HomeMy WebLinkAboutOrdinance 1671 ' t 1
The City Council of the City of Fort Worth met in
regalar session in the Council Chamber at the City Hall at nine-
thirty o'clock A. M. , Wednesday, the 7th day of May, A. D.
1930, and upon roll call the following were present: Wm. Bryce,
~ Mayor, Dr. W. R. Thompson, Willard Burton, Van Zandt 'Jarvis,
Wm. Monnig, E. T. Renfro, A. E. Thomas, J. R. Penn, and John
Davis, Councilmen, constituting a majority and quorum of the
membership of the said board, and I. L. Van Zandt, Jr., City
Secretary-Treasurer, was in attendance at said meeting, and the
following proceedings among other things were had and done:
Councilman Jarvis, seconded by Councilman Thompson,
moved the adoption of the following ordinance:
ORDINANCE NO. 1671.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGO-
TIABLE COUPON BONDS OF THE GOVERNMENT OF TEE CITY
OF FORT WORTH, AMOUNTING TO THE PRINCIPAL SUM OF
TWO HUNDRED AND FIFTY THOUSAND ($250,000.00)
DOLLARS, IN ADDITION TO THE SUM OF TWO HUNDRED AND
FIFTY THOUSAND (0250,000.00) DOLLARS WORTH OF SAID
BONDS HERETOFORE ISSUED OUT OF AN AUTHORIZED ISSUE
OF FIVE HUNDRED THOUSAND ($500,000.00) DOLLARS, AND
BEING KNOWN AS SERIES 57, AND DESIGNATED AS "FIRE
PROTECTION BONDS", TO BE ISSUED FOR THE PURPOSE OF
IMPROVING AND EXTENDING THE SYSTEM OF FIRE PROTECTION
OF SAID CITY; EACH OF SAID BONDS TO BE IN THE EE-
NOMINATION OF ONE THOUSAND ($1,000.001. DOLLARS, TO
BE DATED JUNE 1, 1930, MATURING FROM FIVE TO FORTY
YEARS FROM THE dATE THEREOF, AND TO BEAR INTEREST
AT THE RATE OF FOUR AND ONE-HALF PERCENT (4 ) PER
ANNUM, AYABLE 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 SECRETARY-TREASURER, AND 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 PA SSAGE.
WHEREAS, on the 92nd day of may, A. D. 1929, 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 within the limits of said City on the llth day
of Decmmber, A. D. 1924; and the laws and Constitution of the
State of Texas, the City"'Council of the City of Fort Worth,
Texas, by a resolution and an ordinance of that date, directed
the submission to the 'resident property tax paying qualified
voters of said City, at an election to be held in said City
on the 25th day of June, A. D. 1929, of the right, power and
authority of the City Council of said City to issue nego-
tiable coupon bonds of the corporate government of said City
in the principal sum of Five Hundred Thousand Dollars
($500,000.00), for the purpose of improving and extending the
system of fire protection of said City by constructing, build-
ing and equipping a new central fire station, acquiring the
necessary land therefor, and extending and improving the fire
alarm signal system; and
WHEREAS, in conformity with the said resolution and
ordinance, the Mayor of said City did make proclamation of said
election, and fixed the date thereof for the 25th day of June,
A. D. 1929; and
WHEREAS, said election order and proclamation thereof
was prepared and published in the manner and for the time pres-
cribed in said resolution and ordinance; and
WHEREAS, on the 25th day of June, A. D. 1929, said
election was held in the City of Fort worth at the respective
polling places designated in the election order, at which said
election the issuance of said bonds was submitted as a proposition
to the tax paying qualified voters of said City; and
WHEREAS, the official ballot on such occasion, in con-
formity with the resolution and ordinance of the City Council,
hereinabove mentioned, and in accordance with the order of said
election, in form and in substance reads as follows:
OFFICIAL BALLOT
I.
Shall the City of Fort Worth; through its City Council,
issue its negotiable coupon bonde running from five (5) tq. forty.
(40) .$,ears, in the principal sum of; Two million ($2,000,000.00)
Dollars, for the purpose of constructing, improving and extendilg
the streets, thoroughfares and, 'storm sewers of said City, includ-
ing in such permanent ir;provements the straightening, widening-,
paving, grade separation and, drainage of said. streets and thorough-
fares; the first of said bonds being payable at the expiration of
five (5) years from the date thereof, and serially thereafter ae
may be determined by the said City Council, so that, the last matur-
ing bonds shall become payable within forty (40) years from the
date thereof, gearing interest at a rate not to exceed five i%)
per cent' per annum from the date thereof,, payable semi-annually,
and levy a duffi.cient tax to pay the interest on`' said bonds and
create a sinking fund sufficient to redeem said bonds at the ma-
turity th@.reo;?
rOR the Ispuance of Street Improvement Bonds.
AGAINS'x'z;�hoL.1ssuance of Street Improvement Bonds.
Shall the; Oity•.pf Fort Worth•, through its City Council,
issue itp"negoti�at7lp: : ottpgn-bonds running:frdm five '( j to forty-
(40) ears, �ni.the' prik�ripal_sum of Five Hundred Thousand (0500,�-
000 A) bollarej forjtherpurpose of imptoving and extending t$e'
system of fire;.pxt� Set�Ap�gf said City'by constructing, building
and equipping a nev ,eeical fire station, acquiring the necessary
land therefor, snd, extending; and improving the fire alarm signal
system, the first of -val4ibonds being payable at the expiration
of five (5) years from the;;date theregf, ,and serially thereafter
as may be det°ermined.by Ahe; said City Council, so :that the last
maturing bonds shall beoo.me: payable within,forty (40) years from
the date thereof,. bearing> interest at a rate not to .exceed five
(5%) per cent per annuj.jk.from the date thereof, payable semi-ark-
nual�ly, 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 issuanpe of nrp,,•Protection Bonds.
AGAINST the -Ispuanoe of Fire Protection Bonds.
IM
Shall the City of .. Art, Worth, Ahrough its City Council,
issue its negotiable ooup m kbonds running.from five ('5)' to- forty
(401 }►pars, i.n the prinpi.paZ sum of Five Hundred Thousand ($500,
000.-00) Doll,ar@,.. for the purpose of establishing, equipping, ex-
tending and improving a muni,Clpal airport: and landing field for
aeroplanes and other aerial machines and acquiripg the necessary
lands and property therefor,, the .first of safd bonds being pay-
able at the expiratriori of five (5) years- 1rp% ihe,.date thereof,
and serially thereafter as may be determi.ne. d,by -the said City
Council., Sao that the last maturing bonds -shall become payable
within. fatty (40) years from the -date the.reof, bearing interest
at a rate pot to exceed five ,(5fa) per cent, pe.r. antrum from the date
.hereof,= ,payable semi-annually, and.levy la suffioient tax, to pay
the interest on said bonds and create a sinking: fund sufficient
to redeem said bonds at the vaturity thereof?
FOR the Issuance of Airpart• $onde.-..
AGAINST the Issuance of: A4ppxt.' Sonds.
WHEREAS, in the election held in said City of Fort
Worth on the 25th day of June, A. D. 1929, 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 voters to issue said bonds for the purposes afore-
mentioned, and to make same valid and binding obligations of
the corporate government of the City of Fort worth; and
WHEREAS, the City Council, in accordance with the
power vested in said governing body set forth in the preceding
paragraph, did lawfully pass and adopt an ordinance on the
23rd day of October, A. D. 1929, and which ordinance was duly
amended by an ordinance passed and adopted on the 4th day of
December, A. D. 1929, authorizing the issuance of negotiable
coupon bonds of the government of the City of Fort worth,
amounting to the principal sum of Two 'Hundred and Fifty
Thousand Dollars (;250,000.00), all of said bonds being issued
out of the said authorized issue of Five Hundred Thousand
Dollars ($500,000.00) worth of said bonds authorized by the prop-
erty tax paying qualified voters of said City at the said election
held on the 25th day of June, A. D. 1929, and being known as
Series 57 and designated as "Fire Protection Bonds"; and
WHEREAS, it is deemed wise and expedient by the
City Council of the City of Fort north in the exercise of the
discretion reposed in it by law, that Two Hundred and Fifty
Thousand Dollars ($250,000.00) worth of said bonds, in addi-
tion to the Two Hundred and Fifty Thousand Dollars ($250,000.00)
worth of said bonds heretofore issued out of the issue of
Five Hundred Thousand Dollars ($500,000.00) worth of said bonds,
be issued in bonds at this time, said bonds to be issued being a
part of Series 57 and designated as "Fire Protection Bonds";
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH:
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 Constitution of
the state of Texas, and pursuant to a vote of the resident
property tax paying voters of the City of Fort Worth, at an
election held in said City for such purpose on the 25th day of
June, A. D. 1929, that the municipal government of the City of
Fort worth issue its corporate negotiable coupon bonds in the
principal sum of Two Hundred and Fifty Thousand Dollars
($250,000.00), this amount being in addition to the Two
Hundred and Fifty Thousand Dollars ($250,000.00) worth of said
bonds heretofore issued, by an ordinance lawfully passed and
adopted on the 23rd day of October, A. D. 1929, and which
ordinance was amended by an ordinance lawfully passed and
adopted on the 4th day of December, A. D. 1929, and all of said
bonds being out of an authorized issue at said election of
Five Hundred Thousand Dollars ($500,000.00), a nd which author-
ized issue is known as Series 57 and designated as "Fire Pro-
tection Bonds", and the bonds so to be issued shall be in the
denomination of One Thousand Dollars (V1,000.00) each, dated
June 1, 1930, bearing interest at the rate of four and one-
half percent (4j%) per annum, payable semi-annually on the
1st day of December and June 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 thereto, all of said bonds to be
executed for and on behalf of the Ci�/P.
Fort worth by the
Mayor thereof, attested by its City secretary-Treasurer, with
the seal of the City thereon duly impressed, but the interest
coupons to be executed with the lithographed facsimile signa-
ture of the Mayor and City secretary-Treasurer 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 five years from the date thereof and
annually thereafter until the last maturing bond shall become
payable within forty years from the date thereof, and the
bonds themselves, Two Hundred and Fifty (250) in number, shall
be numbered consecutively from Two Hundred and Fifty One (251)
to Five Hundred (500) inclusive, and shall mature in the
amount and manner hereinafter set out, said bonds shall be
used for the purpose of improving and extending the system of
fire protection of said City by constructing, building and
equipping a new central fire station, acquiring the necessary
land therefor, and extending and improving the fire alarm signal
system.
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 STATED $1000
OF AMERICA
STATE OF TEXAS, COUNTY OF TARRANT
SERIES
C I T Y O F F. 0 R T W 0 R T H
---0000000=--
Bond of the City of Fort Worth
issued for the purpose. of
KNOW ALL MEN BY THESE PRESENTS:
That the government of the City of Fort Worth, a
municipal corporation, 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 (�1000)
in lawful money of the United Stated of America, on the
together with interest thereon
at the rate of per centum per annum
payable semi-annually on the lst day of and
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 Hanover National Bank, in New York City,
N. Y., 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
bonds numbered consecutively from
to inclusive, each of the denomination
of One Thousand Dollars ($1,000.00), amounting in the ag-
gregate to the sum of
issued for the purpose of
udder and by virtue of the Constitution and haws of the
State of Texas, the Charter of the City of Fort Vlorth, and
ap ordinance of the City Council of the City lawfully pass-
ed and adopted on the , pursuant to
valid authority from the property tax paying qualified voters
of said City, at a proper and legal election held on the
ber, A.
It is hereby further expressly represented, re-
cited 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 re-
quired 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 man-
ner 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 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 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 or staturoty limitation.
IN TESTIMONY WFIEREOF, the City of Fort Worth, in
the State of Texas, has executed this bond by causing it to
bd s1thad by its Mayor and attested by the City Secretary-
��- with the seal of the City thereuhto duly impressed,
c
and has caused the annexed interest coupons to be executed
with the facsimile signature of the Mayor and City Secre-
tary-Treasurer, and dated as the 1st day of
CITY OF FORT WORTH, TEXAS
M&yor
ATTEST:
y ecre a y-,Treasurer,
(FORM OF COUPON NOTE)
SERIES
NO.
The City of Fort Worth, in the State of Texas,
promises to pay to bearer
on the 1st day of ,
at the Hanover National Bank in the City of New York, N. Y.,
for interest due that day on its municipal bonded dated
and numbered
CITY OF FORT VVORTH, TEXAS
Mayor
ATTEST:
City. eerc ary-Treasurer.
SECTION II.
That the said bonds so to be issued by the City of
Fort worth, amounting to Two Hundred and Fifty Thousand Dollars
(0250,000.00) out of the said authorized issue of Five Hundred
Thousand Dollars ($500,000.00), shall be issued for the purpose
of improving and extending the system of fire protection of
said City by constructing, building and equipping a new central
fire station, acquiring the necessary land therefor, and extend-
ing and improving the fire alarm signal system of said City and
shall consist of Two Hundred and Fifty bonds, numbered from
Two Hundred and Fifty One (251) to Five Hundred (500) inclusive,
and shall bear interest at the rate of four and one-half percent
(4),'-96) per annum, payable semi-annually as aforesaid, all of
which said Two Hundred and Fifty (250) bonds shall be known
as Series 57 and shall be styled and designated as "Fire
Protection Bonds"; that all of the said bonds, comprising the
sum total of Two Hundred and Fifty Thousand Dollars ($250,000.00)
shall mature in numerical order in the manner and amounts
as set out in the tabulated statement herewith attached, to-wit:
CITY OF FORT WORTH
PRINCIPAL MATURITIES
$250,000.00 FIRE PROTECTION BONDS
DATED JUNE 1ST, 1930
DUE JUNE 1ST PRINCIPAL
MATURING
1935 5,000.00
36 5,000.00
37 5,000.00
38 5,000.00
39 5,000.00
1940 5,000.00
41 5,000.00
42 5,000.00
43 5,000.00
44 5,000.00
45 5,000.00
46 5,000.00
47 5,000.00
48 5,000.00
49 5,000.00
1950 7,000.00
51 7,000.00
52 7,000.00
53 7,000.00
54 7,000.00
55 7,000.00
56 7,000.00
57 7,000.00
58 7,000.00
59 7,000.00
1960 7,000.00
61 7,000.00
62 7,000.00
63 7,000.00
64 11,000.00
65 11,000.00
66 11,000.00
67 11,000.00
68 11,000.00
69 11,000.00
1970 11,000.00
.3SCiTIOb III.
That the said bonds are hereby authorized to be
sold to the best adv"ntage, taut in no event shall same be
sold for less then ppr, an,d the accrued interest to the time of
delivery and the prooeeds thereof, to be planed in the treasury
of the City of Fort ►orth and utilised for the special purposes
for which they are *,,sated.
SICTION IV.
That for the purpose of *mating a sinking fund for
the payment and aeoplete extinguishment of the forsgaing bonded
debt,, principal and interest, and all and emery part of some,
there is hereby levied and there shall be assessed and collected
as provided by law, set apart and approprlAted for the said
purpose, an annual, direct special ad valerei tax for the year
1930, and overry suamasive year thereafter deering the life of
said bonded debt or any part thereof of .91 cents (or such
an amount as may be necossary and adequete, be it more or loss)
on every One HoWhoed (#IOD.00) Dollars of property valuations,
real,, poirso"l and mixed, subject to taxation and, not exempt
therefrom under the Constitution and law of the State of Texas,
situated and owed in the City of Fort north on the let day of
January 19301, and on the lot day of aamsiary of each year those'
sfter until said debt represented by said bonds and coupon
Interest notes shall have been fully paid, and if, at s►rW time,
such tax should be insufficient, than it shall be the duty of
the City Council or any other govornir43 body of the laity of Fort
Worth, to set apart Find appropristo such additional assonant of
money out of the general revenues of the said City, as mtq be
requisite to oWly the dofioiouay vatil all interest shall have
been paid and the sinking fined establiahod as required by the
Constitution of the state of Texas and the Charter of the City
of Dirt Worth.
8=101 V.
n.nt it shall be the daty of the "My Counail of
the City of Port wovrth Fmd its sueoessore, and of the went
of the City' Of -Fart north, by 1OV7ing taxes for gexar ]. porpo*es
for the said city of Fort worth for the year bM, and for
every sueeessive year during the life of said bonded debt or
any pert thereof, to include in such levy the special tax of
.01 *onto on the one Hw3dred (9100.00) Dollars property
valuation (or so mEtah thereof as may bo roquisito and nosessary)
provided for in the next preoodxnd seettion of this ordinance,
and such special tax shall on no seaount Whatsoever be dis-
plaeed tharef rom6
Thot the speolal tam hereinbefofr provided for, when
"lleetted, shall be plaeod and kept Im a separate f nA and shall
be devoted to the payment of the interest and the eatingtiishmnt
of the principal of all and singorinr the bonds hereinabove men-
tioned as same mature Mmm time to time, ,and shall not be used,
applied or diverted to aqy other pwnwo se or ob jest %%atsotvor;
and the fumds derived from said tax shall be hold and listed
as a separate aa"mt an the books of said City, and the prooemb
held and kept by the City Treasurer of *aid airy as a separate
and distinot aoeount and so specified as male on his books.
;MTIC» VIZ.
That as soon as eonvenient after said bonds shall
have been prepared and sib in the mawwr presoribed by the*
ordinance, they *ball bo sulmitted to tho rttorne,; General of the
,..Ate of Te►xrrh, together with P eertified oepy of this asrdinanee
and a statement of the total bonded Indebtedness of the City of
Fort worth, including the bonds herein and hereby ahthorised and
the assessed value of the taxable property in said City, for his
approval, and none of said bonds shall be negotioted, sold or
transferred w*11 the some shall have rooeived the official
sanction of the said ,-attorney General as preseribod by law, and
thereafter said bonds shall be placed with the State Comptroller
of Public Accounts for registration.
SECTION VIII.
That the City Secretary-Treasurer of the City of
Fort worth, or other lawful custodian of such fund, during the
months of November and May 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 'lust Company of the City of New York, State
of New York, a nd 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 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 part hereof to be invalid, shall not affect the validity of
any other section or part of this ordinance., but all such other
sections, pprtions and parts hereof shall be and remain valid.
SECTION XI.
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 William Bryce, presiding at said meeting,
submitted the motion to adopt said ordinance and all of the
Councilmen, including the Mayor, voted "Aye" thereon and none
voted "No", and the motion to adopt the ordinance was declared
to be unanimously passed and adopted.
THE STATE OF TEXAS
COUNTY OF TARRANT $
I, I. L. Van Zandt, Jr., City secretary-Treasurer
of the City of Fort worth, do hereby certify that the above
and foregoing ordinance is a true and correct copy of Ordinance
No. 1671, and that same was unanimously passed and adopted by
the City Council of the City of Fort worth, Texas, at a regular
meeting held in the Council Chambers at the City Ball on
wednesday, the 7th day of May, A. D. 1930.
WITNESS my hand at Fort worth, Texas, this the
day of May, A. D. 1930.
City secretary-Treasurer.
r
THE STATE OF TEXAS �
COUNTY OF TARRANT
CITY OF FORK' WORTH �
WHIMS, the resident, qualified, tax paying
voters of the City of Fort Worth, Texas, at an eleetien
duly and regularly held in said City on the 25th day of
J°ms, A. D. 1929, authorised the issuance, among other bonds,
of Fire Mmdred Thousand Dollars (S600,000.00) worth of ne-
gotiable bonds of the City of Fort Worth, Texas, for the
purpose of improving and extending the system of fire pro-
teetion of said City, and being known as series No. 67 and
designated as "'Fine Protection Bonds", and
CAB, on the 23rd day of October, A„ D. 1929,
Ordinance No. 1630 was duly passed and adopted by the City
Council of the City of Fort worth, which ordinance was amended
by an ordinance passed and adopted on the 4th day of December,
A. D. 1929, authorising the issuance of Two HwAred and Fifty
Thousand Dollars ($280,000.00) worth of negotiable coupon bonds
of the City of Fort worth out of series No. 57,
NOW, TH ORB; I, I. L. 9an Zandt, Jr., Secretary-
Treasurer of the City of Fort Worth, Texas, do hereby ear-
tify that the City of Fort worth has not either by ordinance
or otherwise issued or authorised to be issued =W bonds out
of series No. 87 except those bonds described in Ordinance
No. 1630 passed and adopted by the City Council on Wednesday
the 23rd day of October A. D. 1929, which ordinance was amended
by an ordinance passed and adopted on the 4th day of December,
A. D. 1929, and Ordinance No. 1671 passed and adopted by the
City Coameil on Wednesday the 7th day of Nay, A. D. 1930.
IN TESTIMONY WMMOF I have hereunto signed my
name offioially and caused to be imp"ased hereon the seal
of the City of Fort worth, Texas, at my office in said City
this the 29th day of May, A. D. 1930.
asurer of flio My
Of Fort worth, Texas.
a
ORDINANCE
lr
�� 1
Date-----
.
1 .
City Secretary