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HomeMy WebLinkAboutOrdinance 897 � r ORDINANCE AUTEORI?ING ISSUANCE OF 9901EATTC' �'?LRK NOTE3. THE SPA'' OF TEXAS, COUNTY OF TA_RRART. CITT OF FORT ?FORTH. On this the/e day of Febumary, 1923. the Board of com- missioners of the City pf Fort North, Texas, convened in reg- ular session, in the Commission Room at the City Hall, all mem- bers thereof, to-wit: 1. R. COOMLL, Mayor, and Commissioners Townsend, Gilvin Alderman, Lord and Hunter, being present, and. among other business transacted, was the following Commissioner strcduced the following Ordinance, and moved that the saute be passed and adopted by the Board of Commissioners: "AN ORDINANCE by the Board of Commissioners of the City of Fort North Texas, authorizingg the issuance of inte�gst 'bea ing notes fn the amount of SI'�TY TfTOiJiA!ID DCT�?,Aq`a {�}60,000 for the purpose of the purchase and improvement of a Recre- ation Park and provid in for the levy, assessment and collec- tion of a tax on the one�undred dollars' valuation of all taxable pro erty within the limits of said city sufficient to pa the Intemst and create a sinking fund with which to pay the principal thereof, and prescribing the form of said notes ana interest coupon* to be attached 'hereto. WHEREAS& the Board of Commissioners ha* been requested by the Public Recreation Board of the City of Fort Worth, Texas, to issue SIXTY THOUSAND DOLLAIRS ($60,000.00) in int*Y*st bear- ing notes, upon the faith and credit of the City of Fort Worth, Texas, for the purpose of the purchase and improvement of a Recreation Park; and. WHEREAS, upon advice and investigation, this Board has ascertained and determined that the issuance of said notes is necessary and desirable, and that the desired improvements will be to the best interests and ppeneral welfare of the city; THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIOTM98 02 THE CITY OF FORT WORTH: SBO. 1. That it is deemed necessary to issue the notes of the City of Fort North, Texas, in the principal sum of SIXTY THOUSAND DOLL.A:RS ($60,000.nO) in order to provide a fund for the purpose of the purchase and improvement of a Recreation. Park. sera. u. That the notes of the Oity of Fort North. Texas, to be called "CITY OF FORT NORTH RLO%ATION PARK NOTES," shall be in- sued in the principal mm of SIITT TAOUSATC DOLLARS ($600000) for the purpose aforesaid. Said notes shall be numbered from one to sixty, both invlusive; each of said notes shall be in the denomination of ONE THOUSAND DOLLARS ($1,000.00), sad said notes shall be dated the FIRST DAY OF JANUARY, 1923, and *ball bear interest at the rate of FM PER aLNTUM per snuum, paya- ble on July let, 19713 and January let, 192,4 and semi--annually thereafter on the first days of Julyand Tanuary of eaeh wear, until the principal sum is paid. Sic. ill* Tit said notes shall mature serially according to the following schedule: NUMBERS DATLS'OF MATURITY AMOUNT 1 to 4 inc. January 1, 1925. $4,000.00 5 " 8 " Jawary let, 19?6 4.000.00 9 " 12 " January let, 1927 40000.00 13" 16 " January let, 1928 4.000.00 17" 20 " January lot, 1929 4,000.00 21" 24 " January let, 1930 4,000.00 25" 28 " Jamary let, 1931 40000.00 29 " 32 " January let t 1932 4,v000.00 33 " 36 " January let, 1933 4.000.00 37 " 40 " January let, 1934 49,000.00 41 " 45 " January let, 1935 5,000.00 46 " 50 " January let, 1936 5,000.00 51 " 55 " January let, 1937 5,000.00 56 " 60 " January let, 1938 50000.00 2. SiC. 19. That the principal and interest of all of said notes shall be payable in lawful money of the United States of America at the HANMR NATIONAL %HK, New Mork. N. T. SEC. V. That each of said notes shall be signed by the Vayor, oaan- tersiaed by the City Secretary, and countersived and regis- tered by the City Auditor, and sealed with Corporate Seal of said city. The interest coupons attached to said notes shall bear the fascimile signatures of said officers. Sec. Pl. That said notes shall express upon their face the purpose far which they are issued; that they are issued under and in strict conformity with the Constitution and Imm of the State of Texas, inculuiing the Charter of the City of Fort Forth, and in pursulsnoe of this ordinanoe; and the form of each of said notes shall be substantially ns follows: NO. $12000.00 UNITED STABS OF AMIRICA, STATE OF TEAS, COMT OF TAFMIT, C ITT OF FORT WORTH RROWT ION PARK NOTE. KNOW ALL MEN BT THESE PRgSMS, that the City of Fort Forth, in .the county of Tarrant, and State of Texas, soknowledpees itself to owe and for value rece iced, hereby prmi sea to pay to bearer the sum of ONE THOUSAND DOLLARS on the FIRST DAY OF •TAMART, 19,...., with interest thereon from date hereof at the rate of FIVE PER CRNTTIM per annum, payable on the FIRM DAY OF JANUARY, 1924, and semi-annnal1y thereafter on the FIRST DAT OF JQLT and the FIRST DAY OF JANUART of each year, as evidenced by the coupons hereto attached. until the principal sum is paid. 3 BOTH PRINCIPAL AND TITS-REST of this note are hereby made payable in laavful money of the United States of America at the HANOVZR HATIGNAL BANK, New ?ork, N. Y. upon the presentation and surrender of this note and the coupons hereto attached as they respeotively mature. THIS NOTE is one of a series of sixty (60) serial notes of like tenor and effect, except as to maturity, dated the first day of January, 1923, numbered from one (1) to sixty (60) both inclusive, all of said notes being of the denomination of ONE THOtf9ANA DOLLARS ($L,000.00) each, aggregating in amount SIYTY THOUSAND DOLLARS ($600000.00)6 and issued for the purpose of the purchase and improvement of a recreation park, under and in strict conformity with the t%onstitutiin and laws of the 3tate of Texas, including the Charter of the City of Fort Worth, and in pursuanoe of m ordinance duly passed and adopted by the Board of Gommissioners of said City on the , 4 ds of February. 1923. 110 IT 18 HEREBY CERTIFIED, RECITED AND RMSENTED, that all acts, conditions and things necessary to be cone precedent to and in the issuing of these notes, in order to make them legal, valid and binding obligations of said pity, have been done, hap- pened and perforated in regular and due form as rewired by law: that the faith, credit and resources of said city are hereby ir- revocably pledged for the prompt payment of the principal and interest thereof at maturity; that no limitation of indebtedness or taxation, either statutory or constitutional, has been exceed- ed in issuing these notes; and that sufficient and proper pro- vision for the levy and collection of.taxes has been made which, when collected, shall be appropriated exclusively to the payment of this note, and of the series of which it is a part, and to the payment of the interest coupons hereto attached as the same shall become due. IN WITNESS WHIRROF, the City of Fort North, Texas, by i t s Board of Co®issioners, has caused its corporate seal to be af- fixed hereto, and this note to be signed by its Mayor, counter- 4 signed by its City Secretary, and countersigned and registered by iev4ditor, and the interest coupons hereto attached to be executed by the lithographed fassimile signatures of the said officials, as of the FIRS" DAY OF JANUARY, 1923, yor, 01ty of Fortor exas. COUNTERSIMD: are arf. COUNTERSIGNED AND RMISPEMD: GTTj n or See. Vil. That the form of interest coupon attached to each of said notes shall hbe substantially as follows: No . ~ ?N THB FIRM DAY OF JANUARY (or JUL as the case may be), THE CITY OF FOAL' WORTH, TEXAS, hereby promises to pay to bearer, at the HANOVER NATIONAL BANK, New York, H. Y. , the sum of DOLLARS ( 1, in imful money of the United States of America, being months; in- terest on the "CITY OF FORT WORTH RECREATION PARK NOTE," No. dated Ja unary let, 1923. Cx ty A�.ditor y Secretary ap�r SEC. Ylll. BE IT FURTHER ORDAINED BY THE BOARD OF MMMISSIOM RS OF THE CITY OF FORT WORT H: That a Special Fund, to be designated "RECIEATION PARK NOTE FUND," sballbe set aside out of the ad valorem tax authorized for "Public Recreation" by Section 9, of Article XP111, of the 5 Ch arte r o f t h e 0 i ty of Fo rt Wo rth, which fund shall b e u sed for the payment of the interest on said notes and the principal there of at maturity, and for no other purpose; that to create said fund to pay the interest on said notes and provide the necessary sinking frond to redeem tbem at maturity, there ehallb e, and is hereby levied a contiuming direct amual tax on each $1t)0 valnai tion of all taxable property in the City of Fort Worth, Texas, out of the said Public Recreation Tax of said City, sufficient to pay the same, and particularly to produce essa minimum the following amounts in the following years: For the year 1923, the sum of $40200.00 being; $1,200.00 (which is 2% of the principal, as required by See. 5, Art. U., Constitution), and $3,000.00 for interest due July let, 1923 and January let, 1924. For the year 1924. the sum of $7,000.00, being $4.000.00 for prhelp*1 due .lanvary 1, 1925, and $1,5W.89 for interest due July 1, 1924, and $1,500.00 for interest due. January 1, 192b4 For the year 1925, the sum of $6,800.00 being $4,000.00 for principal due January let, 1926, and $1,470.00 for interest due July 1st, 1925, and $1,400.00 for interest due January lot, 1926. Fo r the year 1926, the suns of $6 2600.00 being $4,000.00 for principal due January let, 1927, and $1.300.00 for izierest due July let, 1926, and $1,300.,00 for interest due January let, 1927. For the year 1927, the sum of $6,400.00 be inr $4,000.00 for principal due January lot, 19281, and $1 ,200,09 fbr interest . due Jaly let, 1927, a nd $1.200.00 for interest due January let, 1928. Fo r t be ye ar 1928, the on of $6 9200.00. being $4,000.00 for principal due January let, 1929, and $1.100.00 ofor interest due July let, 1928, and $1,100.00 for interest due January lot, 1929. 6 For the year 1929, the scam of $6 0000.00, being $4,000.00 for principal due January let, 1930, and $1,000100 for inter- est due July let, 1929, and $1;000.00 for interest due January 1 at, 1930. For the y-ar 1930, the sum of $5,8d0.00. be tug $4,Ow.00 for principal due Jamiary let,,1931, and $900.00 for interest due Jaly let, 1930.a nd $900.00 for int Brest due January let, 1931. ?or the year 1931, the sum of $52600.00 being $4,000.00 for principal due January let, 1932, and $800.00 for interest due July lot, 1931. and $800.00 for interest due JanwuT 1st, 1932. Fo r t h e year 1932, the scam o f $5,400.00, b a ing $4,000.00 for primelpal due Jamaary let, 1933, and $700.00 for interest due July let, 1932, and $700.00 for interest due Jawary let, 1933. For t be year 1933, the sam of $5.200.00, being $4,000.00 for principal due January let, 19340 and $600."0 for Interest due July let, 1933. and $600.00 for interest due January let, 1934. For the year 1934, the sum of $6$000.00, being $5000.00 f or principal due January let, 1935, and $500.10 for iit erect due July let, 1934, and $500.00 for interest due January let, 1935. Fo r t b e year 1935, the sum of $5,750.00, being $5,000.00 for principal due January let, 1936, and $375.00 for interest due July let, 1935. and $375.00 for interest due January let, 1936. For the year 1936, the sum of $5,500.0 0,be ing $5 8000.00 for principal due January let, 1937. and $250.00 for interest due Daly let, 1936,a nd $250.00 for interest due Jamtary let, 1937. 7 For the year 1937, the scam of $5,250.00, be tug $5,000.00 for principal due January let, 1938, and $128.00 for interest due Jaly 1st, 1937. and $125.00 for interest due January let, 1938. No mistake in the above calculations ehall in any manner operate to diminish the pMent of the amounts to beeeme due on said notes and interest coupons, but a sufficient tax is heroby levied and ordered collected for each of said years on all tax- able property in the slid City of Fort Nortb, Texas, to fully pay the same; all of which taxes shall be, and the same Are here- by levied, assessed and ordered collected annually for each of the several years and properly applied to the payment of said e� notes and interest coupons thereto attached. The above Ordinance having been read in full, the motion E� of Commissioner Townsend for adoption was duly seconded by Comm ssibner Gi lviu. Thereupon, the question being called for, the Mayor put the motion for a vote of the members of the Board of Comaissioners, and the ordinance carried by the following vote: Cunmi missioners Townsend, Alderman, Gilvin, Loral and Hunter voting ATN; none v of ing No. RSSID AND APPROM this the day of 1923. -Kavor, Ci y o Fort Yor , Le$as. A ESQ► : ty geore ary APPROVED AS TO F IUA: corporation ounsel.