Sixty-four Thousand Dollars ($64,000.00) worth of said bonds, maturing from 1956 to 1959, inclusive, shall bear interest at the rate of one and one-half per cent (1-1/2%) per antrum, and the next Two Hundred and Fifty-six Thousand Dollars ($256,000.00) worth of said bonds, maturing from 1960 to 1975, inclusive, shall bear interest at the rate of one and three-quarters per cent (1-3/4%) per annum, payable semi-annually as aforesaid, all of which said three hun- dred and twenty (320) bonds shall be known as Series 81 and shall be styled and designated as "Incinerator Bonds"; and that all of the said bonds, comprising the sum total of Three Hundred and Twenty Thousand Dol- lars ($320,000.00), 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 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 paying the interest of said bonds, as well as the various installments of principal, as the same shall respective- ly mature, there is hereby levied for the year 1950 and for each suc- ceeding year thereafter so long as the same may be necessary, to pro- vide for the interest 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 #3588 cents on the one hundred dollar valua- tion of said property, or so much thereof as may be necessary, or in addition thereto as may be required, 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 increase of tax shall be made, if required for the pur- poses named, as often 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 percentum (2%) of the prin- cipal 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 Worth, in levying taxes for general purposes for the said City for the year 1950 and for every successive year during the life of said bonded indebtedness or any part thereof, to include in such levy the special tax of .3588 cents on the one hundred dollar property valuation (or so much thereof as may be requisite and necessary, or in addition thereto as may be required), 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 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 pro- ceeds 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 pre- pared 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 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 received the official sanction of the said Attorney General as prescribed by law, and there- after 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 law- ful custodian of such fund, during the months of February and August 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 trans- mit 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 I%. 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 Worth, Tomas ATTEST: City Secretary of the City o Fort Worth, Texas APPROVED AS_�T�gO FORM AND LEGALITY: ci$y� ey or the city o Fort Worth, Texas NO. UNITED STATES OF AMERICA STATE OF TEXAS, COUNTY OF TARRANT SERIES 81 CITY OF FORT WORTH --00000-- Incinerator Bond of the City of Fort Worth issued for the purpose of constructing, building and equipping additional incinerators for said City and acquiring the necessary lands and sites therefor. KNOW ALL MEN BY THESE PRESENTS: That the government of the City of Fort Worth, a municipal cor- poration 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 THOUSAND DOLLARS ($1,000.00) in lawful money of the United States of America, on the first day of September, A. D. 19 , together with interest thereon at the rate of percentum ( %) per annum, payable semi-annually on the first day of March and September 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, 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 resources of the City of Fort Worth are hereby irrevocably pledged. This bond is one of a series of three hundred and twenty (320) bonds numbered consecutively from one (1) to three hundred and twenty (320), inclusive, in the denomination of One Thousand Dollars ($1,- 000.00) each, amounting in the aggregate to the sum of Three Hundred and Twenty Thousand Dollars ($320,000.00), issued for the purpose of constructing, building and equipping additional incinerators for said City 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 Fbrt Worth, pursuant to valid authority from the property taxpaying qualified voters of said City, at a proper and legal election held on the kth day of March, A. D. 1941. It is hereby further expressly represented, recited and cove- nanted 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, con- ditions and things required by the Constitution and 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 Fbrt Werth, 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 in- terest 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 WHEREOF, 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 there- unto duly impressed, and has caused the annexed interest coupons to be executed with the facsimile signatures of the Mayor and City Secre- tary, and has caused this bond to be dated as the first day of Septem- ber, A. D. 1950. CITY OF FORT WORTH, TEXAS BY Mayor ATTESTc City Secretary (FORM OF COUPON NOTE) The City of Fort Worth, in the State of Texas, promises to pay to Bearer ($ ) on the lst 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 Incinerator Bond, Series 81, dated September 1, 1950, and numbered . CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary NO. (CERTIFICATE OF COMPTROLLER) OFFICE OF COM"ROLLER, 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 Con- stitution 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 CITY OF HURT WORTH PRINCIPAL MATURITIES $320,000.00 INCINERATOR BONDS DATED SEPTEMBA.1t 1, 1950 DUE SEPTEMlM 1ST PRINCIPAL MATURING 1951 $ -0- 1952 -0- 1953 -0- 1954 -0- 1955 -0- 1956 16,000.00 1957 16,000.00 1958 16,000.00 1959 16,000.00 1960 16,000.00 1961 16,000.00 1962 16,000.00 1963 16,000.00 1964 16,000.00 1965 16,000.00 1966 16,000.00 1967 16,000.00 1968 16,000.00 1969 16,000.00 1970 16,000.00 1971 16,000.00 1972 16,000,00 1973 16,000.00 1974 16,000.00 1975 16,000.00 ORDINANCE No. Titles—�usrc Date_--� Filed S Day offer 19 —c `J City Secretary P. 6.No. 13697-R