HomeMy WebLinkAboutOrdinance 602 Ordinance No.602.
An Ordinance authorizing the issuance of bonds to
the amount of Four hundred Thousand Dollars for the purpose of
increasing and improving the school facilities in the City of
Fort Worth and in the Independent School District of Fort worth
and for the purchase of lands therefor, the construction of
buildings thereon, and the repair, reconstruction, and renovation
thereof, ADA providLE for the lewd collection of a tax to
pay the interest and create a sinking fund for the 'redemption
said bonds at maturity.
Be it Ordained by the Board of Commissioners of the
City of Fort Worth:-
That , whereas at an election held for the purpose of
determining the question on the llth day of December,. 1917,
which election was ordered and held and of which notice was
given and returns thereof made and canvassed in every respect
according to law, a majority of the property tax paying voters
4t said election voted in favor of the issuance of the bonds
hereinafter mentioned , and, whereas, the Board of Trustees of
the Independent School District of Fort Worth has officially
requested the Board of Commissioners of the City of Fort 'Worth
to issue said bonds in the terms and with the provisions here-
inafter stated, Therefore:
1. Bonds of said City of Fort 'Worth to the amount of
$400,000.00 shall be issued under and by virtue of Section 19
of Chapter XY. of the Special Charter of said City for the
purpose of increasing and improving the school facilities in
said City and in the Independent School District of the City
of Fort Worth, which is co-extensive with said City, and for
the purchase of lands therefor, the construction of buildings
thereon, and the repair, reconstruction and renovation thereof.
2. Said bonds shall be numbered consecutively from one
to four hundred, both inclusive; shall be of the denomination
of 41,000 each, and shall aggregate 4400,000.00.
3. laid bonds shall be dated the 18th day of January, 1918,
and shall become due and payable as follows : Bonds numbers one
to onehundred , inclusive, aggregating ,,.100,000.00, ten years
from their date , and on the same day of each year thereafter
until all the bonds have matured there shall become due in the
retular order in which they are numbered ten bonds , aggregating
�1. �0J0.70� raking t^.e last bond mia �ra foriyears f'resm the
date of said onis.
4. z)aid bonds shall bear interest at the rate of 5, per
annum, payable semi-annually on the 18th day of January, and the
18th day of July, of each year.
5. The principal and interest on said bonds shall be
payable in lawful money of the United States unon presentation
and surrender of bond or proper coupon at the office of the
Ireasurer of the State of Texas or at the Hanover !rational bank
in the City of New York, at the option of the holder.
6. Said bonds shall be signed by the 11ayor and counter-signed
by the City Secretary of the City of Fort ,north, and the seal of
said City shall be impressed upon each of them. The facsimile
signet,fres of the ilayor and City Secretary may be 'llfhographed,
engraved or printed on the coupons.
J�► i
7. Lach of said bonds shall contain the followirng
recitals and provisions : y
"It is hereby recited a.nd certified that this
series of bonds has been authorized b; vote of a
majority of the property tax payers voting at an
election for the purpose of determining the question
hel& an- tha 3Ulh day of JAcembar , 191 r, in sgid _
City; that said election was ordered and held ,
notice thereof given, and returns made and canvassed
in every respect according to law; that all acts,
conditions and things required to be done and per-
formed and to happen precedent to and in the issuance
of this series of bonds and of this bond have been
properly clone and performed and have happened in
regular and due time , form and manner as required by
law; that the total indebtedness of the zoard of
Trustees of the Independent School District (at whose
instance and for whose benefit this bond issue is
made) including the entire series of bonds of which
this is one, and the total indebtedness of said
City of Fort Worth incurred for school purposes,
do not exceed any constitutional or statutory limi-
tation, and that the faith and credit of said Board
of Trustees of the Independent 'School District of
Fort Worth aril said City of Fort Worth are hereby
pledged for the punctual payment of the principal
and the interest on this bond."
8. To pay the interest on said bonds and create a
sinking fund efficient to discharge them at maturity, a0.J tax of ,.' 2MZ cents on each 10O valuation of
all taxable property in said City of Fort 4orth shall be
annually levied on said property and annually assessed and
collected until said bonds and interest are paid , and
said tax is here now levied for the current year and for
each succeedirig year while said bonds are outstanding, and
the same shall be assessed and collected for the current
year and annually hereafter and applied to the purposes
named.
9. John C. Griffith, President of the Board of Trustees
of the Independent School District of Fort north, is hereby
authorized to take and have charge of said bonds pending
I their investigation and approval by the attorney General of
Texas and their registration by the Comptroller o-f the State,
and die is further authorized to negotiate the sale of said
bonds after their approval and registration sN,a wo
provided that
no bond shall be sold at less t?�.an its par valueia—ameA.so-u-=, `ems —
I OK I hereby certify that the above and fore going
Ordinance was duly presented and unanimously gassed
and adopted by the Board of Commissioners of the
"City of Fort Worth,Texaaat a regular session of
said Board held fiudaday January Bth,A.D.1918.
City c .,ts,ry2 f