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HomeMy WebLinkAboutOrdinance 1897 TO STATE OF TEXAS I COUNTY OF TARRANT I CITY OF PORT WORTH On the 5th day of February, A. D. 1938, the City Council of the City of Fort Worth, Texas, convened at a regular meeting with the following members present, to wit: Van Zandt Jarvis, Vayor, Dr. Arthur, : Willard Burton, Dr. W. J. Hammond, : T. J. Harrell, : Councilmen, Jerome 0. Martin, William Monnig, Roy C. Murphy, Dr. W. R. Thompson, . G. D. Fairtrace, City Manager, Henry Keller, City Secretary, R. $. Rouer, City Attorney, all of the members of the Council being present, the following, among other business, was transacted, to wit: Mr. Monnig introduced an ordinance and made a motion that it be adopted. The motion was seconded by Dr. Thompson. The ordinance was read by the City Secretary. The motion oarrying with it the adoption of the ordinance prevailed by the following vote: AYES: Ma. or Jarvis and Councilmen Brown, Burton, Hamond, Harrell, Martin, Monnig, Murphy and Thompson. NOES: None. The Ordinance as adopted is as follows: ORDINANCE N0, IW AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIARTR COUPON BONDS OF THE GOVERMENT OF THE CITY OF FORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00), AND BEING KNOPIN AS SERIES 84, AND DESIGNATED AS "PLEASURE GROUNDS, PARKS AND PLAY- GROUNDS BONDS", TO BE ISSUED FOR THE PURPOSE OF MAKING PMUNENT n4PROPEONTS IN SAID CITY BY CONSTRUCTING, BUILDING, EQUIPPING AND IMPROVING PLEASURE GROUNDS, PARKS AND PLAYGROUNDS FOR THE CITY OF FORT WORTH, TEXAS, AND FOR SECURING AND ACQUIRING THE NECESSARY LANDS AND SITES THEREFOR, AND INCLUDING IN SUCH IMPROVEMENTS, BUILDINGS TO HOUSE AND KEEP LIVE STOCK FOR BITION PURPOSES AND BUILDINGS FOR PUffi.IC ENTERTA.DQMTS, EXHIBITING AGRICULTURE, LIVE STOCK AND COMMERCIAL PRODUCTS; EACH OF SAID BONUS TO BE IN THE DENOMINATION OF ONE THOUSAND DOLLARS ($1,000.00), DATED FEBRUARY 1, 1936, MATURING FROM TWO (2) TO THIRTY (30) YEARS FROM THE DATE THEREOF, THE FIRST ONE HUNDRED EIGHTY-NINE THOUSAND DOLLARS ($189,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF THREE AND ONE-HALF PER CENT (3-1/2%) PER ANNUM AND THE REMAINDER of SAID BONDS TO BEAR MMMST AT THE RATE OF THREE AND ONE-FOURTH PER CENT (3-1/4%) PER ANNUM, PAYABLE SEMI-ANNUAILY, THE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHED TO THE BONDS; DIRECTING THAT THE SAID BONDS BE EKECUTED BY THE MAYOR AND CITY SECRETARY; PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAYMENT OF THE IIVTE MT ON SAID BONDS AND TO CREATE A SINKING FOND FOR THE PAYMENT OF THE PRINCIPAL THEREOF AS THE SAIT A?ATURF,S FROM TI24E TO TIME; AND PROVID- ING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. AREAS, on the Sth day of January, A. D. 1936, pursuant to the authority vested in said City by Section 19 of Chapter XXV of the Charter of the Oity of Fort North, adopted by the qualified voters within the limits of said City on the llth day of December, A. D. 1924, and the laws and Constitu- tion 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 28th day of January, A. D. 1936, of the right, power and authority of the City Council of said City to issue negotiable coupon bonds of the corperate govern- ment of the said City in the principal sum of Two Hundred Fifty-Thousand Dollars ($250,000.00), for the purpose of making permanent improvements in said City by constructing, building, equipping and improving pleasure grounds, parks and Playgrounds for the City of Fort Worth, Texas, and for securing and acquiring the necessary lands and sites therefor, and including in such improvements, buildings to house and keep live stock for exhibition purposes and buildings for public entertainments, exhibiting agriculture, live stock and commercial products; and, WEMMAS, in conformity with said ordinance, the Mayor of said City did make proclamation of said election, and fixed the date thereof for the 28th day of January, A. D. 1938; and, NMODUS, said election order and proclamation thereof were prepared and published in the manner and for the time prescribed in said ordinance; and, WHEREAS, on the 28th day of January, A. D. 1936, 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 sub- mitted as a proposition to the qualified electors of said City, who own tax- able property in the City of Fort Worth, Texas, and who have duly rendered the same for taxation; and, waiccrM, 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 RALLOT I. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Two Hundred Fifty Thousand Dollars ($250,000.00), for the purpose of making permanent improve- ments in said City by constructing, building, equipping and improving pleasure grounds, parks and playgrounds for the City of Fort Worth, Texas, and for securing and acquiring the necessary lands and sites therefor, and including in such improvements, buildings to house and keep live stock for exhibition purposes and buildings for public entertainments, exhibit- ing agriculture, live stock and commercial products, 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 a—um from the date thereof, payable semi-annually, and levy a suffi- cient tax to pay tyre interest on said bonds and create a sinking fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Pleasure Grounds, Parks and Playgrounds Bonds. AGAINST the Issuance of Pleasure *ounds, Parke and Playgrounds Bonds. WB3R=, in the election held in said City of Fort Worth on the 28th day of January, A. D. 1936, on the question of the issuance of said bonds hareinbefore mentioned, there was a majority of votes in favor of the issuance of said bonds; and, MRFAS, 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, IEERBBS, 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 Two Hundred Fifty Thousand Dollars ($250,000.00) worth of said bonds, authorized to be issued by the qualified electors of said City, who own tax- able property in4he City of Fort Worth, Texas, and who have duly rendered the same for taxation, at an election held on the 28th day of January, A. D. 1936, be issued in bonds at this time, said bonds to be issued being Series 64 and designated as "Pleasure Grounds, Parks and Playgrounds Bonds", NOW, THEREFORE, BE IT ORDLINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TMLA.S: SECTION I. That pursuant to Section 19 of Chapter XXV of the Charter of the City of Fort Worth, adopted by the qualified voters within the corporate limits of said City on the llth day of December, A. D. 1924, and the laws and Constitu- tion 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 28th day of January, A. D. 1936, that the municipal government of the City of Fort Worth issue its corporate negotiable coupon bonds in the principal sum of Two Hundred Fifty Thousand Dollars ($250,- 000.00), which bonds were authorized to be issued at a proper election held on the 28th day of January, A. D. 1938, and which bonds are known as Series 64, and designated as "Pleasure Grounds, Parks and Playgrounds Bonds", and the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated February 1, 1936, the first One Hundred Eighty-nine Thousand Dollars ($169,000.00) worth of said bonds bearing interest at the rate of three and one-half per cent (3-1/2%) per annum and the remainder of said bonds bearing Interest at the rate of three and one-fourth per cent (3-1/4%) per annum, pay- able semi-annually on the first day of August and February(of each year respective- ly, 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 Myor and City Secretary 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 two (2) years from the date thereof, and annually thereafter until the last maturing bond shall become payable within thirty (30) years from the date thereof, and the bonds themselves, two hundreefifty (250) in number, shall be numbered consecutively from one (1) to two hundred fifty (250), inclusive, and shall mature in the amount and manner hereinafter set out; said bonds shall be used for the purpose of making permanent improvements in said City by constructing, building, equipping and improving pleasure grounds, parks and playgrounds for the City of Fort Worth, Texas, and for securing and acquiring the necessary lands and sites therefor, and including in such improvements, buildings to house and keep live stock for exhibition purposes and buildings for public entertainments, exhibiting agri- culture, live stock and commercial products. 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: No. UNITED STATES OF AMIOA STATE OF TEXAS, COUNTY OF TARRANT SERIFS 64 CITY OF FORT WORTH ---0000000--- Pleasure Grounds, Parks and Playgrounds Bond of the City of Fort Worth issued for the purpose of making permanent improvements in said City by contracting, building, equipping and improving pleasure grounds, parks and play- grounds for the City of Fort Worth, Texas, and for securing and acquiring the necessary lands and sites therefor, and including in such improvements, buildings to house and keep live stock for exhibition pur- poses and buildings for public entertain- ments, exhibiting agriculture, live stock and commercial products. KNOW ALL IM 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 THOUSAND DOLLARS ($1,000.00) in lawful money of the United States of America, on the first day of February, A. D. 19 together with interest thereon at the rate of per oentum ( ) per annum, payable semi-annually on the first day of August and February 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 flue and punctual pay- ment 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 two hundred fifty (250) bonds numbered consecutively from one (1) to two hundred fifty (250), inclusive, each in the denomination of One Thousand Dollars ($1,000.00), amounting in the aggregate to the sum of Two hundred Fifty Thousand Dollars ($250,000.00), issued for the pur- pose of making permanent improvements in said City by constructing, building, equipping and improving pleasure grounds, parks and playgrounds for the City of Fort Worth, Texas, and for securing and acquiring the necessary lands and sites therefor, and including in such improvements, buildings to house and keep live stock for exhibition purposes and buildings for public entertainments, exhibiting agriculture, live stock and commercial products, under and by virtue of the Con- stitution and laws of the State of Texas, the Charter of the City of Fort Worth, and an ordinance lawfully passed and adapted by the City Council of the City of Fort Worth, pursuant to an election duly called and held, at which only qualified electors who owned taxable property in the City and who had duly rendered the same for taxation were permitted to vote. 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 acts, 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 col- lection 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 cr statutory limitation. IN TffiTIMONY WOOF, 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 Qeeretary, and dated as the lot day of February, A. D. 1936. CITY OF FORT WORTH, TEXAS 3Y 3syor ATPEST: Cit7 Beeretery (FORM Of COUPON NOTE) UO._ _ �# The City of Fort Worth, in the State of Texas, promises to pay to 9*arer 3 ), on the lot day of , 19 , at the Central Hanover Bank and Trust Company in the City of New York, N. Y., for interest due that day on its Pleasure Grounds, Parks, and Playgrounds Bond, Series 64, dated February 1, 1936, and numbered CITY OF FORT WORTH, TEXAS ATTEST: Q ty Secretary (CERTIFICATE OF COMPTROLLER) OFFIOE OF COMPTROLLER, STATE OF TEX6.S. I 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 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. 1938. Comptroller of Public Accounts of the State of Texas. SECTION IIe That the said bonds so to be issued by the City of Fort Worth, amounting to Two Hundred Fifty Thousand Dollars ($250,000.00), shall be issued for the purpose of making permanent improvements in said-City by constructing, building, *quipping and improving pleasure grounds, parks and playgrounds for the City of Fort Worth, Texas, and for securing and acquiring the necessary lands and sites therefor, and including in such improvements, buildings to house and keep live stock for exhibition pur- poses and buildings for public entertainments, exhibiting agriculture, live stock and commercial products, and shall consist of two hundred fifty (250) bonds numbered from one (1) to two hundred fifty (250), inclusive, and the first One Hundred Eighty nine Thousand Dollars ($189,000.00) worth of said bonds shall bear interest at the rate of three and one-half per cent (3-3/2%) per annum and the remainder of said bonds shall bear interest at the rate of three and one-fourth per cent (3-1/4%) per annum, payable semi- annually as aforesaid, all of which said two hundred fifty (250) bonds shall be known as Series 64 and shall be styled and designated as 'Pleasure Grounds, Parks and Playgrounds Bonds"; that all of the said bonds, comprising the sum total of Two Hundred Fifty Thousand Dollars ($250,000.00) shall mature in numerical order in the manner and amounts as set out in the tabulated state- ment herewith attached, to wit: CITY OF FORT WORTS PRINCIPAL MATURITIES #250,000.00 PLEASURE GROUNDS, PARKS AND PLAYGROUNDS BONDS SERIES 64 DATED FEBRUARY 1, 1936 DUE FEBWARY 18T PRINCIPAL MATURING 1938 # 5,000.00 1939 5,000.00 1940 6,000.00 1941 6,000.00 1942 6,000.00 1943 6,000.00 19" 6,000.00 1945 6,000.00 1946 7,000.00 1947 8,000.00 1948 7,000.00 1949 8,000.00 1950 8,000.00 1951 8,000.00 1952 8,000.00 1953 9,000.00 1954 9,000.00 1955 9,000.00 1956 10,000.00 1957 10,000.00 1958 10,000.00 1959 10,000.00 1960 11,000.00 1961 11,000.00 1962 11,000.00 1963 12,000.00 1984 12,000.00 1965 13,000.00 1966 13,000.00 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 17. 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 .8140 cents (or such an amount as may be necessary and adequate, be it more or less) 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 January, 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 V. 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 1936, 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 .8140 cents on the One Hundred Dollars ($100.00) property valuation (or so much thereof as may be requisite and necessary) provided for in the next 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 hersinabove 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 PII. 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 VIII. That the City Treasurer of the City of Fort Worth, or other lawful custodian of such fund, during the months of J)dy and January, 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 Bourse to provide for the payment of the principal of any of said bonds in advance of the maturity of same. SSOTION IX. All ordinances and parts of ordinances in conflict herewith be and they are hereby expressly repealed. SECTION X. The holding or adjudication of any section, portion or pert hereof to be invalid, shall not affect the validity of any other section or part of this ordinance, but all such other sections, portions and parts hereof shall be and remain valid. SECTION XI. That this ordinance shall take offset and be in full force and offset from and after the date of its passage acid it is so ordained. yor of the City of Fort Worth, Texas. ATTEST: City Secretary of the City of Fort Worth, Texas. APPROVED AS TO FORM AND LBGALITYi City Secretary of the City of Fort Worth, Texas. THE STATE OF TEXAS [ COUNTY OF TARRANT [ CITY OF FORT WORTH [ I, Henry Keller, City Secretary of the City of Fort Worth, Texas, do hereby certify that the above and foregoing is a true and correct excerpt copied from the minutes of a regular meeting of the City Council of said City, held on the 5th day of February, A. D. 1958, and of Ordinance No. 1897 which was duly passed and adopted by the City Council on said date. WITNESS my hand and the official seal of the City of Fort Worth, Texas, this the 8th day of February, A. D. 1936. City Secretary of the City of PT Worth, Texaa.