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HomeMy WebLinkAboutOrdinance 1568 The City Cotmcil of the City of Fort Werth not In recess session in the Council Chamber at the City Hall at nine-thirty o'clock a.m. Thursday, the 14th day of Feb- ruary, A. D. 19290 and upon roll call the following were presents Wm. Bryce, Mayor, Willard Burton, Wm. Nonni& J. R. Perin, H. T. Renfro, John N. Sparks, and Dr. We R. Thompson, constituting a quorum and majority of said board, and , I. L. Van Zandt, Jr., City Secretary-Weasurer, was In attendance at said meeting, and the following proceedings among other things were had and done: Councilman Burton, seconded by Councilman Thompson moved the adoption of the following ordinances ORDINANCE 10. 1568 AN ORDINANCE AMENDING SECTIONS 1, 2, 4, and 5, OF ORDINANCE NO. 1558 '?ASSSD AND ADOPTED x ON THE 23rd DAY OF JANOLRY <<Y D. 1929,, PROVID- ING FOR A RATE OF INTEREST OF 4-3/4 IASTEAD OF 4-1/4 PER CENT PER A NRUM AND A T;x LEVY OF 6414 CENTS INSTEAD OF 3.55 CENTS ON T HL ONE HUNDRED ($100.00) DOLLaRS PROPERTY VALUATION TO PAY THU INTEREST AND TO =R ATE A 3INKING FUND TO :'AY 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 . F FORT ".ORTHi section 1. That sections 1, 2, 4, and 5 of Ordinance No. 1558 passed at a regular meeting of the City Council of the City of Fort Worth, Texas, on Wednesday, the 23rd day of January, A. D. 1929, be and the same are borsby amended, and after being so amended sball read as follows: "SECTION Z That pursuant to Section 19 of Chapter XXY of the Charter of the City of Fort worth adopted by the qualified voters within the corporate limits of said City on the Ilth day of December, A. D. 1924, and the laws and Constltutiom of the State d Texas, and pursuant to a vote of the resi- dedt property taxpaying voters of the City of Fort Worth at an election held in said City for such purposes on the loth day of January, A. D. 1928t that the municipal govern- ment of the City of Fort North issue its corporate ne al7ta- ble coupon bonds in the principal sum of Fight Ruodred Thousand ($800,000.00) Dollars, this suss being in addition to the Seven Hundred Thousand (#700,000.00) Dollars worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 27th day of March, A. D. 19281, and which ordinance was amended by an ordinance lawfully passed and adopted on the 12th--day of April A. D. 1928" by the City Council pursuant to valid authority from the property taxpaying qualified voters of said City at a proper and regular election held on the loth day of January, A. D. 1928, out of an authorized issue at said election of One Million Five Hundred Thousand ($1,500,000.00) Dollars, and which authorized issue is known as series No. 52, and designated as "Street Improvement Bonds" and the bonds so to be issued shall be in the denomination of One 3hov- sand ($1,000.00) Dollars all eh, dated March 1# 1929, bear- ing interest at the rate of four and thrad-fcstibths per cent (4f%) per &anus, payable semi-annually on the first day of September and March of each year respectively both principal and interest of said bonds 'being payatle at the Hanger National Hank in the City of Now York# State of New York, the semi-annual inter® .t being evi- denced by interest coupons attached thereto, all of said bonds to tine executed for and on behalf of the City ofFort Worth by the Mayor thereof atttested by its City Secretary- Treasurer, with the seal o the Cityi .bbereon duly impressed, but the interest coupons to be executed with the lithographed facsimile signature of the Mayor and City Secretary-Treasurer of the City of Fort Worth, each of said bonds and coupons shall be negotiable andpayable to bearer, and said bonds shill be numbered in the way and manner hereinafter set out, maturin five (d) year& from the date thereof and annually thereafter until the last meturing bond[ shall become pay- able within forty (40) yearn from the date thereof, and the bonds themselves, eight hundred (SM) in number, shall be numbered consecutively frrom seven hundred one (701) to fifteen hundred (1500) inclusive, and shall mature in the amounts and manner hereinafter set out; said bonds shall be used for the purpose at making permanent improvements by constructing, extending and improving the streets, tho- roughfares and storm sewers 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 11 That the said bonds so to be issued by the City of Fort Worth# amounting to Brit Hundred Thousand ($800,000.00) Dollars, out of the said authorized issue a One Billion Five Hundred Thousand (.n X jQO0,000.00 Dollars, shall be issued for the purpose of construct- ing, improving and extending the streets, th roughfares, storm sewers bridgss and drainage of said City and shall consist of eight htimdred bonds, avabered from seven hun- dred one (701}) to fifteen hundred (1800) inclusive and shall bear interest at tbo rate of four and three-hurths (4 ) per cent per anw=$. payable semi-annually, as afore- said; all of which said eight h=dred (800) bonds shall be known as Series Ho* 58 and shall be styled and desig- nated as "Street Impro"ment Bands" . that all of said bonds, comprising the sum total of Night Hundred Thousand ($800,000.00) Dollars, shall become due and payable in their num_, erieal order, and they shall mature in the man- ner and aaounts as set out in the tabulated statement herewith attached, to-wits CITY OF FORT WORTH PRINQIPAL MATURITIES $800,000.00 STREET AND STORM SEWER BONDS DATED IaARCH 1st, L929, L,7E MARCH 1st, PRINCIPAL MATURING 1934 16,000. 35 160000. 36 160000. 37 16,000. 38 16,000. 39 16,000. 40 160,000. 41 160000. 42 16,000. 43 160000. 16,000. 45 16,000. 46 160000. 47 16,000. 4® -.i,000. 4i 24,000. 50 246000. 51 24„000. 62 24,000. 53 24,000. 54 240000, 55 24,000. 56 24,000. 57 24,000. 58 24y000, 59 24,000. 60 24,000, 61 240000. 4q— 34S GOO. 63 32,000, 64 32,000. 65 320000. 86 32,000. 67 32;000. 68 32,000. 69 32,000. N SECTION IV That for the Purpose of areating a einki fund for the payment and complete exting dsbment of ha fore- going bonded debt, principal and interest and all and every part of same, there is hereby ltvieA and there aha-11 be assessed and collected as provided by taw, set apart ^nd appropriated for the said pnwpose, ark annuli, direct special ad valorem tAx fer the year 1929, and every successive year thereafter during the life -of said bonded debt or any part there of of 3,14 cents (or such an amount as slay be necesTiary and adequate, be it more or less) on every one Hundred ($100000) 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 Port Worth on the Ist day of January, 1929 and on the lot day of January of each year thereafter ula,til 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 Oity Council or any other governing body of the City Itfo rt Worth to set apart and appropriate such additional amount of money out of the general revenues of the said Cityp 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 at Fort Worth* " SECTION V That it shall be the duty of the City Council of the City of Fort ',:orth and its successors, and of the government of the City of Port Worth by levying taxes for general purposes for the said Oily of Fbrt:"orth for the year 1929i and for every successive year dur- ing the :fife of said bondod debt or any part thereof, to include in such levvyp tics special tax of 3.14 cents on the one Rundred (�1o0x40) Dollars property valua- tion (or so much thereof as may be requisite and ne- cessary) provided for in the next preeeding section of this ordinance, and such special tax shall on no account whatsoever be dissplateed therefrom." Section 2. This ordinance shall take effect and be In force and effect from and after the, data of its pasasge, and It is so ordained. F11?0VFD AS TO FORK s y AttWhOy Mayor Wa. Bryce, presiding at said meetings sub- mitted the motion to adopt said Ordinance and all of the Co n- oilmen, including the Mayor, voted "aye" thereon and none voted "ass, and the action to adopt the ordinance was declared to be unanimously teased and adopted THE STATE r? TLUS COUNTY CP TARRANT I* I. L. flan Zandt, Jr„ City Secretary-Vroasuror of the City of Fort Woorthp do hereby certify that the above and foregoing ordinance is a true and correct copyof ordinance No. 1868, and that some was unanimously passed and adopted by the City Council of the City of FortWorth, Texas, at a re- cess session held in the Council Chamber at the City Hall on Thtwaday the 14th day of February, A. p. 198p . WITNESS MY HAND at Fort Werth, Texas, this the lath day of February, A. D. 1929. City Secrets Treasurer of the City o f Fort Worth .