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HomeMy WebLinkAboutOrdinance 4708 O FFICIAL RECORD ORDINANCE NO. Y SECRETARY WORTH, TEX. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SIX MILLION, EIGHT HUNDRED THOUSAND DOLLARS ($6,800,000.00) OF CITY OF FORT WORTH, TEXAS, GENERAL PURPOSE BONDS, SERIES 1962, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MA- TURITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE:. WHEREAS, it is deemed advisable and to the best interest of the City of Fort Worth that various purpose bonds authorized at elections previously held in said City be combined in a single issue and sold at this time, the dates of election, amount of bonds authorized thereat, purpose, amount of bonds previously sold and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT ELECTION AUTHORIZED PURPOSE SOLD NOW OFFERED Nov. 18, $22,875,000 Street $10,650,000 $3,930,000 1958 Improvement Nov. 18, 400,000 Fire 100,000 100,000 1958 Protection Jan. 24, 1,250,000 Library 200,000 275,000 1961 Jan. 24, 13,650,000 Street 1,350,000 2,495,000 1961 Improvement $6,800,000 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That the bonds of said City to be called "City of Fort Worth, Texas, General Purpose Bonds, Series 1962," be issued under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said City, for the following pur- poses, to wit: Six Million, Four Hundred and Twenty-five Thou- sand Dollars ($6,425,000.00) for the purpose of making perma- nent city improvements by constructing, improving and extending the streets, thoroughfares and storm sewers of said City, in- cluding in such permanent public improvements the straighten- ing, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor; One Hundred Thousand Dollars ($100,000.00) for the purpose of making permanent city improvements by construct- ing, building and equipping fire stations and improving and ex- tending the city fire alarm system, and acquiring the necessary lands therefor; and Two Hundred and seventy-five Thousand Dol- lars ($275,000.00) for the purpose of making permanent city im- provements by constructing, building, improving and equipping buildings for the public library system, and acquiring the necessary lands therefor, all of which bonds aggregate in prin- cipal amount the sum of Six Million, Eight Hundred Thousand Dol- lars ($6,800,000.00) . SECTION 2. That said bonds shall be numbered from one (1) to thir- teen hundred and sixty (1,360) , both inclusive, of the denomi- nation of Five Thousand Dollars ($5,000.00) each, aggregating Six Million, Eight Hundred Thousand Dollars ($6,800,000.00) . SECTION 3. That said bonds shall be dated August 1, 1962, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 1 to 54, both incl. August 1, 1963 $270,000.00 55 to 108, both incl. August 1, 1964 270,000.00 109 to 162, both incl. August 1, 1965 270,000.00 163 to 216, both incl. August 1, 1966 270,000.00 217 to 270, both incl. August 1, 1967 270,000.00 271 to 324, both incl. August 1, 1968 270,000.00 325 to 378, both incl. August 1, 1969 270,000.00 379 to 432, both incl. August 1, 1970 270,000.00 433 to 486, both incl. August 1, 1971 270,000.00 487 to 540, both incl. August 1, 1972 270,000.00 541 to 594, both incl. August 1, 1973 270,000.00 595 to 648, both incl. August 1, 1974 270,000.00 649 to 702, both incl. August 1, 1975 270,000.00 703 to 756, both incl. August 1, 1976 270,000.00 757 to 810, both incl. August 1, 1977 270;000.00 811 to 865, both incl. August 1, 1978 275,000.00 866 to 920, both incl. August 1, 1979 275,000.00 921 to 975, both incl. August 1, 1980 275,000.00 976 to 1,030, both incl. August 1, 1981 275,000.00 1,031 to 1,085, both incl. August 1, 1982 275,000.00 1,086 to 1,140, both incl. August 1, 1983 275,000.00 1,141 to 1,195, both incl. August 1, 1984 275,000.00 1,196 to 1,250, both incl. August 1, 1985 275,000.00 1,251 to 1,305, both incl. August 1, 1986 275,000.00 1,306 to 1,360, both incl. August 1, 1987 275,,000.00 SECTION 4. That said bonds shall bear interest at the rates as follows: Bonds Nos. 1 to 594, both incl., 5% per annum; Bonds Nos. 595 to 648, both incl., 4-1/2% per annum; Bonds Nos. 649 to 1,030, both incl., 3.40% per annum; Bonds Nos. 1,031 to 1,250, both incl., 3-1/2% per annum; and Bonds Nos. 1,251 to 1,360, both incl., 1/10% per annum, payable February 1, 1963, and semi-annually thereafter on Aug- ust 1st and February 1st of each year. SECTION 5. That the principal of and interest on said bonds shall be payable upon presentation and surrender of bond or proper coupons at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York. SECTION 6. That each of said bonds shall be executed for and on behalf of the City of Fort Worth, Texas, by the facsimile sig- nature of the Mayor, approved as to form and legality by the facsimile signature of the City Attorney, and attested manually by the City Secretary, with the seal of the City there- on duly impressed or affixed, and the interest coupons shall be executed with the lithographed or printed facsimile signa- tures of the Mayor and City Secretary of the City of Fort Worth, Texas, and such facsimile signatures shall have the same effect as if manually placed on said bonds. SECTION 7. That the form of said bonds shall be substantially as follows: NO. $5,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH GENERAL PURPOSE BOND SERIES 1962 The City of Fort Worth, in the County of Tarrant, State of Texas, a municipal corporation duly incorporated under the laws of the State of Texas, for value received, hereby promises to pay to the bearer hereof, on the 1st day of August, 19 the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon from date hereof at the rate of 96 per annum, evidenced by coupons payable February 1, 1963, and semi-annually thereafter on August 1st and February 1st of each year, both principal and interest payable upon presentation and surrender of bond or proper coupon at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York, and the City of Fort Worth, Texas, is hereby held and firmly bound, and its faith and credit and all taxable property in said City are hereby pledged for the prompt payment of the principal of this bond at maturity and the interest thereon as it accrues. This bond is one of a series of thirteen hundred and sixty (1,360) bonds of like tenor and effect, except as to number, interest rate and maturity, numbered from one (1) to thirteen hundred and sixty (1,360) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Six Mil- lion, Eight Hundred Thousand Dollars ($6,800,000.00) , issued for the following purposes, to wit: Six Million, Four Hundred and Twenty-five Thousand Dollars ($6,425,000.00) for the purpose of making permanent city improvements by constructing, improving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent public improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor; One Hundred Thousand Dollars ($100,- 000.00) for the purpose of making permanent city improvements by constructing, building and equipping fire stations and im- proving and extending the city fire alarm system, and acquiring the necessary lands therefor; and Two Hundred and Seventy-five Thousand Dollars ($275,000.00) for the purpose of making perma- nent city improvements by constructing, building, improving and equipping buildings for the public library system, and acquir- ing the necessary lands therefor, under and by virtue of the Constitution and laws of the State of Texas and the Charter of said City, and pursuant to an ordinance passed by the City Coun- cil of the City of Fort Worth, Texas, which ordinance is duly of record in the Minutes of said City Council. The date of this bond in conformity with the ordinance above mentioned is August 1, 1962. AND IT IS HERESY CERTIFIED AND RECITED that the issuance of this bond, and the series of which it is a part, is duly au- thorized by law and by a vote of the resident, qualified electors who own taxable property in said City and who had duly rendered the same for taxation in the City of Fort Worth, Texas, voting at elections held for that purpose within said City on November 18, 1958, and January 24, 1961; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper pro- vision for the levy and collection of taxes has been made, which, when collected, shall be appropriated exclusively to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons hereto annexed as the same shall become due; and that the total indebtedness of said City of Fort Worth, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional, statu- tory or charter limitation. That substantially the following certificates shall be printed on the back of each bond: OFFICE OF COMPTROLLER STATE OF TEXAS I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas, to the effect that this bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas and the Charter of said City, 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 (CERTIFICATE OF CITY ATTORNEY) The within bond is hereby approved as to form and legality. City Attorney SECTION 8. That the proceeds from all taxes collected for and on account of this series of bonds shall be credited to an Inter- est and Redemption Fund for the purpose of paying the interest as it accrues and to provide a sinking fund for the purpose of paying each installment of principal as it becomes due; that for each year thereafter while any of said bonds, or interest thereon, are outstanding and unpaid, there shall be computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest approved rolls of said City as will be requisite and sufficient to make, raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund sufficient to pay the principal as it matures, or at least 2% of the outstanding principal as a sink- ing fund, whichever is greater, full allowances being made for delinquencies and costs of collection; that a tax at the rate as hereinabove determined is hereby ordered to be levied and is hereby levied against all of the taxable property in said City for each year while any of said bonds, or interest thereon, are outstanding and unpaid; that the said tax each year shall be assessed and collected and placed in the Interest and Re- demption Fund; and that the City Treasurer shall honor warrants against said fund for the purpose of paying the interest matur- ing and principal of said bonds and for no other purpose. SECTION 9. That to pay the principal and interest scheduled to ma- ture on February 1 and August 1, 1963, there is hereby appro- priated the sum of Five Hundred Thirty-four Thousand, Six Hundred Forty and no/100 Dollars ($534,640.00) from funds of the City available for such purpose; and that the money thus appropriated shall be used for no other purpose than to pay said principal and interest. SECTION 10. That the bonds herein authorized shall be presented to the Attorney General of the State of Texas for examination and approval and to the Comptroller of Public Accounts for registra- tion; that upon registration of said bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller=s cer- tificate of registration prescribed herein to be printed on the back of each bond; and that the seal of the Comptroller shall be impressed, or printed, or lithographed on each of said bonds. SECTION 11. That the sale of the bonds herein authorized to Harris Trust and Savings Bank, of Chicago, Illinois, and Associates, at a price of par and accrued interest to date of delivery, plus a premium of $4,897.00, is hereby confirmed; and that de- livery of such bonds shall be made to such purchasers as soon as may be after the passage of this ordinance upon payment therefor in accordance with the terms of sale. SECTION 12. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 13. That this ordinance shall take effect and be in full force and effect from and after the date of its passage, and it is so ordained. ,Ll� ATTEST- NF yor f t e � ity f Fort Worth, Texas (: retary of the City of i��Yc Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: City Attorney of the City of Fort Worth, Texas IN WITNESS WHEREOF, this bond has been signed by the imprinted or lithographed facsimile signature of the Mayor of said City, countersigned by the manual signature of the City Secretary and approved as to form and legality by the imprinted or lithographed facsimile signature of the City Attorney, and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signatures of the Mayor and City Secretary, and the official seal of said City has been duly impressed, or printed, or lithographed on this bond. CITY OF FORT WORTH, TEXAS BY ATTEST: Mayor City Secretary APPROVED AS TO FORM AND LEGALITY: City Attorney That the form of coupon shall be substantially as fol- lows: The City of Fort Worth, in the State of On the first day of Texas, promises to pay to bearer at the Manu- Feb., 19 _ facturers Hanover Trust Company, in the City Aug., of New York, New York, for interest due that NO. _ - $ day on its General Purpose Bond, Series 1962, SERIES 1962 dated August 1, 1962. BOND NO. CITY OF FORT WORTH, TEXAS BY ATTEST: Mayor City Secretary ORDINANCE No. Title - ` Adopted Final Adop Published Filed y{' Day o City Secretary $ r P. O. 72216-A