HomeMy WebLinkAboutOrdinance 1710 The City Council of the City of Fort Worth met in regular
session in the Council Chamber st the City Hall at nine-thirty o'clock
A. M., Wednesday, the 27at day of January, A. D. 1931, and upon roll
call the following were present: Im. Bryce, Nayor, Willard Burton,
Tohn B. Davis, Van Zandt Tarvis, Wm. Monnig, T. R. Penn, E. T. 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-
ceeding® among other things were had and done:
Councilman Burton, seconded by Councilman Thomas, moved
the adoption of the following ordinance:
ORDINANCE No. 1710
AN ORDINANCE PROVIDING FOR TIM ISSUANCE OF NEGOTIABLE
COUPON BONDS OF THE CITY OF FORT WORT$, AMOU=ZG TO THE
PRINCIPAL SUM OF SIX HUNDRED THOUSAND (600,000.00) DOL-
LARS, IN ADDITION TO THE SUM OF EIGHT UUIDBID THOUSAND
(800,000.00) DOLLARS WORTH OF SAID BONDS ITT OFOIE. IS-
SUED OUT OF AN AUTHORIZED ISSUE OF TWO MILLION (2,000,-
000.00) DOLLARS, AND BE12SG KUOWN AS MIESS 56 AND MSIGNLT-
ED AS "STREET ELTROVMMiT BONDS-, TO BE ISSUED FOR THE
PURPOSE OF MLKING PMIANENT IMOV JTS BY CONSTRUCTING,
DMOVING AND EXTENDING THE Sr �+'TS, T11OROUG1-7ARES AND
STOFM MERS OF SAID CITY, EACH OF SAID BONDS TO BE IN
THE DEU M IATION OF ONE ITIMSAND (1,000.00) DOLLARS, TO
IF; DATED FEBRUARY 1, 1931, MA'I'U=G FROM FIVE TO FORTY
MARS FROM THE DATE `IIMEOF, AND TO BEAR IMFi 0EST AT THE
RATE OF FOUR AMID ONE-HALF (4,J) PER CENT PER ANNM, PAYA=
MI-ANNUALLY, THE INTEREST TO BE MCERESSID IN COUPON NOTES
ATTACM TO THE BONDS, DIRECTING THAT THE SAID BONDS BE
EXECUTED BY TEE BIAYOR AND CITY 3ECR�RY-TREASURER; AND
PROVIDING FOR AU ADEQUATE TAX LEVY FOR TIN PAM= OF TI'M
n=MST ON SAID BONDS AND TO MATE A SINKIMIG FUND FOR
M PAn= OF TnE PRINCIPAL TFMMOF AS THE SALM I:ATUItES
FROM TIES TO Tn1Z; AND PROVIDING THAT TRIS ORDINANCE MALL
BE IN FORCE AND EFFECT FROM: AND AFTER THE DATE OF ITS PASS-
AM.
WHEREAS, on the 22nd day of May, A. D. 1929, pursuant to
the authority vented in said City by Section 19 of (chapter XIV of the
Charter of the City of Fort Wmwth, adopted by the quali.fisd voters with-
in the limits of said City on the llth day of December, A. A. 1924, and
Y
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. 85th 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 Two Million
(2,000,000.00) Dollars, for the purpose of making permanent improvements
in said City by constructing, improving and extending the streets,
thoroughfares and atom sewers of the said City, and to include in such
permanent improvements the widening, paving, grade separation, bridges
and drainage; and,
WREPYBS, in conformity with the said resolution and ordin-
ance, the Mayor of said City did make pmclamation of said election, and
fixed the date thereof for the 25th day of Tune, A. II. 1929; and
XEREAS, said election order and proclamation thereof was
prepared and published in the manner and for the time prescribed in said
resolution and ordinance; and
WZ i10, 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 ordeg, at which said election the iasnance of
said bonds was submitted as a proposition to the tax paying qualified
voters of said City; and
W1MFCE.BS, the official ballot on such occaslen, in conformity
with the resolution and ordinance of this City Gounoil, hsreiitabove men-
tioned, and in accordance with the order of said election in form and in
substance reads as follows:
3
OFFICIAL BALLOT
1.
Shall the City of Fort Worth, through its City Council,
issue its negotiable coupon bonus 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, 1uproving and extending the streets,
thoxou,gbfares and storm 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) years from the date there-
of, and serially thereafter as may be determined by the said City coun-
cil, so that the last maturing bonds shall become payable within forty
(40) years from the date thereof, bearing interest at a rate not to ex-
ceed five (5) per cent 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?
FCR the Issuance of Street Improvement Bonds.
ACAn= the Issuance of Street Improvement Bonds.
II.
Shall the City of Fort forth, through its City CouAcil�
issue its negotiable coupon bonds running from five (5) to forty (40)
years, in the principal sum of live Hundred Thousand (500,000.00)
Dollars, for the purpose of improving and extending the system of fire
protection of said City by constructing, imUlding and equipping a now
central fire station, acquiring the necessary land therefor, and ex-
tending and improving the fire alarms signal system, the first of said
bonus being payable at the expiration of five f-6) ars 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 ann= from the date thereof, payable
semi.-annually, and levy a sufficient tax to pay the interest oa said
bonds and create a sinking fund sufficient to redeem said bonds at
the maturity thereof?
FOR the Issuance of Fire Protection Bonds.
AGAINST the Issuance of Fire Protection Bonds.
III.
Shall the City of Fort Korth, through its City Oouncil,
issue its negotiable coupon bands running from five (5) to forty (40)
years, in the principal sum of Five Hundred Thousand (500,000.00) Dollars,
for the purpose of establishing, equipping., extending and impxoyiug 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 (5) years frays the date thereof, ar3
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) par cent
per ann= 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
t6 redeem said bonds at the maturity thereof?
FOR the Issuance of Airport Bonds.
AGLUMT the Issuance of Airport Bonds.
o i
•' . J • s
SAS, in the election held in said City of Fort Worth
on the 25th flay of June, 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
VEWWAS, by virtue of said eleetion, 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 make same valid and
binding obligations of the corporate government of the City of Fort forth;
and
VEMREAS, the City Council, in accordance with the power vest-
ed in said governing body set forth in the pieceding paragraph, did lawfully
pass and adopt an ordinance on the 23rd day of October, A. D. 1929, and
which ordinance was duly amended by an oidinance passed and adopted on the
4th flay of December, A. D. 1929, authorizing the issuance of negotiable
coupon bonds of the Sover3aent of the City of Fort Worth, amounting to the
principal sum of One Hundred and Pifty Thousand (150,000.00) Dollars, said
bonds being issued out of the said autherized issue of Two Million (2,000,-
000.00) 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 56 and designated as "Street
Improvement Bonds"; and
WIMM&S, the said City Council, pursuant to the power vested in
said governing body, did lawfully pass and adopt an ordinance on the 7th day
of May, A. A. 1930, authorizing the issuance of negotiable coupon bonds amount-
ing to the principal sum of Six Ihmdred and Fifty Thousand (650,000.00)
Dollars, in addition to the One Hundred and Fifty Thousand (150,000.00) Do1-
lays worth of said bonds heretofore issued by authority of an ordinanco
lawfully passed and adopted 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. D. 1929, all of said bonds being issued out of the
said authorized issue of Two Million (2,000,000.00) 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 June, 1. D. 1929,
z
and being known as Series 56 and designated as "Street Improvement Bonds";
and
SAS, it is deemed wise and expedient by the City Coun-
oil of the City of Fort Worth, in the exercise of the discretion reposed
in it by law, that Six Hundred Thousand (600,000.00) Dollars worth of
said bonds, in addition to the Sight Hundred Thousand (800,000,00) Dollars
worth of said bonds heretofore issued out of the authorized issue of Two
Million (2,000,000.00) Dollars worth of said bonds, be issued in bonds at
this time, said bonds to be issued being a part of Series 56 and designat-
ed as "Street Improvement Bonds"; NOW, TOMMFORE,
BE IT ORDAn= BY TIC CITY COUNCIL OF TIC CITY OF FORT WORTEI:
33CTION I.
That pursuant to election 19 of Chapter XXY of the Charter
of the City of Fort Worth, adopted by the qualified voters within the
corporate limits of said City on the 11th day of December, A. D. 1924,
and the laws and Constitution of the State of Texas, and pursuant to a
vote of the resident property tax paying voters of the City of Fort
Worth, at an election held in said City for such purpose on the 25th
day of June, A. D. 1929, that the muhieipal goverment of the City of
Fort Worth issue its oorporate. negotiable coupon bonds in the principal
sum of Six Hundred Thousand (600,000.00) Dollars, this amount being in
addition to the One Hundred and Fifty Thousand Dollars (150,000600)
Dollars worth of said bonds heretofore issued, by an ordinance lawfully
passed and adopted on the 25rd 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 Six Hundred and
Fifty Thousand (650,000,00) Dollars worth of said bonds heretofore issued
by an ordinance lawfully passed and adopted on the 7th day of Dray, A. D.
1930, pursuant to valid authority from the tax paying qualified voters of
said City, at a proper election held on the E5th day of Tune, A. D. 1929,
and all of said bonds being issued out of an authorized issue at said
election of Two Million (2,000,000.00) Dollars, and which authorised
issue is known as Series 56 and designated as "Street IwDrovement Bonds",
and the bonds so to be issued shall 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 anaum, payable seam-annually
on the lst day of August and February of each year respectively, bath
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 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 Mayer and
City Secretary-Treesurer 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, six hundred (600)
in number, shall be numbered consecutively from eight hundred and one
(801) to fourteen hundred (1400) inclusive, and shall mature in the
amount and manner hereinafter set out, said bonds stall be used for the
purpose of making permanent improvements by constructing, extending and
improving the streets, thoroughfares and. sto= sewers of said City.
That the general foim of said bonds and the coupons thereto
annexed and the interest added to said bonds stall be executed substantially
in the following form;
PT4a UNITED STATES $1000.
OF AP5MCA
STATE OF TEXAS, COUNTY OF TAT ANT
SERIES 56
CITY OF FORT WORTH
---0000000-
Street Improvement Bond of the City of Fort Worth issued for the
purpose of making permanent improvemnts by construct-
ing, improving and extending the streets, thoroul§h-
fares and storm sewers of said City.
KNOT ALL MEN BY TIOSE PRESENTS:
That the government of the City of Fort Worth, a municip41
corporation, daly created under the laws of the State of Texas, hereby
acknowledges itself to owe, and for value received promises to pay to
bearer,
ONP THOUSAND DOLLARS ($1000)
in lawful money of the United States of America, on the let day of Feb-
ruary, A. D. 1936, together with interest thereon at the rate of four and
one-half Dbj+"Oentum (4 ) per amnum, payable semi-annually on the first
day of August and February in each year, on presentation and surrender of
the annexed interest coupons, as tiny severally fall due. Both the
princilmd and interest of this bond are payable at the offioe of the Central
Hanover Sank and Trust Company, in New York City, N. _., and for the due
and punctual payment of this bond at the maturity thereof, and the inter
eat 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 six hundred (600) bonds
numbered consecutively from eight hundred and one (801) to fourteen hundred
(1400) inclusive, each of the denomination of One Thousand Dollars 311000.-
00), amounting in the agate to the sum of Six Yamdred Thousand Dollars
($600,000.00) issued for the purpose of making permanent improvements by
constructing, extending and Improving the streets, thoroughfares and storm
sewer of the (pity of Fort Worth, 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 said City lawfully passed and adopted
on the Slat day of January, A. A. 1931, pursuant 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 farther expressly represen"d, recited and
covenanted by the Government of the City of Fort Korth, to and with each
and every holder of said bonds or any one of them, that all acts, condiw
tions and things required by the laws of the State of Texas, and of the
Charter and Ordinances of the City of Fort Forth, precedent to and in
the issuance of this bond, have been done, have happened, and have been
perfoseed 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 forth, and that provision has been made for the levy
and collection of a direct annual tax on all taxable property iia 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 respect-
ive 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.VEMCF, the City, of Fort 'forth, in the State
of Texas, has executed this bond by causing it to be sighed by its Mayor
and attested by the City Secretary-Treasurer, with the seal of the City
theramto 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 MRTH, TSXlLS
ATTEST:
City Sscretary.Treasurer
(FORM OF COUPON NOTE)
The City of Fort Worth, in the State of Texas, promises
to pay to bearer
on the let 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 aimed. and
nsmbele![
CITY OB Fopr WORM, MIAS
E6syor
AZT:
City Secretary—Treasurer.
SECTION II.
That the said bonds so.to be issued by the City of Fort
North, amounting to Sic Hundred Thousand (600,000.00) Dollars, in addi-
tion to the sum of Eight Hundred Thousand (800,000.00) Dollars worth
of said bonds heretofore issued out of the said authorized issue of
Two Million (2,000,000.00) Dollars, shall be issued for the purpose of
making permanent improvements in said City by constructing, improving
and extending the streets, thoroughfares and storm suers of said City,
and shall consist of six hundred (600) bonds, numbered from eight
hundred and one (801) to fourteen hundred (19:00) inclusive, and shall
bean interest at the rate of four and ones-half (4j) per cent per annum,
payable semi-annually as aforesaid, all of which. said six hundred (600)
bonds shall be known as Series 56 and shall be styled and designated as
"Street Improvement Bonds"; that all of the said bonds, comprising the
sum total of Six Hundred Thousand (600,000.00) Dollars shall mature in
numerical order in the manner and amounts as set out in the tabulated
statement herewith atUehed, to-wit:
CITY OF FORT WORTH
PRINCIPAL YATURIT33S
$600,000.00 SRFET ndPROVEafENT BONDS
DATED FEBRUARY 1ST, 1931
PRINGIPAL
DIM -WRRUARY 1ST MATURING
1936 $ 12,000.00
37 12,000.00
38 12,000,00
39 12,000.00
1940 124000.00
41 12,000,00
42 12,000.00
43 12,000,00
44 12,000,00
45 120000000
46 1.2,000.00
47 12$000.00
48 12,000.00
49 12,000.00
1950 12,000.00
51 18,000,00
52 18,000.00
53 18,000.00
54 18,000.00
55 18,000,00
56 18,000.00
57 18,000.00
58 18,000.00
59 18,000.00
1960 18,000.00
61 18,000,00
62 18,000.00
63 182000.00
64 13,000.00
65 24,000.00
66 24,000.00
67 240000.00
68 2.4,000.00
69 24,000.00
1970 24$0006,00
71 24,000.00
w .
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 end the proceeds thereof,
to be placed in the treasury of the City of Fort North and utilized for
the special purposes for which they are created.
SECTION 17.
That for the purpose of creating a sinking fund for the
payment and complete extinguishment of the foregoing bonded debt, prin-
cipal and interest, and all and every part of same, there is hereby
levied and there shall be assessed and collected as provided by law,
set apart and appropriated for the said purpose, an annual, direct
special ad valorem tax for the year 1931, and every successive year
thereafter during the life of said bonded debt or any part thereof of
2.08 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 valua-
tion, real, personal and mixed, subject to taxation and not exempt
therefrom under the Constitution and laws of the State of Texas, situat-
ed and o cored in the City of Fort Worth on the lot day of January 1931,
and on the lst day of January 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, than it shall
be the duty of the City Council or any other governing 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 City, as my be requisite
to supply the deficiency until al], interest sb%U Lave been paid and the
sinking fund established as required by the Constitution of the State of
Texas and tlxe Charter of the City of Fort Worth.
SECiICN V.
That it shall be the duty of the City Council of the City
of Fort Worth and its successors, and of the government of the City of
Fort Worth, by levying taxes for general purposes for the said City of.
Fort Worth for the year 1931, and for every successive year during the
life of said bonded debt or any part thereof, to include in such levy
the special tax of 2.08 cents on the One Hundred (100.00) Dollars property
valuation (or so much thereof as may be requisite and necessary) provided
for in the next preceding section of 'this ordinance, and such special tax
shall on no account whatsoever be displaced therefrom.
�f SECTION VI.
7� That the special tax hersinbefore provided for, when collect-
ads 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 bereinabove 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 &aid City, and the pro-
ceeds held and kept by the City Treasurer of said City as a separate
and distinct account and so specified as such on his books.
SEM011 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, together with
a certified copy of this ordinance and a statement of the total bonded in-
debtedness of the City of Fort North, 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 prescribed by law, and thereafter said bonds
shall be placed with the State Comptroller of Public Accounts for regis-
tration.
SECTION VIII.
That the City Seoretary-Treasurer of the City of Fort North,
or other lawful custodian of such fund, during the months of February and
JU!Z of each and every year daring 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-anmxal interest accruing on said bonds, to the Central
Hanover Bank and Trust Company of the City of Now York, State of Now
York, and likewise proper remittance shall be made in due course to
provide for the payment of the principal of any of said bonds in ad-
vance of the maturity of same.
SECTION Me
All ordinances and parts of ordinances in conflict here-
with 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 peat of this ordinance, but all sual other sections, portions and
parts hereof shall be and rem in valid.
SECTION ai.
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.
*.1. MYCE
h,:ayor
-ATTEST:
I. L. JAN .ZAAN.�DT, a,
City S emtaly-lfreaga�rer
APPROVED AS TO FORK:
R,..E. $
MY kttd=eq
WE. Bryce, Mayor, presiding at said meeting, submitted
the motion to adopt said Ordinance, and Mayor Bryce and Councilmen $Uxton,
Davis, Servis, Monnig, Penn, Renfro, Thomas and Tho*son all voted "aye"
thereon and none voted "no", and the motion to adopt the ordinance was
declared to be unanimously passed.
ME STATE OF TSXAS i
i
COUNTY OF TARRANT E
I, I. L. Van Zandt, Tr., City Seoretar76PTreasurer of the
City of Fort Worth, do hereby certify that the above and foregoing ordin-
ance is a true and correct copy of Ordinance 1710 and that same was un-
animously passed and adopted by the City Council of the City of Fort Worth,
Texas, at a regular meeting held in the Council Chamber at the City Eal7.,
on Wednesday t1e 21st day of Tamw y, A. D. 1931.
WITLESS my hand at Fort Worth, Texas, this,21*c1a,.- of
.Tannery, A. D. 1931.
City Secret ai Tr user