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HomeMy WebLinkAboutOrdinance 1010 THE STATE OF TEXAS } } COUNTY OF TARRANT ) CITY SAU, CITY OF FORT WOMB, TEXAS. On this the -2 •nay of May. A. D. 1924. the Board of City Gomatadt►stsrs of the City of Fort Worth met in regmlar session with the following meebere presents I" B. Coekrell, XWor, Job Chester L L Jams.Ald . ) 0asaissioners, 1 0. 3. Sseow, City 8sersta.37, R. E. Bever, City 0orporet10n Cosmsel, E. B. Cheathem. Affiitor, Abomts J. 0. Lord, Oandssionsr, .onstitating a gstoram of the Board, at which time the following preaeed- ings were ha4, to-wits The&yor called attention of the Board to the fast that Oommeissioner d. 0. Lord was not present, and that final aetion was to be ta]an on a matter oonoerning the Department of ftterwo"m and Bowers whidb Department is under the enpeoial care of Comaissie#sr Lord; asL further Galled attention to the feet teat the Gamisslamer ecald not be present for several days due to illness in Baltimore, Md.; but further called attention to the fact that the provisions of See. 20 of Chap. II of the Charter had been followed by the Board having heretofore at a previous meeting net this matter for final disposition at this a regalar meeting. The NV*r offered for consideration an Ordinswe entitleds "AN OHDI?A..AOS PEDVIDIRG FOR THE FUNDING OF VALID OUTSTANDING IBIEBTEMSS OF THE CITY OF FORT WOB0, IN THE FORM OF WARRANTS HUMPOHE DULY AND LEGALLY EXE- CUTED AID IMMD AND IN PROCESS OF ISSUANCE UNDER EXISTING CONTRaCTS, BEPBESENTING THE CITY'S INDEBTEDNESS FOR LABOR PSRFORID AND MATERIALS FUIiNISM UNDER CERTAIN CONTRACTS FOR THE EXTENSION OF ITS WATEIVOHSS AND "J,=R SUPPLY SYSTMS, IN THE AMOUNT OF THREE HUNDIED THIRTEEB THOU= SAAD (#M3,000.00) DOLLAW, BY THE ISSUANCE IN LIEU THEREOF OF CITY OF FORT WORTH TEXAS WATEANORBS EXTENSION FUNDING NOTES, SERIES 1924, BBAR- ING FIVE (5%) FM- CENT INTEMST, SECU= BY A PL=(Z Or COIiMT ?-CEIPTS �;M REVENUES OF THE WATER DBPA WNT OF SAID CITY, X&KING PROV IS ION F CR M P.sTMM OF PRINCIPyL .LED INTEIEST OF SAID BOTLS, AND PLEDGING 0332, ALLY THE FULL FL,ITH n1ID CREDIT nED RESOUXES OF THE CITY TO THE PROWT PAIMENT OF SAID NOTES AND INTP�ST THEREOF, IUM&LIAG ALL ORDINANCI,S AM PARTS OF ORDINANCES IN CONFLICT HERESVITH AID DECLARING AN EXEMENCY." The Ordinanos was read in fall by the Seoretavy. Commissioner Aldermen marls a motion that the Ordinsnoe be passed finaljy. Us motion was seconded by Camminsioner doses. The motion. was carried bg the following vote: AnS& Comadmaiomrs, Alderman and Jot". The Mayor asked to be recorded as voting Aye, which was done. LACES& Nons. The Qtdinance is as follows& "AN ORDINb.M PROVIDING FOR M FUNDING OF VALID OUTSTANDING IRDEBTEMSS OF THE CITY OF FORT WORTH. IN THE FORK OF WARSANTS HERETO- FORE DULY AND LEGALLY EXECUTED M ISSUED A]D IN PROCESS OF ISSUAHOE UNDER EXISTING 00n%R CTS, &PIESENTING THE CITY'S INDEBTEDNESS FOR LABOR MMRKiD AND KATERIALS FURNISHED UNDER CERTAIN CONTR&CTS FOR THE EXTENSION OF ITS WATERWORKS AND WATER SUPPLY SYSTP.IdS, IN THE MWNT OF TREE EMBED THIRTEEN THOUS M ($3U,000.00) DOLLARS, BY THE ISSUANCE IN LIEU THEREEF OF CITY OF FOBS WORM TEAS WATERNOR M EXTEN- SION FUNDING NO=, SERIES 1924, BEARING FITS (9%) PER CENT INTEREST, SECURED BY A PLEDGE OF CURRENT RECEIM AND IBIMMS OF THE WATER DEP4RMNP OF SAID CITY, ILKING PROVISICH FOR WE >?AYKENT OF PRINCIPAL AND INTEREST OF SAID NOTES. AND PLEDGING GENERALLY THE FULL FAITH AND OMMIT AND 30SOUMMS OF THE CITY TO THE PHOKPT PAST OF SAID NOTES AND INTEREST THEREON, REMLING ALL ORDINAAM = PARTS OF ORD DLNCES IN CONFLICT HERDWITH AM DECL&RING AN EDERCENCt.• WBEM S, prior to Nay lot, 1925, the CITY OF FORT WORTH had voted certain bonds for the improasssnt and extension of its water- woift system in the amount of One Million Five Hundred Thousard ($1,b9O,OOO.0O) Dollars, the proceeds of the sale,of which bonds were available at the time the contracts below mentioned were made= and SAS, The Board of Cmgiesioners did now certain contracts to,carry out said program at various times as hereinafter set forth, which contracts provided for the expenditure of opprosi- k mate➢,y One Killion Five Hundred Thousand 41,00,O0O.00) Dollars,which contracts were lased principally on unit prioes which might make the total expenditure more or less than said One Pillion Five Rm d.red thousand (41,00,6W*"k Dollarog having in coutawll►laltam the payment of sail excess out of such other fonds as adg'ht be received currently or which were under its central, and matte farther provision for the perrfamanoe of certain additima&al services and for The furnishing of certain additional materials at emit prices which was made possible by the sale of the One Killian Five Am fired Thousand (#1,500,O00.00) Dollars bonds; and WIMASAS, work under said contracts and work in said extension program whiab is being done under di root supervision of the City has reached a stage, at which the hoard can with fair aoauraoy determine the amount of the excess of the cost of said extensions, over and above the Cue Zillion Five HwAred Tboussad ( 3,l f0*OOQ.CO) Dollars bonds t and MMAS. in addition to said money the Ord has at all times had in prospect the revenues sad receipts of the Waterworlts less Department of_ the Oity, whfch,ftnt/ffie expense of operation, less fixed less eharges. and best/pledges already made of a portion of same and available are for this purpose An the amount of exceeding t1o,00mo per mouth; and YMMM5, said amount of 04a Union Five Hundred Thousand, n- (t,d00,000.00) Dollars will be saffWezt to the extent of the Three hutedred Thirteen Thoase.ni (SIW.00.00) Dollars, tar the lellowing spoidflo reasouss (a) The annexation of additional territory by the City of Fort Worth has occasioned the purchase of the independent waterworks systems owned by the annexed territory in the approxivate amount of one DwAred %matt'-fve Thousand (sim.m.00) i)onars= (b) The annatation of territory not properly equipped with waterworks, twins, eta., has occ"Imad the expenditure of approKinately Two Hundred 'thousand ( ,000.001 Dollars; (a) The perfonumas of the. cortraetore' obligations under the several contracts in performing extra services, furnishing extras, ahri to provide funds to pay for the City's expense is performdng under its own sapervis#on certain of said services Fifty-three Thctusant (#55,000.00) 1 i*Uars I WJSW43, there are outstanding or are in the process of Issuance on approved setteeates to the several contractors the approximate amounts in warrants, as set forth in the foilowiag schedules (a)'Urraat Constroation Company on Fawn Heights, Wiles City, and Diamond Dill, water supply oontraat of September Mad, 19E3, #74,=.i!3; a (b) 'Tarrant Construction Company on baptist Seminary and South Hemphill water supply amtract of July 28th, 1923, $23.00.17; (e) 1lslonsis Construction Comrpany on Filteration Plant enlarge- ment contract of October 28th. 1'P23. $146.8n.68; (d) A* IL. Lockett d CmVazr on machiasrt and golly plane con- tract of August 7th, 1923, $37,893.001 (a) `, R. Lockett b OempwW on polytechnic Booster Plant oon- trust of JWy 18th, 1923, $4,087.31;. (f) Janes Contracting Casdpary on Polyteobsi.e, Syeanore Heights, Tan8,q and Deacon gill Additions. Sanitary Sever Systems,(used as an contract of adjunct to the watemorks syston)j Beptoeder 4th. 1923, $27,184.16; (g) H. W. Gresnesy on Pelyteshnic water mains contract of July 10, 1923, $18.447.79; (h) N99anzie Construction CampaW on Riverside Sanitary Serer "on, (used as an adjunct to the watera+o*s system), contract of October 31, 1923, $4.93i.00; IS) ZVonsoe which mast be paid ly City on said work according to Bnginsers' estimate; re-laying water mains Front and Rain Streets, $18.000.00; re-laying miscollaseoas sewers $10,000.00; XQinsers' fees $18.000.00; The total of which estimated outstanding warrants saAammmabo In process of iesuanos is $393,609.0I WRMM4.3, all of said contracts were executed in strict Charter compliance with the Laws of the State of Texas and the*ovisices, and oriinamss of the City; aid =WAS, under Section 14 of page 8 of the Charter of the City, the Board of Commissioners of City of Fort Worth are given full Mthorily over the financial affairs of the City, aal to provide for t1s collection of all revenue and other incosa, the auditing and settling of accounts, ant in the exercise of that discretion to male appropriation for the payment of all liabilities and expenses of said Oity; and Whhh6MOt in the perf zmance of the various oontracts above onneerated the City has heretofore iesned approximately One Hundred Thom- ! sand M00,000.00) Dollars of warrants to said several contractors, which warrants have not yet been paid and has in iamadiate contempla- tion the i mumoe of approxinately Two Hundred Thirteen Thousand (0213,000.00) Dollars more of saoh warrants and iCiBRU.S, it is contemplated that this ordinance provide for the funding of warrants under said waterworks extension contracts, not only which have been issued heretofore but which shall hereafter be Issued during the nest three or four months in the completion of said programs and liHIMLS, under Section 81 of Chapter ii of the Ethartsr, the Board of Commissioners is vested with the parr and charged with the dusty of soling all laws or ordinances not inconsistent with the Consti- tution of this State touching every'natter and subject within the looal governmett instituted 1W the Cbawters aged MMWAS, the Hoard is given general powers not contrary to the Laws and Constitution of the State in matters of passing ordinances In Seotion 19 of Chapter Iles and WECRUZ, under the Constitution and Laws of the State and areder its Charter the City may postpone payment of said warrants or warrant indebtedness and issue to the holders thereof in lieu thereof Interest bearing time funding notes, which action is deemed by the Board of Commissioners to be to the best interest of the City: and WUMA# the inoome to the City from its water department is sufficient and ample to maintain said department# and to support all other heretofore created obligations ag►inst it to such extent that until AuSust 10 1927, there shall at all times be a surplus available for this team* of notes an amovat exceeding#10,WO.00 per mda'tb, and tUrsafter an aototumt exoesding 480,000.00 per swuths and WBERCAS, in addition to the power given to the City is reference thereto by the Constitution and Laws of the State aid its general Charter powers Section B of Chapter XI of the Charter specifically provides that the Board may "sell, lease, alienate, exaohmnge gr enowber dX real estate IIZMRtrt4 owned = aniMiraji ]U.W t MliFY01M, BE IT Of tO.INED BY THE BOA OF COMKISSIOVMS OF THE CITY OF FORT WOATB. TE ASs I. That funding notes of said C11y be Called "CITY OF FOBT WORTH WATMMORKS EXTENSION FMING FOM, SERIES 1924," be issued wider and by virtue of Ais constitution ant Laws of the State of Texas and the Charter of said City of Fort Worth for the purpose of funding an equal amount of the outstanding obliptions of the City of Fort Worth, heretofore issued in payment of waterworks extensions and improsenssts, and hereafter to be issued far waterworks impro►etsrnts under the exist- ing contracts, and schedule hersinbefore set forth, up to the total amount provided for In, this ordimanes, which said warrants are and shall be valid, subsisting and outstanding obligations against the waterworks flmd of the City, warrants for which shall have besn based on claims amd accounts duly audited 'fir the Cosmsi ssioner of the appropriate department of the City Government, which Claims were duly approved by the Board of Cassri,ssioners as prodded in the Charter, which warrants were executed by the 1hWor and attested bV the Secretary , and which obligations are to -be surrendered to the City of Fort Worth and duly Cancelled aid the frmding notes herein authorised shall be issued amd &slivered to the holder or holders of said original warrants or washers. I1, the fending notes *hail be exchanged for like smounts of outatmding original warrants or vouchers as said original warrants or vouchers shall have aacuanlated in convenient amcuats. for convanieace In affecting said axobsnge, the holders of said original warrants are hers1W authorised and directed to appoint Bank. as Agent, for the owners of said warrants, to receive for said owners in lien of the vcachers said funding notes.