HomeMy WebLinkAboutOrdinance 1726 oRDINANCE 11.
AN MDINANCE PROVIDING FOR THE FUNDING OF CERTAIN
OUTSTANDING BONDS OF THE CITY OF FORT WORTH OUT OF
ISSUES DESIGNATED AS "SERIES 19, FORT WORTH nAFRO"-
MENT BONDS"; "SERIES 20, FIRE HALL BONDS";"SERIES 22,
STORM SEWER BONDS"; "SERIES 23, ELECTRIC LIGHT EX-
TENSION AND LnaROVMENT BONDS"; "SERIES 24, STREET
EXTENSION AND IMPROVEMENT BONDS"; "SERIES 26, CITY
HOSPITAL BONDS"; AND SERIES 28, WATERWCRKS EgTENSION
AND IMBROVEHENT BONDS", BY THE ISSUANCE OF NEGOTIABLE
COUPON BONDS OF THE CITY OF FCBT WORTH IN THE AGGRE-
GATE AMOUNT OF ONE MILLION, SEVEN HUNDRED AMID NINZW-
TWO THOUSAND DOLLARS ($1,792,000.00) TO TAKE UP AND
REDEStd SUCH BONDS, SAID BONDS'TO BE IN TIE DENOMINA-
TION OF ONE THOUSAND DOLLARS ($1,000.00) EACH, RUNNING
SERIALLY BROM ONE (1) TO TWENTY (20) YEARS, BEARING
INTXFXST FROM THE DATE THEREOF AT THE RATE OF FOUR
AND ONE-HALF PER CENTUM (W) PER ANNUM, PAYABLE SEMI-
ANNUALLY, F.x R&9SEn IN COUPON NOTES ATTAOHED TO THE
BONDS; DIRECTING THE MCUTION OF SAID BONDS BY THE
MAYOR AND SECRETARY-TREASURER OF THE CITY OF FORT WORTH
AND TO PROVIDE AN ADEQUATE TAX IM FOR THE PAMaNT OF
Il?YE MT ON SAID BONDS AND THE CREATION OF A SINKING
FUND FOR THE PAYMENT OF THE PRINC PAL THEREOF AS SAME
MATURES FROM TIME TO TIME.
BE IT ORDAIAZED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS:
THAT VEMISAS, the municipal government of the City of Fort
Worth, Texas, did on Tuesday April 12, 1910, by Ordinance No. 153 in
strict compliance with the Charter of the City of Fort Worth and the
laws of the State of Texas authorize the issuance of One Hundred
Thousand Dollars (0100,000.00) worth of bonds of the corporate govern-
ment of the City of Fort Worth, which bonds were designated as "Series
19,Fort Worth Improvement Bonds" in the denomination of One Thousand
Dollars ($1,000.00) each, and bearing interest from date at the rate
of four and one-half per centum (4j%) per au.mm, payable semi-annually,
with coupon interest notes attached; and
WHEREAS, in said ordinance it was provided as follows: "All
of said bonds shall be dated the 13th day of April, A. D. 1910 and shall
be and become payable forty (40) years from the date thereof to bearer,
with the provision, however, that same shall be redeemable at the expira-
tion of twenty (20) years from the date thereof or at any interest paying
period thereafter"; and
WiM20W, there are noW outstanding in said series of bonds Ninaty-
nine Thousand Dollars ($99,000.00) worth of them numbered as follows: Two
(2) to one hundred (100) inclusive, making ninety-nine (99) in all; and
WBEREAS, more than twenty (20) years have expired since the
issuance of said bonus and the 13th day of October, 1931 will be the neat
interest paying date; and
WHEIZAS, on the 24th day of January, A. D. 1011, the municipal
government of the City of Fort Worth, by Ordinance No. 204, which ordinance
was passed in strict compliance with the Charter of the City of Fort Worth
and the laws of the State of Texas, authorized the issuance of Two Million
Dollars ($2,000,000.00) worth of the corporate bonds of the City of Fort
Worth, and among said bonds were "Series 20, Fire Hall Bonds*, in the prin-
cipal aum of Ninety-five Thousand Dollars ($95,000.00) numbered from one (1)
to ninety-five (95), all of which said bonds are still outstanding; "Series
22, Storm Sewer Bonds", in the principal sum of One Hundred Twenty Thousand
Dollars ($120,000.00), of which amount One Hundred Eighteen Thousand Dollars
($118,000.00) are still outstanding and which bonds are numbered from one (1)
to eiaty-eight (88) inclusive and seventy-one (71) to one hundred twenty (120)
inclusive, making in all one hundred eighteen (118); "Series 23, Electric
Light Extension and Improvement Bonds", in the principal sum of Fifty Thousand
Dollars ($50,000.00), numbered from one (1) to fifty (50) inclusive, making in
all fifty (50), all of which are still outstanding; "Series 24, Street Exten-
sion and Improvement Bonds", in the principal sum of One Hundred Sixty-five
Thousand Dollars ($165,000.00), of which amount One Hundred Sixty-two Thousand
Dollars ($162,000.00) are still outstanding, said bonds being numbered from
one (1) to one hundred (100) inclusive and one hundred four (104) to one
hnndred sixty-five (165) inclusive, making in all one hundred sixty-two (162);
"Series 26, City Hospital Bonds", in the principal sum of Twenty Thousand Dollars
($2,000.00), numbered from one (1) to twenty (20) inclusive, making in all
twenty (20), all of which are still outstanding; and "Series 28, Waterworks
Extension and Improvement Bonds", in the principal sum of One Million, Three
Hundred Fifty Thousand Dollars ($1,350,000.00), of which amount One Million,
Two Hundred Forty-eight Thousand Dollars ($1,248,000.00) are still outstand-
ing, numbered as follows: Eleven (11) to fifteen (15) inclusive, twenty (20)
to twenty-seven (27) inclusive, thirty-four (34) to one hundred ninety-three
(193) inclusive, two hundred nineteen (219) to two hundred thirty-eight (238)
Inclusive, two hundred forty-four (244) to nine hundred forty-seven (947)
inclusive, nine hundred fifty (950) to twelve hundred forty-two (1242) inclu-
sive, twelve hundred sixty-eight (1268) to twelve hundred ninety-two (1292)
inclusive, and thirteen hundred eighteen (1318) to thirteen hundred fifty
(1350) inclusive, making a total of twelve hundred forty-eight (1248) of
said bonds outstanding; and
W FREAS, all of said bonds are in the denomination of One Thousand
Dollars ($1,000.00) each, bearing interest at the rate of five per cent (5%)
per annum, except the bonds in Series 19 which bear a rate of interest of
four and one-half per cent (4j%) per annum, payable semi-annually, with coupon
interest notes attached; and
WHEREAS, it is provided in the ordinance issuing said bonds that
*All of said bonds shall be dated the let day of April, A. D. 1911 and shall
be and beccus payable forty (40)� years from the date thereof, with provision,
however, that the same shall be redeemable at the expiration of twenty (20)
years from the date thereof, or at any interest paying period thereafter"; and
WHEREAS, more than twenty (20) years have expired since the issuance
of said bonds and the next interest paying date of all of them will be October
1, 1951, with the exception of Series 19, Fort Worth Improvement Bonds, which
interest paying date will be the 13th day of October, 1931; and
FERRAS, it is the judgment of the City Council of the City of Fort
Worth that said bonds, either in whole or in part, eannot be retired at their
maturity; and
WHEREAS, the said municipal government in the exercise of their
discretion, when they deem such procedure expedient and necessary, have the
right and poorer to fund any maturing bonds by the issuance of new bonds in
lien thereof, provided said new bonds bear the same or a lower rate of inter-
est as the original bonds; and
WMMEAS, the said City Council is of the opinion that all of the above
described bonds should be redeemed and funded at this time; and
VH REAS, the bonds sought to be issued will bear the same or a
lesser rate of interest than the present outstanding bonds; and
BE IT FURTHER ORDAINED By THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS:
SECTION I.
That, pursuant to Section 19 of Chapter XXP of the Charter of
the City of Fort Forth, adopted by the qualified voters within the corporate
limits of said city on the llth day of December, A. D. 1924, and the laws
and Constitution of this state, the municipal government of the City of
Fort Worth issue its corporate negotiable coupon bonds in the principal sum
of One Million, Seven Hundred and Ninety-two Thousand Dollars ($1,A2,000.00),
and to be designated as "Funding Bonds, Series 1931", said bonds to be in the
denomination of One Thousand Dollars ($1,000.00) each, dated September 1, 1931,
bearing interest at the rate of four and one-half per cent (4j%) per annum,
payable semi-annually on the first day of March and September of each year
respectively, both principal and interest of said bonds payable at the Hanover
Bank and Trust Company in the City of New York, State of New York, the semi-
annual interest 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 Secretary-Treasurer, with the seal thereon duly im-
pressed, 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
sai& bonds numbered in the way and manner hereinafter set out, maturing one
year 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 bonds and the coupons thereto annexed and the inter-
est to be added to said bonds shall be executed in substantially the follow-
ing form, to wit:
S@CTION II.
That the total amount of bonds sought to be issued by the
City of Fort North, One Million, Seven Hundred and Ninety-two Thousand
Dollars ($1,792,000.00) thereof, shall be issued for the purpose of
funding and redeeming maturing bonds Which draw the same or a greater
rate of interest than the bonds now being issued, and which consist of
one thousand, seven hundred and ninety-too bonds, numbered from one (1)
to one thousand, seven hundred and ninety-two (1792) inclusive, and shall
bear interest at the rate of four and one-half per cent (4J%) per emnam,
payable semi-annually as aforesaid, all of which said bonds shall be de-
signated as "Funding Bonds, Series 1931".
SECTION III.
That all of said bonds, comprising the sun total of One Million,
Seven Hundred and Ninety-two Thousand Dollars ($1,792,000.00)9 shall mature
in the manner and amounts with the respective divisions of time as set forth
in the following tabulated schedule:
SECTION IT,
That none of the said bonds hereinabove authorized to be
issued shall be issued by the Mayor and City Secretary-Treasurer, except
in lieu of lawful, subsisting and maturing bonds of the City of Fort
Worth now outstanding, drawing the same or a greater rate of interest
than the bonds now sought to be issued,and the said maturing bonds
shall forthwith be cancelled and annulled when the new bonds are issued;
provided, however, that this requirement, as to the cancellation and
voiding of said maturing and outstanding bonds, shall not be construed
to impose on any purchaser of the new bonds, or on any party who may
acquire said bonds, or any one of same for value, the duty to see that
said maturing and funded bonds have been cancelled and voided, but it
is further expressly provided that the holder of said bonds, or any one
of them, shall be subrogated protanto to all the rights and remedies of
the holder or holders of the original maturing and funded bonds.
SECTION V.
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 there-
of, to be placed in the treasury of the City of Fort Worth and utilized
for the special purposes for which they are created.
SECTION VI.
That for the purpose of creating 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, set apart and appro-
priated 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 cent* (or such an amount
as may be necessary and adequate, be it more or less) on every One Hundred
Dollars (0100.00) of property valuation, real, personal and mixed, subject
to taxation and not exempt therefrom under the Constitution and laws of the
State of Te=a, situated and owned in the City of Fort Worth on the lot day
� 4 }
of January 1931, and on the let 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,
then 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 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 VII.
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 cents on the One Hundred Dollars ($100.00) prop-
erty valuation (or so much thereof as may be requisite and necessary)
provided for in the neat preceding section of this ordinance, and such
special tax shall on no account whatsoever be displaced therefrom.
SECTION VIII.
That the special tax hereinbefore provided for, when collected,
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 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 separate account on the books of said City, and the proceeds
held and kept by the City Treasurer of said City as a separate and dis-
tinct account and so specified as such on his books.
SECTION IS.
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
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
and transferred until the sane 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
registration.
SECTION a.
That the City Secretary-Treasurer of the City of Fort North,
or other lawful custodian of such fund, during the months of March and
September of each and evory 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 hereinbefore 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 New York, State
of New 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 %I.
All ordinances and parts of ordinances in conflict herewith
be and they are hereby expressly repealed.
SECTION XII.
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 such other sections, portions and parts
hereof shall be and remain valid.
SECTION %III.
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.
Mayor
ATTEST:
City Secretary-Treasurer
APPROVED AS TO FORK:
{;i.tv Attn"Air
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ORDINANCE
Titl
Date
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City Se�tary