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HomeMy WebLinkAboutOrdinance 2102 ORDINANCE NO. 2102 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGO- TIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF THREE HUNDRED AND FORTY THOUSAND DOLLARS ($340,000.00), OUT OF AN AUTHORIZED ISSUE OF ONE MILLION, ONE HUNDRED AND TWELVE THOUSAND DOLLARS ($1,112,000.00) WORTH OF SAID BONDS, AND BEING KNOWN AS SERIES 69 AND DESIGNATED AS "STREET ni- PROVEMENT BONDS," TO BE ISSUED FOR THE PURPOSE OF CONSTRUCTING, IMPROVING AND EXTENDING THE STREETS, THOROUGHFARES AND STORM SEWERS OF SAID CITY, INCLUDING IN SUCH PERMANENT IMPROVEMENTS THE STRAIGHTENING, WIDENING, PAVING, (MADE SEPA- RATION, LIGHTING AND DRAINAGE OF SAID STREETS AND THOROUGHFARES FOR SAID CITY, EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND DOLLARS ($1,000,00), TO BE DATED APRIL 1 1941, MATURING FROM ONE (1) TO TWENTY-FIVE (251 YEARS FROM THE DATE THEREOF, THE FIRST ONE HUNDRED AND THIRTY-THREE THOUSAND DOLLARS ($133,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF TWO AND ONE-HALF PER CENT (2sj%) PER ANNUM AND THE RE- MAINDER TO BEAR INTEREST AT THE RATE OF TWO AND ONE--FOURTH PER CENT (2j%) PER ANNUM, SAID INTEREST BEING PAYABLE SEMI-ANNUALLY, THE INTEREST TO BE EX- PRESSED IN COUPON NOTES ATTACHED TO THE BONDS; DIRECTING THAT THE SAID BONDS BE EXECUTED BY THE MAYOR AND CITY SECRETARY; PROVIDING FOR AN ADE- QUATE 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 MA- TURES 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 12th day of February, A. D. 1941, 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 4th day of March, A. D. 1941, 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 One Million, One Hundred and Twelve Thousand Dol- lars ($1,112,000.00) for the purpose of constructing, improving and extend•• ing the streets, thoroughfares and storm sewers of said City, including in such permanent improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares 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 4th day of March, A. D. 1941; and, WHEREAS, said election order and proclamation thereof were pre- pared and published in the manner and for the time prescribed in said or- dinance; and, WHEREAS, on the 4th day of March, A. D. 1941, said election was 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, WHEREAS, the official ballot on said occasion, in conformity with the ordinance of the City Council hereinabove mentioned and in so- cordance 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 Council, 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 es- tablishing, equipping, extending and improving municipal airports and land- ing fields for airplanes, aircraft and other aerial machines, and acquiring the necessary lands and property 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 four per cent (4%) 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 Airport Bonds. AGAINST the Issuance of Airport Bonds. II. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of One Pillion, One Hundred and Twelve Thousand Dollars ($1,112,000.00) for the purpose of constructing, improving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent improvements the straighten- ing, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, said bonds being payable serially as may be determined by the City Council, so that the last maturing bonds shall be- come payable within forty (40) years from the date thereof, bearing inter- eat at a rate not to exceed four per cent (4%) per annum from the date thereof, payable semi-annually, and levy a sufficient tag to pay the in- terest 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 Council., issue its negotiable coupon bonds in the principal sum of Three Hundred and Twenty Thousand Dollars ($320,000.00) for the purpose of constructing, building and equipping additional incinerators for said City and acquiring the necessary lands and sites 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 four per cent (4%) 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 Incinerator Bonds. AGAINST the Issuance of Incinerator Bonds. IV, Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of One Hundred and Sixty Thousand Dollars ($160,000.00) for the purpose of building, enlarging and improving the garages and repair shops of said City and acquiring the necessary lands and site 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 (401 years from the date thereof, bearing interest at a rate not to exceed four per cent (4%) per annum from the date thereof, payable semi-annually, and levy a sufficient tax to pay the inter- est on said bonds and create a sinking fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Garage and Repair Shop Bonds. AGAINST the Issuance of Garage and Repair Shop Bonds• v. Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the rincipal sum of One Hundred and Fifty-eight Thousand Dollars ($156,000.04 for the purpose of improving, extending and enlarging the sanitary sewer system and sewage disposal plant of said City, 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 four per cent (4%) per annum from the date thereof, payable semiannually, 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 Sanitary Sewer System and Sewage Disposal Plant Bonds. AGAINST the Issuance of Sanitary Sewer System and Sewage Disposal Plant Bonds&; and, WHEREAS, in the election held in said City of Fort Worth, Texas, on the 4th day of March, A. D. 1941, 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 tax. able 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, 'wiHEREAS, 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 Three Hundred and Forty Thousand Dollars ($$340,000.00) worth of said bonds, out of an authorized issue of One Million, One Hundred and Twelve Thousand Dollars (4$1,112,000.00), be issued in bonds at this time, said bonds to be issued being Series 69 and designated as "Street Improve- ment Bonds"; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT MRTH, TEAS: SECTION I. That pursuant to Section 19 of Chapter XXV of the Charter of the City of Fort Worth, Texas, adopted by the qualified voters within the cor— porate limits of said City 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 qualified electors of the City of Fort Worth, Texas, who own taxable property in said City and who have duly rendered the same for taxation, at an election held in said City for such purpose on the 4th day of March, A• D. 1941, that the municipal government of the City of Fort Worth, Texas, issue its corporate negotiable coupon bonds in the principal sum of Three Hundred and Forty Thousand Dollars ($340,000.00), out of an authorized is- sue of One Million, One Hundred and Twelve Thousand Dollars ($1,132,000.00), which bonds were authorized to be issued at a proper election held on the 4th day of March, A. D. 1941, and which bonds are known as Series 69 and designated as "Street Improvement Bonds," and the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated April 1, 1941, the first One Hundred and Thirty—three Thousand Dollars ($133,000.00) worth of said bonds to bear-interest at the rate of two and one—half per cent (2j%) per annum, and the remainder to bear interest at the rate of two and one—fourth per cent (2j%) per annum, payable semi-an- nually on the first day of October and April of each year respectively, both principal and interest of said bonds being payable at the Central Hanover Bank and Trust Company, in the City of New York, State of New York, the semi— annual interest being evidenced by interest coupons attached thereto, all of said bonds to be executed for and on behalf of the City of Fort Worth, Texaa, by the Mayor thereof, attested by its City Secretary, with the seal of the City thereon duly impressed, but the interest coupons to be executed with the lithographed facsimile signature of the Mayor and City Secretary of the City of Fort Worth, Texas. Each of said bonds and coupons shall be negotiable and payable to bearer, and said bonds shall be numbered in the way and manner hereinafter set out, so that the last maturing bond shall become payable within twentyF+five (25) years from the date thereof, and the bonds themselves, three hundred and forty (340) in number, shall be numbered consecutively from one (1) to three hundred and forty (340), ino elusive, and shall mature in the amount and manner hereinafter set out. Said bonds shall be used for the purpose of constructing, improving and ex- tending the streets, thoroughfares and storm sewers of said City, including in such permanent improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares for said City. That the general form of said bonds and the coupons thereto an- nexed and the interest added to said bonds shall be executed substantially in the following form: SECTION U. That the said bonds so to be issued by the City of Fort Worth, Texas, amounting to Three Hundred and Forty Thousand Dollars ($340,000.00), shall be issued for the purpose of constructing, improving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares for said City, and shall consist of three hundred and forty (340) bonds numbered from one (1) to three hundred and forty (340), inclusive, the first One Hundred and Thirty-three Thousand Dollars ($133,000.00) worth of said bonds to bear in- terest at the rate of two and one-half per cent (2-j%) per annum, and the remainder to bear interest at the rate of two and one-fourth per cent (2j%) per annum, payable semiannually as aforesaid, all of which said three hundred and forty (340) bonds shall be known as Series 69 and shall be styled and designated as "Street Improvement Bonds"; that all of the said bonds, comprising the sum total of Three Hundred and Forty Thousand Dollars ($340,000.00), shall mature in numerical order in the manner and amounts as set out in the tabulated statement herewith attached, to wit: SECTION III, That the said bonds are hereby 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 to be placed in the treasury of the City of Fort Worth and utilized for the special purposes for which they are created. SECTION IN. That for the purpose of paying the interest of said bonds, as well as the various installments of principal, as the same shall respec— tively mature, there is hereby levied for the year 1941 and for each suc— ceeding 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 property in the City of Fort Worth, Texas, liable to taxation, a straight ad valorem tax of 1.0229 cents on the one hundred dollar valuation of said property, or so much thereof as may be necessary, and if at any time the amount of said tax shall not be sufficient 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 from said tax suf— ficient to meet the requirements aforesaid for interest and annual install- ments 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 an— nually 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 authorizedo SECTION Y. 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, by levying taxes for general purposes for the said City for the year 1941 and for every successive year during the life of said bonded indebted— ness or any part thereof, to include in such levy the special tax of 1.0229 cents on the one hundred dollar property valuation (or so much thereof as may be requisite and necessary), provided for in the neat preceding section of this ordinance, 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 singular 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 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. SWrION VII. That as soon as convenient after said bonds shall have been pre— pared and signed in the manner prescribed by the ordinance, they shall be submitted to the Attorney General of the State of Texas, together with a certified 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 transferred until the same shall have received the official sanction of the said At— torney 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 law" ful custodian of such fund, during the months of September and March 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 funds hereinbefore created for the payment of the semi—annual interest accruing on said bonds to the Central Hanover Bank and Trust Company, of the City of New York, State of New York, and like- wise proper remittance shall be made in due course to provide for the pay— ment of the principal of any of said bonds in advance of the maturity of same. SECTION IX. That all ordinances and parts of ordinances in conflict herewith be and they are hereby expressly repealed. SECTION %. That the holding or adjudication of any section, portion or part hereof to be invalid shall not affect the validity of any other section or part of this ordinance, but all such other sections, portions and parts hereof shall be and remain valid. SECTION %I. That this ordinance shall take effect and be in full force and ef— fect from and after the date of its passage, and it is so ordained. Mayor of the City of Fort PPo� , ATTEST: Texas City- Secretary of the City Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: City Attorney of the City of Fort Worth, Texas NO. UNITED STATES $ OF AMERICA STATE OF TEXAS, COUNTY OF TARRANT SERIFS 69 C I T Y O F F O R T W 0 R T H ---000O000--- Street Improvement Bond of the City of Fort Worth issued for the purpose of constructing, improving and extending the streets, thorough- fares and storm sewers of said City, including in such permanent improvements the straightening, widen- ing, paving, grade separation, lighting and drainage of said streets and thoroughfares. KNOW ALL MEN BY THESE PRESENTS: That the government of the City of Fort Worth, a municipal cor- poration duly created under the laws of the State of Texas, hereby acknowl- edges itself to owe, and for value received promises to pay to bearer, ONE THOUSAND DOLLARS ($1,000000) in lawful money of the United States of America, on the first day of April, A. D. 19 , together with interest thereon at the rate of percentum ( %) per annum, payable semi-annually on the first day of October and April in each year, on presentation and surrender of the annexed interest coupons as they severally fall due. Both the principal and interest of this bond are payable at the office of the Central Hanover Bank and Trust Company, in New York City, New Yorl , 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 three hundred and forty (340) bonds numbered consecutively from one (1) to three hundred and forty (340). inclusive, in the denomination of One Thousand Dollars ($1,000.00) each, amounting in the aggregate to the sum of Three Hundred and Forty Thousand Dollars ($340,000.00), issued for the purpose of constructing, improving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent improvements the straightening, widening, pav- ing, grade separation, lighting and drainage of said streets and thorough- fares, under and by virtue of the Constitution and laws of the State of Texas, the Charter of the City of Fort Worth, and an ordinance lawfully passed and adopted by the City Council of the City of Fort Worth. It is hereby further expressly represented, recited and cove- nanted by the government of the City of Fort Worth, to and with each and every holder of said bonds or any one of them, that all acts, conditions and things required by the laws of the State of Teams, and of the Charter and Ordinances of the City of Fort Worth, precedent to and in the issuance of this bond, have been done, have happened, and have been performed in proper and lawful time, form and manner as prescribed by law, so as to make this bond a legal, binding and valid obligation of the City of Fort Worth, and that provision has been made for the levy and collection of a direct annual tax on all taxable property in the City of Fort Worth, and that such tax has been levied in a sufficient amount for the payment of the principal and interest of this bond at the respective maturity dates thereof, and that the total indebtedness of said City, including this bond and the issue of which it is a component part, does not exceed any constitutional or statutory limitation. (FORM OF COUPON NOTE) NO. The City of Fort Worth, in the State of Texas, promises to pay to Bearer ($ ) on the lot day of , 19 at the Central Hanover Bank and Trust Com- pany, in the City of New York, New York, for interest due that day on its Street Improvement Bond, Series 69, dated April 1, 1941, and numbered CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary (CERTIFICATE OF COMPTROLLER) OFFICE OF COMPTROLLER, STATE OF TEXAS. I do hereby certify that there is on file and of record in my of— fice a certificate of the Attorney General of the State of Texas to the ef- fect 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 IN TESTIWNY WHEREOF, the City of Fort Worth, in the State of Texas, has executed this bond by causing it to be signed by its Mayor and attested by the City Secretary, with the seal of the City thereunto duly impressed, and has caused the annexed interest coupons to be exew cuted with the facsimile signature of the Mayor and City Secretary, and dated as the first day of April, A. D. 1941. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary CITY OF FORT WORTH PRINCIPAL MATURITIES $340,000.00 STREET IMPROVFXWT BONDS DATED APRIL 1, 1941 DUE APRIL 1ST PRINCIPAL MATURING 1942 $ 9,000.00 1943 10,000.00 19" 10,000.00 1945 10,000.00 1946 11,000,00 1947 11,000.00 1948 11,000.00 1949 11,000.00 1950 12,000.00 1951 12,000.00 1952 13,000,00 1953 13,000.00 1954 13,000,00 1955 14,000.00 1956 14,000.00 1957 15,000.00 1958 15,000,00 1959 15,000.00 1960 16,000,00 1961 16,000.00 1962 17,000.00 1963 17,000.00 1964 18,000.00 1965 18,000.00 1966 19,000,00 ORDINANCE Date .�fG 1 City Secre