HomeMy WebLinkAboutOrdinance 2941 Q(
TIRD TihTTk.,3 7,40. i,r YYY' d iF
CdTTITTidla�'CF IROVIT ING fk)R THE ISSUANCE OF REIInDiVEI BONDS
OF TWi CITY OF PMT WOTTTH IN TH4, PRI14C PAL AH)U NT
OF dTVI taLL.Cfl, TWO ItlRIT,kTTT.nTT AND T*'FTY 'ITTOU&SAND DOLLARS
GATIT'TTS KAN TTTLLaITTTT, S11 4WD ial,Ta17 THOUSAND LT 1 TTT
($10,650,000.00) CTS ROTTTME BM PS TiaOXi'CMIT E 10aiTM) AaND
EX)�4LD OUT yt.F TTY�(T T TTTT T� ;T�p,� I w�EXTS, OF p,pT+�T oli T"ai�p p T q�", I;Llgt4 DOL-
LARS'(v�18, ,0(op �R00),, O T'�I�,�hD�I TTmE 410'.S �.,���.[m4'U'NpEMNS, , ZX 'U_
TTION Aid ZWLAIGEMENT CTS 7311' �17VS C9i22i MIT) 319w%& SYSIa
F TIOVIDING DTI 1 2 PAYMENT OF SUCH TitPTi 5 SOLRUff FRO-14 THE
Na"ES TO !WCH "PAV41a»TTI'; ENTERING INTO CERTAIN COVENANTS AND
AGREEMENTS WITH TTrtaT"ECT TO °T"a4E OPERATION OF SUCH SYSTIEZ
AND THE Tf"PLICilTON OF T, TtE" TtUES iSt VuED TTlilltX; AWND
ila;T?EialJ1141,, Ud L aRDT 1104 m1Z IN =TV LITT,i TT 11,117>nLTH,
'U4T04MS, tf'o City of]�",,) ^t Worth (hereinafter, referred to as City)
has established, and T'or many yaKaro has anaaintatned and operated, and is
now amintaininC and operating, a system ("areina.fter referred to as the
City,wdater;System) used or useAil to obtain a supply of water for said
City and its inhabitants as"reel to conservo, treat and dispose of such
water, aand"slso a syKem (hereinafter ref`erraed,to as the City Sever Sya-
tem) used or useful for the oollaect ion, troaatment and disposal of sewage
and waste, and,,
WHEREAS, at an election aaaal carll.ed and Yield in the City on Jan-
nary 25, 1949, a majority of the qualified vutrers of the City voted in
favor of each of the follovbag two Tarrrpaosit,iaoaas,
EL29921"LE__1
Shall the City of Tlart Worth, Texas, throaryh its City
Council, issaace its negotiable coupon boards in tNtie principal
sum of lVelve lii.11 oa, Flar Rut dried Thousand Dollars ( 12,.
400,000.00) for the purpose of improving, extending and en-
larging the Waterworks System of said City, said bonds to
be iaeued at one time or in Installments from time to time
as the City Council sha.1 determine, the tabrr+,s of eadi In-
stallment being payable serially as may koro,.determined by
the City C aunoil,, so that the.last atdtur^irq& bonds' shall: be-
come payable within fnrty (40) ya°are! Kom the date thereof,
and bearing interest at a rate n� ,)ta to eorseed four per cent
(4 ) per aaanum .frogs the date thero&4 payable semi-annually,
and to Provide for the payment of principal and interest
on said bonds by pleaiping the net revenues from they opera-
tion of the utersarrks System of said City, or in the event
that the City Council be authorized to issuer sewer Syst+rwaa
revenue bo da as submitted in Proposition Nb. C,, to be se-�
cured additionally by a pledg of the net revs" ,nuss from the
operation of said Sewer System?
Shall the Gity of Fort "t of th, Texas, through its City
Council, issue its negotiable cogpon bonds in the principal
sum of Five Million, Six Hundred Thousaid Dollars ($5,600,-
0004 0) for ONe purprese of iiirarprdiring, extend1bg and asnlar
ing the existing Sewer, iysten of said City, said bonds to
be issued at one tisaaa or io 1110 ,el1ewsarts from time to time
as the City fiouncil shaal"i deteraaaine, the bonds of each in-
stallment beirw,S payable aerially as may be determined by
the City Co nc;tl, so fk1at,, the last maturing bonds shall be-
come payable within t"part 0 T years from the date thereof,
and bearing inter of at a Vito not to exceed Our per cent
(4%) per annum from the date thereof, payable semi-annually,
and to provide far the payment of prinaiiaaal`and interest an
said bonds by pledging the hot rev arc(as from the operation
of the Sewer SSstieaar of said Gi,t„f, or in the event that the
City Council be authorized to issue `autatrervork s System re e-
nun bonds as submitted, inr Frog si Dion, duu; 1, to be secured
additionally by as pledge of the not revemies from the opera-
tion of said Waterworks System?;
;
and
WHE,REA3, the ordinance calling said el lotion provided that if
bona propositions mare duly approved at said election, the City Council
could, at its option, combine the Twelve Killion, Four ffdrWred Thouasand
Collars (tlg,d ai,fiCii.dt> ;pater drps System iaev°eaaue Boade and the Five
Million Sire ifuardxed Thousand Dollar, ($5,0a,000.00) Sear System Reve-
nue Bands into one issue and pledge the Not Revenues from the operation
of both the Waterworks Syatehae and the Saawaa:,,r dS°stem to the psyaenat of 'thee
principal of and the interest on sari d maaatiMr°ra issue of batads; and,
WHEREAS, the City Coraaac,'Ll of the City of Fort aaaaaartb, Texas, by
ordinance duly adopted on the 20th rirev of April, 19,49,u hiid authorwizaa
the issua ace of Two Million DdIlar„s (, ()00,000.(K)) of 'Waiter rises Sewer
iievenue Bonds c w>trined in one Issue, said bonds being numbered from arts
(l( to two thousand (2,000),, both Inaalussiemai and the suidd City lompaci,l,
by u^uraiina.nce duly adopters area the 1iath 0f of Seaptenbeer, 2949, did taus-
Uior3 ze this iassuarrce of ' loss idill,i lon, Six iiuerrrired, and Fifty Thouzaand Doi-
bars ( fi,,650,Crtarl,C, i, of Water and Seswwr fievwu ue hands corrrtairred in one
issue, said bonds being heahabered f°irosu, muss thousand and one (2,00 to
forty-six hundred and f,,Lftd° (4,a0,,50), Thoth inclusive; and the said City,
catu,wcil, by c)rdiitance ditly af,'b,,,4pted on the 29th day of Nbruary, 1951,
uhich ordinance was amended an the 7th day of Nkrah, 1951, did authorize
the joan;111ce of sj_,r, Million Dollars ($6,000,000.00) of Water and Bator
F(evenue Bonds combined in one is,,sue, said bonits btiing numbered from
forty-six hundred and fifty-one (4,651) to ten thousand, six hundred
and fifty (10,650), both inclusive; aartat it was provided In ill of the
ardinaness authorizing the issuance of borids lthwt ttie City of Fort
Worth might Issue additional bonds payatile firlourn the Debt servicr,.s FuMld
created by the first ordinance and secured, equally and ratably-with
the J-x.rjxda autharized by said azlinances, by a, pledge of the Rav(miues of
til,e atens, ronditioned, however, that Vae ackiltional bonds shall be
issued for the j[,,xirpose of
,, extending or onlirging the Systlmw,
that at the tiara the additional bonds are issued, the Oity shall not be
in default in making AXIV payyvarLt red by kaiy p.rovisiona o! said
ordinnn,cies; that the ruaorjjxt of, the averagie t��et lievenueo of the
Systems computed by dkvidinj by two the Lot 1,'Javeiaues for the two fiscal
years immediately preceding the time of Issuince of the additional bonds
shall be not lose th&"' 3.50% of the m",,,'Javuai aggre,,pate e%avunt of principf
and Interest payable in any future fiscul yetir with res mctn to U-I,e t=ViL3
and additional bonds then outstanding rcid the af,"kil,tional bonds abotit to
�jh I q de
be Usual; and that tile J"urinoipra of V,,ie a4d'itional, biunda al, b, rus
pay,,Rble on Kax0i Ist of thf,. years in which such pilnjalpal i,,,j, pajpable,
arid t.,Jaa Literest on t.'ne additional, bonds ahalL be made payable swat..
MMUR22l' on Septegker Ut and March Lot; and,
WHEMI&S, the City iltauaauua^fit Ila,$ 'Cotand and determloed that the reve.
nue br)Tads jiovi 1:uro nj�sed to be Ugued ghall be for the purpose of improx-
host, exttading or enlarging such Gity 'W&Ler and Sewer Systeais, thitt Lhe,
City Is not now, an(,i has not beimi, la def),%U11,,, In U','ie payment of any sunt
required In au, of tho provVions of said ordinances aut1iorizing the is-
e
suance of 'Two 14illion Dollani '1,hwter arid, Sewer ft�,�veynu ,
bonds,, atloptefl t*Ij 0th dAy' of April, 1949, and awthoriztnS the issuance
of "NO 1"11111,en, six, H'taidrOW and hit ter 111u,nusand Dollars
............
Water and Sewer ReVenue 15nmiap �,ulcvj,,),ted t1le 14th, d&Y of Sqrstelabor, 1949,
and authorizing the issuance of Six Pp?,11ion I)oLl,ars (;$6,,U()O,CX*.00) iviater
and Sewer Revenue Bonds, adopteed the 28th da;y of ftbrntsry, 1951, which
ordinance aais sniended 106ca 7tki da'y' t,if March, 1951; that the amount of the
average annaal Net Revenues of the Syivtems computed by dividing by trams
the tint Revemaes for the two fiewaa years Lwwae4lately preaeding, the tl.me
,of issaaxice of the additional bonds Js far in, exce-es of 1i0% Of the m6oci-
mum aggregate amoant of qfncipal an(l interest playuble in arly fut,ure fU-
mal year 1=dth respect to the bonds raow outstanding and the additional
bonds now proposed to be Lesued; mad that the pripelpal of-the additional
bonds shall be made 7payable on 114,tr..rck lat of years 'in which suab prit.'Lcipal
is pay'able, nul tile Interest on, the k1ditioaal bonds ahkll be made payable
semi-annually on September lot and Mad lot of each year, rempective1r;
VOMMS, 14,iree !,,'allion, Fifty Thoiksand Dollars (43,050,UW.00)
of said bonds puthorimod by said ordinancms adopted an April 20, 1949,
September 14, W49, and February 28, iWhioh ordinagice was &mendad
on March 7, 1951, were innued fbr the 'pwxrposia of iraproNring, eAdendind
and enlaraina the City Sower System and Seven Million, Six Hundred Thoo-
sand Dollars (17,600,000.00) of said bondi authorized by said ordinances
were issued for the purpose of Improving, extending and enlarging the
City Water System; awl,
VRIERBAS, it Is deemed visa and expedioat by the City Counoil of
the City of Fort 11,forth, 11,ra,,rue, in the exercise of the discretion reposed
in it by law, that Pour KIM& Tat, Hundxad and Fifty Thousand Dollars
($4,250,00040) of said bonds, in nAclition to the 'Tenn M11,jon, Six 1jimj-
dred and Fifty Thousand Dollars ($19,650,000y3o) of said bonds heretofore
iasued and sold out of the authorized issue of Eighteen Million Dollars
($18,000,000.00), be isauvi in bonds at sa,:Ld bot°lds to be issue.4i
being a part of Series 80, designated, �qjater arid Sewer fivemenue Bonds"; arid,
WHEREAS, the follouing termm, where uaed in this ordinance, Un-
less the MtOxt shall indicate another or different moaning or intention,
are to be construed wid usgd and nay ie inte"nidtX1 to have nvumings as follows:
..........
(1) "City- Water Systemu and Mty $ewer System''
mean the syetems described in the first parra-
grgj,ih of this ordintince.
(2) "Bonds" aball mean the bonds described ir,
Sett cm 101 of this ordinance,
(3) "Addi ti,cmaul Doidall shall oean the bonds here-
after issued as prqvided in Section 1U9 of
this ordin&nee.
(4) "Issued Baiarls" shall mean the Issued Bonds
described in Seetion, 1401 of this ordinance,
(5) "Operating Expenses" shall moan Operating
Expenses an defined In Section 401 of this
ordinance,
(6) "Revonues" and lwet aevearass" shall mean,
respectively, 1d,evwlues and NK Memo as
Mined in Section 401 nf this ordAnn"face.
(7) "First Ismie Bond Ordinance" shall mean the
or hereinbefore Marked, adopted by
tho City Council on AprJU. 20, 1949.
(8) "Operating QnV shall rwan asst Pind deseribed
in Section A02 of this ordinance,
(9) tID4bt Service Fund" and "Curraint J�ocauntll ,And
"Reserve Acemant" shall nean the Ddbt Service
Fund, the aarrent Account and the Reserve As-
aount described sin Section 405 of this ordinance.,
(10) "operation Xaservv Account" shall .mean the
Operation Reserve Account described in Section
1 00 of t1tis ordinarkee.
(11) uIssuance M01 shall, nisan the first day on
which any of the Sonde are dtdliv,ired.
(12) "Year" or "Fiscal yearu shall mean the yearly
period beginning October I In each year.
NOW, THEUPOU,
BE IT QMMDMD RY T114 CITY COUNCIL 01,` 11ME rM71Y OF FORT WORTH,
TEXAM
ARTICLE 1*
AUTHORIZATION AND DESCRIPTION OF BONDS
Section 101. Bonds of the City, being a part of the bonds re-
ferred to in Proposition No. 1 adopted at the election held January 25,
1949, shall be issued at this time in the aggregate principal amount of
Three Million Dollars ($3,000,000.00) for the purpose of improving, ex-
tending and enlarging the City Water System, and bonds of the City, being
a part of the bonds referred to in Proposition No. 2 adopted at the elec-
tion held as aforesaid, shall be issued at this time in the-aggregate
principal amount of one Million, Two Hundred and Fifty Thousand Dollars
($1,250,000.00) for the purpose of improving, extending and enlarging the
City Sewer System. All of such bonds (hereinafter referred to as the
Bonds) shall constitute a single issue, be a part of Water and Sewer Reve-
nue Bonds, Series 80, and be in addition to the Ton Million, Six Hundred
and Fifty 'thousand Dollars ($10,650,000.00) of said Bonds heretofore is-
sued out of the Eighteen Million Dollars ($18,000,000*00) in Bonds au-
thorized to be issued at the said election held on January 25, 1949. The
Bonds shall be payable solely from the Net Revenues of the Systems, as
defined In Section 401 of this ordinance. The credit of the City shall
not be pledged for the payment of the Bonds. The holder or holders of the
Bonds shall never have the right to demand payment thereof out of any
funds raised or to be raised by taxation.
Section 102. The Bonds are hereby authorized and shall be issued
pursuant to the Constitution and statutes of the State of Texas, inclad-
Ing particularly Articles 1111 to 1118, inclusive, of the 1925 Revised
Civil Statutes of Texas, as amended.
Section 1,03. The Bonds shall be forty-two hundred and fifty (4,250)
in number, numbered from ten thousand, six hundred and fifty-one (10,651)
to fourteen thousand, nine hundred (14,900), inclusive, and of the de-
nomination of one Thousand Dollars ($1,000.00) each, shall be dated March
1, 1952, and shall mature serially in numerical order on March let of each
year, as follows;
Year Amount Bond Numbers
1953 $170,000.00 10,651 to 10,820
1954 170,000,00 10,821 to 10,990
1955 170,000.00 10,991 to 11,160
1956 170,000.00 11,161 to 11,330
1957 170,000.00 11,331 to 11,500
1958 170,000.00 11,501 to 11,670
1959 170,000-00 11,671 to 11,840
1960 1702000,00 11,841 to 12,010
1961 1702000-00 12,011 to 12,180
1962 170),000.00 12,181 to 12,350
1963 1702000.00 12,351 to 12,520
1964 170,000.00 12,523 to 12,690
1965 170,000-00 12,691 to 12,860
1966 170,000-00 12,861 to 13,030
1967 170,000.00 13,131 to 13,200
1968 170,000.00 13,201 to 13,370
1969 170,000.00 13,371 to 13,540
1970 170,()00.00 13,541 to 13,710
1971 170,000-00 13,711 to 13,880
1972 170,000.00 13,881 to 14,050
1973 170,000.00 14,051 to 14,220
1974 170,000.00 14,221 to 14,390
1975 170,000.00 14,391 to 14,560
1976 170,000,00 14.V'561 to 14,730
1977 170,000.00 14,731 to 14,900
The interest on each Bond shall be payable send-annually on September Ist
and March 1st of each year until the City's obligation with respect to
the payment of the principal sum thereof shall be discharged. The Bonds
shall be payable, with respect to both principal and interest, at the
principal office of The Hanover Bank, in the Borough of Manhattan, City
and State of New York, in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment
of public and private debts. The Bonds which mature subsequent to March
1, 1960, shall be redeemable prior to their respective maturities, as pro-
vided in Article II of this ordinance.
Section 104. The Bonds numbered from ten thousand, six hundred
and fifty-one (10,651) to eleven thousand, five hundred (11,500), in-
clusive, shall bear interest at the rate of four per centum (4%) per an-
num; the Bonds numbered from eleven thousand, five hundred and one (11,501)
to twelve thousand, three hundred and fifty (12,350), inclusive, shall
bear interest at the rate of one and one-half per centwa (1-1/2%) per
annum; the Bonds numbered from twelve thousand, three hundred and fifty-
one (12,351) to fourteen thousand, five hundred and sixty (14,560), in-
elusive, shall bear interest at the rate of one and three-quarters per
centum (1-3/4%) per annum; and the Bonds numbered from fourteen thousand,
five hundred and sixty-one (14,561) to fourteen thousand, nine hundred
(14,900), inclusive, shall bear interest at the rate of two per centum
(2%) per annum.
Section 105. The Bonds shall be payable to bearer, without privi-
lege of registration. They shall be signed by the Mayor of the City and
shall be attested by the City. Secretary. The corporate seal of the City
shall be affixed to or impressed upon each Bond. The interest coupons
representing interest payable on the Bonds shall bear the facsimile sig-
natures of the Mayor and City Secretary. Each successive holder of each
Bond, and each successive holder of each of the coupons attached to the
Bonds, is conclusively presumed to forego and renounce his equities in
favor of subsequent holders for value without notice, and to agree that
such Bond and each of such coupons may be negotiated by delivery by any
person having possession thereof, howsoever such possession may have been
acquired, and that any holder who shall have taken such Bond or any of
such coupons from any person for value and without notice thereby has ac-
quired absolute title thereto, free from any defenses enforceable against
any prior holder and free from all equities and claims of ownership of
any such prior holder.
Section 106. The Bonds, the interest coupons to be attached to
the Bonds, and the certificate of the Comptroller of public Accounts of
the State of Texas to be endorsed on the Bonds shall be in substantially
the following forma, respectively, with the proper insertions, substitu.
tions and variations as in this ordinance provided or permitted:
Section 107. After the hwwrei"ads havre, been a #orated 'by the MAyor;and`
City, aaracrotary in eccar°rii,arrce aaitki their` taratuits, stiar11 be dit"cccuratbai tic,
the Attorney General of the State of Texac Ar examination and appr v 1.
After the Bonds have been approved dry the A;ttorp°aa' General, they, nirAll
be egrirtPared by the C,v.nptFr^oil:er of Public Accounts of the State of `Pa xas
in t'ho vaataau:i.or irrutvirded, ""bt bras,. The Boraadv shall not be iaiaaivard uintil. 'shot,
have be ea sits approved and, so ra�„itr,rte.r,aead;
Ca o i,rn 108. We Mayor and City tdaaarrotaY7, are herxa;by authorized
to carob,, said Bonds and to impro"apa t,duoreon the a;arz?oraate seal of the
City. The City °Yreairrrr er iv her-eby withorl aad to deliver sad dui nds to
Vie purchaser or parch avers to a«raaara ttuari, may u.ao reamed by the pity Council.,
upaon, receipt of the purchase price to be paid bl„ such purchaser or pur-
chasers.
, oirtion Iwdtul, Tn aaidd: tion tau t,�rari Ccaidaa a aaathori;a,aaa""d, by dafrad.v ordi-
nance, We City, may is a a bonds s (ducr tsr aaaf t et referred tea an Additinnal
Bond ) taaayuble :d"rKKom the Debt Service t"aarra„d hereinafter referred d to and
aaocnrarad, raalaaa'ilmr and ratab3l with the tliaii dt arautha i.moai by We ordinance,
by a drl,WF, of tdac "kiovrru,tracs Of, t,kac C,Caatcruaa, but uWra;°ply upon the fol iowin
conditions:
(a) Watts the AaiaMtnr.u.mal Bonds shall be Lainu ed for the purpose of
improving, "extending or enia aging the Systems;
(b) 'bent at the tine the A drd,d.°.1,0irail. Boar+ids are Issued, the City
+rM11 nOt tier in udefaiilt in =king any traalauaiaa'Ct required by Section 104,
405 dr, 406 of tias s-rdinarvae;
(o) That the aamaaainb of the average, atu;mwur"aaad Pipet Y ,venues, of Lhe
Byrtttaaa,a computed by dividing by t,aaur t,daaw T'+dait its)uraruu"ira for the two fiscal
daeaz'ta irarruaa"adiatel.y;prarceding the till,aa°a of IngumIgg of the Additional Boad:da
shall be not lamer ttaan INpttdt aai" tt°ac vua°ord.raauuau a,gg'regaatn uaaiariuiait ari" drrt;iurci,r r1
and intolvat pay9ble in any future fiscal year AM respect to the Bonds
and Additional Boodo tduvtu aurti ti aruudtaa (including auurrng Tiiuruiaa,d, Bondi ar:a irnreln-
after defined) and the Adu^.di,ti,aa+crai diarrrairi about to be ire attrd; and
(d) That the principal Bonds shall be made pay-
able on March I of'the such printioal is payable, and that
the intirdnVon Ofire Addi b6il "'BoI , %hill to hider ya§ble Semi-annual,4
SePAMINee I Md'MkO6 ""I'"T-- ` "I" "' , " " "" '"
,Provid&4, hourever; thit; fi i ths� e AtUditional BoWds
to be MGM p0suant"to the t4tfbtitlini'iet, forth in At YKA04 of
this ordthahoe, ado ted ifthe jualified,votih,of We City at In else-
tion,WIT on lanahrf2f, lq,49i,h6 Additional toWs,Sall,bb issued,uni AS
and Until ter City thill WW',bW Wthorited4f IMIN issue them. All
BaNs Issuedfutsuadt to sAid-pxop6SIQ6wn4 Awther issued-by'VOW of
this ordYnAce or,-by,virtu,6',of eatliek-&VubsiquMt ordinances or!reso-
MKS, wadvhwthtr'is viAd at ahe tifn(w,or-OW INI'to tilt, 'shall be
dated and treated is-dVinglelisak of bondw and at rtyrosenting,parts
of the We ire obtedh&s, QthiA the"WhAmA4t Adidler,1113 of thO 1925
Revised
K
ckdtbtaiGttY"°t.dtt OF ttahthDS ttttdt"XiE htiltt 1111
Seoti an 201, The hoards peyata;t„e a aauteeepdar,ont to 114rch 1, 1960, rrtrRll
be redeemable prior tarp ttpmrir rteua;p8C t:lre aaaut'„h,ua.mt t,e5, et thae Option of the
City, on Mrich 1, TWO, or on Mich 1 of offs, year subsequent, to 1960,
upon: the following, terms and a or ,ci,ltionaa, viz.: (1) The Bonds called for `
redemption oaa any tta.rrd I must include a 1, of t1ae Brwncim then outatarliding,
or must, be the outstanding Bonds deardng the hu,t,d,haest Identifying numbers;
(i) the reder'marvbion tmaW.tce shall be par and a,cm,rraed interest to date of rPoe-
mttsTtion, halusrm a premium t”,"aa each ch iot,,i . redeemed, of the i"cat.loma"amg, respec-
tive oaaoumits in V,,ie following owing a mpectiv ua 1 im9 i 1,960, 95.00, 1961,
122.50; 1962, 120,00; 1. 63,, $1 7.50; 1964, 15-08 1965, $12,50; 1966,
$10000; 19674 $7.50; 1968, MOD; 1969, 12.50; and without premium If rem
deemed after 1969; and ) at least ;thirty i prior to the date upon
which such redemption it to be made, as mmamt,,ina. of asiu°a"tentl arm to mike ouch
redatmption describing `harm Bari ft 'trr be rad eieaaed, utnrot, be h,ublished at
leaardt ,anee in ,e aheaae;m,'[[moan printed in the English language and published
and ot" htcmacuaaret eirouLaation In the City, of user^t Wbrt°a, in the State of
Texas, and must be published at least ance in as findwanautmtl, jourrur,,1, puta
lt,eh°aed 1'ur the Borough of MuMaattan,, in the City and bta,eabea of Now 14aw;uak.
Such option may be sexeir cd sect by or d a s,raaaaa as or resolution n duat,wA adopted by,
the city Council'of the City.
Section 202. Wot rdru„ aaont,ua;tned in this ordinance shall be con-,
strua,ed to Lb+°aaLt Dr aclttrarita the right of the City to purchase, with an
mo,nokys lawfully a eibebtl_e for such ;maipace;, any of the outstanding htoa°a;hs
at a basks loss than the redemption price hermathbefora proscribed,
S„ea Vw"a 203. hatot iC re livamriag li,1,tu kV j,,;J ""en by publication don "alit the
u,Naaaaerar provided in Section 101, the Bonds called ,'or redemption shall out
come due and payable an the r"dderaot,ataicin date designated in the notice at
the redwriptJ,art dales mteten,'id ed,, aata h;;paamua"t,el, In, Section 2201., aaad urtouua
presentation and sur°neriwfor tbarreof at the hr.waur.e of thereof", to-
„ether -Ath all, Appurtenant coctponz 'narturing subsequoitt to Lbe r(Kiemption
date, sudh Hands shall be paid at the redemption pKee aforesaid. KLL
inbovat KwUllanas represented by cou�,.%ans Wilck,u shUl have matured on
or 1,'�rior to ttie red(arml,"Alon date shall eantinue to be payable to the bear-
ere of such coupons. ',J[nte?,mmt, on any, Bamis to be redeemed shall cease
to accrue from and after the redengtion date specified In such notice urn-
leas ttie City defaults Q We pMuot of the redenWtian price thereof.
Section 204. All Bonds redeemed prior to maturity under the prv-
visions of this ordinanoo, together rith flie maaaaaturaaaa coupr,,Wna, if any,
shall be cancelled awl incinerated by the GUY Tremauxvr faithwith, and
a certificate showing the destruction of such Bonds or coupons shall be
filed in the offIce of the Cit�,V- Treawix-er.
A
AFP'L1CkTLX`,1 01" OF 'BONDS
Section 301. All moneys received by the CULy' in pa,*,palant, for the
Bonds, exclusive of accrued iritereat, shall 1,-,m cradited to a special fund,
xkda,!'i io hergiby created arl«l 114'aicb Shall Lxa Imawl as the a"'VIater and Sewer
Systan Construction Wd" (hereinafter referred to as the aonstruction
AM). All moneys credited to the Constrictinn Fund shall be deposited
with the City's depositary or deFoaWries and shall be subject to as Hart
WId chaMe in tcivor at the holders of the Bonds, awl shall be hold for
the further security of such.holders until gold out as hereinafter pro-,
tip:dtat,
Section 302. From the moneys credited to tkie Constructian TwUnd
the City shall apply Lhe sam of J,3,000,09D.00 to the payment of the cost
of improving, Wending and enlarMing the aityWater Systma and the sum
of 01,250,000,4010 to the, Payment of 'the cost, of improvin&, extending and
enlarging Ude City Sewer,, Sys,Lann.
Section 30, Die atiount recel,,,rad by the City fimm the purchasers
of the Bonds as amerued Werewt, if any, shall be paid by the City into
the (31,4rrent, Account of the Debt Service Fund hereinafter described.
KRAGLE IV.
OF iW01UZS
Sect%n 401, Where usad in this ordinance (J) the tenn 11,3yStionle"
6halba deemexi to inelude all propertiou of every ilature owled or used
by the City and used or useful in the operatior,"t of U10 CUY Water alystem
or the Clty Sewrw Simtem, including real estate, pereanal and intangible
properties, whether lying wiLhin or wi.1,,hout, the boundaides of the City,
and shall include r,a51.1 t,,ztPz1S:Uxw5 which may
hereafter be made to said properties or, Systems; (2) the term "Operating
Uponseat" sliall, okean the reasonable ound pnapw, exrmnses of operating and
maintaining the systemm, including, without, line Lting the gpwlallalitY of
the foragping, expenditures for salaries, labor, materlils, Interest, re-
pairs and extensions neceawary to kw%4�ble the Systems to render efficient
ekervice, and every proper Item of expense, bit suah ropairs and exten-
sions shall be limited to those whith iti the jiad.qaent of the City Courloil
are neesisary to keep the Ayotenmas in, operatd.on aiad to rervier adequate
vervied to the Olt), and the inhabitants thereof, or necessary to Met
some physical accident or condition ALOft wotild of hamdse inipair sucfi ay
tees and the Havwwas thereof; (3) the term "Hg tams esm Wmall mean the
gross revenue and Inaame derived 1�ify t�,,,je r;'Ity tram the aperation of the
Systeaw; (4) thhe term "Net i"(61(oanues" shirt I mean Ule aYwq,4%t by vAiich ttie
aggregate of the Havvraues recolved by the City in any year shmal exceef"i
the awwat re�.,juired to pay the Operating Expenses of such year; (5) the
term "Issued BoideR shall mean the $2,000,000,00 Water mid Sever Revenue,
Boads dated March 1, 2949, issued piu-mant tea the ordiratrice ezititled "An
for the Issuance of revemae bwada of thtfp of Fort
hbrth in the aggregate prLncipal amount of fJlm) Hillion, Dollars
,2,
CX'D.00) to rif'),&nce tile iqrsrovewnt, extiatwaian wid "wilargement tai' tine
mr,0216ter"nd 3ykar Systanal providing Pw t1Ae payment of such boxida
frial Unp q"irveniyo of awsh Systemaj gludging a poition of such reve-
A
IV
"Ar
"ar
If
noes to wich payment; entering Oto certain covenants F)md, agreaments
with respect to the operation of Sue),% SystezaS t j �jp f th
p licat ion ark"
revenues derived therefrom; and repealing all ordinatces in conflict here-
with," adopted 'by the City-Council on, kmil 20, 3,9491 the 02650,000,00
Water ami Sewer Revenue Llonds dated Septauiber 1, 1949, issued pursuant
to the ordinance erititl,eu,,,[ "An ordim.,vtoe provIding for the issaance, of
rvvenus bonds of the City of Ort Abrth in the aggregate princ pal anount
of Two Villion, Six Hundred and Fifty "Ptioasand Do'llars ($2,650,WO.00),
in addition, to an installment of I% Vallion Dollars ($2,000,000.00) of
revenue "bonds heretofore isaaed and sold out of 4a authoilzed issue of
Idghteen Million Dollaro to finance the improvwnent,
exteas"Llon and enlargaaent of the Cityk Water and Sewer Systenw; provid-
ing for the payment of such bonds solely QDM the revenues of such Sys-
tems; p,rtwedpirrpt a 1XIrl"don of ltick revenues to 81;Loh, Payulerit, entering into
cortain covenants and agreements wilh respect to the operation of such
Qatems add the application of the revarQas derived therefrom; and repeal-
ing all ordinwiaes in conflict hereudth," adopted by the City Council on
Selptfatber '14, 1949, and the $6,000,000,00 Water and Sewer Revenue Bonds,
datod Strech 1, IT51, issued pursuant to the ordinance entitled "An ordi-
narme prvviding for the issuance of revenue bonds of tfae City of Pbrt
Ortl it the aggrOtAto principal amount of Six Million Dollars ($6,000,
in riot 10 two installment$ aggregatirtgr Four RUlion, UX
011
'Oulsarld Dolla 04,690,01).00) of revenue bonds bore-1jundrad TO
and sAlt�,,pf mi, atjtho�,,ized Issue of Eighteen NUIN1111
tabrn., no'd /Oold
the Emprovement, extension and en-
AP,
pO
1, 1504011 systems; 'Praviding fur the pay
f
AAA of aad°,t aystea�s; PLedgirv�[?,,
f M t
7/
NEFF 01
0'a bra ern tar .na 31� terlrifj, into cortak'n cove0-
opu
VISA#
of
,&OtjOj of mach Apptems and
14
of
PON,*,
11q, and roppdlins all onraoo fig 01"
1p"� ld therefrom
to
p_je, City Goanoll on PlebruaIrt"i
RUVIX ,U uy
0
too
Cwt jo
A I ; A 0,
........... V
Al
POO
ow
001011111 1 _/o
�g,
28, 19,5,1, which ordinarice was amandwd, on Maro1a 7, 1951; and (6) the term
"First Issue MY ordinance" shall the ordirtanee adoptjed b, the City
Council an kpril 20, ivaifaaf
Section 402, All Revenues (as defined in Section 401 of this or-
dinance) received or collected by the 01,ty or any of Ito officers or
agencies shall be deposited by the City Treasarer, as pnomptly as possi-
ble after their receipt, in a bank or balcs nu,Wiiorizix,,,1 to oct, fm% depositiary
or depositaries of the City, and shall be hold iq sudfi bank or barlics in, as
special Mid or account to be known au U,,te 11161ater and 13ewar Operating
Mai" (herelaafLer reftrred to as the Operating fund), established by this
First Isatie Bond Ordirwrive.
Section M, Subject only (1) to the r1glit of the City to pay
from Vae Operating Fund moneys raqw1rad for operating SQ)onsies as pro-
v1ded in Section 404 of this ordinance and (2) to the rigbt of the City,
to expand moneys in the oper,,,vtAng Fund in accordance with Section 406 of,'
this arlinance, all manzym paid or required by Section 402 to be paid jm�
to the operatirag
,, Rmid are harayy pledged to secure the payment of the
principal of, the rfKleaptian premium, if' zany, and interest on, t,tue BoVxIo
(including Issued Bonds and Additionad Bands ismaed in accordance with
Section 109 of this ordinance), and Me pledge shall be valid and hind-
Inn Mm and after the earliest date (hereinafter reforrad to an the :Ewan-
once Date) ia;,*n which any-Bonds are issued pursuant to this ordinance,
Havemies, an received by the City, shall itivectlatiely-be silbJect to the
lien of this pLedge witkout any playsical dalivery thereof or fusther acts
a,nd tf,'ie lien of this pledge Wiall, be valid and btaiding as alainst all par-
ties having cNairmas of any kind In tort, or contruet, or atherwise against
the,Mty, irrespective or vkaethar tiueh parties bave notice of such lien.
Seatimn 404o Fram the OparatJmg Fund thij, Gity shal first, pc�y,
Opera Ling Expenses as such expense's due arid liayable,
Section 40 5. (1) Its Spool al Pund k,uawn, as Vn,i aa'"t,[,aer and ri,
Mobt Service nuunl& (hi are lnaftif%r, reMprart to an "Debt Service Fundu) me-
tablA.shad LW the Mrst loans Bond Ordivance shall be continued ;aid isain-
talruad, m,,iid aud,,i 1p m al Fund Wmll be divided, into a 'Turrea�,,, Accoinit"
tuld an 11"Reserve Ac"Co?"alt'll an provided In the l! nstw Issi,,ie Bond Ordinance.,
All xrjo,,tieys ;xwld lxito au�.th accounts as hervinafter provided and as pna-
v1ded, In the First, lrisue 1-kiM, Ordinanoe shall be deposited in one or care
depositories of the City as a Speciztl MA and shall be kept separate
!Vam all obber moneys of the City4
(2) on or befare the last day of the f1rot, auxxth
ending subserpiziit, to the Issuance Date, and an or before the fifteenlJi,
Oy of suh month thereaftew, the City shall., out, of Vie mon#,,-,,78 rf%1,WA1,t111Z,
in the cperatin,g Fland aftlar jwajaaarO�,. of Operating jxpenses Men due and
>7*10, pay
(a) Into the Ctirrernt Account of the VW,; ,:Iervice lAinid:
(L) kn amount equal to oneaintEi ('1/6) of, tiie
interest, pRyable on the lkaWz (includiz,,q;
Issued Bonds and Additional Bonds) that
outstanding on the interest, paynerxb ,,,Uite
next ensuing, less the amount, if any, rfel..
ceived as accrued Merest from the pm4r-
ctiasers of the Bomls and deposited to the
cred1t of the Current Account and avail-
able for the ptxrpasn� of paylmg said inter-
est 1 anti
(2) An amount equal.to one-twelfth (1112) of
Uw prinnipal of Una BaUds (including
,, is-
atuxi Doy%Ja and Additdonal Bonds) then out-
standing that will mature an the Narth�
-firet moxt ansuirtg; and
(b) Txttio the 1jeserve, lymccourjt of f,110 a�a,,,,tbt Service Fund,-,
An Wunt equal to twenty per cerl (20%)
of said psymonts into tLie Currant J,,ccaunt;
firovideid, lhawxwer, 'that When,cver and for
101,11; Us tl'le wu(;ouz,it in the fReserve Acoowit
ahall be an much as aggrag r n
,a,te *jjl ,ks t� 0,r
principal and interest that 011 become aje
.4, pay'"'�ble it], tunas twelvkV m�,,,inthsj, periad
he1g,iru"ting on the ?AP-,,crrAi, 2 vuejct, oil tile
Bonds (includimras, ltmtmd Banila and Ukiltional
BOMis) ttion, outsthndin,,,,,, no payment need be
made into the gales ervas Aocoia11t; and provided.,
further, tlhat no greater 1,mynent meet bti noade
intO t,110 RCwerve Account than shall be neces-
5407 to 11%,ke tl',16 aswmzA, La ale Reseqnru ,ho�
count equal to said ag,/
gr asst'ate amumt, of to axe
(3) In addition-to the awunt r%,Tpairsd by the fore-
,p,ing provisions of this section to be paid into the Current Accouat of
the Debt Service Pend on or before, the laot day of" the morkth in, which mry
Bonds or Additional Bonds are delivered, the Gity Waal] Pay into Said
acaount, on or before said day, out, of sonays remaining in the Operating
PFUNd after the payment of Operating Empennes than due and payable, an
axiamit ea,pal to the amownts, if any, wt,&ch woald', Wave been theretofore
paid, pursuant to said fan regoing provisions, Ato the Current kocount,
with respect to said Bonds or kdditiot:val Bonds (a) on account of Aterestx
if said Bands,or Additional 1'Wids ku,,A beer,,), v,Sol ivered six arnthe before
the interest payment date next wasming, and (b) an account of principal,
If WA BwWs or Witional Sond,s had been ddl Lvered one year before the
principal pa�p0nt date raext ensaingo,
(4) If for any rwaaon the nmneyv in the Current Ael-
count or the Rose= Aceoint of the Deft Servioe ,N)ad, ond attuallly avail-
,able for the purpose of paying the principal ,of or interest on the Bond's
or the Jersued,Boads or the Additiop4l Bonds, shall at any time be less
than the total amomit required by the Aregolog provisiona of this seo-
tion to be paid Into such account up to such time, after deducting, in
the case of the Current Accomit, mmie�ys pz,eviously applied to, or sat
aside and hold by the City for, the payment of igatured fiondo or Issued
,Ponds or kiditional Bonds and Wured coapfans aj,>purtenant to Bonds or
the Issued Bonds or Additional BoiWs, the amount of the deficiency shall
be added to the aquat otherAse required to be paid from the Operating
lkwd into such deficient account in each month thereafter until all such
deficie s s'hali'Sllhave been ande up.
Q Wenever mid Wr so long as the maneys in the
ar#"a t leastwjvu�l to te aggregte rincipal aouVIA
'V
MAY Bond sj, d,P�`sued Boml* avid Additional Bonds issued and unpaid,
Y/r/o
-Ojus the Mroat, then dUe Said thereafter to becoale due on the
77' A/
Bonds 99J` MOd AWkWo al panda loomed and unpaid, no fUrther
Debt SerAce Mindo
Seetion 406. Whereas, in the yjrst ,tavAe j3and at,,,dinatwe, it was
provided that a special account in hhe Operating PUnd laialvoll Rz the c�,Opera-
tion Smserve Account" 'be c,,reated, arLd i'n zftid orddnr,ance, as well &S 511b-
seqa6nt issue Bond Ordinances, it was further provided that an 6e before
the last days of DeceMber, March, june and Septembir in each year, alter
making the paymente for Operating Expenses required by Section 40k and
the payments into the Uarrent Acoount and Reserve Account of the Debt
Service Fund required by5eation 405, the City should set aside and pay
into bhe Operating Reserve Account, out cif aliy balance of tile Revenues
remaining in the Operating Fund, the sum of $16,000.00, or such larger
sum as might thereafter be proscribed at y t1lip, Cj,,i,,y, Coufacil, antil fliere
ahould be avctam hated, in the operatlm,, 1jeserve A(,,Pount a wun villich
be eqtuil to twenA.,.)fjV,e per centum of the te,ataj amomY4 of the Opevating
&porn,ses of the. Sysl.,,eaus for the twelve months' period ending an the next
preeodtng September 30th, after which Ar:,a flarther payment needed to be
made into such slaccrivii'L, unless the monlys therein shotad become lose then
such total smawit, In which event attd"k fwxrtdier paymemts should be made
from time to time into said accounn't as titIght he riecessary eau order to
make the moneys therein erpa,nl Lo said total amount; and, whereas, twenty-
five 1,,,'mr centum, of the total hujtwun�t, of the jerating Ripeness of the
Syst%ms for the twelve sonthe, period ending an the ne,'xt precedingr Sep-
tember Wh was $374,196,39; and, whereas, there is now in said apera_
tiara Reserve Acoaunt more than $374�,196,,39, therefbre it will not be
necessary to set, aside and pay ti Opera,t,irip ve Ac
g fiesery comat
any additionlL sums until such time as Nhe total amount in said opera-
tion Reserve Account is less then twenty-five par centum, of the total
amount of the Qperating aaaxaaaz ses of t1',ie Systeuls for itj,.te twk,,,f1ve uioathst
period ondly,,ar
g on the nexl,; preceoding
,, September 30th, at which time the
City shall not aside-omd pay into the Qpferating Reserve Accoun't,, out Of
arw balance of the Revemiss remaining in the fipmr iting Nutaaai, atiah slan as
wuay !naaammeaftor be l"'nres a f.tasa"t by the Cittt Council and in su0i aus:ou rrt s
there st°ua „t be aooumulated in the Operation Reserve umaomit a mum which
shall be nq u0, tangy t,,A)e ry .l 9.auu per, ase;ra tin of the total amount of the
Operating Expenses of the Systans for the Welve ;monthsf Period anding
on the next, preceding September ,`,)Ut a,
Ways In aastat account nt raustn be uua eki tn,a° the City for the puuuµtaaasau
of making any ,gaaa,ymente €,,sguua,a°ed by either Section 404 or Section 405 of
this ordinance. tout stiarri uus ruu,arutrning in the (),persat"tuttt ttuu,nttr ashes uurik-
t.ng the ;,naysauatats for tttaaun wat.a.u°ntC Expenses tsztst re'd by Section 1414 and th e
ruauyuaazdbe into the uasn~ ant Account ,aaanaa atiaaaervuj taaa,<a aauat of Vie Debt Service
ce
towns>t reqtired 1.,M y Section 405 and the ,tuantuuna at s taunts the Operation.atstsan. Resurrve
Account aua�aaalriau by t'k, s aectlon,w ,way be ,.a„tu:u°a tu,, ta°au"u t.'t t.au'u way 'tww,fcul.
purpoEi6.
section tint'7. Mo nyrs In the Garrott ,tsaaauntrc gat the teb't atuasuratc
°ntt shall be nuaatt t"by, °LJ€a t'ttt fvas ~fi:.tnrs aa,,,anposs of paying or aaaukinmt tat'*rl-.
stsi.n for r€auCrt.aang the principal of a*:lint t;.a'atalaudn,.,nt on t"tas fianids or "tssu.edt.
Bonds or tui,uttttunuaol ttunun.ds an saa,au principal and ;tna' erss't fall due,
taaaaaraayaa In too Reserve laFccexuant aa" the Debt Service Fund shall also to aa.,ed
by the (1.1.tata ftaia" .said purpose wtrialY"0ever ia'i'ad try the extent: that the moh"'neyo
in the CarrarA, tsasuu ntC small be insufficient tans said purpose. All
annoys in the tt+sbt Swa°u"taioe Fund shall be tna;ld by ttas4 ttttt in trust, aauaat
'. tirYey r"p.re h'arshy pledged to and i Huai 9,4a'ed v th the payment's mentioned in
this asuastLo n,.
Section 408# tuonpawawu sa on deposit to the a„'€°iartit of the Reserve tus
count of the Debt Service Fund or th h.tl.ae r%tn aann kd,ua^nau^ve tacrwo wit of 'taut;
ttuaaatr;.dt".trn€t„ ;Paunnt na yrt, in the disc ration at io n of ttna City tCaaa.urm,"L. €f tlnaa, t"n.ttu,
be invented in d:t';.r rai t taut tu.d stt.,sans ,a.t"u ,„ks cA,)lu utrat,t o ns the i;,rasnutnttari„t and
t,n"ntarratwut of aat'nich are unsourndit;;t:ui,uaLlao ,anuu,a,auntayeaut tutwr the United states
",ana'araan;r V"tl k,. Ubli xat,otm so 7naa n 0.,lnntinataut an ryaaa aanvest aminta of Ynianeys irl
either of such ahnaounito shoat.l be suaea,d,Md at all times to be a part of
such a u,sanud..uarntu and the inrt,r,ses auu s.rr!Utrntff ;uuzrnaanunn Lind a.an„tn turofit:, reah.h,t."au`'„d
fr uuaa such investment eats s h9 1 be a vwr d t»ed Lo such account, and any lose r
xaJ't ng' tn'= aua 'u iovautment oshnM be charged to such account. The
Cit,, shall aell at the a„av,ay.t prim obtainable any use i"x aahase
whenever, it mug be necessary Igo tEo'� Jn f'hk'de to �prav,' d„ to ,apeiN3t
my p.ou;;mant or:. transfer fa"'a;Pard"a, mould ,,v m91.#.'ll.'L..„
PA] VVIXYLAR .wry VIU& GI SIT
itneaa iaaau aityi,, ",ym City r covenants and agrees hhaat it will etaly and
punctually pay, or cause to be ptild, the principal of a2l Bonds lmouoed,
under this ordinance and the inntervaat thereon, an tntPM,,.R dates, at the place,
and in the manner set ttt t h in such Bonds and in the coupons °thereto aap-
t:e tmarin"airnty,y a idl that it AU Al, kafaally .rise and pe;ak"a'aati'ap and at all times
fully, wataauaraa"e nagy' and all a°Cb"iP'ea6an7Gs undertakings" U;tLCl tiwans "'jind pria-
visions prix—
visions contained herein or in the Hands at any time a a4aisdAaaat ng herei4nder#
loss 010 gib ans irl tini.an 01dinance a t°«hervois t rriv dedo w acha princip;il i4 nd tnter-
eat are payable ,r„taa:p.snly ;yr«wm tna"tern atMwvenuaeea at.erta,raaal from the yst-arms, aataLch
nt°nsnenrruel as ne ae tn,an attey aat.endg((,net to the i°aaayasi,nauratt thereof In the manner and to
the eextnaaant°, rnajr,e ttaxt ove purticularIj specified, and nn tratTang in the—Bonds
or, anauaaaawnruna,or iri'ttat.aa ordinance nawarnce shall be emaatr a ed. as pladglag tdtne ea a°Wit;
of tunes,diets. or as ob LSa iaaaya ttaaa i,'Iit s, ai,i'a"eta'et i;t' or it uit naanat ly°, or n;Mannti as
wynently, to levy a tartar therefor,,.
iepaactia.an 502. The My oovenarMo that it will at aa2l t,,.naniitan cxaln-
taiiut the Systems in f°yood aauaakLng order and eandition W will ,natinnu,ruuan—
.iyanmmtaerate the aanz,,,aae, and unniia araaraa 't$itnat to taaauaaa ma,,,,,ke all p aH;n;,ar rwaisabtaaa
reanewsla qtd r e,,,,x evir bat,ae.
„te itt,.an°n 503. t°t~nnne MY foav nn,ee;nnta that it will at all taimme fix
establish anaaf collect adequate Was nruet aBWanttoes fo:r the services fu,,r-
aat.attnrnt by area systonns, ta,.n ttmt ties derived txheraatr^aaas, will at all
times be sufficient to provide inane Mr ynayang nytaaratunnnta Expenses as
t''naya tnanaaame- due and pads°nu,1a1e a;anak Ar awking the papse n°t s required by Sec-
1A1,011 145 tO 14e Tuaa;de to the amain+t Seinrilms P+ta,nd mid the taan;taaan,aatas reaqua red
by Section 406 to be made to the tta+eel°, taabua R,,,,,.mertve ,,yanneanaltn,t, ari d tea pa,tya,
any other 1ridebtedness ntnM OOY become as charge upon the Revenues of
the systems.
Section 504, Mae City a.eeumenaa,a,t.ts that it will at all t innams caarrY
ayaA„nra,yaance in a reativaue°ansibi a 'i,naaataa.,era t aOunnawaaauyp Or arn,°autpyasrna e„aa ,ao-nt,dnncwua'iaanst Vaasa
qualified under ttho lows of Texas to :,ausaaaume tuhe ri.aata ttuu..n°^,aas~rt, naasynriar
"h fan^nnq.,ue ties reaeloilgifl;„ tt) Lhe 'aw,aetaams as are 1wirma esa, ngul
against t loss or damage awrvm such causes as a'J"v c4wyi'ra„Rmarily insured k4g,.'d.nst,
a4>rpanies rbng,,iggen in the rupwrurw,t.aon of kSter ,,ar *an raua r anfea * a'e
anri of erafa aaauan n1L such: insurance nsaurlls to the extent neceSSUI ;
be ' p,np°nlied to the rarp.aud r at ip 'ratip lnaeaac&seen": of U'ae ua.a"anr*reanaua, p'nruwarwax pre,,,„,
sections 505. The CU'Y caranennawanit s that, so :pomp„ as the Bonds or any
as" ),jean nua!a„ll a°ars Fuuu,b e °.urgpt an in this ordinance otherwise
e traaraz y paver mil tit w d, it aan a.l not se; ll, leave or otherwise,arise d sp o se of or
trnnuauaarber the "a,aapaaarunaa or auay p&a ,t and 01.1 not create or p nanef'an
to aae crecoed mW charge or—Men on the Revenues of the Systems ranking
eque,11,51, wit1h or prior to the charge or liyaun on zaclu ftavqguuu s- of f.he Niw nd
Issued under and secured "ajr fnuara a asa,fiaunrnca. The !fn,ty tagaY; however, frora,,
ti axe to tins'”, ,sell any aiaaus:ku,nnerna, fixtures,sas, uaauauuarrsttaer too s,, i nas'trimuueants
or"a other Mo aut'le a rH 'Wau�aa 4°A�� alaquired 1, jA., in eaanuauarrctnarrnu; ran.th sure f„n°e ass,
or ews7 used In connection if the City ,ival by remo-
jutiar,r of Its City (,lorwticil d?aa.arr iid,,Ywae that walla articles are no upper
rnan aaeua on aria no longer auasefreil aaa connection rratNn, the a,narruraWaructiorn or
oper4tiiaa a nd smiinut enan a of the sn"uuteuauuuu;, and thie r,irojoieeds Vasareof ',shall
be applied to the a r anaw ane nit nun 'the pzvpertlea so rased or diaapuosed of,
one shall be deposited to the credit of,, the Operating '""t; usl, The City suuaf
frnausu time to time muss', or lease such other rope,,,ty frurrunfunf, n urf of the
Systems as n'an uusa., determine is rn t, cis dix.1 or rerv,aa , no useful. punr iva se I
eeaamection with tho mainbenance and operation of Lhe Systems. "fnae-;prop—
coeds of any such sale ere`nM be deposited, to the cradit, of the Debt,
Service ,had, and the rentals n"'aaom airky asap fraaue rs wa�w,„ be darfsouufted to
the credit of the Operating in g Fun d.
Section 506. So far as it legally ma q, the iDity eo ega nts and
agrees that, waa„','B long ,u'?,,s the nory n or Eijny 9'a," thk"ra are !CIoYIats azrldl.lgii it,
W11 not grant aH fl nnchine for the opueriation of any a.usagpetin 'water Sys-
tem or sewer system.
otion 507. The Cipy covenants and agrees Wt so long as the
(fonds or any of them are rautstatruff,natf, the rsatses charged for services e fur-
nished by the Systems shall be equtral a.,,id uniform, ru;ad no f°nose srrryrLOP,
shall be all,o ed excekct ,or tffrvty public -schools or hu a ldifn s and Irr iritu
tf.anns operated by the Gityv,
Section ttktf. The City covenants and atfa,ees that., so long ras the
ttrarids or any of them caret ou,t:stwauti°Wiaatt,, it will not Issue Additional Bonds,
psfuetfe from the (Depot Service (Hind, except in t,iae raarriaer auld subject to
the lice(„taatiaaruas presarlbed by' Section 109 of this ordinance
Section 509. Nothing contained far ttr:troa ordinance shall be con-
strued to require the 01ttf to make e anrt pa„trneent except from the Revenues
of the , ysthhuans or;f.r�warn 'the urrnweys raised by the issuance of the Bonds.
fsaaett am k.t'a rt,Pae, City tt~ave ne n;ts tr1°nrt it will keep proper books
of account (separate from all otF,ar, records and adruounte) in which full
and correbt, a tries be ruide of ,uf.1 trtrrsactio ns relnatirn the,S s-
to=— a;ech books, ,ntael't Lie open. to the innapectionn of all .fantereaated try-
sons. The City further covenants VhWu act later tb ari three months of"ter,
the dose of each fiscal year, the City, will cause to to prepared a state-
ment, certified by a competent and Independent certified public accountant,
aakrcw" ing, irn reasonable detwall the revenues and expenses of the Systauns dur-
ing such fiscal year, the aasernto and, liabilities of the Systems at the pre-
tfin uirrhf and close of such fie al year, the amounts can deposit at the close
of such fiscal year in each of the rr anraa e hjrwdu or naccouaaaLs mern,tiGaurnod in
this ordinance, and such cat ier^,infornatforn as may be necessary to enable
the holders of the ftoa,.a and the Additional Bands t„a t” fully, informed as
to all aaatt Wino pertaining to the financial operation and condition of the
Systems during such fiscal 1,he City further r c>overy n,rts that it 'will
cause a, copy of Such statement to be aamileut to e,,ach of the uan,tsi nal parr-
chasers of the Bonds or the Additional Bonds and also to asaph holder of
any of the Bonds or the afatd t.to na L Bonus who ck,all have rea.taeeted it.,
j
Ad
section The y covenants ena that,, sew long as the Bonds or
aa" r o V tat a Carlll be Outstandiltt t, arl.w'l deposits of inwiay held in aitl°nar
Om ul tn4ot 011 nd or- the Debt Service Puand or the llpzaa r,,, ng la°rra d
(alller thian aasrna;,j, invested an heratAbefdre pia rviAnd) shall be adequately
secured by,United States Gov ranmeaat goals or other marketable seourities
eliMibaa as secew rgty for the deposit P,,)°" trust ,l'anr„s under regulations of
the Board of Governors of the Federal Reserve serve Syttem, or by inlkeami
bona u of l,:rtalaura ity ago arppatnles gpal a fled an security f r United States a)a—
arment ¢lapaaits,, or u,;r youM,ay be required by 'llra app!ic4ible laws aPf the
State of Texas.
r'
M,',Vf1fMZ,' V-1-
section 601. Jf a coupon to any of the Bonds shall
in any way, before, at or e.,,.fter twaturity, be transferred or pledged sepa-
rate and apait fzvm the Bond to which it appertains, such coupon shall
not, unless accompan,'Led by such Bond, be entitled, in case of defoult
hereunder, to any benefit of or from this ordinance, exaeTt after prior
payment in flill of the !,,,wrinai,pal, of all Bonds arld OX V-11 COUT,"Ons nOt *0
transferred or If UP',,j t�Lihje fcur 1;,jsije of any couporl aj�.Iper-
taininj to any of tl'ie Boruis shal] be directly or ind1rectly extended, or
the axtension thernof shall be asswited to by the City, or the City shall,
be a party to ar, of runy arzsngement for sueh, extensior, by purchas-
ing Fvuch cat up,°,xns or in arq other mearv,,,r, then, anjrt],u,ing as this ordinance
contained to Uiaa cryntrar�,j,, WjOh coupon so extended shall
not lie entitled,, In cage of dMalt to any beinefit of or frv,,)M,
this ordinance, except, afler prior paymont In full of all Bonds onus tstand-
ing hereunder and oil" all scakj
,)orjn5 an shall not have been so extended.
Section 602, InconsiderAlan of the purchase and suceptance of
the Raride autk,mjr sty zed to be isoued hereunder 1,,y tk,,ose a,g'-no shall hc,nJfd U'le
Same from, time to Ulm, this ordinance shall be dee,,med Us be artd 311,all
constitute a contract between the My and the holdmrs from tine to tlllllo,n
of such Bonds; and the coven meat s anck uagretrtkaa rtts hereita set forth to bee
performal an behell of the 91ty Wall be for the equal beaefit, protea-
tima and vacmalty of the holders of azay and a-11, auc a r nda and rottpons,
kill of whieh, reg�,,,irdlass of tha timg or tltaegi of their issue or maturity,
shall, be of equal, rank without ],,,,a,,eference, priority or distinction of
smy of the Bonds or coupons Vver Emy other t1,,,mreof 4,,cxcept as eirl,,prefusly
p2mvided herein.
Sw,,,tion 60), spa sauwutnt as herain expressa, prvvided,
nothing im tiiis PordInance Is Intended or shall be construed be confer
upon any ;�mrzon, Ma or carpoxmtlor�,, oi,,,her tltarj, tAhe Iu�,.Idera of tkte Iionds,
v',iq right, "I"'eatedy, or claim, legal or equitable, under or by reason of
this ordirvatiae, or, any covenant, candition r,))r s,tipulatic,n Iierein, t,,Iais
ordinance and all, of its cove;vwfliz, conditions and stipulations being in-
tandled to 'be 6r the sale am,,I, exclusive k)eijefjt, of the holders from time
to t"I'me of tha Bi"'Irlds,
Sactlort 604. ll the event tkud, any one or more of the provisions
of this ordiruetice a.I,,iall for any reason be hold to be illegal or invalid,
Such illega.lityr or invalidity, shall not affect any, other ji,)rovJsion, Of
this ordimance, and this orcii &race and the Bohdo iasued pursuani thereto
shall be constried and enforced as Lf m=la illeglU air invalid provisiorl
or-, px,,*visioxjs had not been contained In this ordWanceo
Section 605. All oxdi�wajneea and resolutions in conflict herewith
are hereby repepled in so I%r ann they oonfliat herewith,
Sectiah 606* This ordinarace ali,al take effect and be in full
force And effect from and after the date of its passage.
IT rt WORN
Mus
ATTEST:
ri
Worth, Texas
A111ROVLOD AS TO ANI) LIDGALITY,
0 i, TTT;i cTiFMF-T7or!7
Vbrth, Taxaa
(Rxm of and
No.
UNITED STATHS OF AHEHIGk
STATS OF TEXAS
00UHTY OF TARRANT
CITY OF 11"OV WORTH
WATER UbD Sliji4hai j4'K'V3RYd0 BOND
&Dlrzs no)
ji,coo
The City of Fort Worth (hereinafter called the City), a annicipal
corpco7ation of the State of Texas, for value received, hereby promisms
to pay, solely from the revenues herainsfber referred to, to the bearer
on Hsxah 1, 'the grincipal Stun, of ON's mumu,",
amd to pay, suldly finm said revenues, Interest an said principal sUM
from the date of this Bond, at the rate of
per centum ( %) per annum, sead.-antuml,l,'y oz� 3eqA,ed)er 1. MArch
1 of each year, until the City's abligation wit b[ realmat to tlie payment,
of said ;)rini.,ipal sum 002 be discharged. So much of aaid interest as
shn1l be paydble at or beAws Wie date of noturity of thim Bond expressed
hereitt Nd.11 be ,
p4d our ily iajfx,rn an,k ourr-en,vler of Lhe armexed
interest coupons 'they severally mE,.ttire, arid. so maih of said interest
am shall be payable after said date of uril], be tnaid to the bearer
of this Bond. Payment of the principal of and iater,est oti this Bond will
be made at the principal, office of The Hanover, B,,farik, in the Borouggh, of
Whattan, city awl State of Now Konrk, in sumb coin or currency of the
United Stateil of America as at the tizae of payment shall be legal taender
for the payment or 1a.mkjlic zuad private debts,.
DLis Bond 'I's one Of a, d"I'ay authorized isrsue of C<)ujxjn bonds of
the City, known as ite 'Rater and Sewer Revenue Bmids, Series 130 (lierein-
after called the Bonds), limited to the aggregate principal amount o,r
Four Million, Tom)) Hundred arid Fifty lhouawrw, Doll ,r 04 2501(Xk.00)1
dated March 1, 1952, anturing serially, on ftjt-c'1,,kj .1. In variouj$ yea,,,K`8, err
numbered from 10,651 to 14,M), in the order of their maturity. The
Bonds are issued .or to be issued for as iwF,,a%)vPnr%ent, extension and en-
largement of the Chyle Water System and the Nprovement, extension and
etaarg
,ament of the City's Sewer System, ana the Bonds are payable from
the Met Revenues derived by the City from the operatian of such Systems.
The credit of the City is not jpleidged to the payment of t1te Bonds, and
the holder hereof shall never haave the right to donand payment of this
obligatima out of any tinds ralsed or to be raised by taxati= The
Bonda are issued or to be issued from tine to time ander and ;pursaant
to and equally and rat6bly securead by an ordinarice entitled I'tan ordinance
providing for Vie issuance of revenue bonde of the City of Fort With
in the agqgregate principal amount of Fw-)ur 10.11ion, No Hundred mid Fifty
Avousand Dollars ($4,25(),tX)O.(k), ba addition to three installments ag-
gregating Ten Million, Six Hundred and Fifty III'musand Dollars (420,650,-
000.00) of revenue bonds hervtolore issued mid sold out of an authorized
issue of 0,ghteen Million Dollaxs ($18,000,000.00), to finance the im-
provement, extension and emlargeraent, af the Cltyfs Water and Sewer Systems;
providing,
� for the paymeat of such bonds solely from the revenues of such
$ystesm; pledging a portion of such revenaes to ouoh payntent; entering
into certain coveriarwts and agreements with respect to the operation of
such Systems and the application of the revenues derived therefrom; and
repealing all ordinances in conflict herewith," adopted by the City Cotui-
ell of the City on FV1rjITY J7 _ _,, 1952, to which ordinance reference
is hereby made for a more specific doockptton of the revemaes charged ulth
and pledged to the payment of the principal of and interest on the Bonds,
and for a statenent of the nature and estent of ouch security, of the
rights of the bearers of the Bonda and, of the aanexed intereat coupons
with respect to ouch aecurity, and of the t1 p
' ;reejN*.rits of the City wJ.th
respect thereto, and for a statement of 9ja oonditions aj",n, 'Oftich obliga-
tions on a parity vi,tt,,,w this Bond uuty be issued,.
The lionfle prajaaasle asuats%ajueq t if r � 1, C�60, she be redeem
re-
able s pRorto their euaa'turities, at the option of the Ci is on
March 1, lf)60, rur an. March 1 of any year reuolaseq!,iea b to 1960, aalaasaa the fol-
louing terms and condItIons, axis.: 1 I%e Sonds called, for redemption
on any, Miarcti 1 smut include all of the Bonds then ontst,auding or must tae
the outstanding Bonds bearing the highest, ialeaatifyingna ars3 2) the
redemption price shall be par and ac eraaed interest In date of redeaup'tion
plus a pram iuio :fair each lioaad redeemed,i, of the .i`olloidng respective awants
in the following respew°a am.ve years: 1960, 5,00; 1961, 422.50; 1962,
$20.00; 1963, $17.:103 1964, $15.00; 1965, 12,50; 1966, $10.0 1167,
37.5031 1168, '°w5.00; 1169, d2.50; and aurithou t prop um if redeemed after
1969;< and (3) at least thirty days @"~rior to the data upon which such re.
dopption is to lie uwaoale a uaast14:e of intention to make such redemption,
deserilain, the 13ondas to be awedeeauoad,, iiaaast,, be puatli,shed at least once in
a newspaper printed in the English lainigwtigo aaaaa°a published and of general
circulation in the City aaf Fort Ii in the State of feriae, and must be
published fat, least once in a financial, joaarnrzal publiehaad in tl°aa gorouei
Of Manhattan, in the City and",SUite of l;as 1orki.,
jasta aucnelsaaive holder of fl'a;,ts Bond, aril each successive e holde,lr
of each of the cooqponai h eraatw,a ,al t aaa ed, is conclusively,presumed to Pore-
go and renounce lais equities in favor of subseqaaent holders for aa'",+slue
without native, and tal ;agres thAt this Hond as.wxl, each of the coupon$ here.
to attached may be a°aaagotlal�eal tale w:lsi raeria by any puersora having possession
thereof, homwusoever ouch amossessfaaaa mar have been a!lciggi red,, and that any
holder w1u> shall have taken tkaiie Bond or any of the oogr,,',*ns from any per-
sows for value and w>witl''taallt notice, thereby has aaeaiarai.red absolute title
thereto; free from any defenses aiG°aforceahle agaigst any prior holder &a
free, from all equities and elat"rafa of as+wneriihip of any such prior holder#
lriis Wnd is issued purauant to the Constitution and statutes of
the State of Texas, Including 1mrticularly Articles 1311 to 111.8, in-
clasive, of the 1925 Revised CPU Statutes of Texas, as amended, and
pursuant to propositions wathorizing the Finctuabering, of the income die,-
rived by the City from—Ahe operation of the City's Vinter Syatow and the,
City's Sewer System to provide for the payment of the $18,0U0,000.00
principal amount of bonds (of skich the $4,250,000.00 principal amount
of Series 80 Bonds above described are a part), adopted by a majority of
the resident, qualified electorn of tite Gity ouning taxable property in
the City, and who had duly rendered the same for taxation, voting at an
election held Xor—that purpose an Jarmary 25, 1949, and pursuant to the
above amntioned ordinance. All acts, emkitions and things required by
the Constitution or statutes of the State of Uxas to exist, be per-
formed or happen precedent to or in, the iesuance of this Bond exist, have
been performed and havv h4ppaned; mmd the waowit of this Bond... together
with all other indebtedness of the clity', does riot exceed any liadt prescribed
by the Constitution or statutes of said Stateo
IN WITNESS WHEREOF, the City has vaused this Bond to be signed by
its MAyor and attested by its City secretary, and has caused the seal of
the City to be hereunto affixed or inpressed hereon, aqd coupons for the
interest payable prior to, or at the maturity of this Bcmdx bearing the fac-
simile signatures of said Mayor and City Secretary, to be attached hereto,
all as of the first day of 0rch, 1952,
GITY OF" FT,)FIT V0,VU1, TEULS
BY
iiaytar
ATTEST:
dity
(Form, of co'u,1pans reprezenting interest, t ayak'wle
on or beAre March 1, 1960)
Vita Citi, of pn„ro t 14011;h, Texuas 4.11 p&y to beaver,
solely from tttose eartain ,aver a:nu e s refer to °th Bond
On the
hare^n aftant” maaamtmoned, at the principal office of The Man" fiat stoats of
over Bank., In the 01ty of Now York, Now fork, the sum of Sept', 9
Dollars (I ), being
Inntareat tauten idue od its Water and xnw"ner Rntnweu°bnna: tt?,nd
SeAS 00, dated March ,:G,., 1952, The holder hereof shall,
ixema lmve the right to demand payment of this okiligation BOND NO,
out ictf any na da raised t or to W<,a, rawixed 1,;y ttru ;ntWio'n..
4VUS T:
(Rau of na'dm acn s r"a,"GnL a,2ne aq i ng interest pay 6blrn
subsequent to March 1, 196U)
Ufil fas t»rae Bond hervinafter mentioned rnhall have een
rill, rd t'trn° ;turevisraaan reatanRpt.ton and p.r.pana.rit thereof made or
duly provided for, the City of Fort Wo t h, Texas, wil l pay on the
firaL day of
to bearer, solely from those certain aevemies raafaa;a•red to in
Sept,, 19
the Bond hereinafter araGnr°tioneda ivt the tarwrn'ucij,"aaol office of 14rar^ch"
71te Hanover Bank, in the City of K�,'sra traa,rk, New 1aa ii,, the ajvaara 1ntt.
of Dollars beiny
i ntarreaj then atanar on its Water and Sewer ttaao-waenue ;goad, itn0ND NO.
Series J, dated ffarah 1, 1952. "tarar troller f rraa ' '5h all
l
raalvnar taaarrrr the right to demand payment of tInAls (.1b lfration^n
out of any funds rmLeed or to be raised by taxation.
(FbrsuW of Cor tsoilsaat^Wo GerUfic;a.ts
STATE OF TEXAS
I H]�,RMUiT GWR1rjFY that there im or� file tcru,,l of record in my (kffice
o certificate of the At taa iaaas°am't aanu r al of-the Stawt e of Texas to the ef-
fect that this bond has been rcwaraamin(rw]; by 1&ia as .reg,,[Iired by law, "I
that he finds that it has been Issued in conformity a�dt 'the Constitu-
tion and lawns of the State of Texas, and, the Charter of said City, and
that it is a valid and binding special obligation o said City of Fort
Worth, Texas payable Mm the revenues pledged to its taa„dssent by and
in the ordinance authorizing ssaaao,, and sold bond has this day been regis-
tered
14,11=53 ice, taaua,o°°,'I and seal, of office- spa dtaastin, Texas, this the
day of a .'ft. 19
C sast A0 a r aid" daaats 1c AGoii�atR ta
of the State of Texas