HomeMy WebLinkAboutOrdinance 1669 The City Council of the City of Fort worth met in
regular session in the Council Chamber at the City Hall at nine-
thirty otclock 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. 1669.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGO-
TIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY
OF FORT WORTH, AMOUNTING TO THE PRINCIPAL SUM OF
THREE HUNDRED THOUSAND ($300,000.00) DOLLARS,
IN ADDITION TO THE SUM OF TWO HUNDRED AND FIFTY
THOUSAND ($250,000.00) DOLLARS WORTH OF SAID
BONDS HERETOFORE ISSUED OUT OF AN AUTHORIZED ISSUE
OF ONE MILLION FOUR HUNDRED THOUSAND ($1,400,000.00)
DOLLARS, AND BEING KNOWN AS SERIES 51, AND DESIG-
NATED AS "MAIN ARTERIAL THOROUGHFARE BONDS", TO
BE ISSUED FOR THE PURPOSE OF CONSTRUCTING, IMPROVING
AND EXTENDING ITS SYSTEM OF STREETS AND THOROUGH-
FARES BY CONSTRUCTING, IMPROVING AND EXTENDING A NEW
MAIN ARTERIAL STREET AND THOROUGHFARE RUNNING NORTH
AND SOUTH, AND A NEW MAIN ARTERIAL STREET AND THOR-
OUGHFARE EXTENDING EAST AND WEST THROUGH SAID CITY;
EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE
THOUSAND ($1,000.00) 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, 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-
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 PRIN-
CIPAL 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 PASSAGE.
WHEREAS, on the 3rd day of November, A. D. 1925,
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 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 24th day of November, A. D. 1925, of the right, power
and authority of the City Council of said City to issue nego-
tiable coupon bonds of the corporate government of the said
City in the principal sum of One Million Four Hundred Thousand
Dollars ($1,400,000.00), for the purpose of making permanent
improvements in said City by constructing, improving and extend-
ing its system of streets and thoroughfares by constructing and
extending a new main arterial street and thoroughfare running
north and south, and a new main arterial street and thoroughfare
extending east and west through said City; 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 24th day of November,
A. D. 1925; 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 24th day of November, A. D. 1925, 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;
*01-tk o AREAS, in the election held in said City of Fort
241th day of Npvefter, A. D. 1925, on the question of
the issuan
,P aaid bands Nreinbefore mentioned, there was a
majority. of
As'U favo'A of the issuance of said bonds; and
WIIBF�E', r`y Virtue of sai& election, said City
council countqqall is vests With power and ftthorlty by and from the
iefl voter c issue said bands for the purposes afore-
mentloned
' aid tonake same valid and binding obligations of
the COPpprgte govekment of the City of Fort Worth; and
WEEP'AS, 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 (4250,000.00), all of said bonds being issued
out of the said authorized issue of One Million Four Hundred
Thousand Dollars (61,400,000.00) worth of said bonds authorized
by the property tax p47ing qualified voters of said City at the
said election held on the 24th day of November, A. D. 1925, and
being known as Series 51 and designated as (°Main Arterial
Thoroughfare Bonds"; and
WHEREAS, it is deemed wise and expedient by the
eitj Coma it of the City of Fort Worth in the exercise of the
discretion}reposed in it by law, that Three Hundred Thousand
Dollars ($300,000.00) worth of said bonds, in addition to
the Two Hundred and Fifty Thousand Dollars ($250,000.00)
worth of said bonds heretofore issued out of the issue of
One Million, Four Hundred Thousand Dollars (;1,400,000.00)
worth of said bonds, be issued in bonds at this time, said
bonds to be issued being a part of Series 51 and designated as
"Main Arterial Thoroughfare 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 24th day of
November, A. D. 1925, that the municipal government of the City
of Fort Worth issue its corporate negotiable coupon bonds in the
principal sum of Three Hundred Thousand Dollars ($300,000.00),
=s 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 One Million
Four Hundred Thousand Dollars ($1,400,000.00), and which author-
ized issue is known as Series 51 and designated as "Main Arterial
Thoroughfare Bonds", and the bonds so to be issued shall be in
the denomination of One Thousand Dollars (81,000.00) each, dated
June 1, 1930, bearing interest at the rate of four and one-
half percent (4*%) 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 City of 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 pays ble 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, Three Hundred (300) in number, shall be
numbered consecutively from Two Hundred and Fifty One (251)
to Five Hundred and Fifty (550) inclusive, and shall mature in
the amount and manner hereinafter set out; said bonds shall be
used for the purpose of making permanent improvements by
atrwtIgg, improving and extending a new main arterial street
and thoroughfare running north and south, and a new main arterial
street and thoroughfare extending east and west through said
City.
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 O 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 c� 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 t:iereon, 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 inclu,3ive, ..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
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 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
C4 -..
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 1Vorth, •pre:cedent*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 "a's 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
gmount for the payment of the prin&ip1116zfd interest of this
bond at the respective maturity dates thereof., and tYAt 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 VaIEREOF, the City of Fort Worth, in
the State of Texas,' has executed this bond by causing it to
bd signed by its .Mayor rnd attested by the City Secretary-
Treasurer with the seal of the City the.reuhto duly impressed,
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 lst day of
CITY OF FORT IWORTH, TEXAS
mayor
ATTEST:
City Secre Ery-Treasurer.
(FORD OF COUPON NOTE)
SERIES
NO.
the City of Fort Worth, in the State of Texas,
promises-to-pay to bearer
on the lst ,day of ,
at the Hanover_ National Sank in the City of Now York, N. Y. ,
for interest due that day on its municipal. bonded dated
and numbered
CITY.01+ FORT ZYORTH, TEXE.S
Mayor
ATTEST:
City Secretary-Treasurer.
SECTION II.
That the said bonds so to be issued by the City of
Fort Worth, amounting to Three Hundred Thousand Dollars
($ZOO,000.00) out of the said authorized issue of One Million
Four Hundred Thousand Dollars ($1,400,000.00) , shall be issued
for the purpose of constructing, improving and extending a
new main arterial street and thoroughfare running north and
south, and a new main arterial street and thoroughfare extend-
ing east and west through said City, and shall consist of
Three Hundred bonds, numbered from Two Hundred and Fifty One
(251) to Five Hundred and Fifty (550) inclusive, and shall
bear interest at the rate of four and one-half percent (421%)
per annum, payable semi-annually as aforesaid, all of. which
said Three Hundred (300) bonds shall be known as Series 51
and shall be styled and designated as "Main Arterial Thorough-'
fare Bonds"; that all of the said bonds, comprising the sum
total of Three Hundred Thousand Dollars ($300,000.00) 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
w300,000.00 MAIN ARTERIAL THOROUGHFARE BONDS
DATED JUNE 1ST, 1930
PRINCIPAL
DUE JUNE 1ST MATURING
1935 6,000.00
36 6,000.00
37 6,000.00
38 6,000.00
39 6,000.00
1940 6,000.00
41 6,000.00
42 6,000.00
43 6,000.00
44 6,000.00
45 6,000.00
46 6,000.00
47 6,000.00
48 6,000.00
49 6,000.00
1950 9,000.00
51 9,000.00
52 9,000.00
53 9,000.00
54 9,000.00
55 9,000.00
56 9,000.00
57 9,000.00
58 9,000.00
59 9,000.00
1960 9,000.00
61 9,000.00
62 9,000.00
63 9,000.00
64 12,000.00
65 12,000.00
66 12,000.00
67 12,000.00
68 12,000.00
69 12,000.00
1970 12,000.00
SECTION III.
That the said bonds are hereby authorized to be
soli, 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, to 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 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
1930, and every successive year thereafter during the life of
said bonded debt or any part thereof of 1.09 cents (or such
an amount as may be necessary and adequate, be it more or less)
on every One Hundred (J�100.00) Dollars of property valuation,
real, personal and mixed, subject to taxation and not exempt
therefrom under the Constitution and law of the State of 'Texas,
situated and owned in the City of Fort worth on the 1st day of
January 1930, and on the 1st day of January of each year there-
after 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 atate of Texas and the Charter of the City
of P'or t 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 generift purposes
for the said City of Fort Worth for the.year 1930, 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
1.09 cents on the One Hundred ($100.00) Dollars 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 dis-
placed•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 payment of the interest and the extinguishment
of the principal of all and singular the bonds hereinabove men-
tioned 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 Uity, 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
'crave been p!F"dpared 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 assessed value of the taxable property in said amity, 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 mttorney ueneral 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 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 Trust Company of the City of New York, 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.
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, portions 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. 1669, 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 Hall 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.
TB$ STATE OF TMAS
COUNTY OF TARRART
am OF FORT WORTH
CMUMS, the resident, qualified, tax paying
voters of the City of Fort North, Texas, at an election
duly and regularly held in said City on the 24th day of Novem-
ber, A. D. 1995, authorized the issuance, among other bonds,
of one Nillion Four Rmndred Thousand Dollars ($1,40o,000.00)
worth of negotiable bonds of the City of Fort Worth, Texas,
for the purpose of making permanent improvements in said City
by constructing, improving and extending its system of streets
and thoroughfares by constructing and extending a new main ar-
terial street and thoroughfare running north and soh, and a
new main arterial street and thoroughfare extending east and
west through said City; and being known as Series No. 51 and
designated as slain Arterial Thoroughfare Bonds°, and
WHMMAS, on the 25rd day of October, A. D. 1929,
Ordinance NO. 1628 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, authorizing the issuance of Two Hundred and Fifty
Thousand Dollars ($280,000.00) worth of negotiable coupon bonds
of the City of Fort Worth out of series No. 51,
NOW. T OR$, I, 1. L. ®an Zandt, dr., decrstary-
Treasurer of the City of Fort North, Texas, do hereby cer-
tify that the City of Fort Worth has not either by ordinance
or otherwise issued or authorized to be issued any bonds out
of series No, 51 except those bonds described in Ordinance
No. 1628 passed and adopted by the City Council on Wednesday
the 25rd day of October, A. D. 1929, which ordinance was amended
by an ordinance passed and adopted on the 4th day of December,
At D. 1929, and Ordinance No. 1669 passed and adopted by the
City Conmcil on Wednesday the 7th day of Way, A, D. 1950,
IN TESTIYOAY WHw EOF I have Yaeretmto signed my
name offisiany and caused to be impressed hereon the seal
of the City of Fort worth, was, at my office in said City
this the 29th day of May, A. D. 1930.
a swer or me MY 0
port worth, Tftas.
ORDINANCE
No. A: C
Title �✓ � Q�t.�- t-
Filed---._ -.---___---- day of -
19_ — -----
City Secretary