HomeMy WebLinkAboutOrdinance 1560 The City Council of the City of Fort Worth met in
regular session in the Council Chamber at the City Hall
at nine-thirty ovclock a.m., Wednesday, the 23rd day of
January, A. D. 1929, and upon roll oall the following were
present: Wm. Bryce, Mayor, Dr. W. R. Thompson, Willard Bur-
ton, Van Zandt Jarvis, Wm. MonAi.g, E. T. Renfro, John N.
Sparks, A. E. Thomas, and J. R. Penn, Councilmen, constitut-
ing the entire membership of said board, and I. L. Van Zandt
Jr., City Secretary-'treasurer, was in attendance at said
meeting, and the following proceedings among other things
were had and done:
Councilman Burton , seconded by Councilman
Jarvis , moved the adoption of the following
ordinance:
ORDINANCE NO. /Q 0
AN ORDINANCE PROVIDING FQZ THE ISSUANCE OF NE-
GOTIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY
OF FORT WORTH, AMOUNTING TO THE PRINCIPAL SUM OF
ONE HUNDRED THOUSAND (#100,000.00) DOLLARS, IN ADDITION
TO T� SUM OF ONE HUNDRED THOUSAND ($100,000.00) DOLLARS
`'ORTH OF SAID BONDS HERETOFORE ISSUED BY THE CITY COUNCIL
BY ORDINANCES DULY ENACTED BY THE CITY COUNCIL PURSUANT
TO VALID AUTHORITY TESTED IN SAID GOVERNING BODY BY A
REGULAR AND PROPER ELECTION HELD ON THE loth DAY OF
JANUARY, A. D. 1928, OUT OF AN AUTHORIZED ISSUE OF TWO
HUNDRED THOUSAND ($200,000.00) DOLLARS, AND BEING KN M
AS SERIES NO. 54 AND DiSIGNATED AS *WATERWORKS BONDS"
TO BE ISSUED FOR THE PURPOSE OF IMPROVING, EXTENDING
AND ENLARGING THE SYSTEM OF WATERWORKS OF SAID CITY;
ALL OF SAID BONDS TO BE IN THE =OMINATION OF ONE
THOUSAND 311000.00) DOLLARS EACH, TO BE DATED NX01,1,
1929, MATURING FROM FIVE (5) TO FORTY (40) YEARS, AND
TO BEAR INTEREST AT THE RATE OF FOUR AND ONE-FOURTH
PER CENT PER ANNUN, PAYABLE SEMI-ANNUALLY, M INTEREST
TO BE EXPRESSED IN COUPON NOTES ATTACHED TO SAID BONDS,
DIRECTING THE EXECUTION OF SAID BONDS BY THE MAYOR AND
CITY SECRETARY-TREASURER; AND PROVIDING 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 eROVIDING THAT THIS ORDINANCE SHALL BE IN
FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PAS- ,
SAGE•
WHEREAS, on the 8th day of December, A. D. 1927,
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 ofDecember, A. D. 1924, and the laws
and Constitution of the State of Texas, the City Council of
the City of Fort Worth, Texas, by resolution and order of
that dates directed the submission to the resident property
taxpaying qualified voters of said City, at an election to
be held in said City on the loth day of January, A. D. 1928,
of the right, power and authority of the City Council of said
City to issue negotiable coupon bonds of the corporate govern-
ment of said City, in the principal sum of Two HundredThou -
sand ($200,000.00) Dollars, which amount was to be used for
the purpose of making permanent improvements in the said City
by improving, extending and enlarging the Waterworks System
of said City;
WHEREAS, in conformity with said resolution and
order, the Mayor of said City did make proclamation of said
election and the date for same was set on the 10th day of
January, A. D. 1928; and
WHEREAS, publication was made of said election in
the manner and for the time prescribed in said resolution
and election order; and
WHEREAS, on the said loth day of January, A. D. 1928,
said election was held in the City of Fort Worth at the re-
spective polling places designated in the election order, at
which said election each issue of bonds was submitted as a
separate and distinct proposition to the voters of said City,
the official ballot on such occasion, in conformity with the
resolution of the City Council and the order of the election,
in form and subttance was as follows=
WHEREAS, at the election held in said City on the
loth day of January, A. D. 1928, there were 4,471 votes cast
in favor of the issuance of said Waterworks Bonds and 2,678
votes cast against the issuance of said'bonds, leaving a ma-
jority in favor of the issuance of said bonds of 1,793 votes;
and
WHEREAS, by virtue of said election the said City
Council is vested with authority by and from the people to
isauo said bonds for the purpose aforementioned, and to make
same valid and binding obligations of the corporate government
of the City of Fort Worthj and
WHEREAS, pursuant to the power vested in the City Coun-
cil, the duly oonatituted governing body of the City of Fort
Worth, by said election and the laws and Constitution of the
State of Texas, the said City Council did, by an ordinance law-
fully passed and adopted on the 27th day of March, A. D. 1928,
and which ordinance was amended by an ordinance lawfully passed
and adopted by the City Council on the 12th day of April, A. D.
1928, authorise the issuance of negotiable coupon(.bonds 'bf the
government of the City of Fort Worth amounting to the principal
sum o f One Hundred Thousand ($100,000.00) Dollars out of an
authorized issue of Two Hundred Thous and ($200,000.00) Dollars
worth of said bonds authorised by the property taxpaying quali-
fied voters of said City at the said election held on the loth
day of January, A. D. 1928, and being known as series No.54,
and designated as ftatertorks Bonds"; and
WHEREAS, it is deemed wise and expedient by the City
Council of the City of Fort Worth, in the exercise of the dis-
cretion reposed in it by law, that an additional One Hundred
Thousand ($100,000.00) Dollars worth of the said authorized
issue of Two Hundred Thousand (#200,000.00) Dollars to be
issued in bonds at this ti*e; said bonds to be issued being
part of Series No# 54 and designated as "Waterworks Bonds".
NOW THEREFORE,
BE IT OR➢AINED BY THE OITY COUNCIL OF THE OM OF
FORT WORTH:
SECTION I
That pursuant to Section 19 of Chapter XXY of the
Charter of the City of Fort North adopted by the qualified
voters within the corporate limits of said Oity 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 resi-
dent property taxpaying voters of the City of Fort North
at an election held in said City for such purposes on the
loth day of January, A. D. 1928, that the municipal govern-
ment of the City of Fort Worth issue its corporate negotiable
coupon bonds in the principal sum of One Hundred Thous and
3100,000.00) Dollars, this sum being in addition to the One
Hundred Thousand ($100,000.00) Dollars worth of said bonds
heretofore issued by an ordinance lawfully passed and adopt-
ed on the 271th day of Larch, A. D. 1928, and which ordinance
was amended by an ordinance lawfully passed and adopted on
the 12th day of April, A. ➢. 1928, b* the City Council pur-
suant to valid authority from the property tax paying gaali-
Pied voters of said City at a proper and regular election
held on the 10th day of January, A. D. 1928, out of an
authorised issue at said election of Two Hundred Thousand
($200,000.00) Dollars, and which authorized issue is Down
as Series No. 54 and designated as "Waterworks Bonds" and
the bonds so to be issued shall be in the denomination of
OW Thous and (S1e090.00) Dollars each, dated March 1,0 19290
bearing interest at the rate of fmWr and sue-fourth (tom) per
cent per annvae payable so"-anomally on the first day a
September and ]&role of each year respsetivoly, both prftoipal
and interest of said boaft being p"able at the Hanover xa-
tional Bank in theftty of low York, State of Now York, the
semi-annual interest being evidenced by interest coupons at-
tached thereto, all of said bonds to be execu! vc for and on
behalf of the City of Fwt c;ortb by the Mayor thereof, at-
tested by Iis City av aretar7•Treasurer, with the seal of the
City thereon duly impressed, trait the interest coupons to be
executed with the lithogira"d facsimile signataa se of the
Mayor and City Secretary-Treasurer of the city of Port Worth,
each of said bonds and boupons stall be negotiable and yayable
to bearer, and said bonds shall be uxubared in the way and man-
nor hereinafter set outs maturing five (5) years from the date
thereof and annually thereafter until the last maturing bond
shall become payable within forty (40) years from the date
thereof, and the bonds thasselve. , ons handfed (100) in
zsum,ber, shall be numbered consecutively frost one hundred one
(IM) to two hundred (200) inclusive, and shall ma tare in the
amounts rnd. marsser hereinafter set outs said bonds shall be
used for the pwpose of making permanent ietpromoonts by ice
Prowlaso extending and enlarging the .,aterworks System of said
My*
That the general forms of said bonds and the coupons
thereto amioxed and the intere t added to said bonds shall be
executed substantially in the following forms
NO. UNITED STATES $1000.
OF AMERICA
STATE OF TEXAS, COUNTY OF TARRAt:T
.�a
SERIES
C I T Y O F F 0 R T W 0 R T H
---0000®00---
KNOW ALL PEN BY THESE PRESENTS:
That the government. of the City of Fort Worth, a
municipal corporation, duly, created under the lk,us of the State
of Texas, hereby acknowledges itself to owe, and :or value re-
oeived promises to pay, to bearer,
ONE THOUSAND DOLLARS ($1000.00)
in lawful money of the United States of America, on the day
of , A. D. 19 , together with interest thereon
at the rate of four and pne-fourth (4+%) per centum per annum,
h
payable semiannually on the let day of November and May in each
year, on presentation and surrender of the annexed interest cou-
pons, as they severally fall due. Both the principal and inter-
est of this bond are aayable at the office of the Hanover National
Bank, in New York City, N. Y„ and for the due and, bunctual pay-
ment of this bond at the maturity thereof, and the interest there-
on, 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
numbered consecutively from
to inclusive,
each of the denomination of One Thousand (�1,000.00) Dollars,
amounting in the aggregate to the sum of
issued for the purpose of
under and by virtue of the
Constitution and laws of the State of Texas, the Charter of the
City of Fort Worth., and an ordinance of the City Council of
said City lawfully passed and adopted on the day of
A. D. 19 , pursuant to valid au-
thority from the property taxpaying qualified voters of said
City, at a proper and legal election held. on the loth day of
January, A. D. 1928.
It is hereby further expressly represented, recited,
and covenanted by the government of the City of Fcrt Worth, to
and with each and every holder of said bonds or any one of them,
that all acts, conditions and things required by the laws of the
State of Texas, and of 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 pro-
per and lawful time, form and manner' 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 inter-
est 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 hart, does not exceed
any constitutional or statutory limitation.
IN TESTIMOP;Y THEREOF, the City of Fort Worth, in the
State of Texas, has executed this bond by causing it to be sign-
ad by its Mayor and attested by the City Secretary-Treasurer,
with the seal of the City thereunto duly impressed, aid has caused
the annexed interest coupons to.be executed with the facsimile
signature of the Mayor and City Secretary Treasurer, and dated
as the first day of May, A. D. -1928.
CITY OF FORT WORTH, TEXAS.
Mayo r
ATTEST;
City Secretary-Treasurer
(FORM OF COUPON NOTE)
SERIES
NO. $21.25
The City of Fort Worth, in the State of Texas, pro-
mises to pay to bearer Twenty-one Dollars and Twenty-five Cents
(421.25) , on the day of , A. D. 19 at
the Hanover National Bank in the City of New York, N. Y. , for
interest due that day an its municipal bond, dated May 1, A. D.
19,28, and numbered—
CITY OF FORT WORTH, TEXAS
Mayor
ATTZST:
City eezetary--Treasurer
�t31'Tflh II
That the said bonds to to be issued by the City of
Dort Wordy anounting to One Rmdred Thous (Oloo,w oo.oo)
Dollars, out of the said autiorised issue of Tx* fired
Thou"md (0200#000*00) Dollars, shall be issued for the pur-
pose of improving, extmnding and enlarging the Waterworks
System of said City, and shall consist of One hundred (100)
goads, numbered from one hundred one (101) to two hundred
(200) inolusive, and shall beer interest at the rate of four
and one-fourth (4j%) per Cent per arm=, payable soul-axamall7,
as aforesaldI all of Rhidi said one hundred (100) botsda shall
be knom as series No* $4e and shall be styled and designated
as *Waterworks Bonds%
SECTION III
That all of said bonds, comprising tha sum total of
one Rmadred Thousand ]dollars, shall become due and paY&bU
in their nworioal orders and they shall mature In the manner
and amounts as sett out its the tabulated statement herewith
attached, to-wits
SECTION Iv
That the said bonds are I*reby authorized to be
sold to the best advantage, but in no event shall same be
sold for less than par and the accrued interest to the time
of delivery, and the proceeds thereof shall be placed in the
Treasury of the City of Tort Worth and utilized for the ape-
oial purposes for which *ach issue of bonds is created.
SECTION 9
That for the purpose of creating a sinking fund for
the payment and complete extinguishment of the foregoing
bonded debt, principal and interest, and all and every part
of same, there is hereby levied and there shall be assessed
and collected as provided by law, set apart and appropriated
for the said purpose, an annual, direct speolal advalore$
tax for the year 1929, and every successive year thereafter
during the life of Mid bondeddebt or any part thereof of
.38 cents (or such an amount as may be necessary and adequate,
be it more or less) on every One hundred ($100.00) Dollars
of property valuation, real, personal and mixed, subject to
taxation and not exempt therefrom under the Constitution and
laws of the State of Texas, situated and owned in the City of
Fort Worth on the lot day of January, 1929, and on the lot
day of January of each year thereafter until said debt re-
presented by said bonds and coupon interest notes shall have
been fully paid, and if, at any time, such tax should be in-
sufficient, then it shall be the duty of the City Council
or any other governing body of the City of Fort Worth, to
set apart and appropriate such additional amount of money
out of the general revenues of the said City, as may be
requisite to supply the deficiency until all interest shall
have been paid and the sinking fund established as required
by the Constitution of the State of Texas and the Charter
of the City of Fort Worth.
SECTION VI
That it shall be the duty of the City Council of
the City of Fort Worth and its successors, and of the govern-
ment of the City of Fort Worth, by levying taxes for general
purposes for the s$id City of Fort Worth 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 .38 cents on the One Hundred ($100.00) Dollars proper-
ty valuation (or so much thereof as may be requisite and ne-
cessary) provided for to the next preceding section of this
ordinance, and such special tax shall on no account whatso-
ever be displaced therefrom.
SEiCTION VII
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 ex-
tinguishment of the principal of all and singular the bonds
hereinabove mentioned as same matures from time to time, and
shall not be used, applied or diverted to any other purpose
or object whatsoever; and the funds derived from 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 VIII
That as soon as convenient after said bonds have
been prepared and signed in the manner prescribed by this
ordinance they shall be .submitted to theAttorney general
of the State of Texas, at Austin* together with a Corti-
fled copy of this ordinance and a statement of the total
bonded indebtedness of the City of Fort North, including
the bonds herein and hereby authorized, and the assessed
value of the taxable property in said City, for his approv-
al, and none of the said bonds shall be negotiated, sold
or transferred until the same shall have received the of-
ficial sanction of the Attorney 0sneral, as prescribed by
law, and thereafter the bonds shall be presented to the
State Comptroller of Public Accounts for registration.
SECTION Tx
That the City Secretary-Treasurer of the City of
Fort Worth, or other lawful custodian of such funds, dur-
ing the months of August and February of each and every
year, during the life of said bonds or any part thereof,
and not later than the 20th day of each of said months,
shall transmit sufficient money out of the interest funds
hereinbefore created for the payment of seed-annual inter-
est s.co .ing on said bonds, to the Hanover rational Bank
of the City of New York, State of New York, and likewise
remittance shall be made in due course to provide for the
payment of the principal cf any of said bonds in advance
of the maturity of same.
SECTION x
All ordinances and parts of ordinances in conflict
herewith be and they are hereby expressly repealed.
SECTION XI
The holding or adjudication of any section, por-
tion or part hereof to be invalid shall not affect the
validit* of any other section or part of this ordinance,
but all of such other sections, portions or parts hereof
shall be and remain valid.
SE C TI ON Xl:4
That this ordinance shall take effect and be in
full force from and after the date of its passage and it
is so orda Snede
APPROVED A5 TO FORM
City A tterneii
Mayor Wm. Bryce, presiding at said meeting submitted
the motion to adopt said ordinance, and all of the Oouncil-
mdnj including the Mayor, voted *aye" thereon and none voted
"no", and the motion to adopt the o-dinsnae was declared to
be unanimously passed.
THE STATE OF TEXAS
COUNTY OF TARRANT(
I, I. L. Van Zandtj 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 Or-
dinanee No. 1560 and was unanimously passed by the City
Couneil of the City of Fort Worth, Texas at a regular
meeting held in the Ceimoil Chamber at the City Hall on
Wddnesday the 23rd defy of January, A. D. 1929.
:FITNESS my hand at Fort Worth, Texas, this the
23rd day of January, A. D. 1929.
City Secretary-Treasurer