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HomeMy WebLinkAboutOrdinance 97 -s O R D I N A N C E N 0. An ordinance pursuant to Section 19, Chapter XV of the City Charter of the City of Fort Worth and an election held there- under on May 1, 1909 in the said City of Fort Worth, authorizing the breation and issuance of Three Hundred 'Thousand (§300,000.00) dollars of the bonds of the corporate government of the City of Fort Worth, to be known as"Series 12 School Bonds;" all of said bonds to be in denominations of One Thousand 01,000-oo) dollars each, and bearing interest from date at the rate of Four and One- half (4j%) per centum per annum, payable semi-annually, with coupon interest notes attached; said bonds to run for a period of Forty (40) years, but redeemable at the expiration of Twenty (20) years, or any interest paying period thereafter. And pro- 1ridiaL; for the levy of a tax for the creation of a sinking fund and for the payment of interest on said bonds. HEREAS, by the terms of Section 19, Chapter XV of the present Charter of the 8ity of Fort Worth enacted by the Thirty- first Legislature of the State of Texas, power is and was conferred on the Board of Commissioners of the City of Fort Worth to provide for the issuance of Three Hundred Thousand ($300,000.00) dollars of bonds of the City of Fort Worth, during the year 1909, for the purpose of increasing and improving the school facilities in said City, and for the purchase of lands therefor, the construction of buildings thereon and the repair, reconstruct$nn and renovation thereof; AND WHEREAS, said Charter further provides that such bond issue shall not be made by said Board of Commissioners except upon request therefor by the Board of Trustees of the independent school district of the City of Fort Worth, and also that before said bonds shall be issued, the question of such issuance shall bed first sub- . � -1- mitted to the qualified voters of said independent school district, who are property tax payers therein; AND WHEREAS, on the 20th day of April, 1909, pursuant to duch Charter provision, the Board of Trustees of the independent school district of the City of Fors. Worth requested of said Board of Commissioners, the issuance of Three Hundred Thousand 0300,000.60) dollars of school bonds of the corporate government of the City of Fort Worth; AND WHEREAS, on the 22nd day of April, 1909, the said Board of Commissioners, pursuant to such request and the aforesaid Charter provisions, by resolution of that date adopted, referred the matter of such bond issue and the authority to enact an ordi- nance therefor, to the qualified voters of the City of Fort Worth, who are and were taxpaying property owners in said City, at an election held for that purpose in the various wards of said City, on the lot day of May, A. D. 1909; AND WHEREAS, on the lot day of May, A. D. 1909, an elec- tion was duly and legally held in the said City of Fort Worth in the various wards of said City, at which was submitted to the qualified tax-paying voters of said City, the matter of the issu- ance of said bonds, in the following form, to-wit: "For the issuance of Three Hundred Thousand 0300,000.00) dollars of bonds for school purposes." "Against the issuance of Three Hundred Thousand (A300,000.00) dollars of bonds for school purposes." which said election resulted as follows: For the issuance of said bonds for school purposes, Eight Hundred and Twenty-eight votes; against the same, Ninety-five votes; AND WHEREAS, on the 4th day of May, A. D. 1909, at a meet- ing of the Board of Commissioners of the City of Fort Worth, on said date, returns of said election were duly canvaased and the vote counted,] and the result declared as he"reinbefore specified. -2- NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF FORT WORTH:- Section 1: That the Mayor and City Secretary of the City of Fort Worth be, and they are hereby authorized and directed to prepare and execute, in the name of and for and on behalf of the City of Fort Worth and under its corporate seal, as the act and obligation of said City, bonds of the corporate government of said City,which shall be known and denominated as"Series 12 School Bonds," of the aggregate pttncip al sum of Three Hundred Thousand ($1300,000.00) dollars, and said bands 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 author- izing same. This series of school bonds shall consist of ans Hundred (S00) in number, and shall be numbered consecutively from one (1) toleAms Hundred 400) inclusive, and each of same shall be of the denomination of One Thousand ()$1,000.00) dollars, embracing ane Hundred (SOO) bonds of the par value of U%undred. Thousand (�400,000.00) dollars. All of said bonds shall be dated the 1st day of May, A.D. 1909 and shall be and become payable .Forty (40) years from the date thereof to bearer, with the provision, however, that same shall be redeemable at the expiration of Twenty (20) 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 not yet have matured, shall be cancelled, which said bonds shall bear interest at the rate of Four and One-half (4j%) per centum per annum, payable semi-annually, which said interest shall be represented by coupon notes, each bond being only for the principal sum and having attached to it Eighty -3 ti JVPWW (80 ) coupon notes of Twenty-two and 50/100 (�2.2.50) dollars each, representing the semi-annual interest installments, both principal and interest, payable to bearer at the Hanover National Bank in the city of New York, State of New York, in g6ld coin of the United States of the present weight and fineness.X All of said bonds shall be executed in the name of the City of Fort Worth by the Mayor, and attested by the eity Secretary under the corporate seal of the City, save that in the matter of the coupons, the engraved or lithographed signature of the Mayor and City Secre- tary shall be sufficient. Section 2: Said bonds shall not be sold for less than par and the accrued' interest. Section 3i -To provide for the interest on all of the bonds issued under this ordinance I and to create a sinking fund therefor, of not less than Two-;!(2 per centum per annum of same, there is hereby levied and same shall be collected as provided by law, set apart and appropriated for said purposes, an annual, direct, special ad+fa�rem tax, beginning with the assessment and levy for the year 1909 of !Five and One-tenth (5-f/W) cents on every One Hundred ($100.00) dollars of valuation on all property, real, personal and mixed, subject to taxation by said 9ity of Fort Worth and not exempt by law from municipal taxation, and the said tax, or so much thereof as may be necessary for the payment of said interest and the creation of said sinking fund shall be annually assessed, levied and collected during the life of said bonds, and if at any time, said tax should be insufficient for such purpoaeg, then it shall be the duty of the Board of 19ommis- stoners or other governing body of said City of Fort Worth to set apart and appropriate such additional amount of money out of the general revenues of the City, as may be requisite to supply the deficiency, until all interest shall have been paid, and a -4- anow �+" sinking fund established as required by the Constitution of the State of Texas and the Charter 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 books of said City, and the proceeds held and kept by the 0ity Treasurer as a separate and distinct account and specified as such upon his books, and said fluid shall not be used or utilized in whole or in part, ex- cept for the purposes for which it was created, and it shall be unlawful for the Treasurer of the City of Fort Worth to honor or recognize any check, warrant, draft or order upon such -funds, ex- cept for the purposes aforesaid. Provided, however, that the sink- ing fund and all accretions thereto may be invested by order of the Board of $ommissioners oj� other governing body of the City of Fort Worth, 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 ndt 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 sinking fund as aforesaid. Section 51 Said bonds shall not be negotiated, sold or transferred until same shall have been presented to the Attorney General- of the State of Texas, and his official sanction of same shall have been manifested as prescribed by law. Section 6: The 8ity Treasurer of the City of Fort ItIo rth shall, during the months of Xpril and October of each year and not later than the 20th day of each such month, transmit sufficient moneys out of the interest fund hereinbefore created for.the pm,yment of the semi-annual interest accruing upon said bonds, to the Hanover National Bank of New York City, in the State of New York, but in the event that such batik shall be non-existent or go out of business or fail br refuse to act, then the 'said moneys shall be transmitted by the said Treasurer of the City of Fort Worth to the Fiscal Agent -5- of said City, residing in New York City, State of New York. Section 7s This ordinance shall take effect .and be in force from and after its passage as prescribed by law. t6;t I ]rereby certify 4the above and foregoing ordinancs was d?t],y presonted and unanimously passed by the Board of Commissioners of the City of Fort 'North, at a rogUlar meeting of said board held fussday Tune let, 1909. e Secretary. -6-