HomeMy WebLinkAboutOrdinance 1106 The City Qounatil of �r City of Fort :mrth peat in
regular session in Cho council Chamber at the City IiAll at
9t50 A. Pu&sdny the 29th day of Decomber, A. D. 1925, rand
upon roll call the foll.,::1xg were presenLi H. O. 7,1eachawy-,
f�lpyor, •Villard Burton, A. 1-. Thomas, Bryce, a. T. Rerfro,
,:,. Varmigs '•,. Austin and L. :'. Hard, Councilmen oor►stitu-
i-ln a quorum and majority of said Board, and I. r}. Van 7..azdt
Jr., City was in attendance at said meeting,
and the follow lag proovedings, among other thini5s were hxd and
donet
0ouna3ilman Card, seoonQed oy Councilman horns, moved
the adoption of the following Ordt mr4e:
AN XiTilliAnCr _ROV1i 1 i2 i FOR T11S T_1SOPiiiGL OF
KF40TIABLE acui•.as r3u?d C6 0? O.
OF THE CITY OF FORT ,tiOHTU, AIJOUNTINO TO .1IE
. RINCIPAL SUN OF U 39 RDNDnD TU00A: ND DOL-
LARS (4100p4W40) OUT OP AN AUTHORI'?X0 Ir'::>_V.
OF FIVU RUFOnD MOU A D DOLW:s ( 5W,000•OO)
AND BLIND KNOWN A3 allTES FORTY- .13HT (48) AND
Dls: T NATI€D AS "VA M iMINO TO 13E USLD FOR MAKING
I•°.MUNUNT IIEPROVI0"S 1H M CITY OF FORT NORTH
BY :URa3HA'i1X0, A949Z.RIM, AND I FTOVIIW 1AND AND
-VRC"iwy POR PUBLIC PARKS IN SAID CITY; A'_L OF
SAID BOARS To M IN 111E Ib-NOVINArION of ONE
THOUSAND DOf L&KS (61*000#00) EAQU' "O i3i D TI30
JANUARY IST$ 192$, MATURING F:RON FlYs (5) 'TO I'Dwy
(40) YEA,N". FROM TiW 3)AT'ik Tlitu a g "id) WU SATIN 114-
:�S7.r: AT 'M RATE O* NOV AND ONE-11A[Y ( ) PXR
Ur_"' i .'11;h AIMUN, :A'YABLE =I-ANNUALLY, INT'3 RB--�T
..ZED IN OO_W'0N I10TI% A`i"1AG]ii+.]) TO TRIi ;iONDS
DIRECTING AILL &�:.CII110K OF SAID I3f31'iM 13Y M J AXOR
AND CI'2Y AND PROVIDING ftri AN
,'Xh.,WTL Tu fiEVY FOR THE iA '' T QF M INTWMST ON
SAID BOHM, AND TO GN_ ,ATL A SINKING rUND FOA TEZ
?AYRLN?.OF •iM, ;'it,INL'IPAL � ,RnOF A5 UJW MATURNS
FROM TIi.E TO t'Ia, AND ?ROVIDING THAT T%IS ORDINANCE
MALL TAKE RFVHCT FROM AND AFT:•.1s �H!, D,.Tk: OF ITS
.e ASHAOE.
I.
K vj, on the 3rd day of November, A. D. 192b, pur-
suan't to Citu authority vested in said City by section 19 of
Chapter AXV of the Cbarter of the said City of Fort Worth,
adopted by the qualified voters within than limits of said
City on the 11th day of December, 1924, and the laws and
constitution of the state of Texsap the City Council of the
City of Fort Worth, Texas# by resolution and order of that
date, directed the subsaission to the property tax paying
qualified voters of said Cit.i, at an election to be held in
the City on the 24th day of govszber, A. D' 1926, of the
right, power and autherity of the City Counail of said City
to issue negotiable coupon bonds of the corporate goveramt ant of
said City in the principal sum of Five wired Thousand Dollars
(;�50C,000*pt}) which vwunt was to be used for the purpose of
making permanent Improvemonts in said City by purchasing, so
quiring and improving land and property for public parks in
said City; and
. i.:_ in eonformity with said resolutions and order
the Mayor of said City did make proolamtion of said elootion
and tho slate for same was set on the 24th day of November, fi.
D. 1926; and
tt;-..,.f.a, publication was made of said election in the
manner and for the time prescri od in said resolutions and
election ordered; and
_ . on the 24th day of Rovesiber, ,, D, 1925,
said election was held in the City of Fort .north., iit the
respective polling plaaoss .��sigmted in the election order,
at which said election each issue of bonds was subaaltted as a
separate and distinatt proposition to the voters of said City,
the official. "ballot on such election, in oonforsnity with the
,resolution of the City Council and the order of the election, and
which resolution contained other propositions in addition to the
one described is this ordinance, in form and in substanoe was
as followst
OFFICIAL- BALLOT
I.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds, running from five (5) to Forty (40)
years in the principal sum of Three Million Three Hundred Thousand
(�3,300,Og0.00) Dollars; for the purpose of improving and extending
the water and sanitary sewer system of s aid City, the first of said
bonds being payable at the expiration of five (5) years from the date
thereof, and s erially thereafter as may be determined by the said
Oity Council, so that the last maturing bonds shall become payable
:ithin forty (40) years from the date thereof, bearing interest at a
rate not to exceed five per cent (51) per annum from the date thereof,
ijayable semi-annually, and levy a sufficient tax to pay the interest
on said bonds and create a sinking fund sufficient to redeem said
aonds a t the maturity thereof?
FOR the Issuance of `Hater and Sanitary Sewer Bonds.
AGAINST the Issuance of Water and Sanitary Sevier Bonds.
II.
Shall the City of Fort Worth, through its City Council, issue
its negotiable coupon bonds, running from five (5) to forty (40)
,years, in the principal sum of Two Million Two Hundred Thousand
( ?�000,000.00) Dollars, for the purpose of constructing, improving
and extending the streets, thoroughfares and storm sewers of said
city, including in such permanent improvements the widening, paving,
grade separation, bridges and drainage, the first of said bonds be-
ing payable at the expiration of five (5) years from the date thereof,
and serially thereafter as may be determined by the said City Council,
so that the .last maturing bonds shell become payable within forty (40)
years from the date thereof, bearing interest at a rate not to exceed
five per cent (5%) per a nnum from the date thereof, pa yable 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 ma-
turity thereof?
FOR the Issuance of Street Improvement Bonds.
AGAINST the Issuance of Street Improvement Bonds.
III.
Shall the City of Fort Worth, through its City Council, issue
itp negotiable coupon bonds, running from five (5) to forty (40)
years, in the principal stun of Seventy-One Thous and (�71,000.00)
Dollars, for the purpose of constructing, building and equipping an
additional incinerator plant for the City of Fort :North, Texas, and
purchasing the necessary lands and site therefor, the first of said
bonds being payable at the expiration of five (5) years from the
date thereof, and serially thereafter as may be determined by the
said City Council, so that the last maturing bonds shall become
payable 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 s aid 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, through 'its City Council, issue
its negotiable coupon bonds, running from five (5) to forty (40)
,years, in the principal sum of Five Hundred Thousand (1500,000.00)
Dollars, for the purpose of purchasing, acquiring and improving
'Lands and property for public pr.rks in th-.e City of Fort Worth, the
first of said bonds being payable at the expiration of five (5) years
from the date thereof, and. serially thereafter as may be determined
by the said City Council, so that the last maturing bonds shall be-
come payable within forty (40) years from the date thereof, bearing
.nterest at a rate not to exceed fiv:: po:- cent (5%) per annum from
h1ae data thereof, payable semi-annually , -nd l—,y a sufficient tax
to pay the interest on said bonds and create a sinking fund suffi-
cient to redeem said bonds at the maturity thereof?
FOR the Issuance of Park Bonds.
AGAINST the Issuance of Park Bonds.
V.
Shall the City of Fort Worth, through its City Council, issuo
its negotiable coupon bonds, runningg from five (5) to forty (40)
years, in the principal sum of Ono Atundred and Seventy Thousand
($170,000.00) Dollars, for the purpose of purchasing, acquiring and
improving playgrounds, athletic fields andnother recreation faell-
ities of a permanent nature in said city, the first of said bonds
being payable at the expiration of five (5) years from the date
thereof, and serially thereafter as may be determined by the said
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 s ufficient 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 Recreation Bonds.
AGAINST the Issuance of Recreation Bonds.
VI.
Shall the City of Fort Worth, through- its City Council, issue
its negotiable coupon bonds, running from five (5) to forty (40)
years, in the principal sum of Eighteen Thousand (4$18,000,,00) Dol-
lars, -for the purpose of constructing, building and equipping an
addition to the City-County Hospital in the City of Fort Worth, Tex-
as, the first of said bonds being p ayable .at the expiration of
five (5) years from the date thereof, and serially thereafter as may
be determined by the said 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 sink-
ing fund sufficient to redeem said bonds at the maturity thereof?
F03 the Issuance of City-County Hospital Bonds.
AGAINST the Issuance of City-Council Hospital Bonds.
VII.
Shall the City of Fort Worth, through its City Council, issue
its negotiable coupon bonds, running from five (5) to forty (40)
years, in the principal sum of One Million Four Hundred Thousand
($1,400,000.00) Dollars, for the purpose of constructing, improving
and extending its system of streets and thoroughfates by construct-
ing, improving and extending Anew main afterial'stredt and thor-
oughfare running north and south and a new main arterial street and
thoroughfare extending east and west through said city, including
in such permanent improvements grade separation, bridges, drainage
and the purchase of right of way, the first of said bonds being pay-
gble at ,the expiration of five (5) years from the date thereof, and
serially thereafter as may be determined by the said City Council,
so that the last maturing bonds shall become payable within forty
(40) years from the date thereof, bearing interest at a rate not to
exceed five per cent (5%) per annum from the date thereof, payable
semi-annually, and levy a sufficient tax to pay the interest on
said bonds and create a sinking fund sufficient to redeem said bonds
at the maturity thereof?
FOR the Issuance of Main Arterial. Thoroughfare Bonds.
AGAINST the Issuance' of Main Arterial Thoroughfare Bonds,
M�46 4S# at the elecrkV)n hold in said City M US 241h.
day -if U@vmb*r,, thsr,� iorr" 2%416, vales cast in fbvor
-?f the is usnoe of said Park klonds and 4#f'c%3 vfAea aaat +rgai.nat
the iar no* of bask handap fearing a wASnAty in favn.r .if the
is$usAa4 of +arid Pi�rds P)f 21) Y,Yt6a t srid
wji .% A-V by virtue of said +aleati n the W"d Aty
loimoll tz ve oted w.Lth nsfxer azd auti.ori.ty by and from 'the
people to kmous uaid b�,cda for the per+se afremuti❑ned,and
"k! Gi4me valid, and binding obilgriti,.3o of t1to onrpor-te gov*r-
mant lint the 'ity of Fort north; ead
.iii::_ ►.:�. it is deemed ,vise a d expedient by the City
lrsanail of the City of Fort ror'Ch, In the exeraias or the d10-
cretirnn reposed In it by law, thrt, nnly ow Hundred T'Ln.ia,.nd
Dal Lru ($ 100,000.)) v*rth of tim authaA--ePd Is -:us fear of
Five Mindrod Thoucend Do17.ara (15001,000.00) 'A Ls-ut-d In 1) u,J a
at tithe tljo; ewid "nda tr. bps ImI4 being a pert nt seit3aa
iA FuiA,
FLAT vcRTR,TUAa;
�GTI..19 I.
That purounat to sactinn 19 of dhopter XXV -f the
Chaxte: of the dity of Fart ifs}sth, dd meted by the waliftsd rntero
Athin the or.Wpruto 11mite .-)f said 4xty on the 11th. day, of Deo-
evber# A.D.Zj:.'fl, r.nii the lILvi and oonatitutitrn of this hats, and
paraw.nt tip ? vris of the property tRx paying voters of the Ulty
of ioirt aeetbo at an slaetLon held in said ally for mWb furposea
on the *tb.ds:y of N*vember,f..r,.V3E5} That the �Mmiatival So►Inm-
merit of the lity of Fort 1 orth i una Un a srporuta negotiable
Ooupnn bonds in the principal spa of :one f aAred Thn,umand Doll-2 re
-.'4.00) out of an authorized ii1 iUM rt said eleatiou of Five
ffuyidre4 Thousand uollt.xs W0*000.00)1, -Vd trbich buthIrlsed terirae
is known as series forty-eight (14l;) and deatgnated as Oi'ark z inds"
and the bonds so to be 1 s,Led ale ll be In the de mnuimt Lon of Czw
Thausaad Dollars (A p0,1V@00) en.eu, dated January lat.19260 bearlig
interest at the rate of four and 6heehaTf:7p6bsoent
per annum9ppyable semi-annually on the first day of July and
January of each yeat respectiveljr, both principal and interest
on se id bonds payable at the Hanover Natioejl Bank &n the City
of New York, State of New York, the semi-annual interest evi-
denced by interest coupons attached thereto,all of said bonds
to be executed for and on behalf of the City of Fort Worth by
the Mayor thereof, attested by its Secretary-Treasurer, with
the seal thereon duly impressed, bItt the interest coupons to be
executed with the lithographed facsimile signature of the Mayor
and Secretary- Treasurer of the City of Fort Worth, each of said
bonds and coupon shall be negotiable and payable to bearer and
said bonds numbered in the way and manner hereinafter set out,
maturing five (5) years from the date thereif and annually
thereaf*er until the last maturing bonds shall become payable
within forty (40) years from the date thereof.
That the general form of said bonds and the
coupons thereti annexed and the interest tb be added to laid
bonds shill be executed in substantially the following form,
t o- wit:
UNITED STATES OF AMER_ICI:,
STATE OF TEXAS,
COUNTY OF TARRANT,
CITY OF FORT WORTH.
Bond of. the
City of Fort Worth (here insert a general description'of the pur-
poses for which s aid bond is issued) .
eta.
KNOW ALL MEN BY THESE PRESENTS:
That the governmant of the City of Fort Worth, a
municipal corporation, duly created under the laws of the State
of Texas, hereby ackno;vledges` itself to `owe, and for value re-
ceived promises to pay, to bearer, One Thousand ($1,000.00) Dol-
lars, in lawful money of the United•Staters of America, on the
d y of � _ � _, A. D. •19 togother with in-
terest thereon at the r<<te of p•.:r centum per annum, payable
semi-annually on the first day of July a nd Ja nuary 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 Hanover National Bank, in
hew York City, N. Y., and for the due and punctual payment of this
bond at the =turity thereof:, and the interest thereon, when it
falls due, the full faith credit and resources of the City of Fort
Worth are hereby irrevocable pledged.
This bond is one of a series of
( } bonds numbered consecutively from One (1) to
( }, inclusive, ea ch of the
denomination of One Thousand Dollars ($1,000.00), amounting in the
aggregate to the sum of Dollars ($
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 s aid City lawfully passed and adopted on the
day of December, A. D. 1925, pursuant to valid authority frog►
the property tax paying qualified voters of said City, at a proper
and legal election held on the 24th day of November, A. D. 1925.
It is hereby further expressly represented, re-
cited and covenanted by the goverrnnent of the City of Fort Worth,
to and with each and every holder of said bonds or any one of thepl,
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 '^1rth, precedent to and in the issuance of this bond, have
bgen done, have happened, and have been performed in proper and law-
ful 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 levyrand 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 4-WHEREOF, the City of Fort Worth, in tie
State of Texas, has executed this bond by causing it to be signed
by its Mayor and Attested by the City Secretary-Treasurer, with the
peal of the City thereunto duly impressed, and has caused the annexed
interest coupons to be executed with the lithographed facsimile
signature of the Mayor and City Secretary-Treasurer, and dated as
the first day of January, A. D. 1926.
THE CITY OF FORT WORTH, TEXAS,
�r
ATTEST:
11"Y 3Lflif[I!.TAH " RE"UNER
(FORM OF COUPON NOTE)
NO._ _!
The City of Fort Worth, in the State of Texas,
promises to pay to bearer
Dollars, ( ; , on the day of ,
A. D. 19 , at the Hanover Naticnal Banit in the City o New
York, N. Y., for interest due that day on its municipal bond
dated January lst, A. D. 2.926, and numbered.
Thy C_T_TY OF FORT WORTH, TEXPS,
ATTEST:
CITY SECR A - —NSUEE'i ,
SECTION II.
That the said bonds so to be issued by the City
of Fort Worth amounting to One Hundred Thousand Dollars
($100,000.00) out of the said authorized issue of Five
Hundred Thousand Dollars ($500,000.00) shall be issued
for the purpose of purchasing, acquiring and improving
lands and property for public parks in said City, and
shall consist of one hundred bonds, numbered from one
to one hundred, inclusive, and shall bear interest at the
rate of four and one-half (4 %) per cent per annum, pay-
able semi-annually as aforesaid, all of which said one
hundred bonds shall be a part of Series 48, and shall
be styled and designated as "Park Bonds".
SECTION III.
That all of said bonds comprising the sum total
of One Hundred Thousand Dollars ($100,000.00) shall mature
in the manner and amounts as set out in the tabulated
statement herewith attached, to-grit:
MY OF FORT WORTH
PMNOIFAb JUNRI TIES
4100,M0. PARK BONDS
OATO M IS?, 1926
M ;AN IST PRINCIPAL
]UTURrNG
121L 2,,000:
32 ?l om
w a,000:
$a 20000*
P.,000;
36 2,000"
s7 2®000;
as 2,000:
39 3,000:
40 3 0004
41 3,000•
42 4 000.
4$ 3 ,0004
44 3,000♦
45 3,000 6
46 30 000 a
47 3,000.
48 3,000.
49 5,000,
60 3«000;
51 3 000:
52 3,000.
84 30000.
Sb 3■000,
56 4000.
By 3,000.
b8 3,000.
b9 31000
60 3;U00:
a 8,000,
62 3,fl00:
3,000•
b4 3,004
88 3,`�000�
66 3,000.
SECTION IV
That the said bonds are hereby authorised 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 placed in the
Treasury of the City of Fort Worth and utilised for the
special purposes for which such bonds are created.
SECTION V
That for the purpose of creating a sinking fund
for the payment and complete extinguishment of the fore-
going bonded debt, principal and interest and all and every
pert of same, there is hereby levied and there shall be
assessed and collected, as provided by law, not apart and
appropriated for said purpose, an annual, direct, special
ad valorem tax for the year 1926 and for each successive
year thereafter during the life of said bonded debt, or
any part thereof, of *onto ( .4W) (or such an amount
as may be necessary and adequate, be it more or less)
on every One Hundred Dollars (6100.00) of property valm-
tioae 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 first day of January, A. D. 1926, and on the first
day of damary of each year thereafter, until said debt
represented by said bonds and coupon interest notes shall
have been fully paid, and if at any time such tax should be
insufficient, then it shall be the duty of the City Council,
or other governing body, of said City of Fort worth to not
apart and appropriate such additional amount of money out
of the general revenues of 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 by the Charter of
the city of Fort Worth.
SECTION VI
That it shall be the duty of the City Council
of tho City of Fort Worth, and their successors in office,
and-of the government of said City of Fort Worth, in levy-
ing taxes for gemaral purposes in said City for the year
1826, and for every successive year during the life of said
bonded debt, or any part thereof, to include in such leery
a special tax of,.,�42 cents (424) on the one Hundred
Dollars ("*00) property valuation (or so much thereof
as may be requisite and necessary) provided for in the next
preceding section of this ord€to oe and such apecial tax
shall on no account whatsoever be displaced therefrom*
SECTION VII
That the special tax hereinbsfore provided for,
when oollested, shall be placed and kept in a separate
fund and shall be devoted to the payment of the interest
and the extinguisbment of the principal of all and singular
the bonds herelnabove mentioned, an same mature from time
to time, and shall not be used, applied or diverted to any
other purpose or object whatsoevere
SECTION Vill
That as soon as convenient after said bonds shall
have been prepared and signed in the mamier prescribed by
this ordinance, they shall be submitted to the Attorney
General of the State of Texas, at Austin, together with a
certified copy of this ordinance and a statement of the
total bonded indebtedness of the City of Fort Worth, in-
eluding the bonds herein and hereby authorized and the
assessed value of the t*xable 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 said Attorney Generall, as preserlb-
ed by law, thereafter said bonds shall be placed with the
Comptroller of Public Accounts for registration.
SECTION IX
The Gity Secretary-Treasurer of the City of
Fort Worth, or other lawful ouH todisn of such f►uAs, dur-
ing the months of Dine and December of each and every year,
during the life of said bonds or any part thereof, and
not later than the 20th stay of each of said months, shall
transmit sufficient money out of the interest funds here-
inbefore created for the payment of the semi-annual interest
accruing on said bonds to the 33anover Vational Bank of
the City of Now York, State of Now York, and likewise re-
mittance shall be roads in due oov sa to provide for the
payment of the priz*ipal of any of said bonds in advance of
the maturity of same s
SECTI0N X
All ordinances and parts of ordinances in con-
fliet herewith be and they are hereby expressly repealed,
SECTION XI
The holding or adjudication of any ssat►lon, por-
tion or part hereof to be invalid shall not affect the
validity of arq other section or part of this ordinacseo, but
all such other sections, portions and parts hereof shall be
and remain valid.
SECTION III
That this ordinance &hall take effeot and to in
fu.0 force from and after the date of its passage and
it is so ordained.
CITY OF FORT WORTH# TEXAS
APPAOUD AS TO b'OM
By
inyor
CM Atsmy
By
ATT98T:
City secrets 7a.surer l
Mayor H. C. Meacham, presiding at said ww#fng,
submitted the motion to adopt said ordinance and all of
the Councilmen, including the Mayor, voted. "Aye" thereon
and none voted "Ho", and the motion to adopt the ordinance
was declared to be unanimously passed and adopted.
THE STATE OF "a".6 �
COUNTY OF TARRANT.
I, I. L. Van Zandt, dr., City aeoretary-Treasurer
of the City of Fort Worth, do hereby oartify that the above
.and foregoing ordinance is a tree and correct cops of
Ordinance NO. �, and that same Was unanimously passed
and adopted by the City Council of the City of Fort Worth,
Texas, at a regular meeting held in the Council Chambers
at the City Hall on Tuesday the 29th day of December, A. D.
1925.
Witness my hand at Fort Worth, Texas, this the
day of December, A. D. 1925,
secFe"MF - rsasurer