HomeMy WebLinkAboutOrdinance 4467 ORDINANCE NO. 4467 LOFFICIALRECORDAN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE RETARYCOUPON BOND OF THE GOVERNMENT' OF THE CITY OF FORT WORTH, H, TEX.
TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF ONE MILLION,
THREE HUNDRED AND FIFTY THOUSAND DOLLARS ($1,350,000.00),
OUT OF AN AUTHORIZED ISSUE OF THIRTEEN MILLION, SIX HUN-
DRED AND FIFTY THOUSAND DOLLARS ($13,650,000.00) WORTH OF
SAID BONDS, AND BEING KNOWN AS SERIES 97 AND DESIGNATED AS
"STREET IMPROVEMENT BONDS," TO BE ISSUED FOR THE PURPOSE OF
MAKING PERMANENT CITY IMPROVEMENTS BY CONSTRUCTING, IMPROV-
ING AND EXTENDING THE STREETS, THOROUGHFARES AND STORM SEWERS
OF SAID CITY, INCLUDING IN SUCH PERMANENT PUBLIC IMPROVEMENTS
THE STRAIGHTENING, WIDENING, PAVING, GRADE SEPARATION, LIGHT-
ING AND DRAINAGE OF SAID STREETS AND THOROUGHFARES, AND AC-
QUIRING THE NECESSARY LAND THEREFOR, EACH OF SAID BONDS TO
BE IN THE DENOMINATION OF ONE THOUSAND DOLLARS ($1,000.00),
TO BE DATED JUNE 1, 1961, MATURING FROM ONE (1) TO TWENTY-
FIVE (25) YEARS FROM THE DATE THEREOF, THE FIRST FOUR HUN-
DRED AND FIFTEEN THOUSAND DOLLARS ($415,000.00) WORTH OF
SAID BOND TO BEAR INTEREST AT THE RATE OF FIVE PER CENT
(5%) PER ANNUM, THE NEXT SIX HUNDRED AND FIVE THOUSAND DOL-
LARS ($605,000.00) WORTH OF SAID BOND TO BEAR INTEREST AT
THE RATE OF THREE AND ONE-HALF PER CENT (3-1/2%) PER ANNUM,
THE NEXT TWO HUNDRED AND SEVENTY-FIVE THOUSAND DOLLARS ($275,-
000.00) WORTH OF SAID BOND TO BEAR INTEREST AT THE RATE OF
THREE AND SIXTY-HUNDREDTHS PER CENT (3.60%) PER ANNUM, AND
THE NEXT FIFTY-FIVE THOUSAND DOLLARS ($55,000.00) WORTH OF
SAID BONDS TO BEAR INTEREST AT THE RATE OF ONE-QUARTER OF
ONE PER CENT (1/4 of 1%) PER ANNUM, SAID INTEREST BEING PAY-
ABLE SEMI-ANNUALLY, THE INTEREST TO BE EXPRESSED IN COUPON
NOTES ATTACHED TO THE BONDS; DIRECTING THAT THE SAID BONDS
BE EXECUTED BY THE FACSIMILE SIGNATURE OF THE MAYOR, APPROVED
AS TO FORM AND LEGALITY BY THE FACSIMILE SIGNATURE OF THE CITY
ATTORNEY, AND ATTESTED MANUALLY BY THE CITY SECRETARY; PROVID-
ING 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 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 30th day of December, A. D. 1960, 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 24th day of January, A. D. 1961, 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 Thirteen Million, Six Hundred and
Fifty Thousand Dollars ($13,65o,000.00) for the purpose of making perma-
nent city improvements by constructing, improving and extending the
streets, thoroughfares and storm sewers of said City, including in such
permanent public improvements the straightening, widening, paving, grade
separation, lighting and drainage of said streets and thoroughfares, and
acquiring the necessary lands therefor for 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 24th day of January, A. D. 1961; and,
WHEREAS, said election order and proclamation thereof were prepared
and published in the manner and for the time prescribed in said ordinance;
and,
WHEREAS, on the 24th day of January, A. D, 1961, said election was
Y
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,
WEMEAS, 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 Coun-
cil, issue its negotiable coupon bonds in the principal sum of
One Million, Two Hundred and Fifty Thousand Dollars ($1,250,000.00)
for the purpose of making permanent city improvements by con-
structing, building, improving and equipping buildings for the
public library 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 pay-
able within forty (40) years from the date thereof, bearing in-
terest at a rate not to exceed five per cent (5%) 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 suf-
ficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Library Bonds.
AGAINST the Issuance of Library Bonds.
II.
Shall the City of Fort Worth, Texas, through its City Coun-
cil, issue its negotiable coupon bonds in the principal sum of
Thirteen Million, Six Hundred and Fifty Thousand Dollars ($13;-
650,000.00) for the purpose of making permanent city improve-
ments by constructing, improving and extending the streets,
thoroughfares and storm sewers of said City, including in such
permanent public improvements the straightening, 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 Council, so that the last maturing bonds shall become
payable within forty (40) years from the date thereof, bear-
ing interest at a rate not to exceed five per cent (W 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.
III.
Shall the City of Fort Worth, Texas, through its City Coun-
cil, issue its negotiable coupon bonds in the principal sum of
Nineteen Million Dollars ($19,000,000.00) for the purpose of
making permanent city improvements by improving, extending and
enlarging the sanitary sever system and sewage disposal plant
of 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 (40) years from the date thereof, bearing interest
at a rate not to exceed five per cent (5%) 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 suf-
ficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Sanitary Sewer System and Sewage
Disposal Plant Bonds.
AGAINST the Issuance of Sanitary Sever System and Sewage
Disposal Plant Bonds.;
and,
WHEREAS, in the election held in said City of Fort Worth, Texas, on
the 24th day of January, A. D. 1961, 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 taxable
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 One Million, Three Hundred and Fifty Thousand Dollars
($1,350,000.00) worth of said bonds, out of an authorized issue of Thir-
teen Million, Six Hundred and Fifty Thousand Dollars ($13,650,000.00),
be issued in bonds at this time, said bonds to be issued being Series 97
and designated as "Street Improvement 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 Worth, Texas, is-
sue its corporate negotiable coupon bonds in the principal sum of One
Million, Three Hundred and Fifty Thousand Dollars ($1,350,000.00) out of
an authorized issue of Thirteen Million, Six Hundred and Fifty Thousand
Dollars ($13,650,000.00), which bonds were authorized to be issued at a
proper election held on the 24th day of January, A. D. 1961, and which
bonds are known as Series 97 and designated as "Street Improvement Bonds";
that the bonds so to be issued shall be in the denomination of One Thou-
sand Dollars ($1,000.00) each, dated June 1, 1961, the first Four Hundred
and Fifteen Thousand Dollars ($415,000.00) worth of said bonds, maturing
from 1962 to 1969, inclusive, to bear interest at the rate of five per
cent (5%) per annum, the next Six Hundred and Five Thousand Dollars ($605,-
000,00) worth of said bonds, maturing from 1970 to 1980, inclusive, to
bear interest at the rate of three and one-half per cent (3-1/2%) per
annum, the next Two Hundred and Seventy-five Thousand Dollars ($275,000.00)
worth of said bonds, maturing from 1981 to 1985, inclusive, to bear in-
terest at the rate of three and sixty-hundredths per cent (3.60%) per an-
num, and the next Fifty-five Thousand Dollars ($55,000.00) worth of said
bonds, maturing in 1986, to bear interest at the rate of one-quarter of
one per cent (1/4 of 1%) per annum, payable semi-annually on the first day
of December and June of each year respectively, both principal and inter-
est of said bonds being payable at The Hanover Bank, in the Borough of
Manhattan, City and State of New York, the semi-annual interest being evi-
denced by interest coupons attached thereto; that each of said bonds shall
be executed for and on behalf of the City of Fort Worth, Texas, by the
facsimile signature of the Mayor, approved as to form and legality by
the facsimile signature of the City Attorney, and attested manually by
the City Secretary, with the seal of the City thereon duly impressed or
affixed, and the interest coupons shall be executed with the lithographed
or printed facsimile signatures of the Mayor and City Secretary of the
City of Fort Worth, Texas, and such facsimile signatures shall have the
same effect as if manually placed on said bonds; that each of said bonds
shall be numbered in the way and manner hereinafter set out, so that the
last maturing bond shall become payable within twenty-five (25) years
from the date thereof, and the bonds themselves, thirteen hundred and fifty
(1,350) in number, shall be numbered consecutively from one (1) to thir-
teen hundred and fifty (1,350), inclusive, and shall mature in the amount
and manner hereinafter set out; and that said bonds shall be issued for
the purpose of making permanent city improvements by constructing, improv-
ing and extending the streets, thoroughfares and storm sewers of said
City, including in such permanent public improvements the straightening,
widening, paving, grade separation, lighting and drainage of said streets
and thoroughfares, and acquiring the necessary lands therefor for 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:
SECTION II.
That the said bonds so to be issued by the City of Fort Worth,
Texas, amounting to One Million, Three Hundred and Fifty 'Thousand Dol-
lars ($1,350,000.00), shall be issued for the purpose of making permanent
city improvements by constructing, improving and extending the streets,
thoroughfares and storm,sewers of said City, including in such permanent
public improvements the straightening, widening, paving, grade separation,
lighting and drainage of said streets and thoroughfares, and acquiring
the necessary lands therefor for said City, and shall consist of thirteen
hundred and fifty (1,350) bonds numbered from one (1) to thirteen hundred
and fifty (1,350), inclusive, and the first Four Hundred and Fifteen
Thousand Dollars ($415,000,00) worth of said bonds, maturing from 1962
to 1969, inclusive, shall bear interest at the rate of five per cent
(5%) per annum, and the next Six Hundred and Five Thousand Dollars ($605,-
000.00) worth of said bonds, maturing from 1970 to 1980, inclusive, shall
bear interest at the rate of three and one-half per cent (3-1f2%) per an-
num, and the next Two Hundred and Seventy-five Thousand Dollars ($275,-
000.00) worth of said bonds, maturing from 1981 to 1985, inclusive, shall
bear interest at the rate of three and sixty-hundredths per cent (3.60%)
per annum, and the next Fifty-five Thousand Dollars ($55,000.00) worth of
said bonds, maturing in 1986, shall bear interest at the rate of one-
quarter of one per cent (1/4 of 1%,) per annum, payable semi-annually as
aforesaid, all of which said thirteen hundred and fifty (1,350) bonds
shall be known as Series 97 and shall be styled and designated as "Street
Improvement Bonds"; and that all of the said bonds, comprising the sum
total of One Million, Three Hundred and Fifty Thousand Dollars ($1,350,-
000,00), shall mature in numerical order in the manner and amounts as set
out in the tabulated statement herewith attached, to wit:
a
SECTION III.
That the said bonds are hereby authorized to be sold to the best ad-
vantage, but in no event shall same be sold for less than par, and the
accrued interest to the date 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 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 1961 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 1.4527 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, full allowance being made for delinquencies and costs
of collection, and if at any time the amount of said tax shall not be suf-
ficient 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 frcm said tax sufficient to meet the requirements
aforesaid for interest and annual ink tallments of principal 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 sufficient 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 1961, 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 1.4527 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 fund and shall be devoted to the payment
of the interest and the extinguishment of the principal of all and singu-
lar 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 what-
soever; and the funds derived frcm 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 prepared
and signed in the manner prescribed by the ordinance, they shall be sub-
mitted to the Attorney General of the State of Texas, together with a cer-
tified copy of this ordinance and a statement of the total bonded indebted-
ness of the City of Fort Worth, including the bonds herein and hereby au-
thorized and the assessed value of the taxable property in said City, for
his approval, and none of said bonds shall be negotiated, sold or trans-
ferred 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 registration.
SECTION VIII.
That the City 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 fluids hereinbefore created for the payment of the semi-
annual 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.
or of e ity of Fo Y rth,
xas
ATTES—
C ty cretary o t et C
tort Worth, Texas
APPROVED AS TO FORM ANDALDGALITY:
City Attorney of the City of
Fort Worth, Texas
CITY OF FORT WORTH
PRINCIPAL MATURITIES
$1,350,000.00 STREET IMPROVE BONDS
DATED JUKE 1, 1961
DUE JUNE 1ST PRINCIPAL MATURING
1962 $50,000.00
1963 50,000.00
1964 50,000.00
1965 50,000.00
1966 50,000.00
1967 55,000.00
1968 55,000.00
1969 55,000.00
1970 55,000.00
1971 55,000.00
1972 55,000.00
1973 55,000•00
1974 55,000.00
1975 55,000.00
1976 55,000.00
1977 55,000.00
1978 55,000.00
1979 55,000.00
i98o 55,000.00
1981 55,000•00
1982 55,000.00
1983 55,000.00
1984 55,000.00
1985 55,000.00
1986 55,000.00
NO. UNITED STATES
OF AMERICA
STATE OF TEXAS, COUNTY OF TARRANT
SERIES 97
C I T Y O F F 0 R T W 0 R T H
--00000--
Street Improvement Bond of the City of Fort Worth issued for the purpose
of making permanent city improvements by constructing, improving 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 drain-
age of said streets and thoroughfares, and acquiring the
necessary lands therefor.
KNOW ALL MEN BY THESE PRESENTS:
That 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 ($1,000.00)
in lawful money of the United States of America, on the first day of June,
A. D. 19 , together with interest thereon at the rate of
percentnu ( %) per annum, payable semi-annually, the first interest
payment date being December 1, 1961, and�each year-thereafter on June l
and December 1, on presentation and surrender of the annexed interest cou-
pons 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 Man-
hattan, City and State of New York, and for the due and punctual payment
of this bond at the maturity thereof, and the interest 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 thirteen hundred and fifty (1,350)
bonds numbered consecutively from one (1) to thirteen hundred and fifty
(1,350), inclusive, in the denomination of One Thousand Dollars ($1,000.00)
each, amounting in the aggregate to the sum of One Million, Three Hundred
and Fifty Thousand Dollars ($1,350,000.00), issued for the purpose of mak-
ing permanent city improvements by constructing, improving and extending
the streets, thoroughfares and btorm sewers of said City, including in
such permanent public improvements the straightening, widening, paving,
grade separation, lighting and drainage of said streets and thoroughfares,
and acquiring the necessary lands therefor, under and by virtue of the Con-
stitution 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 tax-
paying qualified voters of said City, at a proper and legal election held
on the 24th day of January, A. D. 1961.
It is hereby further expressly represented, recited and covenanted,
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 man-
ner as prescribed by law, so as 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
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 the facsimile signa-
ture of the Mayor of the City and attested manually by the City Secretary
and approved as to form and legality by the facsimile signature of the City
Attorney, with the seal of the City thereunto duly affixed or impressed,
and has caused the annexed interest coupons to be executed with the fac-
simile signature of the Mayor and City Secretary, and has caused this
bond to be dated the first day of June, A. D. lg61.
CITY OF FORT WORTH, TDIAS
BY
Major
ATTEST:
City Secretary
(FORM OF COUPON NOTE)
The City of Fort Worth, in the State of Texas, promises to pay to
Bearer 4 ) 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 Street Improvement Bond,
Series 97, dated June 1, 1961, and numbered
CITY OF FORT WORTH, TEKAS
ATTEST:
BY
City ge&rwtary
(CERTIFICATE OF COMPTROLLER)
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 obligation 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.
Y Attornty
ORDINANCE
No.
Title 3
9
Adopted u -
Final Adoption.
Published
Filed/,-.�ay of
City Secretary
P. Q.No.29793-A