HomeMy WebLinkAboutOrdinance 1709 The City Council of the City of Fort Worth met in regular
session in the Council Chamber at the City Hall at nine-thirty o'clock
A. M,, Wednesday, the 21st day of Tanuary, A. D. 1931, and upon roll
call the following were present: Wn. Bryce, Mayor, WillardBBlsrton,
Tohn B. Davis, Van Zandt Tarvis, lk. 'Nonuig, T. R. Penn, E. "'. Renfro,
A. E. Thomas and Dr. W. R. Thompson, Councilman, constituting the en-
tire membership of said Board, and I. L. Van Zandt, Tr., City Secretary-
Treasurer, was in attendance at said meeting, and.the following pro-
ceedings among other things were bad and done:
Councilman Burton, seconded by Councilman Thomas, moved
the adoption of the following ordinance:
ORDINANCE N0.1709
AN ORDINANCE PRCVIDING FOR 9I7 ISSUANCE OF NEGOTIABLE
COUPON BONDS OF THE CITY OF FORT WORTH, RJOUNTING TO
TIE PRINCIPAL SUIv' OF ONE HUNDRED THOUSAND (100,000.00)
DOLLARS, IN ADDITION TO TIM SMY OF FOUR HUNDRED THOUSAND
(400,000.00) DOLLARS TORTS OF SAID BONDS 1M.ETOFORE IS-
SUED OUT OF AN AUTHORIZED ISSUE OF FIVE HUNDRED THOUSAND
(500,000.00) DOLLARS, AND BEING IIOWN AS SERIES 58, AND
DESIMIAATED AS "AIRPORT BONDS", TO BE ISSUED FOR TIM PUR-
POSE OF ESTABLISHING, EW31PPING, EXTENDIFG AND IRMOVIIdG
A MUNICIPAL AIRPORT FOR SAID CITY; EACH OF SAID BONDS TO
Pit IN THE DIMOMINATION OF ONE THOUSAND (1,000,00) DOLLARS,
TO BE DATED FEBRUARY 1, 1031, I MING FROM FIVE TO FORTY
'MARS FRCLI MFZ DATE THXREOF, AND TO BEAR INTEREST AT THE
RATE OF FOUR AND ONE-HALF (4j) PER CENT PER ANIM, PAYAME
SE&II-ANNUALLY, TUE INTEREST TO BE EXMSS'ED IN 00UPON
NOTES ATPUCMD TO TO BONDS, DIRECTING THAT TIM SAID BONDS
BE MMCUTED BY TIE P:ZAYOR AND CITY SECR URY--TULASURER,
AND PROVIDING FOR AN ADEQUATE TAX LLVY FOR THE PAM ENT
OF UX ITT ON SAID BONDS AND TO WMT,, A SINKING FUND
FOR TAE PA'Y6'IENT OF TIE PRINCIPAL TH OF AS THE UtZ 11LURES
FDDY: TILE TO TIME; end PROVIDING THAT THIS 010INANCE SHALL BE
IN FORCE AND EFFECT FROM AIM AFTER THE DATE OF ITS PASSAGE.
VEMREAS, on the 22nd day of May, A. D. 1929, pursuant to
the authority vested in said City by Section 19 of Chapter XRY of the
Charter of the City of Fort Worth, adopted by the qualified voters with-
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in 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 a resolution and an ordinance of that date,
directed the submission to the resident property tax paying qualified
voters of said City, at an election to be held in said City on the 25th
day of June, A. D. 1929, of the right, power and authority of the City
Council of said City to issue negotiable coupon bonds of the corporate
government of said City in the principal sum of Five Hundred Thousand
(500,000.00) Dollars, for the purpose of establishing, equipping, ex-
tending and improving a municipal airport and landing field for aero-
planes and other aerial machines and acquiring the necessary lands and
property therefor; and
WHEM0, in conformity with the said resolution and ordin-
ance, the Mayor of said City did make proclamation of said election, and
fixed the date thereof for'the 25th day of T=e, A. D. 1929; and
WIMEXAS, said election order and proclamation thereof was
prepared and publisiad in the manner and for the time prescribed in said
resolution and ordinance; and
WEMMAS, on the 25th day of June, A. D. 1929, said election
was held in the City of Fort Worth at the respective polling places de-
signated in the election order, at which said election the issuance of
said bonds was submitted as a proposition to the tax paying qualified
voters of said City; and
WBEFOW, the official ballot on such occasion, in con-
fortuity with the resolution and ordinance of the City Council, herein-
above mentioned, and in accordance with the order of said election, in
foam and in substance reads as follows:
i T
• r s
OFFICIAL BALLOT
I♦
Shall the Citr of Fort Worth, through its City Council,
issue its negotiable coupon bands running from five (5) to forty (40)
years, in the principal sum of Two Million (2,000,000.00) Dollars, for
the purpose of constructing, improving and extending the streets,
thoroughfares and stoam sewers of said City, including in such perman-
ent improvements the straightening, widening, paving, grade separation
and drainage of said streets and thoroughfares, the first of said bonds
being payable at the expiration of five (5) nears from the date thereof,
and serially thereafter as may be determined by the said City Council,
so that the last maturing bonds sbe;ll become payable within forty (40)
years from the date thereof, bearing interest at a rate not to exceed
five (5) per cent per annum from the date thereof, payable semi-annually,
and lovy 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 or Street Improvement Bonds.
AGAINST the Issuance of Street Improvement Bonds.
II.
Shall the City of Fort Worth, through its City Council,
issue its negotiable coupon bonds running from five (5) to fosty(40)
years, in _. Xingipal sum of Five Hundred Thousand (500,000.00) Zal-
lars, for the purpose of inproving and extending tbs system of fire
protection of said City by constructing, building and equipping a new
central fire station, acquiring the necessary land therefor, and ex-
tending and improving the fire alarm signal system, 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 (5) per cent per am= from the date thereof, payable
semi-anuuaily, and levy a sufficient tax to pay the interest on said
bonds and oreate a sinking fund sufficient to redeem said bonds at the
maturity thereof?
FOR the Issuance of Fire Protection Bonds.
ACA MT the Issuance of Fire Protection Bonds.
III.
Shall the City of Fort Worth, through its City Council,
issue its negotiable coupon bonds running frcm five (5) to forty (40)
years, in the principal sum of Five Hundred Thousand (500,000.00) Dol-
lars, for the purpose of establishing, equipping, extending and improv-
ing a municipal airport and landing field for aeroplanes and other aerial
machines and acquiring the necessary lands and property therefor, the
first of said bonds being payable at the expiration of five (50) 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 pay-
able within forty (40) years from the date thereof, being interest at a
rate not to exceed five (5) per cent per annum from the date thereof,
payable semi-ennually, 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.
r. a
WMREA3, in the election held in said City of Fort Worth
on t#e 25th day of Tune, A. D. 1929, 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
MIIRMAS, by virtue of said election, said City Council is
vested with power and authority by and from the qualified voters to
issue said bonds for the purposes aforementioned, and to matte same valid
and binding' obligations of- the corporate government of the City of Fort
Worth; and
49F PEAS, the City Council, in accordance with the power
vested in said governing body set forth in the preceding paragraph,
did 1&wfull7 pass and adopt an ordinance on the 23rd day of October,
A. D. 1929,and which ordinance was duly amended by an ordinance passed
and adopted on the 4th day of December, A. --. 1929, authorizing the is-
nuance of negotiable coupon bonds of the government of the City of Fort
Worth, amounting to the principal sum of One Hundred and Fifty Thousand
(150,000.00) Dollars, said bonds being issued out of the said authorized
issue of Five hundred Thousand (6=4000.00) Dollars worth of said bonds
authorized by the property tax paying qualified voters of said City at
the said election held on the 25th day of Tune, A. D. 1929, and being
known as Series 58 and designated as "Airport Bonds; and
➢SAS, the said City pouncil, pursuant to the power vest-
ed in said governing body, did lawfully pass and adopt an ordinanoe on
the 7th day of May, A. D. 1930, authorizing the issuance of negotiable
coupon bonds amounting to the principal sum. of Two Hundred and f"f"ty
Thousand (250,000.00) Dollars, in addition to the One Hundred and Fifty
Thousand (150,000.00) Dollars worth of said bonds heretofore issued by
authority of an ordinance lawfully passed and adopted on the 23rd day
of October, A. D. 1999, and which ordinance was duly amended by an ordin-
ance passed and adopted on the 4th day of December, A. D. 1929, all of
said bonds being issued out of the said authorized issue of Five Hundred
Thousand (500000.00) Dollars worth of said bonds authorized by the prop-
erty tax paying qualified voters of said City at the said election held
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on the 25th day of Tuns, A. D. 1929, and being known as Series 58 and
designated as "Airport Bonds"; and
W.13 F.AS, it is deemed wise and expedient by the City
Council of the City of Fort Worth, in the exercise of the discretion
reposed in it by law, that One Hundred Thousand (100,000.00) Dollars
worth of said bonds, in addition to the Four Hundred Thousand (400,-
000*00) Dollars worth of said bonds heretofore issued out of the au-
thorized issue of Five Hundred Thousand (500,000.00) Dollars worth of
said bonds, be issued in'bonds at this time, said bonds to be issued
being a part of Series 58 and designated as "Airport Bonds"; NOW,
TMXFCRE,
BE IT ORDAIIMD BY THE CITY COUNCIL OF THE CITY OF FORT WORTH:
SECTION I.
That pursuant to Section 19 of Cbapter XXP of the Charter
of the City of Fort Worth, adopted by the qualified voters within the
corporate limits of said City on the llth day of December, A. D. 1924,
and the l mvs and Constitution of the State of Texas, and pursuant to a
vote of the resident property tax paying voters of the Oity of Fort
Worth, at an election held in said City for such purpose on the 25th
day of June, A. D. 1929, that the municipal government of the City of
Fort Worth issue its corporate negotiable coupon bonds in the principal
sum of One Hundred Thousand (100,000.00) Dollars, this amount being in
addition to the One Hundred and Fifty Thousand (3.50,,000.00) Dollars worth
of said bonds heretofore issued, by an ordinance lawfully passed and
adopted on the 23rd day of October, A. D. 1929, and which ordinance was
amended by an ordinance lawfully passed and adopted on the 4th day of
December, A. D. 1929, and also in addition to Two Hundred and Fifty
Thousand (250,000#00) Dollars worth of said bonds heretofore issued by
an ordinance lmrfully passed and adopted on the 7th day of May, A. D.
1930, pursuant to valid authority from the tax paying qualified voters
of said City, at a proper election held on the 25th day of June, A. D.
1929, and all of said bonds being issued out of an authorized issue at
said election of Five Hundred Thousand (5001:000.00) Dollars, and which
authorized issue is knoan as Series 58 and designated as "Airport Bonds",
and the bonds so to be issued stall be in the denomination of One Thousand
(1,000.00) Dollars each, dated February 1, 1931, bearing interest at the
rate of four and one-half (44) per cent per antrum, payable semi-annually
on the 1st day of August and February of each year respeetiTely, both
prineipal 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 end on behalf of the City of Fort
Worth by the Mayor thereof, attested by its City Secretary-Treasurer,
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-Treasurer of the City of Fort Worth, 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, maturing
in numerical order five years from the date thereof and annually there-
after until the last maturing bond shall become payable within forty
years from the date thereof, and the bonds themselves, one hundred (100)
in number, shall be numbered eonsetutively from four hundred and one
(401) to five hundred (500) inclusive, and shall mature in the amount
and manner hereinafter set out; said bonds shall be used for the purpose
Of establishing, equipping, extending and improving a municipal airport
and landing field for aeroplanes and other aerial machines and acquir-
JA& the nermaury lands and property therefor.
That the general fo m of said bonds and the coupons thereto
annexed and the interest added to said bonds stm].X be executed substantially
in the following form:
I
14�3 _ UNITED STATES $1000.
OF ZIERICA
STATE OF 'IDEAS, COUNTY OF TARRANT
SERIES 58
CITY OF FORT WORTH
---0000000---
Airport Bond of the City of Fort Worth issued for the purpose of
establishing, equipping, extending and inproving a muni-
eipal airport for said City.
SNOW ALL M.BT MMSE PRESEfTTS:
That the government of the City of Fort Worth, a municipal
corporation, duly created under the lags of the State of Texas, hereby
acknowledges itself to owe, and for value received promises to pay to
bearer,
ONE THOUSAM DOLLARS ($1000)
in lawful money of the United States of finerica, on the let day of February,
A. D. 1936, together with interest thereon at the rate of four and one-half
per centum (4j%) per an=, payable semi-annually on the first day'of August
and February in each year, on presentation and surrender of the annexed in-
terest coupons, as they severally fall due. Both the principal and in-
terest of this bond are payable at the office of the Central Hanover Bank
and Trust Company, in New York City, N. Y., and for the due and punctual
payment of this bond at the maturity thereof, and the interest thereon,
when it fella 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 one hundred (100) bonds numb-
ered consecutively from four hundred and one (401) to five hundred (500)
inclusive, each of the denomination of One Thousand Dollars (41000.00),
amounting in the aggregate to the sum of One Hundred Thousand Dollars
(4100,000.00) issued for the purpose of establishing, equipping, extending
and improving a municipal airport for the City of Dort Worth, under and by
virtue of the Constitution and laws of the State of Tessa, the Charter of
the City of Fort IfortYa, and an ordinance of the City Council of said City
lawfully passed and adopted on the 2lst day of January, A. D. 1931, pur-
suant to suant to valid authority from the property tax paying qualified
voters of said City, at a proper and legal election held on the 25th day
of June, A. D. 1929.
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 thwa, that all acts, conditions
and things required by the lass 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
proper and lawful time, form and manner as prescribed by lair, so as to make
this bond a legal, binding and valid obligation of the Gity 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 Cityrdf'Fort 1Vorth'O 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 TESTIMNY MMI SOY, the City of Fort north, in the State
of Texas, has executed this bond by causing it to be sigied by its
and attested by the City Seeretary-Treasurer, with the seal of the City
thereunto duly impressed, and has caused the annexed interest coupons to
be executed with the facsimile signature of the Mayor and City Secretary..
Treasurer, and dated as the let day of February, A. D. 1931.
CITY OF FORT WORM,
ATTEST:
City S+eiietary Treasurer
f
(FOW OF COUPON NOM)
NO
The City of Fort Worth, in the State of Texas, promises
to pay to bearer
on the lot day of at the Central Hanover
Bank and Trust Company in the City of New York, N. Y., for interest due
that day on its municipal bond dated
and =Mberraeti.
CITY OF FORT 17ORTH, TEAS
AT'i'EST:
City Secretary-Treasurer
MOTION II.
That the said bonds so to be issued by the City of Fort
Worth, amounting to One Hundred Thousand (100,000.00) Dollars, in
addition to the sum of Four Mau red Thousand (400,000.00) Dollars
worth of said bonds heretofore issued out of the said authorized issue
bf Five Hundred Thousand (500,000,00) Dollars, shall be issued for the
purpose of establishing, equipping, extending and improving a municipal
airport and landing field for aeroplanes and other aerial mAchines, and
acquiring the necessary lands and property therefor, and shall consist
of one hundred (100) bonds, numbered from four hundred and one (401) to
five hundred (500) inclusive, and shall bear interest at the rate of
four and one-half (4) per cent per annurm, payable semi-a=ua.Xlg as
aforesaid, all of which said one hundred (100) bonds stall be known as
Series 58 ani sha11 be styled and designated as "Ai.rpovt Bonds*; that
all of the said bonds, comimising the sum total of One Hundred ' housand
(100,000.00) Dollars shall mature in numerical order in the manner and
amounts as not out in the tabtaAted statement herewith attached, to-wit:
CITY OF FORT WORTH
PRINCIPAL MATURITIES
$100,000.00 AIRPORT BONDS
DATED FEBRUARY 1ST, 1931
PPJNCIPAL
DUE FEBRUARY IBT MAII7RING
1936 $ 24000000
37 2t000.00
38 2,000.00
39 2#000000
1940 2,000.00
41 20000,00
42 2,000.00
43 24000000
44 2,000.00
45 20000000
46 2,000.00
47 2#000.00
48 2,000000
49 2,000.00
1950 21,000.00
51 3,000.00
52 3,000.00
53 3,000.00
54 3,000.00
55 3t000.00
56 33,000.00
57 38000,00
58 3,000.00
59 31000000
1960 3,000.00
61 3,000.00
62 31000,00
63 3,000.00
64 3,000.00
65 44000000
66 4,000.00
67 4,000.00
68 4,000.00
58 41000,00
1970 4;000.00
71 4,000.00
ti
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, is be placed in the treeaury of the City of Fort 'forth and
utilized for the spacial purposes for which they are created.
SECTION IV.
That for the purpose of cresting 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,
eat apart and appropriated for the said purpose, an annual, direct special
ad valorem. tax for the year 1031, and every successive year thereafter
during the life of said bonded debt or any part thereof of .35 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 Consti-
tution and laws of the State of Texas, situated and owned in the City of
Dort Worth on the let day of Tanuary 1931, and on the lot day of Tanuary
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 dity of the City
Council or any other fpverning 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 Oity, 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 V.
That it ahall be the duty of the City Council of the City
of lort Worth and its successors, and of the government of the City of Dort
Worth, by levying taxes for general purposes for the said City of Fort
Worth for the year 1931, and for every, su ccessive,year during the life
of Raid bonded debt or any part thereof, to include in such levy the
special tax of .35 cents on the One Hundred (100.) Dollars property
valuation (or so much thereof as may be requisite and necessary) provid-
ed for in the neat preceding section of this ordinance*, and such special
tax shall on no account whatsoever be displaced therefrom.
SECTION VI.
That the special tax hereinbefore provided for, when col-
leeted, shall be placed and kept in a separate fund and shall be devoted
to the payment of the interest and the *xtinguishnent of the principal
of all and singu.l.4r 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 aeparate account on the books of said City, and
the proceeds held and kept by the City Treasurer of said City as a se-
parate and distinct account and so specified as such on his books.
SEMON VII.
That as soon as convenient after said bonds shall have
been prepared and signed in the manner prescribed by the ordinance, they
shall be submitted to the Attorney General of the State of Texas, toge-
ther with a certified copy of this ordinance and a statement of the
total bonded indebtedness of the City of Fort worth, Including the
bonds herein and hereby authorized 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 Attorney General as preser).bed by law, and
thereafter said bonds shall be placed with the State Comptroller of Public
Accounts for registration*
SECTION VIII.
That the City Secretary-Treasurer of the City of Fort Worth,
or other lawful custodian of such fund, during the months of February and
.:%Q,7of 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 here inbefore 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 Fort Forth, State of New
York, and likewise proper remittance shall be made in due course to pro-
vide for the payment of the principal of any of said bonds in advance of
the maturity of same.
SECTION 11.
All ordinances and parts of ordinances in conflict herewith
be and they are hereby expressly repealed.
SECTION X.
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?.suoh other sections, portions
and parts hereof shall be and remain valid.
SECTION XI.
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 ordlir9d.
Wm. 3r rca
.ayar
ATTEST:
I. L. VAN ZANIDT JR.
City Seeretary-Treanurer
APPROVED AS TO FORS?:
city Attomy
Wh, Bryce, Mayor, presiding at said meeting, submitted the
motion to adopt said Ordinance, and Mayor Bryce and CouncilmNarb=toa,
Davis, Xn*vis, Monnig, Penn, Renfro, Thomas and Thompson all voted "aye"
thereon and none voted "no", and the motion to adopt the ordinance was
declezed to be unanimousXy passed.
r
THE STATE OF TM US l
l .
COUNTI' OF TARRANT ]
I, I. L. Van Zandt, Jr., City Secretary-Treasurer of the
City of Fort Worth, do hereby eertify that the above and foregoing ordinance
is a true and correct copy of Ordinance 1709 and that same was unanimovly
passed and adopted by the City Council of the City of Fort Woroth, Texas, at
a regular meeting hold in the Council Chamber at the City Salt, on Wednesday,
the 21st day of Jamuwy, A. D. 1931.
WMESS my hand at Fort Worth, Texas, this day of January,
A. D. 1931,
• City Secretary 77
er