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HomeMy WebLinkAboutOrdinance 3169 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 FIVE HUNDRED THOUSAND DOL- LARS ($500,000.00), AND BEING KNOWN AS SERIES 87 AND DESIG- NATED AS "PLAYGROUND AND RECREATION PARK BONDS," TO BE ISSUED FOR THE'PURPOSE OF MAKING PERMANENT CITY IMPROVEMENTS BY PUR- CHASING, ACQUIRING AND IMPROVING THE PLAYGROUNDS AND RECREA- TION PARKS OF SAID CITY, EACH OF SAID BONDS TO BE IN THE DE- NOMINATION OF ONE THOUSAND DOLLARS ($1,000.00), TO BE DATED MARCH 1, 1954, MATURING FROM ONE (1) TO TWENTY-FIVE (25) YEARS FROM THE DATE THEREOF, THE FIRST TWO HUNDRED THOUSAND DOLLARS ($200,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF FOUR PER CENT (4%) PER ANNUM, THE NEXT EIGHTY THOUSAND DOLLARS ($80,000.00) WORTH OF SAID BONDS TO BEAR IN- TEREST AT TW, RATE OF TWO PER CENT (2%) PER ANNUM, THE NEXT ONE HUNDRED AND SIXTY THOUSAND DOLLARS ($160,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF TWO AND ONE- QUARTER PER CENT (2-1/4%) PER ANNUM, AND THE NEXT SIXTY THOU- SAND DOLLARS ($60,000.00) WORTH OF SAID BONDS TO BEAR INTER- EST AT THE RATE OF ONE PER CENT (1%) 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 SECRETARY; 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 TEE 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 15th day of August, A. D. 1951, 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 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 elec- tion to be held in said City on the llth day of September, A. D. 1951, 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 Five Hundred Thousand Dollars ($500,- 000.00) for the purpose of making permanent city improvements by purchas- ing, acquiring and improving the playgrounds and recreation parks of said City; and, WHEREAS, in conformity with said ordinance, the Mayor of said City did make proclamation of said election and fixed the date thereof for the llth day of September, A. D. 1951; and, WHEREAS, said election order and proclamation thereof were pre- pared and published in the manner and for the time prescribed in said or- dinance; and, WHEREAS, on the llth day of September, A. D. 1951, 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, WHEREAS, the official ballot on said 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 BALLOT I. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Twenty-three Million, Four Hundred and Fifty Thousand Dollars ($23,450,000.00) for the purpose of making permanent city improvements by constructing, im- proving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent public improvements the straighten- ing, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor, said bonds being payable serially as may be determined by the City Coun- cil, so that the last maturing bonds shall become payable within forty (40) years from the date thereof, bearing interest at a rate not to ex- ceed 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 Street Improvement Bonds. AGAINST the Issuance of Street Improvement Bonds. II. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of One Million, Seven Hundred and Fifty Thousand Dollars ($1,750,000.00) for the purpose of making permanent city improvements by establishing, equipping, ex- tending and improving municipal airports and landing fields for air- planes, aircraft and other aerial machines, and acquiring the necessary lands 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, pay- able 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 Airport Bonds. AGAINST the Issuance of Airport Bonds. III. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Eight Hundred Thousand Dollars ($500,000.00) for the purpose of making permanent city improvements by constructing, building and equipping additional incin- erators for said City and acquiring the necessary lands 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 (401 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 Five Hundred Thousand Dollars ($500,000.00) for the purpose of making permanent city improvements, to wit, constructing, building and equipping fire stations and improving and extending the city fire alarm system, and acquiring the necessary lands 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 Fire Protection Bonds. AGAINST the Issuance of Fire Protection Bonds. V. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Seven Hundred Thousand Dollars ($700,000.00) for the purpose of making permanent city improvements by constructing, building and equipping a police station and jail building, and acquiring the necessary land 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 Police Station and Jail Building Bonds. AGAINST the Issuance of Police Station and Jail Building Bonds. VI. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Two Hundred Thousand Dollars ($200,000.00) for the purpose of making permanent city improvements in providing a recreation center building, to wit, by con- structing, building and equipping a children's museum for said City, and acquiring the necessary land therefor, 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 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 or Children's Museum Bonds. AGAINST the Issuance of Children's Museum Bonds. VII. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of One Million Dollars ($1,000,000.00) for the purpose of making permanent city improve- ments by purchasing, acquiring and improving land and property for pub- lic parks in said City, said bonds being payable serially as may be de- termined by the City Council, so that the last maturing bonds shall be- come payable within forty (40) years from the date thereof, bearing in- terest at a rate not to exceed four per cent (4) per annum from the date thereof, payable semiannually, and levy a sufficient tax to pay the interest on said bonds and create a sinkinn fund sufficient to re- deem said bonds at the maturity thereof? FOR the Issuance of Park Bonds. AGAINST the Issuance of Park Bonds. VIII. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Five Hundred Thousand Dollars ($500,000.00) for the purpose of making permanent city improvements by purchasing, acquiring and improving the playgrounds and recreation parks 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 (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 Playground and Recreation Park Bonds. AGAINST the Issuance of Playground and Recreation Park Bonds.; and, WHEREAS, in the election held in said City of Fort Worth, Texas, on the llth day of September, A. D. 1951, 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 tax- able 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, 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 Five Hundred Thousand Dollars ($500,000.00) worth of said bonds authorized to be issued at the election held on the llth day of September, A. D. 1951, be issued in bonds at this time, said bonds to be issued being Series 87 and designated as "Playground and Recreation Park 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 Korth, Texas, issue its corporate negotiable coupon bonds in the principal sum of Five Hundred Thousand Dollars ($500,000.00), which bonds were authorized to be issued at a proper election held on the 11th day of September, A. D. 1951, and which bonds are known as Series 87 and designated as "Playground and Recreation Park Bonds"; that the bonds so to be issued shall be in the de- nomination of One Thousand Dollars ($1,000.00) each, dated March 1, 1954, the first Two Hundred Thousand Dollars ($200,000.00) worth of said bonds, maturing from 1955 to 1964, inclusive, to bear interest at the rate of four per cent (4%) per annum, the next Eighty Thousand Dollars ($80,000.00) worth of said bonds, maturing from 1965 to 1968, inclusive, to bear inter- est at the rate of two per cent (2%) per annum, the next One Hundred and Sixty Thousand Dollars ($160,000.00) worth of said bonds, maturing from 1969 to 1976, inclusive, to bear interest at the rate of two and one-quarter per cent (2 1/4%) per annum, and the next Sixty Thousand Dollars ($60,000.00) worth of said bonds, maturing from 1977 to 1979, inclusive, to bear inter- est at the rate of one per cent (1%) per annum, payable semi-annually on the first day of September and March of each year respectively, both prin- cipal and interest of said bonds being payable at The Hanover Bank, in the Borough of Manhattan, City and State of New York, the semi-annual in- terest being evidenced by interest coupons attached thereto, 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-rive (25) years from the date thereof, and the bonds themselves, five hundred (500) in number, shall be numbered consecutively from one (1) to five hundred (500), inclusive, and shall ma- ture in the amount and manner hereinafter set out; and that said bonds shall be issued for the purpose of making permanent city improvements by purchasing, acquiring and improving the playgrounds and recreation parks of 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 substantially in the following form: Y • e SECTION II. That the said bonds so to be issued by the City of Fort Worth, Texas, amounting to Five Hundred Thousand Dollars ($500,000.00), shall be issued for the purpose of making permanent city improvements by purchas- ing, acquiring and improving the playgrounds and recreation parks of said City, and shall consist of five hundred (500) bonds numbered from one (1) to five hundred (500), inclusive, and the first Two Hundred Thousand Dol- lars ($200,000.00) worth of said bonds, maturing from 1955 to 1964, in- clusive, shall bear interest at the rate of four per cent (4%) per annum, and the next Eighty Thousand Dollars ($80,000.00) worth of said bonds, ma- turing from 1965 to 1968, inclusive, shall bear interest at the rate of two per cent (2%) per annum, and the next One Hundred and Sixty Thousand Dollars ($16o,000.00) worth of said bonds, maturing from 1969 to 1976, inclusive, shall bear interest at the rate of two and one-quarter per cent (2-1/4%) per annum, and the next Sixty Thousand Dollars ($6o,000.00) worth of said bonds, maturing from 1977 to 1979, inclusive, shall bear interest at the rate of one per cent (1$) per annum, payable semi-annually as afore- said, all of which said five hundred (500) bonds shall be known as Series 87 and shall be styled and designated as "Playground and Recreation Park Bonds"; and that all of the said bonds, comprising the sum total of Five Hundred Thousand Dollars ($500,000.00), shall mature in numerical order in the man- ner 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 tb 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 respectively mature, there is hereby levied for the year 1954 and for each succeeding year thereafter so long as the same may be necessary, to provide for the interest and annual installments of principal of said bonds, on all prop- erty in the City of Fort Worth, Texas, liable to taxation, a straight ad valorem tax of .7375 cents on the one hundred dollar valuation 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 princi- pal of said bonds; and it is hereby promised and agreed that such increase of tax shall be made, if required for the purposes named, as often as it may be necessary. There shall be assessed and collected annually a suf- ficient sum to pay the interest on such bonds and to create a sinking fund of at least two percentum (2%) of the principal 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 1954 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 .7375 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 ordi- nance, 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 Hind 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 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 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 in- debtedness of the City of Fort Worth, including the bonds herein and here- by 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 thereafter said bonds shall be placed with the State Comptroller of Public Accounts for regis- tration. SECTION VIII. That the City Treasurer of the City of Fort Worth, or other law- ful custodian of such fund, during the months of August and February 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 semiannual interest accruing on said bonds to The Hanover Bank, in the Borough of Manhattan, City and 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 IX. 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, xas ATTEST: City Secretary of the City of Fort Worth, Texas APPROVED A'SS TTOiI F-OORRM..AND LEGALITY: City Attorney of the City of Fort Worth, Texas CITY OF FORT WORTH PRINCIPAL MATURITIES $500,000.00 PLAYGROUND AND RECREATION PARK BONDS DATED MARCH 1, 1954 DUE MARCH 1ST PRINCIPAL MATURING 1955 w,000.00 1956 20,000.00 1957 20,000.00 1958 20,000.00 1959 20,000.00 1960 20,000.00 1961 20,000.00 1962 20,000.00 1963 20,000.00 1964 20,000.00 1965 20,000.00 1966 20,000.00 1967 20,000.00 1968 20,000.00 1969 20,000.00 1970 20,000.00 1971 20,000.00 1972 20,000.00 1973 20,000.00 1974 20,000.00 1975 20,000.00 1976 20,000.00 1977 20,000.00 1978 20,000.00 1979 20,000.00 NO. UNITED STATES $ OF AMERICA STATE OF TEXAS, COUNTY OF TARRANT sERIEs 87 C I T Y O F F 0 R T W 0 R T H --00000-- Playground and Recreation Park Bond of the City of Fort Worth issued for the purpose of making permanent city improvements by purchasing, acquiring and improving the playgrounds and recreation parks of said City. 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 acknowl- edges 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 March, A. D. 19 together with interest thereon at the rate of percentum ( ' ) per annum, payable semiannually on the first day of September and March 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 Bank, in the Borough of Manhattan, City and State of New York, and for the due and punctual payment of this bond at the maturity thereof, and the inter- est 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 five hundred (500) bonds numbered consecutively from one (1) to five hundred (500), inclusive, in the de- nomination of One Thousand Dollars ($1,000.00) each, amounting in the ag- gregate to the sum of Five Hundred Thousand Dollars ($500,000.00), issued for the purpose of making permanent city improvements by purchasing, acquir- ing and improving the playgrounds and recreation parks of said City, 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 Fort Worth, pursuant to valid authority from the property taxpaying qualified voters of said City, at a proper and legal election held on the llth day of September, A. D. 1951. 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, conditions and things required by the Constitution and laws of the State of Texas, and by 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 pre- scribed by law, so as to make this bond a legal, binding and valid obli- gation 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 suffi- cient 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 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 thereunto duly impressed, and has caused the annexed interest coupons to be executed with the facsimile signatures of the Mayor and City Secretary, and has caused this bond to be dated as the first day of March, A. D. 1954. CITY OF FORT WORTH, TEXAS ATTEST: BY -- Th4aydr - City Secretary (FORM OF COUPON NOTE) $ The City of Fort Worth, in the State of Texas, promises to pay to Bearer ($ _ _) on the 1st day of , 19 , at The Hanover Bank, in the Borough of Manhattan, City and State of New York, for interest due that day on its Playground and Recreation Park Bond, Series 87, dated March 1, 1954, and numbered CITY OF FORT WORTH, TEXAS ATTEST: BY Mayor City Secretary (CERTIFICATE OF CONTROLLER) OFFICE OF COMPTROLLER, 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 Constitution and laws of the State of Texas, and that it is a valid and binding ob- ligation 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 (CERTIFICATE OF CITY ATTORNEY) The within bond is hereby approved as to form and legality. City Attorney Into- - ORDINANCE n TitIll Date Filers - V Day o City 'Secreta y