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HomeMy WebLinkAboutOrdinance 1569 The City Council of the City of Fort Worth met in recess session in the Council Chamber at the City Hall at nine-thirty ofelock a.m. Tlmrsday, the 14th day of Feb- ruary, A. D. 19290 and upon roll call the following were presents Wm. Bryce, Mayor, Willard Britton, Wa. Monnig, J. R. Penn, R. T. Renfro, John N. Sparks, and Dr. W. R. Thompson, constituting a quorum and majority of said Neard , and I. L. Van Zandt, Jr., City Secretary-Treasurer, was in attendance at said meeting, and the following proceed- ings among other things were had and dunes Councilman Burton, seconddl by Couneilman Thomp- son moved the adoption of the following ordinances GRIN IIANCE NO, 1569 AN ORDINANCE AMENDING SECTIONS li 2# b, and 6, OF ORDINANCE NO. 1559 PASSED AND ADOPTED ON THE 23RD DAY--OF JANUARY A. D. 1929, PROVIDING} FOR A RATE OF INTEREST OF "/4 INSTEAD OF 4- 4 PER CENT PER ANNUH AND A TAX LEVY OF 1.96 CUTS INSTEAD OF 1.9 CENTS ON THE ONE HUNDRED (4100.00) DOLLARS PROPERTY VALUATION TO PAY THE INTEREST AND TO CREATE A SINKING FUND TO PAY THE PRINCIPAL OF THE BONDS AUTHORIZED TO BE ISSUED BY SAID ORDINANCE AS THEY MATURE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTS s Section 1. That sections 1, 2, 5, and 6 of Ordin- anoe No, 1559 passed at a regular meeting of the City Coun- oil of the City of Fortworth, Texas, on Wednesday, the 23rd day of January, A. D. 19290 be and the same are hereby amend- ed, and after being so amended shell rest as follows s " SECTION II That the said bonds so to be issued by the Pity of Fort Worth, amounting to Five Hundred T"houssa t Ww,000.00) Dollars, out of the said authorised issue of One Million one Hundred Thousand ($1,10000W,00) Dollars, shall be issued for the purpose of improrIng, extending and enlarging the Sanitary Seger and Sewage Disposal Plant of said City, and shall consist of Five Hundred (500) bonds, numbered from six hundred one (601) to eleven hundred (1100) inclusive and shall bear interest at the rate of four and three fourths (d ) per cent per annum, payable semi-annual3y, as of said; all of which said five hundred (800) bonds shall be a part of Series No. 83, and shall be styled and dissipated as03anitary: Sewer and Sewage Disposal Bonds". "SECTION V That for the purpose of oreating a sinking fund for the payment and canplete 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 1929, and every successive year thereafter during the life of said bonded debt or any part thereof of 1*96 cents (or such an amount as may be necessary and ade- quate, be it more or less) on every one Hundred 4100,00) Dollars of property valuation, real, personal and mixed, subject to taxation and not exempt therefram under the Constitution and law of the State of Texas, situated and owned in the City of Fort Worth on the lot day of Jawary, 1929, and on the 1st day of January of each year thereafter until said debt represented by said b;na—s and coupon interest notes shall have been fall?? paid, and if, at any times such tax should be insufficient, then it shall be the duty of the City Council or any other governing body of the City cf 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 sinkingg fund established as required by the Constitution of go State of Texas and the Charter of the City of lbrt Worth" "SEC-MON VI That it shall be the duty of the City Council of the City of Fort Forth and its successors, and of the govern- ment of the City of Fort Worth, by levying taxes for general purposes for the said City of Fort 'North for the year 1929, 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 1.96 cents on the One Hun- dred ($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 mi�xM on no account whatsoever be dis- placed therefrom." "SECTION I That pursuant to Section 19 of Chapter XRV of the Charter of the City of Fort Worth adopted byn the qualified voters within the corporate limits d' 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 tiupeying voters of the City of Fort 'forth at an election held in said City for such purposes on the loth day of January, A. D. 1928, that the municipal government of the City of Fort Worth issue its cor- porate negotiable ooupon bonds in the principal sum of Five Hundred Thousand ($600,000.00) Dollars, this sum being in addition to the Six Hundred Thousand ($600,000.00) Dollars worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 67th day of March, A. D. 1928, and which or- dinance was amended by an ordinance lawfully passed and adopted on the 12th day of April, A. D. 19281 by the City Council pursuant to valid authority from the properly taxpaying qualified voters of said City at a proper and regular election held on the loth day of Janusry) Ak D# 1928, out of an authorised issue at said election of one Nillion One Hundred Thousand ($10100,000,00) Dollars, and which authorized issue is known as Series No. 53, and desi�ted as "Sanitary Sewer and sewage Disposal Bonds and the bonds so to be issued Shall be in the tefi=1-bAtion of One Thousand ($1,000.00) Dollars eaah., dated March 1, 1929, bearing interest at the rate of four and three- fourths(4f%) per cent per annums, payable semi-annually on the first day of September and March of each year respectively, both principal and interest of said bonds being payable at the Hanover National Bank in the City of New York, State of New York, the semi-annual interest being evidenced by interest cou- pons 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 litho- grapphod facsimile signature of the Mayor and City Se- cs�f=y-Treasurer of the City of Fort ..orth, 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 IM, maturing five (5) tears from the date thereof " annually thereafter vati.1 the last maturing bond shall become payable within forty (40) years from the date thereof, and the bonds th"aelves, five hundred (500) in number, shall be numbered consecutively from sLx hundred one (601) to eleven hundred (1100) inclusive, and shall mature In the amounts and manner hereinafter set out; said bonds shall be used for the purpose of asking permanent improvements by improving, extending and enlarging the Sanitary Sewer and Sewage Disposal Plant of 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 forms Section 2. This ordinance shall talcs effect and be in farce and effect from and after the date of its passage, and it Is so ordained. APPROVED AS TO FORgt City Attorney Mayor Wm. Bryce, presidIng at said meeting, sub- mitted 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 TEXASs a 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 Cm►- dinance No. lN9, and that same was unaninausly passed and adopted by the City Council of,the City of Fort Worth, Texas, at a recess session held in the Council Chamber at the City M 11 on Thursday the 14th day of February, A. D. 1929* t-XTXH33 my hand at Fort Werth, Texas, this the lath day of February, A. D. 1929. City aecretary aswurer of the City of fort Worth.