HomeMy WebLinkAboutOrdinance 2940 ORDINANCS NO.,
AN ORDINANCE PFtCaVIDIFTG FOR THE ISSUANCE OF NEGOTIABLE COUPON
BONDS OF THE GOVEI MT OF THE CITY OF FORT W"OR"TH, TEXAS,
AWAMTING TO THE PRINCIPAL SUFI OF ONE MILLION, TWO HUNDRED
AND FIFTY THOUSAND DOLLARS ($1,250,000.00), OUT OF AN AD-
THORIAFD ISSUE OF TWIXTY-THUX MLLION FOUR. 1100I8 AND
FIFTY THOUSAND ,DOLLARS ( 23,450, ,.00� WOR114 OF SAID PA008,.
AND BEING FNS AS SERIES 94 AND DESIGNATAD AS " USET IM-
Pk3t T BONDS," TO BE ISSUED FOR THE 'PURPOSE OF PIRG
PERMANiXT CITY_IMPROVLWWTS BY CONSTRUCTING). IXPR NG AND
EXTENDING THE STREETS, THOROWHYARES, AND STOREY $ EHS OF
SAID CITY, INCLUDING IN SUCH PF" ,WT PUBLIC IMPk3VW* TS
THS, STRAIGHTENING, WIDENING, PAVING, GRADE SEPARATION, LIGHT-
ING AND DRAINAGE OF SAID STREVS AHD THOROUGHFARES, AND AC-
QUIRING THE NECESSARY'LARDS''TH ,YEF(,3R FOR'SAID CITY, FACH OF
SAID BONDS TO DE IN THE DENOMINAT1W OF ONE VIOUSAND MLLAAS
(0100043„€0), To BE DATED MARCH 1, 1952, FATU14ING
(1) TO TWENTY-FIVE ( 5) YEARS FROM THE DATE TTTFAWFl, THE
FIRST ONE HUHDRM AND FIFTY THOUSAND DOLLARS (4150,000.00)
WORTH OF SAID BONDS TO BEAR INTENT AT THE RATE OF FOUR
PER CENT (A ) PZR ANNUM, THE NEXT FIVE HUNDRED AND FIFTY"
THOUSAND DOLLARS ($5150,000.00) WOR'T� OF SAID BONDS TO BEAR
INTEREST AT THE RATE OF ONE AND THRE QUARTERS PER CENT
(1-3/4%) PER ANNUM, AND THE HUT FIVE HUNDRED AND VI FT
THOUSAND DOLLARS ($550,000,00) woRTH OF SAID BONDS TO BEAR,
IHTIMMT AT THE RATE: OF TWO MR. CENT (2%) PER ANUUM, SAID ITT-
TF T BEING 'PAYABLE HET41-ANNUALLY, "THE INTEREST TO BE EY-
PUSUD IN COUPON NOTES ATTA040 TO THE )BOND,$; DIRECTING THAT
THE SAID BONDS BE E=UT 3 BY THE MAYOR AND CITY SECRETARY;
PROVIDING FOR AN ADSQUATE TAX LPL' MR THE PAY16XT OF THE IAA-
TEST ON SAID BONDS AND TO" RISATE' A SINKING FUND D FOR THE PAY-
MENT OF THE PRINCIPAL T �" 9OF" AS THE SAFE MATURES FROM TIME
TO TIME; AND PROVIDING THAT THIS O DINANCE SHALL BE IN FORCE h
AND EF"F"ECT FRONT AND AFTER TOTE DATA OF ITS PASSAGE.
WHEREAS, on the 15th day of August, A. D. 1951, 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. 1921 , and the
las and Constitution of the State of Texas, the City Council of the City
of Fbrt Worth, Texas, by an ordinance of that date, directed the submis-
sion to the qualified electors who awn table property in the City of
Fort Worth) Texas, and who have duly rendered the sane 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 scam. of Twenty-three Million,
Four Hundred and Fifty'Thousand Dollars ($23,450,000#00)000.00) for the purpose
ji
a"d 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 sinking fund sufficient to redeem said bonds at the maturi-
ty thereof?
FOA the Issuance of Street Improvement Bands.,
AGAINST the Issuance of Street Improvement Bonds.
II
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sus of One Ilion,
Seven Hundred and 'Fifty Thousand Dollars 31,750,0WOO) 'for the purpose
of making perament city improvements by establishing, upping, ex,
tending and improving municipal airports and landing fields for air-
. planes, aircraft and other aerial machines, and acquiring 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 pay--
able within forty (40) years from the date thereof, bearing iaterest 'at
a rate not to exceed four per cent (4 ) per annu* fro% 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,
III.
Shall the City of Fort Worth, Texas, through its City Council,,
issue its negotiable couiaon bonds in the principal sum of Eight Hundred(
Thousand Dollars 4900,000.00) ..for the purpose of m'aaing per m city
improvements by constructing, building and equipping, additional inein-
erators for said City and acquiring 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 aerate not to e: eed�
four per cent per annum from the date thereof, payable semi.-annually,
and levy a i tax to play the interest on said bonds and create
a sinking fund sufficient to redeem said bands at the maturity thereof?
B the Issuance of Incinerator Bonds,
AGAINST the Issuance of Incinerator Bonds,,
I
Shall the City, of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sums of Five Hundred
Thousand dollars ( 500,000„CC) for the purpose of making permanent city,
improvements, to wit, constructing, building and equipping fire stations:
and improving and extending the city are alarm system, and acquiring
the aseessaary lands therefor, said bonds being payable serially as Mali
be determined by the City Council, so that the last maturing bonds shall
00cd payable within forty (40) years from the date thereof, beams
interest at A rata not to exceed four per cent (4%) per annum from the
date thereof„ payable semi-Malls, 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?
FCR the Issuance of Fire Protection Bonds.
AGAINST the Issuance of Firs Protection Bonds.,
V.
$hall the City of Port Worth, Texas, 'through its City Council,
issue its negotiable coupon bonds in the principal sum of Seven Hundred
Thousand Dollars ( 700,000.00) for the purpose of making permanent city
improvements by constructing, building and equipping a police station
and jail building, and acquiring thonscessary laud 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) yearn
from the date thereof, bearing interest at a'rate not to exceed four
per cant (4 ) par annum from the date thereof, payable semi-annually,
and levy a sufficient tax to pay the interest on said bonds and create
a aiming found sufficient to redeem said bonds at the maturity thereof?'
MR the Issuance of Police Station and jail Building
Bonds.
AGAINST the Issuance of Police ,Station and ;ail Building
Bonds,
VI:.
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 ($200,000.00) for the purpose of making permanent city
improvements in providing a, recreation center building, to sit, by con-
structing, building and equipping a children►s museum for said City,,
and acquiring the necessary land therefor, said bonds being payable
serially as my 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 pads the interest on said`bonds' and create a sinking
fund sufficient to redeem said bonds at the maturity thereof?
FOR the Issuance of Chi.ldrents Museum Bonds.
AGAINST the Issuance of Children's Museum, Bends.
VII,
Shall the City of Fort Worth, Texas, through its City Council,.
issue its negotiable coupon bonds in the principal sum of one Million
Dollars (#1,000,000,00) ,for the purpose of making permanent city improve*,=
ments by purtchasing, acquiring and improving land and property for pub-
lic parks In said City, said bonds being payable serially as may be der-
tuned by the City Council, so that the last maturing bonds shall b
corms payable within forty (40) gears from the darts thereof*, bearing in-
terest, at a rate not to azoeved 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 ro-
deem said bonds at the maturity thereof?
M, the Issuance of Park Bonds*
AGAINST the Issuance of Parr Bonds.;
VIII.
Shall the City of Fort North, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sua of 'Five Hundred
Thousand Dollars (4500,601.,00) for the purpose of making pe�,est city
improvements by purchasing, acquiring and improving the playgrounds and
recreation parks of said City, said bonds being payable serially as may
be doteivAned by the City Council, so that the last maturing bonds shall
bacode payable within forty (40) years, from the date thereof, bearing
interest at a rate not to exceed fops per cent (/+%) per annum from the
date thereof, payable semi-annually, and levy a sufficient tax to parr'
the interest on said bonds and create a sinking fund sufficient to re-
deez said bonds at the maturity thereof?
FOR the Issuance of Playground and Recreation Farm Bonds,
AGAINST the;Issuance of Playground and Recreation Park Bands.;
an,do
WHSREAu, in the election,held in said City of Fort Worth, Texas
on the 11th day of ,September, A D. 1951, on the question of the issue-
sate of said bonds b;ereinbefore mentioned, there was a majority of votes
in favor of the iesuante of said bonds; and,
VHMW , by virtues 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 Dort Worth, Texas, and who have duly ren-
dered the same for taxation, to issue said bends for the purposes afores
mentioned and to make saw valid and binding obligations of the corporate
government of the City of Fort Worth, Texas; and,
WHMM, it is deemed wise and expedient by the City Council of
the City of Fort Worth, Tees, in the exercise of the discretion reposed
in it by lawn, that One Million, Two Hundred and Fifty Thousand Dollars
($1,250,000,00) worth of said bonds, out of an authorized:issue of Twenty
three"Killion, Pour Hundred and Fifty,'Thousand Dollars ($23,430,000-00),
be issued in bonds at this time;, said bonds to be issued being Series 84
and desigwtoo l as "Street Improvement Ronde NOW, THEREFORE,
B% IT MAIM BY THE CITY COUNCIL Of THE CITY OF FORT NORTH,;
$FICTION 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, Two Hundred and Fifty Thousand Dollars ($1,,250,000*00), out of
an authorized issue of Twenty-three Killion, Four Hundred and Fifty Thou-
sand Dollars ($23,450,000.00), which bonds were authorized to be issued
at a proper election held on the 11th day of September, A. D. 1951, and
which bonds are known as Series 84 and designated as "Street Improvement
Bonds"; that the bonds so to be issued shall be in the denomination of
one Thousand Dollars ($1,000.00) each, dated 'March 1, 1952, the first
one Hundred and Fifty Thousand Dollars ($150,(00.00) 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 Five Hundred and Fifty Thousand
Dollars ($550,000,00) worth of said bonds, maturing from, 1956 to 1966,
inclusive, to bear interest at the rate of one and three-quarters per
cent (1-3/4%) per annum, and the next Five Hundred and Fifty Thousand
Dollars ($550,0(0.00) worth of said bonds, maturing from 1967 to 1977,
inclusive, to bear 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 pay-
able 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 thereof, attested by its City Secre-
tary, 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 A_
coupons shall be negotiable and payable to bearer, and
shall bro, numbered in the way and 'manner hereinafter set out,
s9k, that the last, taring bond shall become payable within twenty-five
years from Uie, date thereof, and the bonds themselves, twelve hun-
40
dred and fifty (1,250) in number, shall be numbered consecutively from one
(1) to twelve hundred and fifty (1,250), inclusive, and shall mature in
the amount and manner hereinafter set cut; and that said bonds shall be
issued for the purpose of making permanent city improvements by construct-
iiag, improving and extending the streets, thoroughfares and storm sewers
of said City, including in such permanent public improvements the straighten-
ing, widening, paving, grade separation, lighting and drainage of said
streets and thoroughfares, and acquiring the necessary lands therefor
for said City.
That the general form of said bonds and the coupons thereto an-
nexed and the interest added to said bonds shall be executed substantially
in the following forts-
SECTION U.
That the said bonds so to be issued by the City of Fort Worth,
Texas, amounting to One Million, Two Hundred and Fifty Thousand Dollars
($1, 2 5
,�, 0,000,00), shall be issued for the purpose of making permanent
city Improvements by constructing, improving and extending the streets,
thoroughfares and storm, sewers of said City, including in such permanent
public Improvements the straightening, widening, paving, grade separation,
lighting and drainage of said streets and thoroughfares, and acquiring
the necessary lands therefor for said City, and shall consist of twelve
hundred and fifty (1,250) bonds numbered from one (1) to twelve hundred
and fifty (1,250), inclusive, and the first one Hundred and Fifty Thou-
sand Dollars ($150,000,00) worth of said bonds, maturing from 1953 to
1955, inclusive, shall bear interest at the rate of four per cent (4%)
per annum, and the next Five Hundred and Fifty Thousand Dollars ($550,-
000*00) worth of said bonds, maturing from 1956 to 1966, inclusive, shall
bear interest at the rate of one and three-quarters per cent (1-3/4%)
per annum, and the next Five Hundred and Fifty Thousand Dollars 0550,-
000.00) worth of said bonds, maturing from 1967 to 1977, inclusive,
shall bear interest at the rate of two per cent (2%) per annum, payable
semi-annually as aforesaid, all of which said twelve hundred and fifty
(1,250) bonds shall be known as Series 84 and shall be styled and desig.
nated as "street Improvement Bonds'$; and that all of the said bonds, com-
prising the sum t4tal of One lCillion, Two Hundred and Fifty Thousand Dol-
lars ($1,250,000.00), 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 beat
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 I
That for the purpose of paying the interest of said bonds, as
well as the various installments of principal, as the same shall re-
spoctively mature, there is hereby levied for the year 1952 and for each
succeeding year thereafter so long as the same may be necessary, to pro-
vide 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 1*9650 cents on the one hundred dollar vale-,
atioa, 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 prin-
cipal debt herein authorized.
SECTION V,
That it shall be the duty of the City Council of the City of Fort
Worth, Texas, and its successors, and of the govornment 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
indebtedness or any part thereof, to include in such levy- the special tax
of 1.9650 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
ordinance, and said special tax shall on no account whatever be displaced
therefrom.
SECTION VI.
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 pro-
coeds hold and kept by the City Treasurer of said City as a separate
and distinct account and so specified as such on his books.
SECTION VII,
That'as soon as convenient after said bonds shall have been pro-
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 here-
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,
SECTION VIII.
That the City Treasurer of the City of Fort Worth, or other law.
ful castodian of such fund, during the months of August and Febmary
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 transidt
sufficient money out of the interest funds hereinbefore created for the
paymmt of the semi-awual 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 sameq
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.
�,yo'r of the Cit—y—oF—fort WoRh, T;Zs
ATTEST:
CRY-'30-;-r-'O ary V the City of
Fort'Worth, Texas
APPROM AS TO FORM AND LEULITY:
City Attorney of the City of
Fort Worth, Texas
CITY OF FORT WORTH
PRINCIPAL MATURITIES
$1,254,00000 HTWT IMPROVIMT SAS:
DATED KkWH 1, 1952
DUE MARCH 16T PRINCIPAL MATURING,
1953 $50,000.00
1954 50,000.00'
1955` 501000.00
1956 50,000.00
1957 50,000.
1958 50,000.00
1959 50,000.00
1960 5Q,00000'
1961 50,000„00`
1962; 50,000.00
190 501000.00
196 : 50,000.00
1965r 50,000000
1966 50,000.00
1967 501000000
1968 50,000.00
1969 50,000.00
1970 50,000.00
1971 50,000.00
1972 50,000.00'
1973` 50, 0.f 1
1974 50,000 e
1975. 50,0,00.00
1976 50,000.00
1977 50,004.00
NO. UNITED STATES
OF AMEKECA
STATE OF TEXAS, COUNTY OF TARRANT
SERIES 84
CITY OF FORT WORTH
--00000—
Street Improvement Bond of the City of Fort Worth issued for the purpose
of making permanent city improvements by constructingo improving and
extending the streets, thoroughfares and storm sewers of said City,
including in such permanent public improvements the straighten-
ing, widening, paving, grade separation, lighting and drain-
age of said streets and thoroughfares, and acquiring the
necessary lands therefor.
KNOW ALL MEN BY TiMSE PPMENTS:
That the government of the City of Fort Worth, 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 DOLLARS ($1,000.00)
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 Now 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 series of twelve hundred and fifty (1,*250)
bonds numbered consecutively from one (1) to twelve hundred and fifty
(1,250), inclusive, in the denomination of One Thousand Dollars
($1,,000*00) each, amounting in the aggregate to the sum of One IdIlion,
Two Hundred and Fifty Thousand Dollars ($1,250,000.00), issued for the
purpose of making, permanent city improvements by constructing, improv-
ing and extending the streets, thoroughfares and storm sewers of said
City, including in such permanent public improrvements the straightening,
widening, paving, grade separation, lighting and drainage of said streets
and thoroughfares, and acquiring 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 ordinsage lawfully passed
and adopted by the City Council of the City of Fort Worth, pursuant 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.
1951.
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 perfortned 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.
IM TESTIMDNY WKR: Fj 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
day mpreseed, and has caused the annexed interest coupons to be aze-
cuted with the facsimile signatures of the Mayor and City secretary, and
has caused this bond to be dated as the ,first day of March, A. D. 1952,
CITY OF FORT WORTH, TmS
B
Mayor
ATTEST:
City Secretary
(FORM OF COUPON NOTE)
The City of Fort Worth, in the state of Texas, promises to pay
to Bearer on the Ist day of
19 at The Hanover Bank., in the City Of
Now York, New York, for interest due that day on ite street Improvement
Bond, Series 84, dated March 1, 1952, and numbered
CITY OF FORT WORTH, TEXAS
BY
Wyo r
ATTEST:
City Secretary
(CERTIFICATE OF COWTHOLLER)
OFFICE OF COMPMLLER,
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 obliga-
tion upon said City of For—t 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
ComptFolle; of P-MIN Accounts
of the State of Texas