HomeMy WebLinkAboutOrdinance 961 ORDINANCE NO.
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AN ORDINANCE PROVIDING FOR THE IS"UANCE OF PROMISSORY
NOTES OF THE CITY OF FORT WORTH,WHICH SHALL BF STYLED
"'rATER REVEnE NOTESQAMOUNTING IN THE AGGREG.'TF TO
�400,000.00 JX DENOMINATIONS OF $10,000.00 EACH DATED
AUGUST 1,1923,MATURING 0' THE FIRST DAY OF APRIL,1924,
AND MONTHLY THEREAFTER,1VVBERZV FROM 1 to 40 INCLUSIVE,
TWENTY-FOUR(24)OF SAID NOTES BEI-RING INTEREST FRO -- THEIR
DATE AT THE RATE OF IIVE(5)PER CE77 PER ANNUM,PAYABLE
Z:'ANNUALLY,AND fiHE )i S3 Lil�"tl iNG``,�q
BEARING INTEREST FROM THEIR DATE AT THE RATE OP 'SA)
PER CENT PER ANNUM,PAYABLE SEMI*ANNUALLY,SECURED BY A
PLEDGE OF THE CURRENT RECEIPTS AND REVENUES OF THE
WATER DEPARTMENT OF THE CITY OF FORT WORTH TO BE USED IN
PAYMENT or THE CONSTRUCTION OF THREE(3)FILTER TAA?KS IN
CONNECTION WITH THE SEWER DISPOSAL PLANT OF THE CITY OF
FORT WORTH,AND FURTHER PROV T THIS ORDINANCE SHALL
BE AND BECOME EFFECTIVE FRO,II �-�EJ'ASSAGE THEREOF.
BE IT ORDAINED BY THE BOARD OF CO';.-ISSIONERS
OF- THE CITY OF FORT WORTH:
That Whereas,it has become necessary in the con-
struction ana completion of the Sewage Disposal Plant,of
the City of Fort Worth,to build ana construct three filter
tanks or beds in order to provide adequate facilities
- ..- dlspQa�! Qf s .:: :-..- for the _urifieation
o� hL effluent therefrom.
And Whereas,i is requisite that th--re be expend-
ed on Filter Tank No.l the sure o� approximately One Hundred
-•- a Sixty Thousand(;;160,000.00)Dollars for th- due comple-
}ion of same and approximately the sum o_ T,.o Hundreu and
Forty Thous.-na( 240,000.00)Dollars for the construction
-nd completion of Filter Tanks or Beds Nos.T•:o(2) ana
Three(3);
And Whereas,the completion of s-i- tanks is
essential to th- welfare,hygiene and nealth of the community;
And Where-es,contract h: s already b.eri made and
-ntered into by and between 'the City of Fort Worth ana the
McKenzie Construction Comp ny for the completion of said
Tank No.l an_ th-. consstrucLLion ana completion of Tanks
: os.2 anc 3 aforesaid;
And Whereas,the reoeip-.s an revenu from the
Walter Department oz' tn; City of Fort Worth exceea the cost
oI era$morr° careers^�aa^ _it th S'e79r_.ii— r'm-&
anexpenc.ed balance of*-.� payi__ tue --es o- e--� rt- o0
m nt o approximately, �L-m9 y AD fl"
Dollars per m�nth,whi F sucn sl:s lus or excess„ 1 :. y
b- increased and enbanee;. in th- future by re-son of the
p multiplication of water consumers within th - area of Greater
Fort '':orth;
An Whereas,i: is f ouna expedient to raise th-
means for the construction o` �ucn filt-.r tank- by the
issuance o2 to promissory oblig tion- of th- City of
Fort worth,secur-.d by -_ .1(.•g- of it._ w;t-r ree:ipts,:.'hich
s-id rcipts ar 7;; a ,u +_m to P. y s-ia notes -.s
s-;-e maturb and provide or th- .1-1,c-nt of th- int rest
reon,withou* in anymise i .iring thy, efficacy of s. i.::
r-;jartment;
P.2.
NO - THEREFORE:
BE IT FURTHER ORDAINED BY THE BOfiRD
OF COMTIS"IONERS OF THE CITY OF FORT WORTH:
SECTION 1.
Th ..t the Government of .ne City of Fort Worth
do issu•-,uttc_r _.... sell it, promis,ory notes in t's•-.
wggregate amoun': o- Four Hundred Thous .nd(4400,000.00)
Dollars,in denominations o ' Ten Thousand($10,000.00)
Doll rs each,dated th first day of August,1923,numb.ered
from OneW To Forty(4W -:;u czar+ r,
tn�± first t.-enty-four(.24) notes nu -tiered from One(1)
-'c Twenty-four(24) inclusive to be r int res` wt l`ae
r-t.- of f4-ve(5) p-r cent ;er. annum,fro... th! it aate,p-.y-
blP semi-annual y; thy; le - d lest Sixten(16) notes n rb re
/ fro�to Ftfo (ft®) inclusive to be. r interest
from tae r ate at t � r .te of Six(6j -r cent per annum,
payabl semi---nnually,..hihh s.Lid. notes ..hen iscuex ana
delivered shall be executed on behalf'of the City of
Fort Worth by the Mayor thereof,attested by it: City
Secretary,countersigned by- its Auditor, .nd the gre t
se-1 of the City ok Fort Worth impressea th-reon.
SECTION 11.
That said notes shall,as aforesaid,be issued
in denominations of Ten Thous..na(; 10,000.00)Doll_rs each,
maturing on the first y of April,1924,ana monthly there-
fter so that th Iast mat ina of sai- notes,to-wit,No.
Forty(40) shall mi.tur- on 1,1928. The int-rest
on 1sai- notes shall b ev eyn�yce by coupons atta6be;d there-
,0- ."Q.irc:: t'0'4,,or.S ahG1i er_r here•o —tale
11,0tographed fae_:imi1- Signatures of t=a Maycr,thc City
Secretary an-L the Auditor of the City of Fort Worth.
SECTION 111,
That the g neral form of a i- notes -.na coupons
thereto annexed, ,hich coupons snall represent the int=rest
to b-: p_ia on sai-. notes ,shall o- executea in subst..Ln-
tially th.- follo.ving .6 orm,to-wit:
NO. UNITED STATES 07 AMERICA 410,000.00
STATE OF TEXAS,
CITY OF FORT WORTH.
}"ATER REVENUE NOTE.
TH_ CITY 0.7 FORT .TORTH, a municip.1
- Crgatizeq LA- laws e� ,__� T,Z. I.,
T xws,is justly indebted &nQ hereby promi.es to _-- y to
b�.rer on th= _wy oZ ,A.D.19 ,-t thr Hanov-r
Na_ional Bank in th- City of New York,State of Ne. York,the
sum 01
TEN THOUSAND DOLT.ARS,
in lawful money of th- United St.-,es oZ America, s1th int-rest
thereon from th,, dote thereof _t the rr.te of ( ) percentum
per annum,interest payable semi-annually on the day of
nd on the d.. y of ,of each year
except t et notes maturing in months other than February ana
August shall nav- -.tt_-.chea th reto interest coupon or coupons
representing accrued int-nest to •te o" i�-turity)on presentation
an eurrena_r o- pro,-r coupons.
h
P.3.
This note i:, one of - series o. f.-rty(40)notes,each
in the aenominLtion of Ten Thous_.nzi (;10,�f30.00)Lollaro,
numb;rea from 1 to 40 inclusive,amotnting in the aggreg.-te
*o Four Hundred Thous-nd(; 400,000.00)Dollars,o - ven date
h- rewith o . like t-nor -,na effect,th- first not- becoming due
on April 1,1924,anc. th- remaining notes of th- series at
consecutiv- int-rvals o= one month apart *`� afte
Notes Numbers One(l) to Twenty-four(24) rest
_ t the rat- of five(5) y r cent p-.r annI p.yable semi-
annually,and notes Numbers Twenty-five(251 to Forty(40)
inclusive,bearing interest _t th_ r. t- of six(6) per
cent per annum,pay_'cl- zemt"e:rxuully.
Th- City of Fort Worth covenants ,.agrees and stipulates
that there is hereby set aside,pledged and appropri-.ted and
that there will be devoted to the payment of the principal
and interest of this and other like obligations of this
series ,a sufficient amount of money out of th- receipts
of the Water Department of the City of Fort Worth,to
satisf y,discharge and extinguish at the maturity thereof
th principal and int-rest of each and every on of sai-
oblig: tions as same b come due an,. p-- yable under th terms
th-;reof; and the Treasurer of the City of Fort Worth
is hereby authorized ,ordered an,.- directed to pay to bear-
er sai principal sum with interest th-reon,evidenced by
coupons hr�eto annexed,out of moneys to the credit of said
Water Department,ereuted for said purpose and the funds
of said Department arising from said source are hereby
pledged to the full and prompt payment of this and other
like oblig=tions and the interest th-reon,as same mature.
The entire series of obligations ,of which this is
component part,is cre,,,ted and issued for th- se of
thrtd :liter -tc.ilk6
_ Sewage Disposal Plant of the said City o� Fort Worth,under
and. b y virtue of the Constitution en-- Laws of the State
of Texas,ana the Charter of the City of Fort Worth,pur-
suant to ordinance passed by the Boara of Commissioners
of the City of Fort Worth on the day of ,A.D.
1923,recorded in Book ,page of the DQinutes
o. said Board of Commissioners.
The date o." this obligation,00nforming to the or-
dinance above mentioned,is August 1,1923;
And it is h-reby cerVified ana recited that all
acts,conditions and things required to b. done precedent
to and in the issuance of this obligation have been properly
done,have happened and have been performed in regular
and due time,form and manner.,as required by the Charter
of the City of Fort Worth,ana the ordinance hereinabove
mentioned,and that th . total indebtedness of the City of
Fort Worth,including this oblig-tion,anc. all others of
this series rLoea not exceed -ny constiti-tional ,statutory or
c►+arur limitatSots; -r cL h t_p Tision hc.s ,r-n me-de for -
th payment of the principal and interest of this obligation,
-n`- th= series of shich-it is . part by the pledge of the
water receipts of said City of Fort Worth,as herc-inabove
recited,and in addition thrreto the full f ith and credit
o.- th-. City of Fort Worth are irrevocably pledged to the
payment of all and singular th- foregoing obligations out
of its resources above and beyond th-: water receipts as
_foresaid.
p.4 .
IN TESTIMONY. WHEREOF,the Board of Commissioners o.. the
City of Fort Worth hath caused the seal of said City to be
thej:eunto impressed,a.na this obligation to be signed by
thy M" r(�-�f said City,attested by the City Secretary there-
of, ou`ntersigned by its A,uditor,urider date of the
first aay of August,A.D.1923.'
Wager Ci y of Fort Worth.
ATTEST:
City Ncrettary.
COUNTERSIGNED:
City Auditor. ,
(FORM OF INTEREST COUPON)
NO:
On the day of
,19_
'IThe City Treasurer of the City of Fort porth,T- xas,rill pay
to bearer .,at the Hanover National Bank of New York City,
New york.,the sum of
Dflllare,s :iu sum..� months interest due
i?03�L �°►3rtt1 _ ••; J. ,ii:..ted.
August 1,1923,to shich this coupon attached and is r part
thereof.
yor of City of Fort worth.
ATTEST:
City Secretary Fort worth,fexas.
COUNTERSIGNED:
City Auditor.
SECTION 4.
plaid notes shall be known an designated as Water
Revenue Notes,and shall express on th-ir face the purpose
for ihi_ch they are isau_ed the .n.er or_-rar if1_1hiob
the payment of same is secured.
SECTION 5.
That for th• purpose of creating a fund for the pay-
ment ana complete extinguishment of th- foregoing obligations,
principal and interest,and all and every part of same,the
Government of the City of Fort Worth does hereby pledge,
ana to that end,th=re is hereby appropriated,impounded and
set apart a sufficient mount of moneys,revenues ana receipts
:rising out of operation of the water Department of the City
of Fort Worth to satisfy ,discharge and extinguish
t th. maturity thereof the principal and interest of each
and every one of said obligations and the Secretary o'. the
water Department of the City of Fort Worth,the Commissioner
' t
P.5
of ".'ater an Seiner and the Commissioner of Finance, na th- Treas-
urer of the City of Fort worth ar, hereby enjoin. .. to see to the
applic tion of s_is moneys to th payment o- r__ foregoing
obligations as --,u�y b come due,so that th- principal and interest
th roof shall be �=-id . t th' res_ective due dates thereof
out of th funds so set apart ane sequestered by the terms of
this ordinance; and th- Tresaur r of the City of Fort worth.
is hereby authorized ,ordered and directed,anq it is hereby
mE his -uty to pay to th- holder of s-, id obligationSth=
_ rincipal stun thereof with interest thereon,evidenced by
coupons thereto annexed out of moneys to th- credit of said
--ter ram.,:.Xtasnt as ana ,,hens--i;: r,"i6-tioAg
- :gnu to r--.:it th: mount the-reo_" for he paym-nt of B=,
in .,ue season to th' Hanover National Bank in Ne',. York City,
h re un er th- terns of said oblig tions th- debt manifested
th-reby becomes payable.
SECTION 6.
Thatthe'full faith an credit of the City of Fort worth
is also pledged to the payment of th- foregoing obligations
and in the event the 11ater Rev-.nues or Receipts,hereinabove
pledged should be insufficient or inadegaute +o pay said
obligations as an when th-.y severally become ..ue,th,en,s.id'
oblig-.tions shall b payable ou of the _eneral tax fund
of the City of Fort forth -1-o prevent any -efault in the p,.-y-
men of saia debt or any part thereof.
SECTION 7.
Th- t no part of th- fund herein createa by the pledge ana
appropriation of said Water Receipts shall be used or uevoted
or in Yny manner made ap.-licLble to any other purpose than that
set up herein,and it is her-by made unlawful" to divert, said
•.. -.= c;r aa; part th-,aof u due anci proper i+ yu-enz z�the foregoing debt.'
SECTION 8
That each month as the revenuesare paid to the Water
Deparyment by the persons,firms an . corporations liable therefor,
there shall br. set apart and appropriated sufficient.moneys for
the purposes aforesaid and ;•hich s id moneys shall be segregated
.nd deposited in such manner as to remain th- particular fund for the
extinguishment of a foregoing obligations.
SECTION 9.
It. shalli bsz'lawful to-Use said hoted,or so much, thereof 1
as,may to nec-essary in pA,0*A_it of the evhtract price on said
filter tanks as the estimates of th Engineer in charge
.are presented ,provided it appears that City is receiving
an equivalent in labor and material,ana provided further
th_t th-- contractor receives said notes at the ar value
th•reof,plus accrued interest to date o a livery,
SECTION 10.
All ordinances ana parts of ordinances in conflict
herewith b� ,and they are hereby expressly repealed.
SECTION 11.
That this ordinance shall take effect and be in full
force from and after its passage ,an : it is so ordained.
ORDINANCE
No.
' P
Date
Filed day of
City Secretary