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HomeMy WebLinkAboutOrdinance 68 ORDINANCE N0.68 An ordinance pursuant t© Section 72 of the City Charter of the Cit9 of Fort Worth and an election held thereunder on May 2d, 1908 in the said City of Fort Worth, authorizing the creation and Issuance of one hundred and fifty thousand ($150,000.00) Dollars of the bonds of the corporate government of the City of Fort Worth, of which amount one hundred thousand ($100,000.00) dollars shall be known as Series 9 Street Improvement Bonds, and fifty thousand ($50,000.0o) dollars as Series 10 School Bonds, all of said' bondg to be in denominations of one thousand dollars each,and bew ing in- terest fromdate at the rate of four and one-half per centum per an- num, payable semi-annually, with coupon interest notes attached, said bonds to run for a period of forty years but redeemable at the expiration of twenty years or at any interest-paying period there- after. And providing for the levy of a tax for the creation of a sinking fund and for the payment of interest on said bonds. z WHEREAS by the terms of Section 72 of the present charter of the City of Fort Worth enacted by the Thirtieth Legislature of the State of Texas, power is and was conferred on the Board of Commissioners of the City of Fort Worth to provide for the issuance of One Hundred & Fifty Thousand ($150,000.c5n1 Doltarm, of bonds of the City of Fort Worth during the year 1908 for street improvement purposes and the purchase of lands and the erection of school buildings thereon in said City, of which amount not more thanane Hundred Thousand ($100,000.00)Dollars of same should be devoted to the paving of atreets,and not more than Fifty Thousand($50,000.00)Dollare for the purchase of lands and the erection of school buildings thereon; AND WHEREAS said charter provision further required that before such power should be exercised the authority for same should be referred to the qualified voters of said City who are tax-paying property holders therein; AND WHEREAS, on the 4th day of February,A. D. 1908, pursuant to such charter p rovisidn,, the Board of Commissioners of the City of Fort Worth, by resolution of that date adopted, did re- fer the matter of such bond issue, and the authority to enact an ordinance therefor, to the qualified voters of the Ctty of Fort Worth who are and were tax-paying property owners in said City, at an election to be held for that purpose in the various wards of said City on the 2nd day of May, A. D. 1908; AND WHEREAS, on the said 2d day of May,A. D. 1908, an elec- tion was duly and legally held in the said City of Fort Worth in the various wards of said City, at which was submitted to the qualified tax-paying voters of said City the matter of the issuance of said bonds in the following form, to-wit: "For the issuance of $50,000.00 of bonds during the year 1908 for school purposes under Section 72 of the charter." "Against the issuance of $50,000.00 of bonds during the year 1908 for school purposes under Section 72 of the charter f "For the issuance of 9100,000.00 of bonds during the year 1908 for street improvements under Section 72 of the charter." ""Against the issuance of $100,000.00 of bonds during the year 1908 for street improvements under Section 72 of the charter." which said election resulted as follows: For the issuance of said bonds for school purposes 1880 votes; against the same 359 votes. For the issuance of bonds for street improvements 1498 votes;against the same 539 votes; AND WHEREAS, on the 5th day of May, A. D. 1908, at a meet- ing, on said date, of the Board of Commissioners of the City of Fort Worth, the returns of said election were duly canvassed and the voteteounted and the result declared as hereinbefore specified; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF FORT WORTH:- Section 1: That the Mayor and City Secretary of the City of Fort worth be and they are hereby authorized and directed to prepare and execute, in the name and for and on behalf of. " the City of Fort Worth and under its corporate seal, as the act and obligation of said City, bonds of the corporate govern- , ment of said City, which shall be divided into two series one 41 of which shall be known and denominated aaA8treet Improvement Bonds" , of the aggregate principal sum of One Hundred Thousand �tJc�o io (4100,000.00)Dollars, and the other as )tSchool Bonds," of the aggregate pririeipal sum of Fifty Thousand (#50,000.00)Doll.are Said bonds shall recite upon their face the purpose for which they are issued and shall .refer to the provision of the City Charter and this ordinance as authorizing same. The series of street improvement bonds shall consist of one hundred(100) in number and shall be numbered consecutively from 1 to 100 inclusive,and each of same shall be of the de- nomination of one thousand($1000.00)dollars, embracing one hun- r -3- dred ( 100) bonds of the par value of One Hundred Thousand ($100,000.00)Dollars. The series of school bonds shall consist of fifty( 50) in number, and shall be numbered consecutively from one( 1) to fifty(50) inclusive, and shall be of the denomination of one thousand ($1000.00) dollars each, embracing fifty( 50) bonds of the par value of fifty thousand ($50,000.00)Dollars. All of said bonds, both "School" and "Street Improvement," shall be dated the first day of July,A. D. 1908, and shall be and become payable forty(40)years from the date thereof, to bearer, with the provision, however, that same shall be redeem- able at the expiration of twenty years from the date thereof or at any interest-paying period thereafter, in which event interest shall thereafter cease and the interest coupons which shall not yet have matured shall be cancelled, which said bonds shall bear interest at the rate of four and one-half( 4-1/ ,`) per centum per annum, payable semi-annually, which said interest shall be represehted by coupon notes, each bond being only for the principal sum, and having attached to it sighty(80)coupon notes of twenty-two dollars & fifty cents($22.50) each, repre- senting the semi-annual interest installments, both principal and interest payable to bearer at the Hanover National Bank in the City of New York, State of New York,in gold coin of the United States of the present weight and fineness. All of said bonds shall be executed in the name of the City of Fort Worth by the Mayor and attested by the City Secretary under the cor- porate seal of the City, save that in the matter of the coupons the engraved or lithographed signature of the Mayor and City Secretary shall suffice. Section 2: Said bonds shall not be sold for less than par, and the accrued interest. Section 3: To provide for the interest on all of said . r „ -4- bonds issued under this ordinance and to create a sinking fund therefor of not less than two(2%) per centum per annum of same, there is hereby levied and same shall be collected as provided by law, set apart and appropriated for said purposes, an annual, direct, special ad valorem tax, beginning withthe assessment and levy for the year 190E of three (3o) cents on every one hundred(Ol00.00)dollare of valuation, on all property,real, personal and mixed, subject to taxation by said City of Fort Worth and not exempt by law from municipal taxation; and the said tax, or so much thereof as may be necessary for the pay- ment of said interest and the creation of said sinking fund, shall be annually assessed, levied and collected during the life of said bonds, and if at any time the said tax should be insufficient for such purposes, then it shall be the duty of the Board of Commissioners or other governing body of said City of Fort Worth to set apart and appropriate such additional amount of money out of the general revenues of the 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 State of Texas and the charter of the City of Fort Worth. r Section 4; The taxable Hand hereinbefore provided for to cover interest and sinking fund as aforesaid, shall be collected held and listed as a separate account upon the books of said City and the proceeds held and kept by the City Treasurer as a separate and distinct account and specified as such upon his books, and said fund shall not be used or utilized, in whole or in part, except for the purposes for which it was created, and it shall be unlawful for the Treasurer of the City of Fort Worth to honor or recognize any check,warrant,draft or order upon such fund except for the purposes aforesaid. Providedshow- ever, that the sinking fund, and all accretions thereto, may be -5- invested by order of the Board of Commissioners or other govern= ing body of the City of Fort Worth, in bonds of the City of Fort Worth, or county bonds of the State of Texas, or in bonds of the United States. But same shall not be invested in any other manner, nor shall said moneys be diverted to any other purpose than the payment of interest and the creation of the sinking fund as aforesaid. Section 5: Said bonds shall not be negotiated nor sold nor transferred until same shall have been presented to the Attorney-General of the State of Texas and his official sanc- Ahall have tion thereof n been manifested as prescribed by law. Section 8: The City Treasurer of the City of Port Worth shall, during the months of June and December of each year,and not later than the 20th day of each such month,tranemit suffi- cient moneys out of the interest fund hereinbefore created for the payment of the semi-annual interest accruing upon said bonds, to the Hanover National Bank of New York City in the State of New York. But in the event said bank should be non-existent or go out of business or fail or refuse to act, then the said moneys shall be transmitted by the said Treasurer of the City of Fort Worth to the Fiscal Agant of said City residing in New York City, State of New York. Section 7: This ordinance shall take effect and be in force from and after its passage as _proscribed by law. I hereby certify that the above and foregoing ordinance was pres- ented and unanimously passed by the Board of Commissioners of the City of Fort Worth, at a session held, June 23rd, 1908 Ci .,ir ecretar .r. E