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HomeMy WebLinkAboutOrdinance 2939 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE" OF NMOTIABLE COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT WORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUFI OF ONE MILLION, SEVEN HUNDRED AND FIFTY;THOUSAND Do LLARS ( 1,750,000*00), AND BEING AS 'SERIES'?0 AND DESIGNATED AS "AIRPORT BONDSP r TO BE ISSUED FOR THE PURPOSE OF MAKING TIERMANE14T CITY IMPROVEMENTS By ES- TABLISHING, BIIPPING, EXTENDING AND IMPROVING MUNICIPAL AIR- PORTS AND LANDING FIELDS FOR AIR.PLA Z5, AIRCRAFT AND OTHER AERIAL MACHINES, AND AC+ UIRING THE NECESSARY LANDS THEREFOR FOR SAND CITY, EACH OF SATD BONS TO BE IN THE DENOMINATION OF ONE THOUSAND 7Jf? AR$ ( 1r000.00).. TO B9 DATED XkRCH I, 1952, MATURING FROM ONE (1) TOO TW TY-FIVZ (25) YES FROM THE DATE '11RtOF", THE FIRST TWO HUNDRED AND TW THOUSAND DOLLS ($210,000.00) WORT'H OF SAID BONUS TO BEAR INTEREST AT THE RATE OF YOUR PER CENT (4 ) PER ANNUM THE NEXT SEVEN HUNDRED AND SEVENTY THOUSAND DOLLARS ( '7'70, 0,.00) WORTH OF SAID BONDS TO BEAR INTEUPST AT Ti,TE RATE OF ONE AND THREE- QUARTERS PER CENT (1-3/4%) PER MUM, AND THE NEXT SEW0 HUNDR&D AND SWENTY THOUSOD DOLLARS ( 770,OOO,00) WORTH OF SAID BONDS TO BEAR, INTEMT At THE RATE OF TWO PER CENT (2%) PER ANNUM, SAID INTEREST T BEING PAYABLE a=-AN'NUALL'Y,, THE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHED TU THE BONDS- DICE, TING THAT THE SAID BONDS BEE ITF,IE'BY THE MAYOR AND CITY SECRETARY, PROVIDING` FOR AN ADEQUATE TAX LEVY FOR THE PAYWT OF THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THERE- Of' AS TKE'SATE 1 ATURII&S+ FROM TIM TOE TIME; AND, PROTIbING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS,PASSAGE,. WHEREAS, on the 15th day of A gust, A. D. 1951, ;pursuant to the authority vested in said City by Section 19 of Chapter XXV of the Charter of the City of Fart Worth, adopted:by the qualified voters within the limits of said City on the 11th day of December, A. D. 1924, and the laws and Constitution of the State of Texas, the City Council of the City of Fbrt Worth, Texas, by an oxdinange of that date, directed the sabois- sion to the qualified electors who own taxable property in the City of Fort North, Texas, and who have duly rendered the same for taxation, at an election to be held, in said City on the llth day of September, A. D. 1951, 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 One Million, Seven Hun- dred and Fifty Thousand Dollars ( 1,750,000,,00) for the purpose of mak- ing permanent city improvements by establishing, equipping, extending and improving municipal airports and landing fields for airplanes, aircraft and other aerial "machines, and acquiring the necessary lands therefor for said City, and., ,S, in conformity with said ordinance, the Mayor of said City"'did make proclamation of said election and fixed the date thereof for the llt,h day of September, A. D. 1'951, and, WHZWS, said election order and proclamation thereof were pre- pared and published in the marmar and for the time prescribed in said or- dinance; and, WHF�4+` S, on the llth day of September, A. D. 1951, said election was held in the City of Fort 'forth, Texas, at the respective palling places designated in the election order, at which said election the is- suance of said bonds was submitted as a proposition to the qualified electors of said City who own taxable property in the City of port Worth, Texas, and *** have duly rendered the as= for taxation;, and, WMM, 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 fol- loran s OFFICIAL BALLOT I ; Shall the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal sum af' ae ty-three Million, Four Hundred and fifty 'Thousand Dollars ($23,450,,000,00) for the purpose of making permanent city inprovements by constructing, iak- Proving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent public improves is the straightenm- ing widening, paving, grade separation;, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lends true A,,r, . said bonds being payable serially as may be determined by the City'Oou oil so that the last maturing bow shall beco payable within forty (40 y rs from the date thereof, bearing interest at a rate not to geed four per cent (4%) per annum from the date thereof, payable semi- annually, and levy a sufficient tax to pay the interest on said bo and create'a sinking fund sufficient to redeem said bonds at the maturi# ty thereof? FOR the Issuance of Street Improvement Bonds, AGAINST the Issuance of Street Improvement Bondso IL Shall the;City of Fort Worth, Texas, through its City Council issue its negotiable coupon bonds in the principal, sum of One XMien, Seven Huftdred sad ;Fifty'Thousand Collars ( 1,75C,f .t1C) for the purpose of making pemnea city improvements by, establishing, equipping, ex- tending sand improving municipal airports and landing fields for air- plftes, aircraft and other aerkial machines, end acquiriAg the necessary thsupei ', � bonds b®ing payable serially as may be determined "" ;� etnncil, so that tips loot uuraturng us shall bodoms payable win forty ( }'ysars from tiee data thereof, boars interest at a rate not , "s e r par cent ) der � t this date thereof, pay- the able r 3- a a l , d lei a ssff3d t tam gay* 'interest on said bonds and create a"sinniung ftivaxd sufficient to redeemm said bonds at the maturity thereof? ,. PM the taste of Airport Bonds, AGAINST the Issuance of Airport Bonds., III. Shall the City of Fort Worth., Texas, through its City Council, issue its negotiable coupon bonds in the principal sum of Bight Hundred lfbousaW Dollars. ( ,O(*# ) for the purpose of making permanent city UOM, v is by constructing, building and equipping additional incin- orators for said City and acquiring the necessary lands therefor, said bonds being payable sully as may be determined by the City Council, so that the Last maturing bonds shall become payable within forty (40) years froue 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 ley, a sufficient tax to phy, the 'interest on said bonds and create a sinking fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of 'Incinerator Bonds. AtAINST the Issuance of Incinerator Bonds. Shall the City of Fort Worth, Texas, through its City Council, issuer its negotiable coupon bonds in the principal sum of Five hundred Thousand Dollars ($$00,000#00) 'for the purpose of wing permanent city Improvements, to exit, constructing, building and equipping fire stations and improving and extending the city fire alara system, and acquiring the necessary lanais therefor, said bends being payable serially* as may be determined by the City Council, so that the last maturing, bands shall bereouue payable within forty (40) years from the date thereof, bearing° interest at a rate not to exceed four per cent (a.%) per annum from the date thereof, payable sea-annually, and levy a sufficient tax to pay the interest on said bonds and create a sinking frond sufficient to re- deem said bonds at the maturity thereof? MB the Issuance of Fire Protection Bonds. AGAINST the Issuance of Fire Protection Bonds,. V, Shall. the City of Fort Worth, Texas, through its City Council, issue its negotiable coupon bonds in the principal am of Seven Hundred Thousand Dollars ( 7000000.00) for the purpose of making;p eat city improvements by constructing, building and equipping a police station and ,fail building, and acquiring the necessary land therefor, said bonds being payable serially as may be determined by the City Council, aoilnat tine East matuuriny; tondo shall become payable uuwiithin forty (aCl) hears from tine date thereof, bearing into at a rate cart to exceed four per sent ("d ) parr num f a the date tlaereo payable s .*wanly, and levy a sufficient taoc to ply the interest on said bonds and create a sinleing found sufficient to redeem said bonds at the maturity thereof? the issuance of Police Station and Jail Building Bonds. A ,AXNST the Issuance of Pollee, Station and Jail Building Bonds, VI4 Shall the City of Fort Worth, Texas, through its City Council# issue its negotiable coupon bonds in the principal sum of Two Hundred Thousand Dollars ('4200,,0()0,00) for the purpose of making permanent city improvements in providing a recreation center building, to wit, by con- sttuating, building and equipping a children's museum, for said City, and acquiring the necessary land 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 44) years from the date thereof, bearing interest at s 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 hem said bonds at the maturity thereof? MR the Issuance of Children's Museum Bonds, AGAINST the Issuance of Children's Museum Bonds. VII. Shall the City of Fort Worth,;Texas, through its City Council,, issue its negotiable coupon bands in the principal sum of one Xillion Dollars ($1,000,000,00) for the purpose of making permanent city isoprove- menu by purchasing, acquiring`,and improving laud. and property, for pub- lic park's in said City, said bands being, payable serially as may be de- termined by the City Council, so that the last maturing bonds shall be- come payable within forty (40) years from the date thereof, bearing in- t,ers t 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 re- deem said bonds at the maturity thereof' FOR the Issuance of Farb Bonds. AGAINST the Issuance of Parke Bonds. VIII. Shall the City of Port Worth, Texas, throes its City Council, issue its negotiable coupon bonds in the principal sum of Five hundred Thousand Dollars ($500,000,00) for the purpose of mating,perowtent city improvements by purchasing, acquiring and improving the playgrounds and recreation parkas of said City, 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 re- deem said bonds at the maturity thereof? FM the ,Issuance of Playground and Recreation Para Bonds,, AGAINST the Issuance of Playground and Recreation Park Bonds.; and, nHAS, in the election held in said City of Port Worth, Texas, on the 11th day of September, A. D. 1951, 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 tax- able property in the City of Fort 'Worth, Texas, and who have duly ren- dered the same for taxation, to issue said bonds for the purposes afore- mentioned and to!make same valid and binding obligations of the corporate government of the City of Fort north!, Texas, and,, PAS, 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 Million, seven Hundred and Fifty Thousand Dollars ( ,1,750,0 .,r ) worth of said bonds authorized to be issued at the elec- tion held on the;llth day of September, A., D. 1951, be issued in bonds at this time, said bonds to be issued being Series 83 and designated as "Airport Bonds"; NOW, THMF('WS, BS IT ORDAINED BY THE CITY COUNCIL OF THg"'CITY OF FORT WORTH, TICS; SECTION I". That the municipal government of the City of Fort Worth, Texas, issue its corporate negotiable coupon bonds in the principal sum of one Million, Seven Hundred and Fifty Thousand. Dollars (41,750,000„0), which bonds were authorized to be issued at a proper election held on the llth clay of September, A D. 1951, and which bonds are known as Series 0 and designated as "airport Bonds"; that the bonds sea to be is- sued shall be in the denomination of One Thousand Dollars ($1,000.00) each, dated Xareh 1, 1952, the first Two Hundred and Ten Thousand Dollars ($210,000.,00) worth of said bonds, maturing from 1953 to 1955, inclusive, to 'bear interest at the rate of four per cent (4 ) per annum, the next Severn Hundred and Seventy Thousand Dollars ($770,000#00) worth,of said bonds,,maturing from 1956 to 1966, inclusive, to boar interest at the rate of one and tliree-quarters per cent (1-3/4%) per annum, and the next Seven Hundred and Seventy Thousand Dollars ,(($770,000.00) worth of said bonds, maturing from 1967 to 1977, inclusive, to hear interest at the rate of two per cent (2%) per annum,;payable semi-annually on the first` day of September and March of each year respectively, both principal and interest of said bonds being payable at The Hanover Bank, 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, Texas, by the Mayor there- of, 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 signatures of the Mayor and City Secretary of the City, of Fort Worth, Texas, that 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, seventeen hundred and fifty (1,750) in number, shall be numbered consecutively from one (1) to seventeen hundred and fifty (1,7540, inclusive, and shall mature in the amount and manner hereinafter set taut; and that said bands shall be issued for the purpose of msaking, permanent city Improvements by establishing, equipping, extending and improving municipal airports and landing fields for airplanes, aircraft and father aerial machines, and acquiring the necessary lands therefor for said City. That the general foram of said bonds and the coupons thereto an- nexed and the interest added to said bonds shall be executed substan- tially in the following forms SECTION IIo That the said bonds so to be issued by the City of Fbrt Worth, Texas, amounting to one Million, Seven Hundred and Fifty Thousand Dol- lars ($1,750,000,00), shall be issued for the purpose of making permanent city improvements by establishing, equipping, extending and improving municipal airports and landing fields for airplanes, aircraft and other aerial machines, and acquiring the necessary lands therefor for said City, and shall consist of seventeen hundred and fifty (1,750) bonds numbered from one (1) to seventeen hundred and fifty (1,750), inclusive, and the first Two Hundred and Ten Thousand Dollars ($210,000.00) worth of said bonds, maturing from 1953 to 1955, inclusive, shall bear inter- ast at the rate of four per cent (4%) per annum, and the next Seven Hun- dred and Seventy Thousand Dollars ($770,000.00) worth of said bonds., maturing from 1956 to 1966, inclusive, shall bear interest at the rate of one and three-quarters per cent (1-3/4%) per annum, and the next Seven Hundred and Seventy Thousand Dollars ($770,000.00) worth of said bonds, maturing from 1967 to 1977, inclusive, shall bear interest at the rate of two per cent (2%) per annum, payable semi-annually as aforesaid, all of which said seventeen himdred and fifty (1,750) bonds shall be known as Series 83 and shall be styled and designated as "Airport Bonds", and that all of the said bonds, comprising the sum total of one Million, Seven Hundred and Fifty Thousand Dollars ($1,750,000,,.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 WPrth 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 respective- ly mature,# there is hereby levied for the year 1952 and for each suc- 0eeding 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 property in the City of Fort Worth, Texas, liable to taxation, a straight ad valorem tax of 2.8125 cents on the one hundred dollar valu- ation of said property, or so much thereof as may be necessary, or in addition thereto as may be required, 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 increase of tax shall be made, if required for the pur- poses 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 prig.. cipal debt herein authorized. SECTION TO 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, in levying taxes for general purposes for the said City for the year 1952 and for every successive year during the life of said bonded inde0tedneSs or any part thereof, to include in such levy the special tax of 25 cents on the one hundred dollar property valuation (or so much thereof as may be requisite and necessary), or in addition thereto as May be required), provided for in the next preceding section of this ordinanee, and said special tax shall on no account whatever be displaced therefrom. SFICTION V1. That the special tax hereinbefore provided for, when coll6eted, 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 hold and listed 'as a separate account on the books of said City and Vne pro- ceedo hold and kept by the City Treasurer of said City as a separate and distinct account and so specified as such on his books* MOTION 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 indebtedness of the City of Fort Worth, including the bonds herew in 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 there- after said bonds shall be placed with the State Comptroller of Public Accounts for registration, ACTION VIII That the City Treasurer of the City of Fort Worth, or other law- ful custodian of each fund, during the months of August and February ............... .. ....­­- - of each and every Fear during the life of said bonds or part thereof, and not later than the 25th 4eyof 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 Hanover Bank,, of the City of New York,;, State of New York, and likewise'proper remittance 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 IX. 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. Mayor of the City of ►rt Wrorth, Texas ATTEST. MY Secretary o t,e My— of Fort north, Texas APPRDM AS TO FORM A D LI ALITY City.Attorney of the City—07 Fort forth, Twcas CITY' OF FORT WOR2H PRINCIPAL MATURITIES $1,750,0030.00 AIRPORT BONDS AAT D MARCH 1, 1952' DUZ, MARCH 13T PRINCIPAL MATURING 1q 3' $70,000.0 1954 70,000.00 1955 70,OOO.O0 1956 70,p00.n0 1957 70,000.00 195$' 70,000.00 1959' 70,000.00 1960- 70,000.00 1961 70,000.00 1962, 70,000.00 1963 70,000.00 1964 70,000.00 1965 70,000.00 1966 70,,006'4'00 1967 7 ,,: 0,40 1969 ,x , 1970 70,000.00 1971, 70,000.00 1972 70,000.00 1973 70,000.00 1974 70,000.00 1975 70,006.00 1976 70,000.00 1977 70,000.00 O. UNITED STATE � of AMERICA STATE OF TEXAS, COUNTY OF TAR4AN'T` S kI SS 83 CITY OF FORT WORTH --00000-Y- Airport Bond of the City of Fart Worth issued For the purpose of making permanent city improvements by establishing, equipping, extending and improving municipal airports and landing fields for air- planes, aircraft and other aerial machines, and acquiring the necessary lands therefor, KNOW ALL NEU BY THESE PREOWTS That the government of the City of Fart North, a municipal cor- poration 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 DOILARS ($10000.00) in lawful money of the United States of America, on the first day of March, A. D. 19 , together with interest thereon at the rate of percentum ( %) per annum, payable semi...- annually on the first day of September and March in each year, on presen- tation 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 Hanover Bank, in New York City, knew, 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 series of seventeen hundred and fifty (1,750) bonds numbered consecutively from one (1) to seventeen hundred and fifty inclusive, in the denomination of One Thousand Dollars ($1,000*00) each, amounting in the aggregate to the sum of One Million, Seven Hundred and Fifty Thousand Dollars ($1,750,000.00), issued for the 'purpose of making,permanent city improvemouts, by establishing, equipping, extending and improving municipal airpolts and landing fields for airplanes, air- craft and other aerial machines, and acquiring the necessary lands there- for, 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 Council of the City of Fort Worth, pur- suant to valid authority from the property taxpaying qualified voters of said City, at a proper and'legal election held on the 11th day of September, A. D. 19510 - 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 Constitution and 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 TWTMONY WIWMF, 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 exe- cuted,with. the facsimile signatures of the Wyor and City Secretary, and has caused this bond to be dated as the first day of March, A. D. 1952„ CITY OF FORT WORM, TWS BY Mayor AT,TEST- City Secret4i-7 (FORM OF CQMDQ i NOTE) The City of Fbrt Worth,,In the State of Texas, premises to pay to Roarer 0 _ _ ) on the lot day of , 19 , of The Hanover Hank, in the City of New Stork, New York, for;interest due that, day on its Airport Bond, Series $3, dated March 1, 1952, and numbered CITY FORT WORTH, TEXAS HY �r ATTEST: GiVy Secretary (CaTIFICATE OF CO)WTROUa) 0 M,-CZ OF CGMF'TFkGUAR 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 States 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 Y4,14 and binding obliga- tion, upon said City of Fort Worth, Texas, and said bond has this day been registered by me WITNWS VY! hand and seal of office, at Austin, Texas, this the day of , A. D. 19 Gomptro er of Public Accounts of the State of Texas