Loading...
HomeMy WebLinkAboutOrdinance 2155 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGO- TIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF TWO HUNDRED THOUSAND DOLLARS ($200,000.00), OUT OF AN AUTHORIZED ISSUE OF TWO HUNDRED AND SEVENTY-FIVE THOUSAND DOLLARS (9275,000.00) WORTH OF SAID BONDS, AND BEING KNOWN AS SERIES 72 AND DESIGNATED AS "MARINE CREEK CHANNEL, DRAINAGE AND OVERFLOW IMPROVEMENT BONDS," TO BE ISSUED FOR THE PURPOSE OF STRAIGHTENING THE CHANNEL AND IMPROVING THE DRAINAGE OF MARINE CREEK IN SAID CITY, IN ORDER TO PREVENT THE OVERFLOW OF SAID CREEK AND THE CON- SEQUENT DAMAGE TO PUBLIC AND PRIVATE PROPERTY RE- SULTING THEREFROM, AND SECURING THE NECESSARY LANDS THEREFOR, EACH OF SAID BONDS TO BE IN THE DENOMINA- TION OF ONE THOUSAND DOLLARS ($1,000.00), TO BE DATED FEBRUARY 1, 1943, MATURING FROM ONE (1) TO TWENTY-FIVE (25) YEARS FROM THE DATE THEREOF THE FIRST ONE HUNDRED AND TWO THOUSAND DOLLARS ( 102,- 000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT THE RATE OF TWO PER CENT (2%) PER ANNUM AND THE REMAINDER TO BEAR INTEREST AT THE RATE OF ONE AND THREE- QUARTERS PER CENT (1-3/4%) PER ANNUM, SAID INTEREST BEING PAYABLE SEMIANNUALLY, THE INTEREST TO BE EX- PRESSED IN COUPON NOTES ATTACHED TO THE BONDS; DIRECTING THAT THE SAID BONDS BE EXECUTED BY THE MAYOR AND CITY SECRETARY; 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 MATURES FROM TIME TO TIME; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, on the l9th day of August, A. D. 1942, pursuant to the authority nested 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, by an ordinance of that date, directed the submission to the qualified electors who own taxable property in the City of Fort Worth, Texas, and who have duly rendered the same for taxation, at an elec- tion to be held in said City on the 15th day of September, A. D. 1942, of the right, power and authority of the City Council of the City of Fort Worth, Texas, to issue negotiable coupon bonds of the corporate government of said City in the principal sum of Two Hundred and Seventy-five Thousand Dollars ($275,000.00) for the purpose of straightening the channel and im- proving the drainage of Marine Creek in said City, in order to prevent the overflow of said creek and the consequent damage to public and private prop- erty resulting therefrom, and securing the necessary lands therefor; and, WHEREAS,_ in conformity with said ordinance, the Mayor of said City did make proclamation of said election and fixed the date thereof for the 15th day of September, A. D. 1942; and, WHEREAS, said election order and proclamation thereof were prepared and published in the manner and for the time prescribed in said ordinance; and, WHEREAS, on the 15th day of September, A. D. 1942, said election was held in the City of Fort Worth, Texas, at the respective polling places designated in the election order, at which said election the issuance of said bonds was submitted as a proposition to the qualified electors of said City who own taxable property in the City of Fort Worth, Texas, and who have duly rendered the same for taxation; and, WHEREAS, the official ballot on said occasion, in conformity with the ordinance of the City Council hereinabove mentioned and in accordance with the order of said election, in form and in substance reads as follows: OFFICIAL BALLOT I. Shall the City of Fort Worth, Texas, through its City Council, is- sue its negotiable coupon bonds in the principal sum of Two Hundred and Seventy:-five Thousand Dollars ($275,000.00) for the purpose of straighten- ing the channel and improving the drainage of Marine Creek in said City, in order to prevent the overflow of said creek and the consequent damage to public and private property resulting therefrom, and securing the neces- sary lands therefor, said bonds being payable serially as may be determined by the 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 four per cent (4%) 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 ma- turity thereof? FOR the Issuance of Marine Creek Channel, Drainage and Overflow Improvement Bonds. AGAINST the Issuance of Marine Creek Channel, Drainage and Overflow Improvement Bonds. II. Shall the City of Fort Worth, Texas, through its City Council, is- sue its negotiable coupon bonds in the principal sum of Seventy-five Thou- sand Dollars ($75,000.00) for the purpose of constructing, improving and extending storm sewers and drains of said City, including in such permanent improvements the construction and installation of storm water pumps, pump stations and appurtenances, and securing the necessary lands therefor, said bonds being payable serially as may be determined by the 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 four per cent (4%) per annum from the date thereof, payable semi.-annually, and levy a sufficient tax to pay the interest on said bonds and create a sink- ing fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Storm Sewer, Drains and Storm Water Pump Bonds. AGAINST the Issuance of Storm Sewer, Drains and Storm Water Pump Bonds.; and, WHEREAS, in the election held in said City of Fort Worth, Texas, on the 15th day of September, A. D. 1942, 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, WHEREAS, by virtue of said election, said City Council is vested with power and authority by and from the qualified electors who own taxable property in the City of Fort Worth, Texas, and who have duly rendered the same for taxation, to issue said bonds for the purposes aforementioned and SECTION II. That the said bonds so to be issued by the City of Fort Worth, Texas, amounting to Two Hundred Thousand Dollars ($200,000.00), shall be issued for the purpose of straightening the channel and improving the drainage of Marine Creek in said City, in order to prevent the overflow of said creek and the consequent damage to public and private property re- sulting therefrom, and shall consist of two hundred (200) bonds numbered from one (1) to two hundred (200), inclusive, the first One Hundred and Two Thousand Dollars ($102,000.00) worth of said bonds to bear interest at the rate of two per cent (2%) per annum, and the remainder to bear interest at the rate'of one and three-quarters per cent (1 3/4%) per annum, payable semi--annually as aforesaid, all of which said two hundred (200) bonds shall be known as Series 72 and shall be styled and designated as "Marine Creek Channel, Drainage and Overflow Improvement Bonds"; that all of the said bonds, comprising the sum total of Two Hundred Thousand Dollars ($200,000.00), shall mature in numerical order in the manner and amounts as set out in the tabulated statement herewith attached, to wit: 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 and the proceeds thereof to be placed in the treasury of the City of Fort Worth and utilized for the special purposes for Which they are created. SECTION IV, That for the purpose of paying the interest of said bonds, as Well as the various installments of principal, as the same shall respectively mature, there is hereby levied for the year 1943 and for each succeeding year thereafter so long as the same may be necessary, to provide for the interest and annual installments of principal of said bonds, on all prop— erty in the City of Fort Worth, Texas,, liable to taxation, a straight ad valorem tax of .6663 cents on the one hundred dollar valuation of said prop— erty, or so much thereof as may be necessary, and if at any time the amount of said tax shall not be sufficient to provide for the interest and annual installments of principal, it shall be the duty of the City Council to so increase said rate that an amount shall be realized from said tax sufficient to meet the requirements aforesaid for interest and annual installments of principal of said bonds; and it is hereby promised and agreed that such ixy- crease of tax shall be made, if required for the purposes named, as often as it may be necessary. There shall be assessed and collected annually a sufficient sum to pay the interest on such bonds and to create a sinking fund of at least two percentum (2%) of the principal debt herein authorized. SECTION Va That it shall be the duty of the City Council of the City of Fort Worth, Texas, and its successors, and of the government of the City of Fort Worth, by levying taxes for general purposes for the said City for the year 1943 and for every successive year during the life of said bonded indebtedness or any part thereof, to include in such levy the special tax of .6663 cents on the one hundred dollar property valuation (or so much thereof as may be requisite and necessary), provided for in the next preceding section of this ordinance, and said special tax shall on no ac— rount whatever be displaced therefrom. SECTION VI. That the special tax hersinbefore 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 VII. That as soon as convenient after said bonds shall have been pre— pared 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 Worth, including the bonds herein and here— by 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 Treasurer of the City of Fort Worth, or other law- ful custodian of such fund, during the months of July and January of each and every 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 like- wise proper remittance shall be made in due course to provide for the pay- ment of the principal of any of said bonds in advance of the maturity of same. SECTION IX. That all ordinances and parts of ordinances,- in conflict herewith be and they are hereby expressly repealed. SECTION X. That 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 XI. That this ordinance shall take effect and be in full force and ef- fect from and after the date of its passage, and it is so ordained* Mayor of the City of Fort Worth, Texas ATTEST: APPROVED AS TO FORM AND LEGALITY: City Secretary of the City of City Attorney of the City of Fort Worth, Texas Fort Worth, Texas to make same valid and binding obligations of the corporate government of the City of Fort Worth, Texas; and, VAiEREAS, it is deemed wise and expedient by the City Council of the City of Fort Worth, Texas, in the exercise of the discretion reposed in it by law, that Two Hundred Thousand Dollars ($200,0000.00) worth of said bonds, out of an authorized issue of Two Hundred and-Seventy—five Thousand Dollars ($275,000.00), be issued in bonds at this time, said bonds to be issued being Series 72 and designated as "Marine Creek Channel, Drainage and Overflow Improvement Bonds"; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION I. That pursuant to Section 19 of Chapter XXY of the Charter of the City of Fort Worth, Texas, adopted by the qualified voters within the cor— porate limits of said City on the llth day of December, A. D. 1924, and the laws and Constitution of the State of Texas, and pursuant to a vote of the qualified erectors of the City of Fort Worth, Texas, who own taxable property in said City and who have duly rendered the same for taxation, at an election held in said City for such purpose on the 15th day of Septem- ber, A. D. 1942, that the municipal government of the City of Fort Worth, Texas, issue its corporate negotiable coupon bonds in the principal sum of Two Hundred Thousand Dollars ($200,000.00), out of an authorized issue of Two Hundred and Seventy—five Thousand Dollars ($275,000.00), which bonds were authorized to be issued at a proper election held on the 15th day of September, A. D. 1942, and which bonds are known as Series 72 and designated as "Marine Creek Channel, Drainage and Overflow Improvement Bonds," and-the bonds so to be issued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated February 1, 1943, the first One Hundred and Two Thousand Dollars ($102,000.00) worth of said bonds to bear interest at the rate of two per cent (2%) per annum, and the remainder to bear interest at the rate of one and three-quarters per cent (1-•3/4$) per annum, payable semi-annually on the first day of August and February of each year respec- tively, both 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 at- tached thereto, all of said bonds to be executed for and on behalf of the City of Fort north, Texas, by the Mayor thereof, attested by its City Secretary, with the seal of the City thereon duly impressed, but the in- terest coupons to be executed with the lithographed facsimile signature of the Mayor and City Secretary of the City of Fort Worth, Texas. 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, so that the last maturing bond shall become payable within twenty-five (25) years from the date thereof, and the bonds themselves, two hundred (200) in num- ber, shall be numbered consecutively from one (1) to two hundred (200), in- clusive, and shall mature in the amount and manner hereinafter set out. Said bonds shall be used for the purpose of making permanent improvements by straightening the channel and improving the drainage of Marine Creek in said City, in order to prevent the overflow of said creek and the consequent damage to public and private property resulting therefrom. That the general form of said bonds and the coupons thereto annexed and the interest added to said bonds shall be executed substantially in the following form: CITY OF FORT ➢FORTH PRINCIPAL MATURITIES $200,000.00 MARINE CREEK CHANNEL, DRAINAGE AND OVERFLOW IMPROVEMENT BONDS DATED FEBRUARY 1, 1943 DUE FEBRUARY 18T PRINCIPAL MATURING 19" $ 5,000.00 1945 6,000.00 1946 6,000.00 1947 6,000.00 1948 6,000.00 1949 6,000.00 1950 7,000.00 1951 7,000.00 1952 7,000.00 1953 7,000.00 1954 7,000.00 1955 8,000.00 1956 S,Oo0.00 1957 8,000.00 1958 8,000,00 1959 9,000.00 1960 9,000.00 1961 9,000.00 1962 9,000.00 1963 10,000.00 1964 10,000.00 1965 10,000.00 1966 10,000.00 1967 13,000.00 1968 11,000,00 NO. UNITED STATES OF AMERICA STATE OF TEXAS, COUNTY OF TARRANT SERIES 72 CITY OF FORT WORTH _00000- Marine Creek Channel, Drainage and Overflow Improvement Bond of the City of Fort Worth issued for the purpose bf straightening the channel and improving the drainage of Marine Creek in said City, in order to prevent the overflow of said creek and the consequent damage to public and private property resulting therefrom, and securing the necessary lands therefor. KNOW ALL MEN BY THESE PRESENTS: That the government of the City of Fort Worth, a municipal corpora- tion duly created under the laws of the State of Texas, hereby acknowledges itself to owe, and for value received promises to pay to bearer, ONE THOUSAND DOLLARS (41,000.00) in lawful money of the United States of America, on the first day of Feb— ruary, A. D. 19 , together with interest thereon at the rate of percentum ( %) per annum, payable semi—annually on the first day of August and February 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 Central Hanover Bank and Trust Company, in New York City, New York, and for the due and punctual payment of this bond at the maturity thereof, and the interest thereon when it falls due, the full faith, credit and re» sources of the City of Fort Worth are hereby irrevocably pledged. This bond is one of a series of two hundred (200) bonds numbered consecutively from one (1) to two hundred (200), inclusive, in the denomi— nation of One Thousand Dollars ($1,000.00) each, amounting in the aggre- gate to the sum of Two Hundred Thousand Dollars ($200,000.00), issued for the purpose of straightening the channel and improving the drainage of Marine Creek in said City, in order to prevent the overflow of said creek and the consequent damage to public and private property resulting there— from, and securing the necessary lands therefor, 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 lawfully passed and adopted by the City Coun- cil of the City of Fort Worth, It is hereby further expressly represented, recited 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 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 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 levy and collection of a direct annual tax on all taxable property in 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 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 stat— utory limitation. IN TESTDIONY WHEREOF, the City of Fort Worth, in the State of Texas, has executed this bond by causing it to be signed by its Mayor and attested by the City Secretary, with the seal of the City thereunto duly impressed, and has caused the annexed interest coupons to be executed with the facsimile signature of the Mayor and City Secretary, and dated as the first day of February, A. D. 1943. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary (FORM OF COUPON NOTE) NO. $ The City of Fort Worth, in the State of Texas, promises to pay to Bearer ($ ) on the let day of , 19 , at the Central Hanover Bank and Trust Company, in the City of New York, New York, for interest due that day on its Marine Creek Channel, Drainage and Overflow Improvement Bond, Series 72, dated February 1. 1943, and numbered CITY OF FORT WORTH, TEXAS BY ATTEST: Mayor City Secretary (CERTIFICATE OF COMPTROLLER) OFFICE OF COMPTROLLER, STATE OF TEXAS. I do hereby certify that there is on file and of record in my of— fice a certificate of the Attorney General of the State of Texas to the effect that this bond has been examined by him as required by law, and that he finds it has been issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding obligation upon said City of Fort Worth, Texas, and said bond has this day been registered by me. WITNESS my hand and seal of office, at Austin, Texas, this the day of , A. D. 19 . Comptroller of Public Accounts of the State of Texas