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HomeMy WebLinkAboutOrdinance 1110 The City Council of the City of Fort worth met in regular session in the Council Chamber at the City Ball at 9s30 A. N. Tuesday, the 29th day of December, A. D. 1925, and upon roll call, the follotdiiC were nr4-ents R. C. Meacham, Mayor, 'Willard Bunton, f.. H. Thomas, William Bryce, E. T. Renfro, Willi" Nonnig, V7. Be Austin and P. Card, Gouncilmen constituting a qusrm and majority of said Board, and I. L. Van Zandt, dr., City Seeretaary-Treasurer, was in attendance at said meeting, and the following proceedings, among other things were had . .rc' done. Councilman ;a}•d, seconded by Covnsllman Burton, moved the adoption of the foll.owIng, Ordinances ORDINANCE ISO. 1110 AN ORDINANCE PROVIII NG FOR THE ISSUANCE, OF +R€0TIABLE OOC;ON BOND-'i OF P -E 0 1d�=kli.:..ali'. OF '�il. CITY OF FORT JORTH, AMOUNTING TO 'PfIL ?RIACIPAL SUM OF EIGHTUN THOUSAND D0LLA_.,S (vi`),000;00), AND DING ?S;�}+ti�f A`, 0. 50 AND DESIf3XA.i,7 AS "CITY-CONY €!USPITAL BONDS", TO BE USE FOR MAKING P�LRNL XEXT 1.:FROV NTS IN x!:-, CITY OF FORT ORTH BY CONSTRUCTING? BUILIgNG AND RQUIPL'ING AN ADDITION TO THE CITY-1jUNTY HOS:=ITI '.. IN AID CITY; ALL OF SAID BONDS TO BE IN 'THE DENO-LIKe.TION OF ONE THOUSAND DOLLAR (41,000.00) EAOH, TO BE DATi.':. JANUAR.Y IST, 1926, MATURING} FIVE (5) YEARS FROM TU DATE 'TILL:SOP AND WITHIN FORTY (40) YEARS FROM THE DATE THARROP0 AND TO HEAR IN- TEREST AT THE RATE OF FOUR AND ONE-HALF (40) PER GENT A114UM, _°AYABL I '?L,-s.ST =10 BE -.- : IN COUPON NOTES ATTACHED TO THE BONDS: DIRECTING THE E.XBOUTION OF SAID BONDS BY TAX %AYOH 'Ll-0 CITY U!' _rt, AND "ROVIDING FOR AN ADXQVATE. TAX LEVY FOR THIS PAYd NT OF THE INTEWT OF SAID BONW. AND TO C?EAT�a A 31NKI ii: P-LuD FOR THE -AYMENT OF THE PRINCIP�iL T'lirc'FtzUF, A.5 SAME 94-PURE$ n.1OM TI:.:E TO -PE' E'ft; AND PROVIDING T'd' THIS ORDINANCE SHALL TAKE EFFECT FROM .ND AFTER W DATE OF IT , PA =SAGE, I. WHEREAS, on the 3rd day of November, A. D. 192b, pursuant to the authority Vested in said City by Section 19 of Chapter XXV of the Charter of the City of Fort Month, adopted by the qualified voters within the limits of said City on the lath day of December, A. D. 1924, and the laws and constitution of the State of Texas, the City Council of the City of Fort Wo7rth# Texas, ty resolution and order of that date, directed the submission to the property tat paying qualVied voters of said City, at an election to be held in the said City on the 24th day of November, A. D. 1925, of the right, power and quthority of the City Council of said City to issue negotiable coupon bonds of the corporate goverment of said City, in the principal am of Eighteen Thousand Dollars (#180000.00), which amount was to be used for the purpose of making permanent improvements in said City by constructing, building and equipping an addition to the City-County Hospital in said City; and VkIMREAS, in conformity with said resolution and order the Mayor of said City did make proclamation of said election and the date for same was not on the 24th day of November, A. D. 1925; and 1VEBRRAS, publication was made of said election In the manner and for the time prescribed in said resolution and election order; and 'MREAS, on the 24th day of November, A. D. 1925, said election was held in the City of Fort Worth, at the respective polling places designated in the election order, at which said election each issue of bonds was submitted as a separate and distinct proposition to the voters of said City, the official ballot on such election, in conformity with the resolution of the City Council and the order of the election, and which resolution contained other proposi- tions in addition to the one described in this Ordinance, in form and in substance was as follows: 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) :Nears in the principal sum of Three Million Three Hundred Thousand ($3,300,000.00) Dollars, for the purpose of improving and extending ache 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 City Council, so that the last maturing bonds shall become payable .vithin forty (40) years from the date thereof, bearing interest at a rate not to exceed five per cent (50) 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 a t the maturity thereof? FOR the Issuance of Nater and Sanitary Sewer Bonds. AGAINST the Issuance of Water and Sanitary Sevier Bonds. II. Shall the City of Fort t1orth, through its City Council, issue its negotiable coupon bonds, running from five (5) to forty (40) Tears, in the principal sum of Two Million Two Hundred Thousand ($21-1000,000.00) 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 (b) 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 ttie date thereof, bearing interest at a rate not to exceed .five per cent (5%) per a nnum from the date thereof, pa gable 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 its negotiable coupon bonds, ,running from five (5) to forty (40) years, in the principal stun of Seventy-One Thous and ($71,000.00) DoTla.rs, 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 parks in the 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 la;.-,; maturing bonds shall be- come payable within forty (40) years froc} the date thereof, bearing merest at a rate not to exceed f-ilre por cent (5%)• per annum from the date thereof, payable -nd lovy - sufficient tax to pay the interest on said bonds 1%nd 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, issue its negotiable coupon bonds, running from five (5) to forty (40) years, in the principal sum of Ono "undred and Seventy Thousand ($170,000.00) Dollars, for the purpose of purchasing, acquiring and improving playgrounds, athletic fields andnother recreation facil- 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 os may be ¢etermined 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 arinum 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 ($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 tW3 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 (5M per annum from the date thereof, payable semi;4annually, and levy a sufficient tax to pay the interest on said 'wands and create a sink- ing fund sufficient to redeem said bonds at the maturity thereof? FC3 the Issuance of city-County Hospital Bonds. AGAINST the Issuance ,of City-Council Fospital Bonds. VII. Shall the City of Fort4Worth, through its City Council, issue its negotiable coupon bonds, running from five (5) to forty (40) years, in the principal sum of Ome Million Foyar Hundred Thousand (w1,400,600.00) Dollars, for the purpose of constructing, improving and extending its system of streets and thoroughfares by construct-, ing, improving and extending A .now main af9terial'`stred.t and thor- oughfare running north and south and a new ms*in arterial street and thoroughfare extending east and west through said city, including in such permanent :tmprovements grade separation, bridges, drainage and the purchase of right of way, the first of said bonds being pay- able at the expirnt•ion of five (5) years from the date tliereof, and serially thereaft r as may be determined by t1he said City Council, so that the last mataring bonds shall become payable within forty (40) years from the date thereof, bearing interest at a rate not to exceed five per aent (50) per annum from the date thereof, payable semi-annually, and levy a sufficient tax to p-ay the interest on said bonds and create a sinking fund sufficie rit to redeem said bonds at the maturity thereof? FOR the Issuance of Main Arterial Thorooughfare Bonds. AGAINST the Issuance of Main Arterial thoroughfare Bonds. MMP.EAS, at the election held in sold t3ity on the 24th day of November, A. D. 1926, there were 3s112 votes oast In favor of the issugnov of said Cit ounty Hospital Bonds and 1,482 votes were oast agairAt the Issuance of said City-Gount$ Bospital How, leaving a majority is favor of the issuance of said bonds of IpSM votes; and UM, by virtve of said ealeotion said City Council is vested with the authority by and from the people to lssuo said bonds for the purpose aforementioned and also make same valid and binding obligotiom of the corporate gover=ent of the City of Fort awth, and said City Council deem it advisable and exxadi.e a to issue asamel and NCR �'RVO1M, BE IT ORDAIMM Br THE CM COUNCIL OP THN CITX OF PORT WOR'!'Hi SECTION I That purswmt to Section 19 of Chapter XXV of the Darter of the City of Yort Worth, adopted by the qualified voters within the oorporate limits of said City on the 11th day of Deeesnber, A. D. 1994s and the laws and constitutiem of this States and pursuant to a vote of tho property tax paying voters of the city of Fort Worth, at an election 'hold in sold City for such purposes on the 24th day of November* A* D. 1928, that the nmieipal government of the City of Port worth It" its corporote negotiable Coupon bonds in the principal, own of Rigbteen Thousand Dollars ($1.8,000.00), in the denomination of One Thousand Dollars ($1,000*00) each, dated the lot slay of dansary, A, D. 1926, bsarisng in« tesrest at the rate °f...j ...+. *r c*ht (4*%) Per annusn, pay- able seminally on the first day of July and dawary of each year respectively, both principal and interest osa said bonds payable at the Hanover National Bank in the City of New York, state Of New Yorke the semi-annual interest evidenced by interest coupons attached thereto, all of said bows to be executed f or and on behalf of the City of Fort Worth by the Mayor thereof* attested by its Searetaryy- TTreasurer, with the seal thereon duly impressed, but the In- terest coupons to be executed with the lithographed facsimile signature of the Mayor and Searetary-Treasurer of the City of Fort Worth, each of said bonds and coupons shall be negotiable and payable to bearer and said bonds numbered in the way and manner hereinafter set outp maturing five (g) years from the date thereof and annually thereafter until the Last maturing bonds shall become payable within forty (40) years from the date thereof. That the general form of said bends and the coupons thereto annexed and the interest to be added to said bonds shall be executed in substantially the follow- ing fora, to-Witt UNITED STATES OF AMERICV, STATE OF TEXAS, COUNTY OF TARRANT, CITY OF FORT WORTH. Bond of the City of, For* 'Morth (here insert a general description of the pur- poses for which s aid bond is issued) . No. KNOY,' ALL MEN BY THESE PRESENTS: That the government of the City of Fort Worth, a municipal corporation, duly created under the laws of the State of Texas, hereby acknowledges itself to owe, and for value re- ceived promises to pay, to bearer, One Thousand (w1,000.00) Dol- lars, in lawful money of the United States of America, on the dny of Yp, A. D. 19 , together with in- terest thereon at the rate 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 New Yor)C City, N. Y., and for the due and punctual payment of this bond at the mc.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 ($1,000.00), amounting in the aggregate to the sum of Dallars ($ issued for the purpose of under and by virtue of the` Constitution and laws of the State of a , 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 from the property tax paying qualified voters of said City, at a proper and legal election held on the 24th day of November,, A.. Di 192" It is hereby further expressly represented, re- cited and covenanted by the government of the City of Fort worth, to and with each and every holder of said bonds or any one of them, 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 ':North, precedent to and in the issuance of this bond, have been 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 suoh 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 V+HEREOF, the City of Fort Worth, in the State of Texas, has exocuted this bond by causing it to be signed oy its Mayor and Attested by the City Secretary-Treasurer, with the ,cal 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 '.he first day of January, A. D. 1926. THE CITY OF FORT WORTH, TEXAS, • aear ATTEST: (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 Bank in the Citj, of New York, N. Y. , for interest due that day on its municipal bond dated January 1st, A. D. 1926, and numbered ThF C_TTY OF FORT WORTH, TEXAS, ATTEST: C T - A3� � SECTION 11 That the bonds to to be issued by the City of Fort Wort, and being Righteen Thousand Dollars ($184000.00)0 shall be issued !br the purpose of eanstx%eting, balUftg and equipping an addition to the RlLy-Gc=tar Hospital is said City, and shall oonsist of eight m (18) bonds, ==bor- ed from one (1) to eighteen (18) ivalusive, and shall bear interest at the rate of� cent (44) per annual, pay- able seal-aramlly as aforesaid, and all of said eighteen (18) bonds shall be known as series Mo. 54 and styled and designated of wGit7wCounty Hospital Bonds". SECTION III That the order ckf the maturity of said bonds with their numbers, denominatimm and amounts of awae shall be as set out in the tabulated statement herewith attached and maffie a part bereof, as foliovat At `00061 9$ . oTfpp •00011 it ti #Tot f 000tT '000,T Be '000''t 42 `000'T 9t `000,01 9E 000'T '! `000#1 cc `000'T at =lam:ie Tgclo6tlw 4191 JEW anG 9Z6t 41iBI `i ft IDS,VCt 'ICI-TSOH 1L=OD-UID `OWSIO aM XHOA ,w x1aR MTIoff( IV Vat the ,sand bonds are hereby authorised to bs sold to the bast adage, but in no event shall same be sold for lass than par and the accrued interest to the that of delivery, and the proceeds thereof placed in the Treasury of the City of Fort worth and utilised for the special purposes for ethich such bonds are created, dHCTI©N V That for the purpose of oxvating a sing fund for the payment and caaaplete nt of the fore- going bonded debt# principal and interest and all and every part of names there is hereby levied and there shall be assessed a+A aoileoted, as provided Icy law, set apart and appr$WUted for said propose, an aasnxzal, direct, spes3al ad valorem tax for the year 1926 and for each successive year thereafter during the life of said banded debt, or oM part thereof, of. cents(#eV) (or such an amcrvnt as may be nacossary and adequate, be it more or loss) on er"ry One Hundred Dollars ($li)0,00) of property valua- tion„ real, personal and n►lxed, subject to taxation and not exaaupt therefrom wider the avnstitutlon and laws of the State of Texas, situated and owned in the City of Fort worth on the first day of danaary; A. D. 1956, and on the first day of January of each year thereafter, until said debt represented by said bonds and coupon interest notes sha.11 have boon fully paid, and it 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 mount of money out of the general revenues of said City as zsy be requisite to supply the deficiency, until all interest shall have been paid and the sinking fwid established as requireA by the constitution of the State of Teams and by the Charter of tbo Uity of port 'north, SBOTION VI That it shall be the duty of the Cif Omweil of the �:Ity of Fort ,+girth, and their euoees*ws 3st off oe, and of the government of said City of Fort worth, in levy- ing taxes for gurK,,ftl purposes in said City for the year 1928, and for every *=cessive: year durIM the We of said bonded dent, or any part thereof, to include in such levy a special tax of� o8 asoft (,,OFM on the One HwAred Dollars ($100.00) p"perty valuation (or so mush thereof as may bt requisite and necessary) provided for in the next preceding, section of this ordinance and such special tax shall on no e.ocount w1utmoover be displaced thoftfroin• SECTION V11 That the special tax hereinbefo" provided for, when collected, shall be placed and kept in a separate fwA and shall be devoted to the payment of the interest and the extinguiebment of the principal of all and sib the bonds hereirrtbo" mentioned, as same mature from time to time, and shall not be used# applied or diverted to arW other purpose or objoet whatsoever. SECTION Vn1 That as soon as convenient after said bonds shall have been prepared and signed in the manner preseribed by this ordinance, they shall be submitted to the Attorney 0oneral 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- aluding the bonds herein and hereby authorized and than assessed value of the taxable property in said City for his approval, and none of said bonds thall. be nsgotiatodo sold or transferred until the come shall have received the official sanction of said Attwmy Generals na pmearib. ed by lap, thereafter saki 'bonds shall be placed with the Comptr Iler of Pabiic Acoomts for rogistration. ; TION IX The City bvc.°etaryTreasurer of the City of Port .;or°th, or other lawful oustodIsm of such .£`ur4as dw- iaag they months of June and December of each W. ,very gear, during the life of said bands or any part thereof, and not later than the 20th day of saoh of said month, shall t2vaunit sufficient money out o" t u in terexti fwAs here- inbefore created for the payment of tbo semi.-amsuai interetrt acarvAng on said bonds to the Ranover National Bank tt.* the City of New York# btate of He* York* and likewise re- zittanae shall be ma ds, in due course to provide for the payment of tho prinoipai of rry of said bonds in aadvaance of the maturity of earns. BMT101 X All ordinances and parts of ordinemoss In con- flict herewith be and they arts hereby expressly repealed* SECTION Xx The holding or adjudleatlon of any sedtion# pore tion or part hereof to be Invalid &hail not affect the validity of any other section or part of this ordinance, but all such other sections, portions wA parts hereof shall bo and ro main valid* ssmu xn That this ©rdinw2ae aball take effeat and be in fall some fl-OU ana attar tiha date )Y itie passage and it so ordaln"* CITY CIS WRWi¢ T.RXAS yar ...__ A T T E S Tt y are �� aes'pr r .