HomeMy WebLinkAboutOrdinance 1570 The City Council of the City of Fort Worth not
In recess session in the Counoll Chamber at the City Hall
at nine-thirty o'clock a.m. Thursday, the 14th day of. Feb-
ruary, A. D. 1929, and upon roll call the following were
present: Wm. Bryce, Mayor, Willard Burton, Wm. Nonni&
J. R. Penn, X. T. Renfro, John N. Sparks, and Dr. W. R. Thomp-
son, constituting a quorum and majority of sold board, and ,
I. L. Van Zandt, Jr., City 3eoretary-Treasurer, was in attend-
anee at said meeting, and the following proesedings among other
things were had and donet
Councilman Burton, seconded by Councilman Thompson
moved the adoption of the following ordinances
ORDINANCE NO. 1670.
AN ORDINANCE AMENDING SECTIONS L} d, b, and 6,
OF ORDINANCE N0, 1560 PASSED AND ADOPTED ON THE
23rd DAY OF JANUARY A. D. 989, PROVIDI NG F"
A RATE OF INTEREST OF "/4 INSTEAD OF 4-2/4
PER CENT PER- ANNUM AND A TAX LEVY OF .40 CE11T3
INSTEAD OF .38 CENTS ON THE ONE HUNDRED ($100.00)
DOLLARS PROPERTY VALUATION TO i AY THE INTEREST
AND TO CREATE A SINKING} FUND TO PAY THE PRINCIPAL
OF THE BONDS AUTHORIZED TO BE ISSUED BY SAID
ORDINANCE AS THEY MATURE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT 'ORTH:
Section I. That sections 1, 2, 5, and 6 of Ordinance
No.1580 pasted at a regular meeting of the City Council of
the City of Fort Worth, Texas, on Wednesday, the 23rd day d'
January, A. D. 1929s be and the same are hereby amended, and
after being so amended shall read as follows:
Q SECTION I
That pursuant to section I9 of Chapter XXV of the Charter
of the City of Fort Worth 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
the State of Texas, and pursuant to a vote of the resident
property taxpaying voters of the City of Fort Worth at
an election held in said City for such purposes on the
10th day of January A. D. 1928, that the municipal
government of the City of Fort Worth issue its corporate
negotiable coupon bonds in the principal sum of One
Hundred Thousand ($100,000.00) Dollars, this aim being
In addition to the One wed Thousand ($100,000.00)
Dollars worth of said bonds heretofore issued b an
ordinance lawfully passed and adopted on the 2` L day
of Xsroh, A. D, 1928, and which ordinance was amended
by an ordinance lawfully passed and adopted on the 12th
day of April, A D, 1928, by the City Council pursuant
to valid authority from the property tax paying quali-
fied voters of said City at a proper and regular elec-
tion held on the 10th day of January A. D. 1928, out
of an authorized issue at said election of Two Hundred
Thousand ($200,000*00) Dollars, and which authorized
Issue is known as Series No. 54 and designated as
"Waterworks Bonds" and the bonds so to be issued shall
be in the denomination of One Thousand ($1 000,00)
Dollars each, dated March 1, 1929, bearin Gterest
at the rate of four and three fourths (4 ) per cent
p—or annum, payable semi-annually on the first day
of September and March of each year respective both
principal and interest of said bonds being pay& at
the Hanover National Bank in the City of Now York, State
of Now York, the semi-annul 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-
Treasurer, with the seal of the City thereon duly im-
pressed, but the interest coupons to be executed with
the li#hographed facsimile signature of the Ma or and
City Seoretary-Treasurer of the GIt7 of Fort forth,
each of said bonds and coupons shall'be negotiable "
payable to bearer, and said bonds shall be numbered in
the way and manner hereinaf ter(set out, maturing five
(b) yeare from the date thereof and annually thereafter
until the Last maturing bond shall become payable within
forty (40) years from the date thereof, and the bonds
themselves, one hundred (100) in number, shall be num-
bered consecutively from one hundred one (101) to two
hundred (200) inclusive, and shall mature in the amounts
and manner hereinafter not out; said bonds shall be
used for the purpose of making permanent improvements
by improving extending and enlarging the waterworks
System of said City.
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 forms
"
SECTION II
That the said bonds so to be issued by the City
of Dort Worth, amounting to One Hundred Thousgal
($100,000.00) Dollar;, out of the said authorized
Issue of Two Hundred Thousand (4200,000.00) Dollars,
shall, be issued for the purpose of imprev3a extend-
ing and enlarging the Waterworks System of said City,
and shall consist of One Hundred (100) bonds, numbered
from one hundred one (101) to two hundred (200) inclu-
sive, and shall bear interest at the rate of four and
three fourths (41%) per cent per annum, payable semi-
annually, as aforesaid; all of which said one hundred
(100) bonds shall be known as Series No. 64# and shall
be styled and designated as "Waterworks Bonds". "
"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 ev41q
part of same, there is hereby levloA and there shall
be assessed and collected as provided by laW, set apart
and appropriated for the said purpose, an annusli direct
special ad valorem tax for the year 1929, and every sue-
oeasive year thereafter during the life of said bonded
debt or any part thereof of .4Q cents ( or such an Amount
as may be necessary and adequate, be it more or less)
on every 030 Hundred ($100.00) Dollars of property valua-
tion, real, personal and mixed# subject to taxation and
not exempt therefrom under the Cons itution and lawn of
the State of Texas situated and owned in the City d
Fort Worth on the fat day of Za.mary, 1929, and on the
lot day ot January of each year thereafter until said
debt represented by said bonds and coupon interest notes
shall have been'fully pold, and if at any time, such
tax should be insufficient, then it abull be the duty
of the City Council or any other governing body d the
City of Port Worth, to set apart and appropriate such
additional amount of mono yy out of the general revenues
of the said City, as may bs r%-quis ite to supply the
deficiency until all interest shall have been paid and
the slAking fund established as required by the Consti-
tution of the State of Texas and the Charter of the City
of Port "orth.
"SECTION VI
That it shall be the duty of the City Couneil of
the City of Port Worth and its successors, and of the
government of the City of Fort Worth by levy hg taxes
for general purposes for the said City of Port Worth for
the year 1929, and for every successive year during the
life of said bonded debt or any part thereof, to include
In such levvyy the special tax of .40 cents on the One
Hundred ($100.00) Dollars property valuation (or so much
thereof as may be requisite and necessary) provided for
in the next preceding section of this ordinanoe and such
special tax shall on no account Whatsoever be displaced
therefrom.
Section 2. This ordinance shall take effect
and be in force and effect from and after the date of
Its passage, and it is so ordained.
APPROVED A3 TO F0JW:
City Attorney
Mayor Ws. Bryes, presiding at said netting* submitted
the "lotion to adopt said ordinance and all of the Counallaen,
including the Mayor, voted "aye.' thereon and none voted "non,
an&the motion to adopt the ordinance was declared to be un-
anlaously passed and adopted.
THE STATE OF TEXAS .
COUNTY OF TARRANT �
Ii I. L. Van Zandt, Jr„ City Secretary-Treasurer
of the City of Port Worth# do hereby certify that the above
and foregoing ordinance is a true and correct copy of Ordin-
anoe No, 1570, and that same was uninimously passed and-
adopted by the City Council of the City of Fort Worth, Texas,
at a recess session held in the Council Chamber at the City
Hall on Thursday the 14th day of February, A. D. 1989.
..JTNESS my hand at Fort Worth, Texas, this the loth
day of February, A. D. 19299
City secretary- easurer of the
City of Fort Worth