HomeMy WebLinkAboutOrdinance 1782 ORDINANCE NO. 1782
AN QRDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON
BONDS OF THE CITY OF FORT WORTH, AMOUNTING TO THE PRINCIPAL
SUM OF SIXTY-THREE THOUSAND DOLLARS (083,000.00), IN ADDITION
TO THE SUM OF OIL MILLION, FIVE HUNDRED THOUSAND DOLLARS
($1,500,000.00) WORTH OF SAID BONDS HERETOFORE I,SSTED OUT OF
AN AUTHORIZED ISSUE OF TWO MILLION DOLLARS ($2,0004000.00)
AND BEING KNOWN AS SERIFS #98 AND DESIGNATED AS "STREET IMPROVE-
M&RT BONDS", TO BE ISSUED FOR THE PURPOSE OF MAKING PERMANENT
IMPROVIDIENTS BY CONSTRUCTING, IMPROVING AND EXTENDING THE
STREETS, THOROUGHFARES AND STORM SEWERS OF SAID CITY, INCLUD-
ING IN SUCH PERMANENT IMPROVEMENTS THE STRAIGHTENING, WIDENING,
PAVING, GRADE SEPARATION AND DRAINAGE OF SAID STREETS AND
THOROUGHFARES, EACH OF SAID BONDS TO BE IN THE DENOMINATION
OF ONE THOUSAND DOLLARS (41,000.00) TO BE DATED JANUARY 15,
1934, MATURING FROM FIVE (5) TO THIRTY (30) YEARS FROM THE
DATE THEREOF, AND TO BEAR INTEREST AT THE RATE OF FOUR PER
CENT (4%) PER ANNUM, PAYABLE SFMI-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 PAYMNT OF THE
INTEREST ON SAID BONDS AND TO CREATE A SINGING FUND FOR THE
PAYMENT OF THE PRINCIPAL THEREOF, AS TEE SAME IJATURES 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 22nd day of May, A. D. 1929, pursuant to the
authority vested is said city by Section 19 of Chapter X V 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 Consti-
tution of the State of Texas, the City Council of the City of Fort Worth, Texas,
by a resolution 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 Dol-
lars ($2,000,000.00), for the purpose of making permanent improvements in said
city by constructing, improving and extending the streets, thoroughfares 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,
WEEREAS, 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,
WHERUS, said election order and proclamation thereof was prepared
and published in the manner and for the time prescribed 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 Worth 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 taxpaying qualified voters of said city; and,
WHEREAS, the official ballot on such occasion, in conformity with
the resolution and ordinance of this City Council, hersinabove 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 ($2,000,000.00), for the purpose of con-
structing, improving and extending the streets, thoroughfares and storm sewers
of said city, including in such permanent improvements the straightening, widen-
ing, paving, grade separation and-4raieage-of said 1F.Y e_ #hnrni�hfnras_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 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 suf-
ficient tax to pay the interest on said bonds and create a sinking fund suffi-
cient 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 Council, 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 oon-
structing, building and equipping a new central fire station, acquiring the
necessary land therefor, and extending and improving the fire alarm signal
system, 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 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 create a sink-
ing 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.
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 Dollars (45009000.00), for the purpose
of establishing, equipping, extending and improving a municipal airport and
landing field for aeroplanes and other aerial machines and acquiring the neces-
sary lands and property therefor, the first of said bonds being payabla 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 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 create a sinking fund sufficient to redeem said bonds at
the maturity thereof?
FOR the Issuance of Airport Bonds.
AGAINST the Issuance of Airport Bonds.
wHUMO, 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
herelnbefore mentioned, there was a majority of votes in favor of the issu-
ance of said bonds; and,
WHEREAS, by virtue of said election, said City Council 1s vested
with power and authority by and from the qualified voters to sM-e sad
bonds for the purposes aforementioned, and to make same valid and binding
obligations of the corporate government 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 ordinance 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 amounting 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 negotiable coupon bonds of the
government of the City of Fort worth, amounting to the principal sum of Six
Hundred and fifty Thousand Dollars ($850,000.00); and,
WIERMAS, the said City Council, pursuant to the authority afore-
said, 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 ($800,000.00); and,
WHEREAS, the said City Council, pursuant to the authority afore-
said, 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 Thousand Dollars ($100,000.00); and,
WHER1EAS, 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 quali-
fied voters of said city at an election held on the 25th day of June, A. D.
1929, and all of them being a part of and known as Series #56 and designated
as "Street Improvement Bonds"; 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 Sixty-three Thousand Dollars ($63,000.00) worth of said bonds,
in addition to the One Million, Five Hundred Thousand Dollars ($1,500,000.00)
heretofore issued out of the authorized issue of Two Million Dollars ($2,000,-
000.00), be issued in bonds at this time in order that they may be used as
security to secure a loan of Sixty-three Thousand Dollars ($63,000.00) from
the Federal Emergency Administration of Public Works for the purpose of paying
the proportionate cost of the City of Fort Worth in effecting the grade
separation along Ballinger Street over the tracks of the Fort Worth and Rio
Grande Railway Company and the Texas and Pacific Railway Company, said bonds
to be issued being a part of Series #56 and designated as "Street Improvement
Bonds": NOW, THEREFOR$,
BE IT ORDAINED BY THE CITY COTJNCIL OF THE CITY OF FORT WORTH,
TMUS:
SECTION I.
That pursuant to Section 19 of Chapter %%V of the Charter of the
City of Fort Worth, Texas, adopted by the qualified voters within the oorpor4te
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 purpose on the 25th day of June, A• D. 1929, that the
municipal government of the City of Fort Worth issue its corporate negotiable
coupon bonds in the principal sum of Sixty-three Thousand Dollars, this amount
being in addition to the One Hundred and Fifty Thousand Dollars (0150,000.00)
worth of said bonds heretofore issued by an ordinance lawfully passed and adopt-
ed 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 ($850,000.00) worth of
said bonds heretofore issued by an ordinance lawfully passed and adopted on the
7th day of May, A. D. 1930, in addition to Six Hundred Thousand Dollars ($600,-
000.00) worth of said bonds heretofore issued by an ordinance lawfully passed and
adopted on the 21st day of January, A. D. 1931, and also in addition to One Hundred
Thousand Dollars ($100,000.00) worth of said bonds heretofore issued by an or-
dinance lawfully passed and adopted on the 13th day of January, A. D. 1932,
and all of said bonds being issued out of an authorized issue of Two bullion
Dollars ($2,000,000.00), and which bonds were authorized to be issued at a prop-
er election held on the 25th day of June, A. D. 1929, and which bonds are known
as Series #56 and designated as "Street Improvement Bonds", and the bonds so to
be issued shall be in the denomination of One Thousand Dollars (01,000.00) each,
dated January 15, 1934, bearing interest at the rate of four per cent (4%) per
annum, payable semi-annually on the fifteenth day of July and January of each
year respectively, 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 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 the
lithographed facsimile signature of the Idayor and City Secretary of the City
of Fort Worth, 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, 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 thereof, and the bonds themselves, sixty-three
(83) in number, shall be numbered consecutively from fifteen hundred and one
(1501) to fifteen hundred and sixty-three (1563), inclusive, and shall mature in
the amount and manner hereinafter set out, 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, and in-
oluding in such permanent improvements the straightening, widening, paving,
grade separation and drainage of said streets and thoroughfares.
That the general form of said bondsand the coupons thereto annexed
and the interest added to said bonds shall be executed substantially in the
following form:
UNITED STATES $10004
OF AbERICA
STATN OF TEXAS, COUNTY CF TARRANT
r
SERIES 56
C I T Y O F F 0 R T W 0 R T H
Street Improvement Bond of the City of Fort Worth issued for the purpose
of making permanent improvements by constructing, improv-
ing and extending the streets, thoroughfares
and atom sewers of said city.
KNOW ALL M BY THESE PRESENTS:
That the government of the City of Fort Worth, a municipal oor-
poration, duly created under the laws of the State of Texas, hereby acknow-
ledges itself to owe, and for value received promises to pay to bearer,
ONE THOUSAND DOLLARS ($1000)
in lawful money of the United States of America, on the 15th day of January,
A. D. 1939, together with interest thereon at the rate of four per centum
(4%) per annum, payable semi-annually on the fifteenth day of Tuly and January
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, N. Y., 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 series of sixty-three (63) bonds numbered con-
asoutively from fifteen hundred and one (1501) to fifteen hundred and sixty-
three (1583), inclusive, each of the denomination of One Thousand Dollars
($1,000.00), amounting in the aggregate to the sum of Sixty-three Thousand
Dollars ($63,000.00) 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 improve-
Monte the straightening, widening, paving, grade separation and drainage of
said streets and thoroughfarest under and by virtue of the Constitution and
laws of the State of Texas, the Charter of the City of Fort Worth, and an or-
dinance of the City Council of said city lawfully passed and adopted on the
loth day of Tammrys A. D. 1934, 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 obliga-
tion 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 pay-
ment 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 WIMREOF, 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 15th day of January, A. D.
1934.
CITY OF FORT WORTH, TMUS
ATTEST:
City Secretary
(FORM OF COUPON NOTE)
NO.
The City of Fort Worth, in the State of Texas, promises to pay
to boe*W (fir ), on the 15th day
of , at the Central Hanover Bank and Trust Company
in the City of New York, N. Y., for interest due that day on its municipal
bond dated . and numbered
CITY OF FORT WORTH, TEXAS
OTor
ATTEST:
ity earetery .
SECTION II.
That the said bonds so to be issued by the City of Fort Worth,
amounting to Sixty-three Thousand Dollars ($63,000.00), in addition to the
sum of One Million, Five Hundred Thousand Dollars ($1,500,000,00) of said
bonds heretofore issued 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 including in such permanent
improvements the straightening, widening, paving, grade separation and drain-
age of said streets and thoroughfares, and shall consist of sixty-three (63)
bonds, numbered from fifteen hundred and one (1501) to fifteen hundred and
sixty-three (1563), inclusive, and shall bear interest at the rate of four
per cent (4%) per annum, payable semi-annually as aforesaid, all of which
said sixty-three (63) bonds shall be known as Series #58 and shall be styled
and designated as "Street Improvement Bonds"; that all of the said bonds com-
prising the sum total of Sixty-three Thousand Dollars ($83,000.00) shall mature
in numerical order in the manner and amounts as set out in the tabulated state-
ment herewith attached, to wit:
CITY OF PORT WORTS
PRINCIPAI. M&TURITINS
$63#000#00 STREET IMOV MENT BONDS
DATED TANUARY 15M, 1934
PRINCIPAL
DUE TANUARY 15TH MATURING
1939 1,000•
1940 1,0006
41 1,000.
42 2,000.
43 2,000.
44 2,000.
45 2,000.
46 2,000.
47 2'000.
48 2:000.
49 2,000.
1950 20000.
51 2,000.
52 2,000.
53 2,000.
54 2,000.
55 3,000,
56 3,000.
57 3,000.
58 3,000.
59 3,000.
1960 5,000.
81 4,000.
62 4,000.
63 4,000.
64 4,000.
ORDINANCE
No._/ � _
� o
Title
Date —
iced 3 day o
�1h City Secretary