HomeMy WebLinkAboutOrdinance 1627 The City Council of the. City of Fort Worth met�lo
regular session in the Council Chamber at the City I{all ni"7
thirty o'clock A.:'., ':edneeday, the 23rd day of October, Ai,. D.
1929, and upon roll call the following were present; T-P. oryce,
Tayor, Dr. '"'. R. Thompson, '41lard Burton, Van 7-an6t sarvi�,
Monnig, :E. T. Renfro, A. E. Thomas, and J. R. Penn, Councilmen,
constituting a majority and quorum of the membership of the
said board, and I. L. Van Zandt, Jr., City 5edretary-yrea3urer,
was in attendance at said meetingo and the follow proceedings
among other things were had and donea
Councilman at ttltt , s econdeO Councilman
Larvis moved the adoption of the following ordinances
ORDINANCE NO. 1827
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE
COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, AMOUNT-
ING TO THE PRINCIPAL SUM OF ONE HUNDRED AND FIFTY THOUSAND
DOLIARS (P
50,000.00), OUT OF AN AUTHORIZED I3SUE OF TWO MILLION
DOLIARS ( ,000,000.00), AND BEING KNOWN AS SERIES 56 &RD DESIG-
NATED AS STREET IMPROVEMENT BONDS", TO BE ISSUED FOR THE PUR-
POSE OF MAKING PERMANENT IMPROVEMENTS BY CONSTRUCTING, IMPROVING
AND EXTENDING THE STREETS, THOROUGHFARE'S AND STORK SEWERS OF
SAID CITY; MCH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE
THOUSAND DOLIARS (#1,000.00), TO BE DATED NOVEMBER list, 1929,
MATURING FROM FIVE (5) TO FORTY (40) YE4R3 FROM THE DATE THEREOF,
AND TO BEAR INTEREST AT THE RATE OF FOUR AND THREE FOURTHS (4J%)
PER CENT PER ANNUM, PAYABLE SEMI-kNNUALLY, THE INTEREST TO BE
EXPRE33ED IN COUPON NOTES ATTACHED TO THE BONDS, DIRECTING THAT
THE SAID BONDS BE EXECUTED BY THE MYOR AND CITY SECRETARY-
TREASURER; AND PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAYMENT
OF THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR
THE PAYMENT OF THE PRINCIPAL THEREOF, AS THE SAME XkTURES FROM
TIME TO TIME; AND PROVIDING TI-TAT THIS ORDINANCE SHALL BE IN FORCE
AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE.
WHEREAS, on the 22nd day of Nay, A. D. 1929, pursuant
to the authority vested in said City by Section 19 of Chapter
XXV of the Charter of the City of Fort Worth, adopted by the
qualified voters within 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,
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by a resolution and an ordinance of that date, directed the sub-
mission to the resident property teat paying qualified voters
of said City, at an election to be held in said City on ther2stb�. ' r
day of Jane, 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 the said City in the principal
sum of Two Million Dollars (#2,000,000.00), for the purpose of
making permenent improvements bn said City by constructing,
improving and extending the streets, thoroughfares and storm
sewers of the said City, and to include in such permanent improve-
ments the widening, paving, grade separation, bridges and drain-
ag�i}and
ttHERBLB,in conformity with the said resolution and
ordinance, the Mayor of said City did make proclamation of said
election, and fixed the date thereof for the 2bth day of June,
k. D. 1929; and
WHBRtAS, said elestion order and proclamation thereof
was prepared and published in the manner and for the time pres-
cribed in said resolution and ordinance; and
WHEREKS, on the 28th day of June, k. D. 1929, said
election was held in the City of Fort orth at the respective
polling places desigmsted 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 Cityj and
WHBRMS, the offielsl ballot on such occasion, in con-
formity with the resolution and ordinance of thla City Counoil,
hersinabove mentioned, and in socordance with the order of said
election, iri form and in substance reads as follows:
OFFICIAL BALLOT
I.
$hal.l. the City of Fort Worth, through its Cit Vouncil,
Issue its negotiable coupon bonds running from five (y5) 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 storm sewers of said City, includ-
izle in such permanent improvements the straightening, widening,
paving, grade separation and drainage of said streets and thorough-
fares, 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 matur-
ing 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 annum from the date thereof, payable semi-annually,
and levy a sufficient tax to pay the interest on said bonds and
oreate, a sinking fund sufficient to redeem said bonds at the ma-
turity thereof?
rGR the Issuance of 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 forty
(40) years, in the principal sum of Five Hundred Thousand ($500,-
000.00) Dollars, for the purpose of improving and extending the
system of fire protaotion of said City by constructing, building
and equipping a new central fire station, acquiring- the necessary
land therefor, alad extending and improving the fire alarm signal
system, the first of said bonds being payable at the expiration
of five (5.) years fiom 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 pent per annum from the date thereof, payable semi-an-
nually, 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 Fire Protection Bonds.
AGAINST the Issuance of Fire Protection Bonds.
III'.
S1�all the City of Fort Worth, through its. City Council,,
issue its negotiable coupon bonds running from five ( ' to forty
( 0) years in. the principal sum of Five Yjundred Thousand ($500,-
000.00) Dollars, for the purpose of establishing,. equipping, ex-
tending and 'tmproving 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 pay-
able at the expiration of five (5) years from- the date thereof,
and serially thereafter as- may be determined by the said City
Counc-11, so that the last maturing bonds shall become payable
wiithi.z forty (40), years from the date thereof, bearing interest
at -a ,ra.te not. to exceed five (5%) per cent per annum from the date
thereof, payable Qemi-annually, atld levy a sufficient tax to pay
the interest an eaid bonds and create a sinking fund sufficient
to redeem said bonds at the maturity thereof?
FOR the Issuance of Airport Bonds.
AC.AIIST the Issuance of" A.ix art $an14o,
WHERAS, in the election held in said City of Fort
;"orth on the 9$th. day of June, A. D. 1929, on the question of
the issuance of said bonds heroinbefore mentioned, there was a
majority of votes in favor of the issuance of said bonds; and
NUMMS, by virtue/ of said election, said Couneil
is vested with power and Apthority by and from the people to
Issue said bonds for the purposes aforementioned, and to
sake some valid and binding obligations of the corporate govern-
ment of the City of Fort ."°or th l and
t'1TMMS, it is deemed wise and expedient by the City
Council of the City of Fort Worth, its the exereiae of the
discretion reposed in it by lax, that only One fired and Fifty
Thousssd Dollars ($UW,000.00) worth of the authorized issue
of Two Million Dollars ($2,000,000.00) be issued in bonds at
this time; said bonds to be issued being a part of Series 56
and designated as "Street Improvement Bonds".,
NOW, THMMFOR$,
BE IT ORMINED1 BY THE CITY COUNCIL OF THE CITY OF
FORT WORM
SSCTION I.
That pursuant to =ection 19 of Chapter XXV of the
Charter of the City of Fort Werth, adopted by the qualified
voters within the oorporate lipits of said City on the 11th
deny of Deeember, A. D. 1924, Glad the laws and constitution of
the State of Texas, and pursuant to a vote of the resident
pproperty tax paying voters of the City of Fart Worth, at an
election held in said City for sash purpose on the 25th day of
Zwo, A. D. 1929, that the muniopal government of the City of
Fort "north issue its corporate negotiable coupon bonds in the
principal sum arcene Hundrod and nfty Thousand Dollars
(01 0,000.00) out of an authorised issue at said election of
Two pillion Dollars ($00000,000.00)'* and which authorized issue
ir, known as Series 56 a)sd designated as "Street Improvement
Bonds" and the bonds so to be issued shall be in the denomination
of On* Thousand aaallara ($1,000.00) rash, dated November let,
1929, bearing interest at the pate of four and three fourtrs (4 )
per cent per snnurm, payable god-annually on the lat day of
May and November of each year respectively, bath prinripal and
interest of saki ?bonds beixg payable at the Banover National
Bank in the Cityj of New Ygrk, State of New York, the semi-
smaasrl interest rbeing evi onesd by interest coupons attached
thereto, all �f said bonds to be executed for and on behalf of
the City of 'ort Worth by the Mayor thereof, attested by its
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City -�ecrst#ry _Treasurer, with than soul of the City thereon duly
impressed but the interest eoupone to be executed with the
lithogra0hed facaladle signature of the Mayor and City Secretary`
Treasu"r of the"�City of port !"orth, each of sand bonds egad
coup" shall be negotiable and payable to bearer, and said
bonds shall be numbered in the way and manner hereinafter set
out„ maturing five (5) years from the date thereof and annually
thereafter until the last maturing bond shall become payable
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wilthin forty (40) years from the date thereof, and the bonds
themselves,(dnc Hundred and Fifty (150) in number, shall be
slumbered consecutively from one (1) to one hundred and fifty (15t?j
inclusive, and shall mature In the amount and manner hereinafter
set outs said bonds shall be used for the purpose of making
permanent improvements by constructing, extending and improving
the streets, thoroughfares and storm sewers of said City.
That the general form of said bonds and the c&apens
thereto annexed and the interest added to said bonds shall be
executed subs-iantially in the following format
No. _ UNITED STATED y`�1000
OF AMERICA
STATE OF TEXAS, COUNTY OF TARRANT
SERIES
C I T Y O F F 0 R T W 0 R T H
---0000000---
Bond of the City- of Fort Worth,
issued for the purpose of
KNOW 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 ofTexas, hereby acknowledges itself to owe, and for
value received promises to pay, to bearer,.
ONE THOUSAND DOLLARS ($1000)
in lawful money of the United Stated .of America, on the
, together with interest thereon
at 'the rate of per centum per annum
payable semi-annually on 'the 1st 4ay of and
in each year, on presentation and surrender
of the annexed interest coupons, 'tas they severally fall due,
Both the principal and interest o:V this bond are payable at
the office of the Hanover National Bank, in New York City,
N. Y., and for the due and punctm.1 payment of this bond at
the maturity thereof, and the interest thereon, when it falls
due, the full faith, credit and rpso,ur.ces of the City of Fort
Worth are hereby' irrevocably pledged.
This bond is one of a leries of
bonds numbered consecutively from
to inclusive, each of the denomination
of One Thousand Dollars ($1,000.00) , amounting in the ag-
gregate to the sum of
issued for the purpose of
s
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 the City lawfully pass-
ed and adopted on the pursuant to
valid authority from the property tax paying qualified voters
of said City, at a proper and legal election held on the
L. Q25.
It is hereby further expres3ly 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, .condit9.ons and things re=
quired by the laws of the State of TexaI, 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 man-
ner as prescribed by law, so as to make this bond a legal,
binding and valid obligation of the Cit;P of Fort North, and
that provision has been made for the le#wy and collection of
a direct annual tax on all taxable property in the City of
Fort Worth, and that such tax has been �cvied in a sufficient
amount for the payment of the principal 'and interest oP this
bond at the respective maturity dates ttoreof, and that the
total indebtedness of said City, includkzg this bond, and
the issue of which it is a component pat t, does not exceed
any constitutional or staturoty limitat:�bn.
IN TESTIMONY WHEREOF, the Ci�,� of Fort Worth, in
the State of Texas, has executed this blind by causing it to
bd signed by its Mayor and attested by J e City Secretary-
`Y're'_asurer with the seal-of the City. the*euhto duly impressed,
. and has caused the annexed interest coupons to be executed
with the facsimile signature of the Mayor ttnd City Secre"
d'-aP7,Treasurer, and dated as the 1st day of.
f
CITY OF FORT WORTH, TEXAS
SLyQr"" r
ATTEST:
MIty Secretary-TredsUrer. -"
(FORM OF COUPON NOTE)
SERIES
No.
The City of Fort Worth, in the State of Texas,
promises to pay to bearer
on the lst day of ,
at the Hanover National Bank in the City of Now York, N. Y. ,
for interest due that day on its municipal bonded dated
and numbered
CITY OF FORT WORTH, TEXAS
. Nla�ar
ATTEST:
� S,9cre ary� real er...
SECTION 11
That the said bonds so to be issued by the City of
Fort ":Orth, amounting to Liao Hundred and Fifty Thousand Dollars
($150,000.00), out of the sand'authorised issue of Two Million
Dollars ($2,000,000.00). stealibi issued for the purpose of
constructing, imoreving and extending the streets, thoroughfares,
storm sewers, bridges and drainaGe of said City and shall con-
sist of one hundred and iritty' bonds, numbered from(ne (1) to
one hundred and fifty (180))inclusive, and shall bear interest
at the rate of four and th*re fourths per cent (4j%) per annum,
payable semi- imnally, as ;sforssa►lds all of which asid one
hundred and fifty (lb0) ; shall be known as Series 56 and
` shall be styled and designated as "Street Imprevem►9nt Bonds";
that ail of the said bonds, comprising the sum total of one Hundred
and P�fty Thousand Dollars' (1lbo,000.00), shall mature in the
manner and amounts as seV out ! the tabulated statement herewith
attached, to-wits
CITY OF FORT NORTH
PRIM IFAL MATMTIES
$150,000.00 STREET IM'PROVN T BONDS
DATED NOVEMBM 1ST, 1929.
DDE N0TEMB$Q 1ST PRIM rPAIL
MAATURM-
1934 3,7000;
35 3000.
36 337 8 3,000.
3;000:
3'OW.
39 3;000.
3'000.
1940 411 3;000.
43 3;000.
3;000.
44 45 3;000.
3000.
46 3;000.
47 3;000.
0-5 - --3 000:
190 41000.
000
4,
_ 4;000.
53 4000:
4;000:
54 4;000.
5
4;000.
56 58 4;000:
4;000.
4'000.
1959 4;000.
4:000.
61 4;000.
�3- 4;QQO:
7.000;
65 7;000.
7;000:
7;000:
67 7;000.
69 7� 000.
7,000.
SECTION III.
That the said bonds are hereby authorised to be
sold to the best advantage, but In no event shall save be
sold for less than par, and the accrued interest to the time of
delivery and the protoods thereof, to be plasod in the treasury
of the City of Fort ::earth and etti;11*44 for the special purposes
for which they are created.
Simi or 'IV.
That for the purpose of creating a sinking fund for
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the payment and complete extinguie#;hmont of the foregoing bonded
debt, prinsipal and interest, and all and every part of same,
there is hereby levied and there shall be assessed and collected
sa provided by law, set apart and appropriated Zor the said
purpose,, an annual, dirgat special ad vat are, tax for the year
1920, and every successive yeear• thoreafter during the life of
said bonded debt or any part thereof of .6 Qents (or such
an amount as may be necessary and adequate, be it more or less )
on every one Hundred (�IOo.QU) D,oll.ars of property valuation,
real, personal and mixed, subject Ito taxation and not exempt
therefrom under the Constitution and law of the State of Texas,
s i tua t eed. and ovned in the City of Fort a:or th on the lot day of
January 1930, and an the is t dlay of January of each, year there-
after until said debt represented by sold bonds and coupon
interest notes shall have boe n faty paid, and if, at any time,
such tax should be insufflolentj then it shall be the duty of
the City Council or any other 3overning 'body of the City of Fort.
Worth, to set apart and appro iate such additional amount of
money out of the genera 1 revers 4s, of the a aid Ci ty, as may be
reauircite to supply the defie le ncy until all interest shall have
r
been. peld and the sinking fund established as required by the
Constitution of the State of Texas and the Charter of the City
of 9t a o'.
A
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SECTION V.
That it shall be the duty of the City Council of
the City of Fort 'North and its successors, and of the government
of the City of Fort Worth, by levying taxes for general parposes
for the said City of Fort i''orth for the year 1930, and for
every successive year daring the life of said bonded debt or
any port thereof, to include in such levy the special tax of
.6 cents on the One Hundred (#100.00) Dollars property
valuation's#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 recount whatsoever be displaced
therefrom.
SECTION VI.
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 aid the extinguishm4nt
of the principal of all and singular the bonds hereinabove men-
tioned as same mature from time to time, and shall not be used,
applied or diverted to any other purpose or abject 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
hold and kept by the City Treasurer of said City as a separate
and distinct account and so specified as such on his books.
SECTION 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, tobether with a certified copy of this ordinance
and a statement of the total bonded indebtedness of the City of
Fort .'orth, including the bonds herein and hereby authorised and
the assessed value of the taxable property in said City, ter his
I
approval, and none of said bipnds shall be neg otiatod, sold or
transferred until the sane hall have received the *"total
sanction of the said Attorney Oeneral as prescribed by law, and
thereafter said bonds shOl be placed with the State Comptroller
of Public Accounts for registration.
SEMOR `rill.
That the City S eeretary+Tr*zsurer of the City of
Fort Borth, or other lawful custodian of such fund, during the
months of November and May of each and every your during the
life of said bonds or part thereof, and not later than the Sth
day of each of said months, shall transmit sufficient money out
of the interest funds hereinbeforo created, for the payment of
the woad-annual interest accruing on said bonds, to the Hanover
National Hank of the City of New York, 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.
SHMON IX.
All ordinances and parts of ordinances in conflict
herewith be and they are hor•by expressly repealed.
39MON 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 such other
sections, portion* and parts hereof shall be and remain valid.
SECTION X1.
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.
i
Mayor William Bryee,i presiding at said meeting,
submitted the motion: to adopt said ordinance and all of the
Councilmen, including the Mayor, voted *Aye" thereon and none
voted "No", and the motion td ,adept the erdiashoe was declared
to be unanimously passed and. adopted.
THE SILTS OF TBUS
COUNTY OF T&ERKIT
I, I. L. Van Za fit, Jr.- City deeretary—Treasuror
of the City of Fort Worth,; do hereby certify that the above
and forobdnig ordinance id a true and correct copy of Ordinance
No. 1627 , and that same was unanimously passed and adopted by
the City Council of tha ;City of Fort 'L9erth, Texas, at a regular
mooting held in the Council Chambers at the City Hall on
Wednesday, the BSrd d of October, A. D. 1929,
v
WITNMS my Omit at Fart Worth, Texas, this the
day of October, A. D, '1929.
City ecre Vut11u ei , 4
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