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HomeMy WebLinkAboutOrdinance 1881 ORDINANCE NO. 1111 AN ORDINANCE PROVIDING FOR THE WITHDRAWAL FROM REGISTRATION AND THE CANCELLATION OF NEGOTIABLE COUPON BONDS OF THE CITY OF FORT WORTH AMOUNTING TO THE PRINCIPAL SUM OF ONE HUNDRED SIXTY-NINE THOUSAND DOLLARS ($169,000.00) OUT OF AN AUTHORIZED ISSUE OF TWO MILLION DOLLARS ($2,000,000.00), AND BEING KNOWN AS SERIES 56, AND DESIGNATED AS "STREET IMPROVEMENT BONDS" WHICH HAVE NEVER BEEN SOLD; AND PROVIDING FOR THE IS- SUANCE IN LIEU THEREOF OF NEGOTIABLE COUPON BONDS OF THE CITY OF FORT WORTH AMOUNTING TO THE PRINCIPAL SUM OF ONE HUNDRED TWENTY THOUSAND DOLLARS ($120,000.00) OUT OF THE SAME AUTHORIZED ISSUE, IN ADDITION TO THE SUM OF ONE MILLION FOUR HUNDRED FIFTY-FIVE THOU- SAND DOLLARS (11,455,000.00) WORTH OF SAID BONDS HERETOFORE ISSUED OUT OF SAID AUTHORIZED ISSUE, SAID BONDS TO BE ISSUED FOR THE PUR- POSE OF MAKING PERMANENT IMPROVEMENTS BY CON- STRUCTING, IMPROVING AND EXTENDING THE STREETS, THOROUGHFARES AND STORM SEWERS OF SAID CITY, INCLUDING IN SUCH PERMANENT IMPROVEMENTS THE STRAIGHTENING, WIDENING, PAVING, GRADE SEPARA- TION AND DRAINAGE OF SAID STREETS AND THOR- OUGHFARES, EACH OF SAID BONDS TO BE IN THE DE- NOMINATION OF ONE THOUSAND DOLLARS ($1,000.00), TO BE DATED DECEMBER 1 1935, MATURING FROM FIVE (5) TO THIRTY (305 YEARS FROM THE DATE THEREOF, AND TO BEAR INTEREST AT THE RATE OF THREE AND ONE-FOURTH PER CENT (3-1/4%) PER AN- NUM, PAYABLE SEMI-ANNUALLY, THE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHED TO THE BONDS, DIRECTING THAT THE SAID BONDS BE EXECUTED BY THE MAYOR AND CITY SECRETARY; AND PROVIDING FOR AN ADEQUATE TAX LEVY FOR THE PAYMENT OF THE IN- TEREST 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 PROVID- ING THAT THIS ORDINANCE SHALL BE IN FORCE AND EF- FECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, on the 22nd day of May, 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, by a resolu- tion and an ordinance of that date, directed the submission to the resident property taxpaying qualified voters of said city, at an election to be held in said city on the 25th day of June, 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 said city in the principal sum of Two Million Dollars ($2,000,- 000.00), for the purpose of making permanent improvements in said city by constructing, improving and extending the streets, thor- oughfares and storm sewers of the said city, and to include in such permanent improvements the widening, paving, grade separation and drainage of said streets and thoroughfares; and, WHEREAS, 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 25th day of June, A. D. 1929; and, WHEREAS, said election order and proclamation there- of was prepared and published in the manner and for the time pre- scribed in said resolution and ordinance; and, WHEREAS, on the 25th day of June, A. D. 1929, said election was held in the City of Fort North at the respective polling places designated in the election order, at which said election the issuance of said bonds was submitted as a proposi- tion to the taxpaying qualified voters of said city; and, WHEREAS, the official ballot on such occasion, in con- forrity with the resolution and ordinance of this 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, through its City Council, issue its negotiable coupon bonds running from five (5) to forty (40) years, in the principal sum of Two Million Dollars ($2,000,000), for the purpose of constructing, improving and extending the streets, thoroughfares and storm sewers of said city, including in such per- manent improvements the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares, 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 be- come payable within forty (40) years from the date thereof, bear- ing 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 create a sinking fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Street Improvement Bonds. AGAINST the Issuance of Street Improvement Bonds. II. Shall the City of Fort Worth, through its City Coun- cil, issue its negotiable coupon bonds running from five (5) to forty (40 years, in the principal sum of Five Hundred Thousand Dollars ( 500,000.00) for the purpose of improving and extending the system of fire protection of said city by constructing, build- ing and equipping a new central fire station, acquiring the neces- sary land therefor, and extending and improving the fire alarm signal system, the first of said bonds being payable at the ex- piration 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 interest at a rate not to ex- ceed 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 create a sinking Hind sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of Fire Protection Bonds. AGAINST the Issuance of Fire Protection Bonds. III. Shall the City of Fort Worth, through its City Coun- cil, issue its negotiable coupon bonds running from five (5) to forty (40 years, in the principal sum of Five Hundred Thousand Dollars ( 500,000.00), for the purpose of establishing, equipping, extending and improving 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 Coun- cil, 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 cent per annum from the date thereof, payable semi-anmially, and levy a sufficient tax to pay the in- terest on said bonds and create a sinking fund sufficient to re- deem said bonds at the maturity thereof? FOR the Issuance of Airport Bonds. AGAINST the Issuance of Airport Bonds. WHEREAS, in the election held in said City of Fort Worth on the 25th day of June, A. D. 1929, 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; ands WHEREAS, by virtue of said election, said City Coun- cil is vested with power and authority by and from the qualified voters to issue said bonds for the purposes aforementioned, and to make same valid and binding obligations of the corporate govern- ment of the City of Fort Worth; and, WHEREAS, the City Council, in accordance with the power vested in said governing body, did lawfully pass and adopt an-or- dinance on the 23rd day of October, A. D. 1929, and which ordinance was duly amended by an ordinance passed and adopted on the 4th day of December, A. D. 1929, authorizing 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 Dollars (4150,000.00); and, WHEREAS, the City Council, pursuant to the power vested in said governing body, did lawfully pass and adopt an ordinance on the 7th day of May, A. D. 1930, authorizing the issuance of ne- gotiable coupon bonds of the government of the City of Fort Worth, amounting to the principal sum of Six Hundred and Fifty Thousand Dollars ($650,000.00); and, WHEREAS, the said City Council, pursuant to the au- thority aforesaid, did lawfully pass and adopt an ordinance on the 21st day of January, A. D. 1931, authorizing the issuance of negotiable coupon bonds, amounting to the principal sum of Six. Hundred Thousand Dollars (0600,000.00); and, WHEREAS, the said City Council, pursuant to the authority aforesaid, did lawfully pass and adopt an ordinance on the 13th day of January, A. D. 1932, authorizing the issuance of negotiable coupon bonds amounting to the principal sum of One Hundred Thou- sand Dollars ($100,000.00); and, WHEREAS, the said City Council, pursuant to the authority aforesaid, did lawfully pass and adopt an ordinance on the loth day of January, A. D. 1934, and which ordinance was amended by an ordinance passed and adopted on the 18th day of April, A. D. 1934, authorizing the issuance of negotiable coupon bonds amounting ta) the principal sum of Fifty-one Thousand Dollars ($51,000.00); and, WHEREAS, the said City Council, pursuant to the authority aforesaid, did lawfully pass and adopt an ordinance on the loth day of January, A. D. 1934, and which ordinance was amended by an or- dinance passed and adopted on the 18th day of April, A. D. 1934, authorizing the issuance of negotiable coupon bonds amounting to the principal sum of Seventy-three Thousand Dollars ($73,000); and, WHEREAS, all of the above described bonds were issued out of an authorized issue of Two Million Dollars ($2,000,000.00) worth of said bonds, and which bonds were authorized to be issued by the property taxpaying qualified voters of said City at an elec- tion held on the 25th day of June, A. D. 1929, and all of them be- ing a part and known as Series 56, and designated as 08treet Improve- ment Bonds"; and, WHEREAS, out of the issue of One Hundred Thousand Dol- lare ($100,000.00) worth of said bonds authorized to be issued by an ordinance lawfully passed and adopted on the 13th day of January, A. D. 1932, as described above, only Fifty-five Thousand Dollars ($55,000.00) worth of said bonds were ever sold; that the remaining Forty-five Thousand Dollars (W,000.00) worth of said bonds, numbered fourteen hundred and fifty -six (1456) to fifteen hundred (1500), in- clusive, have never left the possession of the City of Fort Worth and have never been sold or delivered to anyone; and, WHEREAS, the issue of Fifty-one Thousand Dollars 351,-► 000.00) worth of said bonds authorized to be issued by an ordinance lawfully passed and adopted on the l8th day of April, A. D. 1934, and which ordinance amended an ordinance passed and adopted on the loth day of January, A. D. 1934, as above set forth, are in the possession of the City of Fort Worth, and they have never been sold or delivered to anyone, and said bonds are numbered from fifteen hundred and one (1501) to fifteen hundred and fifty-one (1551), in- clusive; and WHnZAS, the issue of Seventy-three Thousand Dollars ($73,000.00) worth of said bonds, authorized to be issued by an or- dinance lawfully passed and adopted on the 18th day of April, A. D. 1934, and which ordinance amended an ordinance passed and adopted bn the loth day of January, A. D. 1934, as above set forth, are in the possession of the City of Fort Worth, and have never been sold or deliveredvto anyone, and said bonds are numbered from fifteen hun- dred and fifty-two (1552) to sixteen hundred and twenty-four (1624), inclusive; and, WHEREAS, if the City of Fort Worth is permitted to de- liver these bonds to the Comptroller for cancellation and to withdraw them from registration, it will be enabled to issue in lieu thereof salable bonds, bearing a rate of interest materially lower than the rate provided for in those issues, and it is to the advantage and best. interests of the City of Fort Worth that it be allowed to sur- render these bonds and have them withdrawn from registration in order that it may effect this substantial saving in interest charges and thereby reduce its outstanding debt; and, WHEREAS, the interest rates and schedules of the unsold bonds above described are as follows: CITY OF FORT WORTH SERIES 56 - STREET IMPROVEMENT DATED FEB. 1, 1932 4-3/4% MATURITY BOND DATE NQMB]m AMOUNT Feb. 1, 1960 1456 - 1457 $ 2,000.00 1961 1458 - 1460 3,000.00 1962 1461 - 1463 3,000.00 1965 1464 - 1466 3,000.00 1964 1467 - 1469 3,000.00 1965 1470 - 1472 3,000.00 1966 1475 - 1476 4,000.00 1967 1477 - 1480 4,000.00 1968 1481 - 1484 4,000.00 1969 1485 - 1488 4,000.00 1970 1489 - 1492 4,000.00 1971 1493 - 1496 4,000.00 1972 1497 - 1500 4,000.00 CITY OF FORT WORTH SERIES 56 - STREET IMPROVEMENT DATED OCT. 1, 1933. 4 MATURITY BOND DATZ I[BMM AMOII Oct. 1, 1938 1501 - $ 1,000.00 1939 1502 - 1503 2,000.00 1940 1504 - 1505 2,000.00 1941 1506 - 1507 2,000.00 1942 1508 - 1509 2,000.00 1943 1510 - 1511 2,000.00 1944 1512 - 1513 2,000.00 1945 1514 - 1515 2,000.00 1946 1516 - 1517 2,000.00 1947 1518 - 1519 2,000.00 1948 1520 - 1522 3,000.00 �1949 1523 - 1525 3,000.00 1950 1526 - 1528 3,000.00 1951 1529 - 1531 3,000.00 1952 1532 - 1534 3,000.00 1953 1535 - 1537 3,000.00 (Continued) MATURITY BOND DATE NUIMERS ANOUNT Oct. 1, 1954 1538 - 1540 3,000.00 1955 1541 - 1543 3,000100 1956 1544 - 1547 4,000.00 1957 1548 - 1551 4,000.00 §51,03a.Qs CITY OF FORT `NORTH SERIES 56 - STREET IMPROVEMENT DATED OCT. 1, 1955. MATURITY BOND DATE NtIMRS AKOUNT Oct. 1, 1938 1552 - 1553 2,000.00) 1939 1554 - 1555 2,000.00 1940 1556 - 1557 2,000.00 1941 1558 - 1560 3,000.00 1942 1561 - 1563 3,000.00 1943 1564 - 1566 3,000.00 1944 1567 - 1569 3,000.00 1945 1570 - 1572 3,000.00 1946 1573 - 1576 4,000.00 1947 1577 - 1580 4,000.00 1948 1581 - 1584 4,000.00 1949 1585 - 1588 4,000.00 1950 1589 - 1592 4,000.00 1951 1593 - 1596 4,000.00 1952 1597 - 1600 4,000.00 1953 1601 - 1604 4,000.00 1954 1605 - 1608 4,000.00 1955 1609 - 1612 4,000.00 1956 1613 - 1616 4,000.00 1957 1617 - 1620 4,000.00 1958 1621 - 1624 �00.0 and, WHEREAS, 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 One Hundred Twenty Thousand Dollars ($120,000.00) worth of said bonds, in addition to the One Million, Four Hundred Fifty-five Thousand Dollars ($1,455,000.00) worth of said bonds heretofore issued and sold out of the authorized issue of Two Million Dollars ($2,000,000.00), be issued in bonds at this time in lieu of the first one hundred and twenty (120) bonds of the One Hundred Sixty-nine Thousand Dollars ($169,000.00) worth of said bonds as heretofore described, and that the remaining Forty-nine Thousand Dollars 449,000.00) worth of said bonds be issued at a later date, said bonds to be a part of Series 56 and designated as "Street Improvement Bonds"; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION I. That Bonds No. 1456 to 1500, inclusive, of Series No. 56, authorised to be issued by Ordinance No. 1733, passed and adopted on the 13th day of January, A. D. 1932, and bonds No. 1501 to 1551, in- clusive, Series 56, authorized to be issued by Ordinance No. 1797, passed and adopted on the lSth day of April, A. D. 1934, and which or- dinance amended Ordinance No. 1782, passed and adopted by the City Council on the loth day of January, A. D. 1934, and that bonds No. 1552 to 1624, inclusive, Series 56, authorized to be issued by Ordin- ance No. 1798, passed and adopted on the lSth day of April, A. D. 1934, and which ordinance amended Ordinance No. 1793, passed and adopted on the loth day of January, A. D. 1934, be delivered to the Comptroller of the State of Texas for cancellation, and that they be withdrawn from registration in order that they may not be sold or delivered as obliga- tions of the City of Fort Worth. The appropriate officers of the City of Fort Worth are hereby authorized to promptly procure the cancellation of said bonds, to be made of record in the office of the Comptroller of the State of Texas, and that any and all acts necessary to accomplish the object of this order are hereby confirmed as the acts and deed of the City, without further action of the City Council. SECTION II. That the munioipal government of the City of Fort Worth in lieu of the first one hundred and twenty (120) unsold bonds heretofore authorized to be cancelled and withdrawn from registration in the office of the Comptroller of the State of Texas, issue its corporate negotiable coupon bonds in the principal sum of One Hundred Twenty Thousand Dollars ($120,000.00), and that bonds of a like tenor in lieu of the forty-nine (49) remaining of said bonds be authorized to be issued at a later date, this amount being in addition to the One Hundred Fifty Thousand Dollars ($150,000.00) worth of said bonds heretofore issued by an ordinance lawfully passed and adopted on the 23rd day of October, A. D. 1929 and which ordinance was amended by an ordinance lawfully passed and adopted on the 4th day of December, A. D. 1929; in addition to Six Hundred and Fifty Thousand Dollars (1650,000.00) worth of said bonds heretofore issued by an ordinance lawfully passed and adoptddWon the 7th day of May, A. D. 1930; in addition to Six Hundred Thousand Dollars ($600,- 000.00) .earth of said bonds heretofore issued by an ordinance law- fully passed and adopted on the 21st day of January, A. D. 1931, and also in addition to Fifty-five Thousand Dollars ($55,000.00) worth of said bonds, said bonds being the ones sold out of the issue of One Hundred Thousand Dollars ($100,000.00) worth of said bonds au- thorized to be issued by Ordinance No. 1733, passed and adopted on the 13th day of January, A. D. 1932. All- of the said bonds above de- scribed were issued and sold out of an authorized issue of Two Million Dollars ($2,000,000.00), authorized to be issued at a proper election held on the 25th day of June, A. D. 1929, and which bonds are known as Series 56, designated as "Street Improvement Bonds." That the bonds so to be issued shall be in the denomination of One Thousand Dol- lars ($1,000.00) each, dated December 1, 1935, bearing interest at the rate of three and one-fourth per cent (3-1/4%)_ per annum, payable semi-annually on the first day of June and December of each year respectively, both principal and interest of the said bonds being pay- able 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 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 City Secretary, with the seal of the city thereon duly impressed, but the interest coupons to be executed with a lithographed facsimile signature of the Mayor and City Secretary of the City of Fort Worth. Each of said bonds shall be negotiable and payable to bearer, and said bonds shall be numbered in the way and manner here- inafter det out, maturing in numerical order five -(5) years from the date thereof and annually thereafter until the last maturing bond shall become payable within thirty(30) years from the date there- of, and the bonds themselves, one hundred and twenty (120) in number, shall be m mbered consecutively from fourteen hundred and fifty— six (1456 to fifteen hundred and seventy—five (1575), inclusive, and shall mature in the amount and manner hereinafter set out. Said bonds shall be used for the purpose of making permanent improve, ments by constructing, extending and improving the streets, thoroughfares and storm sewers of said city, and including in such permanent improvements the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares. 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: NO. UNITED STATES OF AMERICA $1,000. STATE OF TEXAS, COUNTY OF TARRANT SERIES 56 CITY OF FORT 'NORTH Street Improvement Bond of the City of Fort Worth issued for the purpose of making permanent improvements by construct- ing, improving and extending the streets, thor- oughfares and storm sewers of said city. KNOW ALL MEN BY THESE PRESENTS: That the government of the City of Fort Worth,, a muni- cipal corporation, 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 ($1,000) in lawful money of the United States of America, on the 1st day of December, A. D. 1940, together with interest thereon at the rate of three and one-fourth per cent (3-1/4%) per annum, payable semi-annually on the first day of June and December 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 resources of the City of Fort Worth are hereby irrevocably pledged. This bond is one of a aeries of one hundred and twenty (120) bonds numbered consecutively from fourteen hundred and fifty- six (1456) to fifteen hundred and seventy-five (1575), inclusive, each of the denomination of One Thousand Dollars ($1,000.00), amount- ing in the aggregate to the sum of One Hundred Twenty Thousand Dollars ($120,000.00) issued for the purpose of making permanent improvements by constructing, extending and improving the streets, thoroughfares and storm sewers of the City of Fort Worth, Texas, including in such permanent improvements the straightening, widen- ing, paving, grade separation and drainage of said streets and thoroughfares, 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 said city lawfully passed and adopted on the 4th day of December, A. D. 1935, pursuant to valid authority from the property taxpaying qualified voters of said city, at a proper and legal election held on the 25th day of June, A. D. 1929. 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 statutory limitation. IN TESTIMONY 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 in- terest coupons to be executed with the facsimile signature of the Mayor and City Secretary, and dated as the 1st day of December, A. D. 1935. CITY OF FORT WORTH, TEXAS yar ATTEST: City Seereta7y (FORM OF COUPON NOTE) NO. The City of Fort Worth, in the State of Texas, promises to pay to bearer ( )s on the first day of June, A. D. 1936, at the Central Hanover Bank and Trust Company in the City of New York, New York, for interest due that day on its bond dated , and num- bered CITY OF FORT WORTH, TEXAS yO ATTEST: city secretary (CERTIFICATE OF COMPTROLLER) OFFICE OF COMPTROLLER, STATE OF TEXAS. I hereby certify that there is on file and of record in my office a certificate of the Attorney General of the State of Texas, to the effect that this bond has been examined by him as re- quired 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. 1935• COFF-trollev or Mitre- ccoun s of the State of Texas. SECTION III. That the said bonds so to be issued by the City of Fort 'Worth, amounting to One Hundred Twenty Thousand Dollars ($120,- 000.00), in addition to the sum of One Million, Four Hundred Fifty- five Thousand Dollars ($1,455,000.00) of said bonds heretofore is- sued out of the said authorized issue of Two Million Dollars ($2,- 000,000.00) shall be issued for the purpose of making permanent improvements in said city by constructing, improving and extending the streets, thoroughfares and storm sewers of said city, and in- cluding in such permanent improvements the straightening, widening, paving, grade separation and drainage of said streets and thorough- fares, and shall consist of one hundred and twenty (120) bonds, numbered from fourteen hundred and fifty-six (1456) to fifteen hun- dred and seventy-five (1575), inclusive, and shall bear interest at the rate of three and one-fourth per cent (3-1/4%) per annum, payable semi-annually as aforesaid, all of which said one hundred and twenty (120) bonds shall be known as Series #56 and shall be styled and designated as "Street Improvement Bonds"; that all of the said bonds comprising the sum total of One Hundred Twenty Thou- sand Dollars ($120,000.00) shall mature in numerical order in the manner and amounts as set out in the tabulated statement herewith attached, to wit: CITY OF FORT WORTH PRINCIPAL MATURITIES *120,000.00 STREET IMPROVEMENT BONDS DATED DECEMBER 1, 1935 DUE DECEMBER 1ST PRINCIPAL MATURING- 1940 03,000.00 1941 3,000.00 1942 3,000.00 1943 3,000.00 1944 3,000.00 1945 4,000.00 1946 4,000.00 1947 4,000.00 1948 4,000.00 1949 4,000.00 1950 4,000.00 1951 4,000.00 1952 4,000.00 1953 5,000.00 1954 5,000.00 1955 5,000.00 1956 5,000.00 1957 5,000.00 1958 6,000.00 1959 6,000.00 1960 6,000.00 1961 6,000.00 1962 6,000.00 1963 6,000.00 1964 6,000.00 1965 6,000.00 SECTION IV. 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 V. 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 pro- vided by law, set apart and appropriated for the said purpose, an annual, direct, special ad valorem tax for the year 1935, and every successive year thereafter during the life of said bonded debt, or any part thereof, of .3892 cents (or such an amount as may be neces- sary and adequate, be it more or less) on every One Hundred Dollars ($100.00) of property valuation, real, personal and mixed, subject to taxation and not exempt therefrom under the Constitution and laws of the State of Texas, situated and owned in the City of Fort Worth on the 1st day of January, 1935, and on the 1st 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 VI. 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 r the said City of Fort Worth for the year 1935, and for every suc- cessive year during the life of said bonded debt or any part there- of, to include in such levy the special tax of .3e92 cents on the One Hundred Dollars ($100.00) property valuation (or so much there- of as may be requisite and necessary) provided for in the next pre- ceding section of this ordinance, and such special tax shall on no account whatsoever be displaced therefrom. SECTION VII. 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 distinct account and so specified as such on his books. SECTION VIA. 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 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 registration. SECTION IX. That the City Treasurer of the City of Fort Worth, or other lawful custodian of such fund, during the months of November and May of each and every year during the life of said bonds or part thereof, and not later than the 20th day of each of said months, shall transmit sufficient money out of the interest funds herein- before created, for the payment of the semi-annual interest accru- ing on said bonds, to the Central Hanover Bank and Trust Company of the City of New York, State of New York, and likewise proper re- mittance shall be made in due course to provide for the payment of the principal of any of said bonds in advance of the maturity of same. SECTION X. All ordinances and parts of ordinances in conflict herewith be and they are hereby expressly repealed. SECTION XI. 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 XII. 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. yor ATTEST: � 8CP8 aPy APPROVED AS TO FORM AND LEGALITY: City Morney ORDINANCE No.. Date .?✓"� .�%' Dili 1-7Z Filed day of ly--- City Secretary