HomeMy WebLinkAboutOrdinance 648 or
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AN ORDINAITC
PROVIDING FOR THE FUIUDING OF VALID OUTSTAYDI'ITG INDZBTB
ESS OF THE, CITY OF FORT WORTH, IN THE, J
�p'OR,, OF A NOTE OR
NOTES, TO THE AMOUNT OF TWO UUNDRED FIFTY 'IHOU AIID ($250,000)
DOLLARS, CREATED BY THE FORT WORTH CITY W4/tEII WORKS IN
THE CONSTRUCTION OF ITS FILTRATION, AERATION ATTA CB'DII U-
TATIOX'FLANT, BY THE I ITAiT"M IN LIEU THEREOF 01' RE17EWAL
NOTES, 11ATURING SERIALLY, AUD MAKI1103, PROVISION FOR 7UTF
PAYIfETTT OF PRI',CIE"AL AND ITTT"ER''RST Or SAID RR1,TEWAL ITOTRS
AS IT MATUR 3S.
WHSRVA8, Under Section 14, Chap. 8, of the Special Charter
/ of the City of 'Fora Worth, ;passed by the 31st Legislature of the
State of Texas, approved March 10th, 19091, the Board of Co missionera
of the City of Fort Worth are given full power and authority over
the financial affairs of the City, and to I)rovide for the collection
of all revenue and other ineorae, the auditing and settling of ac-
counts, and, in the exercise of a sound discretion, to make appro-
priations for the payment of all liabilities and expenses of said
city; and-
WHEREAS, there is now outstanding legal and binding obligations
of the City of Fort Worth, in the f orya of note, to the amount of Two
Hundred and Fifty Thousand ($250,000) Dollars, created by the Fort
Worth City Water Works in the construction of a filtration, aeration
and sedimentation plant; and-
WHEREAS, the City of Fort Worth, acting., by and through its dull
and lego-ally authorized Mayor and Board of Commissioners, has de-
termined that it is and will be to the beat interests of said City
to execute and issue renewal notes in lieu thereof and--
7HIEBEAS, The Brown-Crummer Corzi,aany, a Partnership, of Wichita,
Kansas, has
proposed to said City to take and pay for said renewal
notes, at par ,
THM, EFORE, BE IT ORDAINED BY TIM BOARD OF CCI MIRUIONERE OF TITS
CITY OF PORT WORTH;
That the pro�,,aissory notes of acid Gity, to be called ROTTY ,O
FORT WORTH 71ATER WORKS NOTES" be 'Issued and executed as hereinafter
provided.
Said notes shall, be made payable to bearer; shall be numbered
from one(1) to ninety (90), inclusive; notes nuz�bered from one (1)
to forty (40) shall be in the denomination of five 7housa ,d Dollars
and notes numbered from :forty-one to ninety, inclusive, ahall be in
the denomination of One Thousand ($1,000) Dollars each, aggregat-
ing Two Rundred and Fifty Thousand ($250,000) Dollars.
They shall be dated the let day of March, 1919, and shall becot<ie
due and payable as follows;
UWBERS. MATURITY: PWOUITT-1
1_2 April let, 1919, $10,000
3-4 Maly let, 1319, 10,000
5-6 June lot, 1919, 10,0()0
75 July let, 1919, 10,000
9-10 August let, 1919, 10,000
11-12 September let, 3019, 10,,000
13-14 October let, 1919" 16,o00
15-18 November lot, 1919, 10,0100
17-18 December let, 1919$ 10,000
19-20 January let, 1020, 10,000
21-22 February lot, 1926, 10,000
23-24 lurch let 1920, 10,000
2.5-11,16 April lot: 1920; 10,000
27-28 May let, 1920, 10,000
29-30 June let, 1920,, lOtOOO
31-32 July let, 1920, 10,000
33-34 August lot, 1920, 10,000
35-436 September lot, 1920, 10,000
$7-38 October lot, 1920* 10,000
39-40 November let, 1920, 10,000
41-U December 1st, 1920, 10,000
412-60 January let, 1921, 10,000
81-70 February lot, 1921, 10,000
71-80 March Ist, 1921, 10,000
81-90 April lot, b921, 10,000
Said notes shall bear interest at the rate of four and one-
half (4-1/2%) per cant per annum, payable, sami nnually, except
that notes maturing on the first of each month other than the months
of March and September shall have attached thereto interest coupons
representing the interest accrued to date of maturities; that is to
say, notes numbers one (1) to twelve (12) shall have attached
thereto one interest coupon representing the interest to date of
their respective maturities; notes numbets thirteen (13) to twenty-
four (24) shall have attached thereto two (2)' interest coupons, the
first representing the semi-�%nnual interest due September lot, 1919,
and coupon number tiro (2) representing interest due on data of
their respective maturities; notes numbers 25 to 36 shall have
attached thereto three (3) interest coupons, coupons numbered one
(1) and two (2) representing the samiaunual Interest due Septem-
ber let, 1919, and March let, 1920* respectively, and ?oupon num-
bared. three (3) rapreoentiny,,! the interest to date of their respe3tva
m&turities; notes nuxabers 37 to 80 shall have attached thereto four
coupons, said coupons numbered one (1) two (2) and three (3) repre-
senting the card-annual interest due September let, 1919,
i*WAAA% Harch let, 1920, and September let, 1920, respec-
tively, and coupon numbered four (4) representing the interest
accrued to dates of maturity, respectively; and noteonumbered"4from
to ninat ('�30) inclusive,
eighty'�One (61,)A shall KaVe attached thereto five (5) interest
coupons, said coupons numbered one (1), two (2), three (3) and
four (4) reppesenting the semi-annual interest due September
let, 1919, March let, 1920, September let, 1920, and March let,
1921, respectively, and coupon numbered five (5) representing
the interest accrued to date of maturity.
Said notes, and interest, shall be payable at the office
of the City Treasurer, in the City of Fort Worth, at the Hano-
ver Rational Bank, New York City, N.Y., or at the offices of
The Brown-Crummer Company, Wichita, Kansas, at the option of
the holder.
Said notes shall be signed by the Mayor, attested by the
City Secretary under the seal of the City, and countersigned
by the City Auditor; the facsimile of the signmtures of the
Mayor, City Secretary,mmIx2ity may be printed on the coupons.
THE FORM of note shall be substantially as follows:
UNITED STATVS OF AMTM� TCA,
STATE OF TEXAS,
CITY OF FORT WORTH WATTPR VORXS NOTE.
FOR VALUE RECEIVED, the City off Fort Worth, in the County
of Tarrant, and State of Texas, hereby acknowledges itself
indebted and promises to pay to bearer the sum of
ONE TROUSAND DOLLARS
11 lawful money of the United Statesof America, on the first day
of s A.D.$ 19 , with interest thereon at the rate
of four and one-half (4-1/2%) per cant per annum, payable semi-
annually on the first days of March and September of each year,
except that notes maturing on the let day of months other than
March and September shall have attached thereto an interest
coupon representing accrued interest to date of maturity, after
date hereof, until the principal sum shall be paid, upon presez-
tation and surrender of proper coupons as they severally become
due; both principal and interest payable at the office of the
City Treasurer,' in the City of Fort Worth; at the Hanover Nation-
al Bank, Now York City, N.Y., or at the Offices of THE BROWN-
CRUICAER COMPANY, Wichita, Kansas, at the option of the holder
hereof; and the City Of Fort Worth is hereby held and firmly
bound, and its faith and credit are hereby pledged for the
promp* payment of the principal and interest of this note at
maturity.
THIS VOTE is one of a series of notes aggregating the our,
of Two Hundred and Fifty Thousand ($250,000) Dollars, Issued
by the City of' Fort Worth, under and by authority of its Board.
of Commissioners for the purpose of funding certain outstanding
obligations incurred by the City of Fort Worth in the construc-
tion of a filtration, aeration and sedimentation plant, in me-
cordance with the Constitution and laws of the State of Texas,
V
and the City Charter of the City of Fort Worth, and pursuant to
an ordinance duly and legally passed by the Board of Commission-
era of said City on the day of February, A.D., 1919, which
is recorded in Book at pages LSL_, et seq., of the
minutes of said City Coramnission.
JF TESTIMONY WHEREOF the City of Fort Worth has caused
the corporate seal of said City to be hereto affixed, and tbio
note to be signed by its Mayor) attested by the City Secretary,
and countersigned by the City Auditor, this the let day of
March, A.D., 1919.
R-ayor, City of Fort Worth, Texas.
Attest:
dSty gecretary, TM—y—FT Fort Worth, exs.
Countersigned:
City Auditor, My of PBR-Wor-ths-lexas.
THE INTEREST COUPONS attached to said notes shall be in
substantially the following form:
No•— ON THE IstAky OF
AMIT" 191-9.
the City Treasurer xill of the City of Fort Worth, Texas, will
pay to bearer, at the office of the City Treasurer, Fort Worth,
Texas, at the Hanover National Bank, Xew York, N.Y., or at the
Offices of The Brown-Crummer Company, Wichita, Kansas; at the
option of the holder, the a=, of
nh
Dollars, being one months interest on City of Fort Worth
Wat(.,r Works lote lo._, dated March lot, 1919, to which
this coupon is attached and is a part thereof.
Mayor.
City Secretary.
BE IT FURTHER ORDAINED BY THE BOARD OF COIDIISSIONERS OF
THE CITY OF FORT WORTH:
That, to provide for the payment of said notes and
interest coupons, as they severally mature, there shall be and
there is hereby set aside out of the receipts from the income
and revenues of the Fort Worth City Water Works the sum of
Ten Thousand ($10,000) Dollars per month, until all of said
notes are paid, and in addition thereto a, sufficient sum of
money to pay the interest that may be due; that is to say,
there is hereby appropriated and directed to be set aside out
of revenues coming from the Fort Worth City Water Works the
several sums of money, and to be paid on the dates, as herein-
after stated, to—wit:
$10,037.50 on April let, 1919,
100'O"m on may let 1919"
10,118.50 on June lot 1919,
10,150. on July let 1919,
10 187.50 on Augustlet 19191
14:500. on Sept. lot 1919,
10,037.50 on Oct. let 1919$
10,075 on Nov. let, 1919,
10,112.50 on Dec. lot 1919,
10,150 on Jan. let 1920,
10,187.50 on Feb. lot 1920,
1a,150 on Mch. 1st 1920,
10,037.50 on April let 1920,
10,075 on May let 1920,
10,112.50 on June lot 1920,
10,150 on July let lqP'O'
10,167.50 on Aug. let 1920,
11,800 on Sept. let 1920,
10,037.50 on Oct. lot 1920,
10,075 on Nov. Ist 1920,
10,112.50 on Boo. let 1920
10,150. on Van. let 1920,
10,167.50 on Fat. lot 1921,
10,450 on Mch. lot 1921,
10,057.50 on April lot 1921.
This ordinance shall take effect'I'Land be in force from and
_sf ter its passage.
Passed on the day of February, A.D., 1919;
Approved on the day of F#bruar A.,D., 1919,
Attest• Mayor.
C
Y.
40, mo
Approved:
ptporation Counse
State of Texas,
County of Tarrant:
City Secretary
of the City of Fort Worth, Texas, hereby certify that the
foregoing pages is a true a4d correct copy of the Minutes of
the Board of City Covimissionere showing the passage of the
ordinance therein referred to, as shown in Book 'j--- I , at
pages et seq., of the Minutes of said Board of City
OommissionerB.
Witness ray hand and the seal of said City this the
day of Fabru%ry, A.D., 1919.
Y7
city, Garet Ci of Fort 'Wdfth,Texas.
13 C,
City Hall, City of Ft. Torth,
i"ebrury, ° 1919.
On this, the I "17"'day of Feb. , A.D. 1919, the Board of City
Coinaiissioners of the City of Ft. Worth met in regular session.
PRESENT
W. D. 'Davis, Mayor.
r�
1
and f" yf City Secretary.
when the follaing proceedings, among others, were had to-wit:
The Uayor offered for consideration and passage by the Board
of Cownissioners, an Ordinance entitled' "AN ORDINANCE PROVIDING
FOR THE FUNDING OF VALID OUTSTANDING IUDEETEDNESS OF THE CITY OF
FORT WORTH, IN T177 FORM OF A NOTE OR NOTES, TO THE AMOUNT OF '.t° O
HUNDRED FIFTY THOUSAND ($250,000) DOLLARS, CREATED BY THE FORT
WORTH CITE' WATER ';SORES IN THE CORSItUCTIO9 OF ITS FILTRATION,,
AERATION AID SEDI11a1E<TTATION PLANT, BY TH13 ISSUATCE lu, LIEU THFREOF�
OF RENEWAL NOTES, MATUR1151d SERIALLY, ATTD MAKING P1,10VISIOE FOR THE
PAY�A UT OF PRINCIPAT, ATT'D I TITIEST OF SAID RENEWAL NOTES AS IT
MATURES.11
It was Moved by Coiissioner and second-
ed by Coaamission4 ,% r r; , that the Ordinance be read
in full 'by the City Seer tart', Motion carried, and the Ordinance
was read.
Moved by Commissioner ° ... + , r , and seconded y Co -
aiaaioner % ���`��, �� ��, a , that e Ordinance'�
and
Uay �`
The Ordinance follows