HomeMy WebLinkAboutOrdinance 2103 ORDINANCE No, 2103
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE
COUPON BONDS OF THE GOVERNMENT OF THE CITY OF FORT
MRTH, TEXAS, AMXWING TO THE PRINCIPAL SUM OF ONE
HUNDRED AND SIXTY THOUSAND DOLLARS ($160,000.00), AND
BEING KNOWN AS SERIES 70 AND DESIGNATED AS "GARAGE
AND REPAIR SHOP BONDS," TO BE ISSUED FOR THE PURPOSE
OF BUILDING, ENLARGING AND IMPROVING THE GARAGES AND
REPAIR SHOPS OF SAID CITY AND ACQUIRING THE NECESSARY
LANDS AND SITE THEREFOR FOR SAID CITY, EACH OF SAID
BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND DOL—
LARS ($1,000.00), TO BE DATED APRIL 10 1941, MATURING
FROM ONE (1) TO TWENTY rIVE (25) YEARS FROM THE DATE
THEREOF, THE FIRST SIXTY—THREE THOUSAND DOLLARS
($63,000.00) WORTH OF SAID BONDS TO BEAR INTEREST AT
THE RATE OF TWO AND ME—HALF PER CENT (2j%) PER ANNUM
AND THE REMAINDER TO BEAR INTEREST AT THE RATE OF TWO
AND ONE—FOURTH PER CENT (2j%) PER MON, SAID INTEREST
BEING PAYABLE SM a"ANNUALLY, THE INTEREST TO BE =—
PRESSED IN COUPON NOTES ATTACH® TO THE BONDS; DIRECT—
ING THAT THE SAID BONDS BE EXECUTED BY THE MAYOR AND
CITY SECRETARY; PROVIDING FOR AN ADEQUATE TAX LEVY FOR
THE PAYMENT OF THE INTEREST ON SAID BONDS AND TO CREATE
A SINKING FUND FOR THE PAYMENT OF THE PRINCIPAL THEREOF
AS THE SAID MATURES FROM TIME TO TIME; AND PROVIDING
THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM
AND AFTER THE DATE OF ITS PASSAGE.
WHEREAS.. on the 12th day of Februarys, A. D. 1941, 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 11th day of December, A. D. 1924, and the laws
and Constitution of the State of Texas, the City Council of the City of
Fort Worth, Texas, by an ordinance of that date, directed the submission
to the qualified electors who own taxable property in the City of Fort
Worth, Texas, and who have dulls rendered the same for taxation, at an elec—
tion to be held in said City on the 4th day of March, A. D. 1941, of the
right, power and authority of the City Council of the City of Fort Worth,
Texas, to issue negotiable coupon bonds of the corporate government of said
City in the principal sum of One Hundred and Sixty Thousand Dollars ($160,-
000.00) for the purpose of building, enlarging and improving the garages
and repair shops of said city and acquiring the necessary lands and site
therefor for said City; and,
9 W, in conformity with said ordinance, the Mayor of said
City did make proclamation of said election and fixed the date thereof
for the 4th day of March, A. D. 1941; and,
EAS, said election order and proclamation thereof were pre-
pared and published in the manner and for the time prescribed in said or.
dinance; and,
?IID;REAS, on the 4th day of March, A. D. 19419 said election was
held in the City of Fort Worth, Texas, at the respective polling places
designated in the election order, at which said election the issuance of
said bonds was submitted as a proposition to the qualified electors of said
City who own taxable property in the City of Fort Worth, Texas, and who
have duly rendered the same for taxation; and,
WHEAS, the official ballot on said occasion, in conformity
with the ordinance of the City Council hereinabove mentioned and in so.•
cordance with the order of said election, in form and in substance reads
as followss
OFFICIAL BALLaT
I.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of One Million, Two
Hundred and Fifty Thousand Dollars ($1,250,000.00) for the purpose of es-
tablishing, equipping.. extending and improving municipal airports and landr-
ing fields for airplanes, aircraft and other aerial machines, and acquiring
the necessary lands and property 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, bear---O
ing interest at a rate not to exceed four per cent (4%) per annum from the
date thereof, payable semi-annually*, and levy a sufficient tax to pay the
interest on said bonds and create a sinking fund sufficient to redeem said
bonds at the maturity thereof?
FOR the Issuance of Airport Bonds.
AGAINST the Issuance of Airport Bonds.
II.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of One million, One
Hundred and Twelve Thousand Dollars ($1,112,000.00) for the purpose of
constructing, improving and extending the streets, thoroughfares and storm
sewers of said City, including in such permanent improvements the -straighten"•
ing, widening, paving, grade separation, lighting and drainage of said
streets and thoroughfares, said bonds being payable serially as may be
determined by the City Council, so that the last maturing bonds shall be-
come payable within forty (40) years from the date thereof, bearing inter•
est at a rate not to exceed four per cent (4%) per annum from the date
thereof, payable semi-annually, and levy a sufficient tax to pay the in-
terest on said bonds and create a sinking fund sufficient to redeem said
bonds at the maturity thereof?
FOR the Issuance of Street Improvement Bonds.
AGAINST the Issuance of Street Improvement Bondso,
III.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of Three Hundred and
Twenty Thousand Dollars ($320,000.00) for the purpose of constructing,
building and equipping additional incinerators for said City and acquiring
the necessary lands and sites 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, bear-
ing interest at a rate not to exceed four per cunt (4%) per annum from the
date thereof, payable semir"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 Incinerator Bonds.
AGAINST the Issuance of Incinerator Bonds*
IY.
Shall the City of Fort Worth, Texas, through its City Council,
issue its negotiable coupon bonds in the principal sum of One Hundred and
Sixty Thousand Dollars ($160,000.00) for the purpose of building, enlarging
and improving the garages and repair shops of said City and acquiring the
necessary lands and site 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 (405 years from the date thereof, bearing
interest at a rate not to exceed four per cent (.4%) per annum from the date
thereof, payable semi-annually, and levy a sufficient tax to pay the inter-
est on said bonds and create a sinking fund sufficient to redeem said bonds
at the maturity thereof?
FOR the Issuance of Garage and Repair Shop Bonds.
AGAINST the Issuance of Garage and Repair Shop Bonds.
V.
Shall the City of Fort Worth, Texas, through its City Councilp
issue its negotiable coupon bonds in therincipal sum of One Hundred and
Fifty-eight Thousand Dollars ($158,000.00 for the purpose of improving,
extending and enlarging the sanitary sewer system and sewage disposal
plant of said City, said bonds being payable serially as may be determined
by the City Council, so that the last maturing bonds shall become payable
within forty (40) years from the date thereof, bearing interest at a rate
not to exceed four per cent (4%) per annum from the date thereof, payable
semi—annually, and levy a sufficient tax to pay the interest on said bonds
and create a sinking fund sufficient to redeem said bonds at the maturity
thereof?
FOR the Issuance of Sanitary Sewer System and Sewage
Disposal Plant Bonds.
AGAINST the Issuance of Sanitary Sewer System and
Sewage Disposal Plant Bonds.;
and,
WH AS, in the election held in said City of Fort Worth, Texas,
on the 4th day of March, A. D. 1941, on the question of the issuance of
said bonds hereinbefore mentioned, there was a majority of votes in favor
of the issuance of said bonds; and,
SAS, by virtue of said election, said City Council is vested
with power and authority by and from the qualified electors who own tax—
able property in the City of Fort Worth, Texas, and who have duly rendered
the same for taxation, to issue said bonds for the purposes aforementioned
and to make saute valid and binding obligations of the corporate government
of the City of Fort 'North, Texas; and,
THMEAS, it is deemed wise and expedient by the City Council of
the City of Fort Worth, Texas, in the exercise of the discretion reposed
in it by law, that One Hundred and Sixty Thousand Dollars ($160,000.00)
worth of said bonds authorized to be issued at the election held on the 4th
day of March, A. D. 1941, be issued in bonds at this time, said bonds to
be issued being Series 70 and designated as "Garage and Repair Shop Bonds";
NO ff, THEREFOR,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS s
SECTION I.
That pursuant to Section 19 of Chapter XXV of the Charter of the
City of Fort Worth, Texas, adopted by the qualified voters within the cor-
porate limits of said City on the 11th day of December, A. D. 1924, and
the laws and Constitution of the State of Texas, and pursuant to a vote of
the qualified electors of the City of Fort Worth, Texas, who own taxable
property in said City and who have duly rendered the same for taxation,
at an election held in said City for such purpose on the 4th day of March,
A. D. 1941, that the municipal government of the City of Fort Worth, Texas,
issue its corporate negotiable coupon bonds in the principal sum of One
Hundred and Sixty Thousand Dollars ( 6160,000.00), which bonds were au.•
thorized to be issued at a proper election held on the 4th day of March,
A. D. 1941, and which bonds are known as Series 70 and designated as "Garage
and Repair Shop Bonds," and the bonds so to be issued shall be in the de-
nomination of One Thousand Dollars ( 61,000.00) each, dated April 1, 1941"
the first Sixty-three Thousand Dollars ($63,000.00) worth of said bonds to
bear interest at the rate of two and one--half per cent (2 ) per annum, and
the remainder to bear interest at the rate of two and one-fourth per cent
(21%) per annum, payable semtwannually on the first day of October and April
of each year respectively, both principal and interest of said bonds being
payable at the Central Hanover Bank and Trust Company, in the City of New
York, State of New York, the semi-annual interest being evidenced by inter-
est coupons attached thereto, all of said bonds to be executed for and on beM
half of the City of Fort Worth, Texas, by the Mayor thereof, attested by
its City Secretary, with the seal of the City thereon duly impressed, but
the interest coupons to be executed with the lithographed facsimile signature
of the Mayor and City Secretary of the City of Fort Worth, Texas. Each of
said bonds and coupons shall be negotiable and payable to bearer, and said
bonds shall be numbered in the way and manner hereinafter set out, so that
the last maturing bond shall become payable within twenty+-five (25) gears
from the date thereof, and the bonds themselves, one hundred and sixty (160)
in number, shall be numbered consecutively from one (1) to one hundred and
sixty (160), inclusive, and shall mature in the amunt and manner herein
after set out. Said bonds shall be used for the purpose of building, en-
larging and improving the garages and repair shops of said City and acquir-
ing the necessary lands and site 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 forms
NO. UNITED STATES
OF AMERICA
STATE OF TEXAS, COUNTY OF TARRANT
SERIES 70
CITY OF FORT WORTH
-----0000000---
Garage and Repair Shop Bond of the City of Fort Worth issued for the pur»
pose of building, enlarging and improving the garages and repair
shops of said City and acquiring the necessary lands and
site therefor.
KNOW ALL MEN BY THESE PRESENTS:
That the government of the City of Fort Worth, a municipal tory
poration duly created under the laws of the State of Texas, hereby acknowl—
edges 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 April,
A. D. 19 together with interest thereon at the rate of
percentum ( %) per annum, payable semi—annually
on the first day of October and April in each year, on presentation and
surrender of the annexed interest coupons as they severally fall due. Both
the principal and interest of this bond are payable at the office of the
Central Hanover Bank and Trust Company, in New York City, 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 one hundred and sixty (160)
bonds numbered consecutively from one (1) to one hundred and sixty (160),
inclusive, in the denomination of One Thousand Dollars ($1,000.00) each,
amounting in the aggregate to the sum of One Hundred and Sixty Thousand
Dollars ($160,000.00), issued for the purpose of building, enlarging and
improving the garages and repair shops of said City and acquiring the neces—
sary lands and site 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
ordinance lawfully passed and adopted by the City Council of the City of
Fort Worth.
It is hereby further expressly represented, recited and cove-
nanted by the government of the City of Fort Worth,, to and with each and
every holder of said bonds or any one of them, that all acts, conditions
and things required by the laws of the State of Texas, and of the Charter
and Ordinances of the City of Fort Worth, precedent to and in the issuance
of this bond, have been done, have happened, and have been performed in
proper and lawful time, form and manner as prescribed by law, so as to make
this bond a legal, binding and valid 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 forth, and that such
tax has been levied in a sufficient amount for the payment of the principal
and interest of this bond at the respective maturity dates thereof, and
that the total indebtedness of said City, including this bond and the issue
of which it is a component part, does not exceed any constitutional or
statutory limitation,
IN TESTINDNY WHEREOF, the City of Fort Worth, in the State of
Texas, has executed this bond by causing it to be signed by its Mayor
and attested by the City Secretary, with the seal of the City thereunto
duly impressed, and has caused the annexed interest coupons to be exe-
cuted with the facsimile signature of the Mayor and City Secretary, and
dated as the first day of April, A. D. 1941,
CITY OF FORT WORTH, TEXAS
BY
- - Mayor
ATTEST:
- City Secretary
(FORM OF COUPON NOTE)
140. $
The City of Fort Worth, in the State of Texas, promises to pay
to Bearer ($ ) on the 1st day
of , 19 at the Central Hanover Bank and Trust Com-
pany, in the City of New York, New York, for interest due that day on its
Garage and Repair Shop Bond, Series 70, dated April 1, 1941, and numbered
CITY OF FORT WORTH, TEXAS
BY
Nvor
ATTEST:
City Secretary
(CERTIFICATE OF COMPTROLLER)
OFFICE OF COMPTROLLER,
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 ef«
feet 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 lawns of
the State of Texas, and that it is a valid and binding obligation upon said
City of Fort 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 ___ *
Comptroller of Public Accounts
of the State of Texas
SM1011 IT.
That the said bonds so to be issued by the City of Fort Worth,
Texas, amounting to One Hundred and Sixty Thousand Dollars ($160,000.00),
shall be issued for the purpose of building, enlarging and improving the
garages and repair shops of said City and acquiring the necessary lands
and site therefor for said City, and shall consist of one hundred and
sixty (160) bonds numbered from one (1) to one hundred and sixty (160),
inclusive, the first Sixty-three Thousand Dollars ($63,000.00) worth of
said bonds to bear interest at the rate of two and one-half per cent (2 )
per annum, and the remainder to bear interest at the rate of two and one-
fourth per cent (2j%) per annum, payable semi-aiuivally as aforesaid, all
of which said one hundred and sixty (160) bonds shall be blown as Series 70
and shall be styled and designated as "Garage and Repair Shop Bonds"; that
all of the said bonds, comprising the sum total of One Hundred and Sixty
Thousand Dollars ($160,000,00), shall mature in numerical order in the man-•
ner and amounts as set out in the tabulated statement herewith attached,
to wit:
CITY OF FORT WORTH
PRINCIPAL MATURITIES
$160,000.00 GARAGE AND REPAIR SHOP BONDS
DATED APRIL 1, 1941
DUE APRIL 1ST PRINCIPAL, MATURING
1942 $4,000.00
1943 51000.00
1944 5,OOO.00
1945 5,000.00
1946 52000.00
1947 5,000.40
1948 5,000.00
1949 59000•00
1950 6,000.00
1951 6,000.00
1952 6,000.00
1953 60000.04
1954 6,000.00
1955 6,000.00
1956 79000.00
1957 7,000.00
1958 7,000.00
1959 7,000.00
1960 7,000.00
1961 82000.00
1962 8,000.00
1963 8,000.00
1964 80000.00
1965 9,000.00
1966 99000.00
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 north and utilized for the
special purposes for which they are created*
SECTION IV.
That for the purpose of paying the interest of said bonds, as
well as the various installments of principal, as the same shall respec-
tively mature, there is hereby levied for the year 1941 and for each suc.
ceeding year thereafter so long as the same may be necessary, to provide
for the interest and annual installments of principal of said bonds, on all
property in the City of Fort Worth, Texas, liable to taxation, a straight
ad valorem tax of •4672 cents on the one hundred dollar valuation of said
property, or so much thereof as may be necessary, 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 suf—
ficient to meet the requirements aforesaid for interest and annual install—
ments of principal of said bonds; and it is hereby promised and agreed
that such increase of tax shall be made, if required for the purposes named,
as often as it may be necessary. There shall be assessed and collected an-
nually a sufficient sum to pay the interest on such bonds and to create a
sinking fund of at least two percentum (2%) of the principal, 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 government of the City of Fort
Worth, by levying tames for general purposes for the said City for the year
1941 and for every successive year during the life of said bonded indebted-
ness or any part thereof, to include in such levy the special tax of +4672
cents on the one hundred dollar property valuation (or so much thereof as
may be requisite and necessary), provided for in the next preceding sec—
tion 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 proceeds held 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 pre.
pared and signed in the manner prescribed by the ordinance, they shall be
submitted to the Attorney General of the State of Texas, together with a
certified copy of this ordinance and a statement of the total bonded indebted—
ness of the City of Fort Worth, including the bonds herein and hereby au—
thorized 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 At—
torney General as prescribed by law, and thereafter said bonds shall be placed
with the State Comptroller of Public Accounts for registrationo
SECTION VIII.
That the City Treasurer of the City of Fort Worth, or other law6.
ful custodian of such fund, during the months of September and March 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 transmit sufficient
money out of the interest funds hereinbefore created for the payment of
the semi--annual interest accruing on said bonds to the Central Hanover Bank
and Trust Company, of the City of New York, State of New York, and like.-
wise
ikewise proper remittance shall be made in due course to provide for the pays.
ment of the principal of any of said bonds in advance of the maturity of
same,
SECTION IX.
That all ordinances and parts of ordinances in conflict herewith
be and they are hereby expressly repealed.
SECTION X.
That the holding or adjudication of any section, portion or part
hereof to be invalid shall not affect the validity of any other section or
part of this ordinance, but all such other sections, portions and parts
hereof shall be and remain valid.
SECTION II.
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.
'kayor of the City of Fort h,
ATTEST: Texas
City Secretary of �CityFort 4�Porth, Te
APPROVED AS TO FORM AND LEGALITY:
City Attorney of the City of Fort
Worth, Texas