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HomeMy WebLinkAboutOrdinance 204 8 ,. ORDINANCE NO. 204. An Ordinance pursuant to provisions of the present Charter of the City of Fort Worth enacted by the Thirty-first Legislature of the State of Texas, and an election held there- under on January 13th, 1911,in the City of Fort Worth, authorizing the creation and issuance of Two Million Dollars of bonds of the corporate government of the City of Fort Worth, to be known as ; "Series 20,Fire Hall bonds" , "Series 21, Police Station Bonds" , "Series 22, Storm Sewer Bonds" , "Series 23, Electric Light Extension and Iirprovement Bonds", "Series 24, Street Extension and Improvement Bonds" , "Series 25 , City Ware House Bonds" , "Series 26, City Hospital bonds" , "Series 27, Water Works Funding Bonds" , "Series 28, Water Works Extension and Ivrovement Bonds. " All of said bonds to be in denominatic�.Ls of *1,uUU. 00 each and to oe soid tor i,ot less 'Gnan par and awurued interest, and to bear interest from date at the rate of five ( 5) per centum per annum, payable semi-annually, with coupon interest notes attached; said bonds to run for a period of forty (40) years, but to be redeemable at the expiration of twenty (20) years or at any Sit er est paying' period thereafter, and providing, pursuant to said authof;kty and to said election, for the levy of a special tax of eiglitten :8) cents on the $100. 00 valuation in addition to the $1. 75 ad valorem tax, to be expended in the payment the interest and sinking fund on the 01,350,000.00 water works Extension and Improvement Bonds, and also providing for the levy of a tax for the creation of a Sinking Fund and for the payment of interest on the $650,000. 00 bonds exclusive of said $1,350,000. UO WaTerWorks Extension and improvement Bonds. WHEREAS, by the terms of the present charter of the City of Fort Wdrth,enaated by the Thirty-first Legislature of the state of Texas amdng.other powers there in given power is and � a f -2- was confered on t1le gourd of Commissioners of the City of Fort Worth to issue for each year and during such years and of the years 1909, 1910 and 1911 bonds of the corporate government of the City of Fort Worth in the sum of $100,000. 00 proceeds of Which to be devoted to the improvement of the streets and thoroughfares of said city; also in addition thereto to fund any indebtedness which may be owing by the City of Fort Worth, whether the same be floating, current or simple contract debts and to issue bonds therefor to accomplish said funding purposes; also in -addition to the foregoing powers, power is vested in said Board of Commissioners to issue bonds for any lawful municipal purposes; and in addition thereto power is and was conferred upon said Boaal of Commissioners to levy a special tax of 25 cents on the $100. 00 in addition to the regular ad valorem tax of $1. 75 on .the $100. 00, for the extension and improvement of the water works, the income of such special tax to be pledged for the payment of debts contracted for such extension and improvement of the water works; provided, that no bonds shall be issued oK bonded debt be created unless the authority therefor shall first be submitted to the qualified voters who pay taxes on property in said City of Fort Worth, and provided further mat no such special tux shall be levied except upon the approv"! of tine kAajority of the qualified voters of said City of Fort Worth, and: WHEREAS, only $135,000. 00 of bonds of said City of. Fort Worth, the proceeds of which were to be devoted to the improve- ment of streets and thoroughfares of said City have heretofore been issued during the years 1909, 1910 and 1911, and under said provision, bonds in the aggregate sum of $300,000. 00 may be issued by said City dor the improvement of its streets and thor#ughfares during said years of 1909, 1910 and 1911 , and: +' 'AS, on the 4th, day of January A. D. 1911 the Board of Commissioners of said City pursuant to the aforesaid provis- ions of law by order of that date adopted referred the matter of said bonds issue and authority to Vnact an Ordinance there- for and the matter of the levy of a Special Tax as above set -3- forth for the payment of the interest and sinking fund on the , bond issue for the extension and improvement of the Water Works ; System, to the qualified voters of the City of Fort Worth who are and were tax paying property owners in said City, at an election held for such purpose in the various wards of said City on the 13th, day of January A. D. 1911, and: WHEREAS, on the 13th, day of January A. D. 1911 an election was legally and duly held in the various wards of the said City of Fort Worth at which was submitted to the qualified tax paying voters of said City the matter of the issuance of said bonds and the matter of the levy of said special tax in the following form, to-wit: OFFICIAL BALLOT. FIRST. FOR the issuance of $95,000. 00 of bonds for the purpose of constructing Fire Halls and acquiring necessary lands therefor. AGAINST the issuance of $95,000. 00 of bonds for the purpose of constructing Fire Halls and acquiring necessary lands therefor. SECOND. FUR the issuance of $35,000. 00 of bonds for the purpose of constructing Police Stations and acquiring secessary lands therefor. AGAINST the issuance of $35,000. OU of bonds for the purpose of constructing Police Stations and acquiring necessary lands therefor. THIRD. .0 FOR the issuance of $120,000. 00 of bonds for the purpose of constructing Storm Sewers. AGAINST the issuance of $120,000. 00 of bonds for the purpose of constructing Storm Sewers. FOURTH. F the issuance of $50,000. 00 of bonds for the purpose of a*terTding and improving the Electric Lighting System. AGAINST the issuance of $50,000. 00 of bonds for the purpose of extending and improving the Electric Lighting Sy stem. FIFTH. FOR the issuance of $165,000. 00 of bonds for the purpose • of extending and improving the Public Streets and Thoroughfares AGAINST the issuance of $165,000. 00 of bonds for the t urpbse of extending and improving the Public Streets and Thoroughfares. F � Ask � SIXTH. FOR the issuance of $15,000. 00 of bonds for the purpose of constructing a City Ware House. AGAINST the issuance of $15,000. UO of bonds for the purpose of constructing a City Ware House. SEVENTH. FOR the issuance of $20,000. UO of bonds for the purpose of constructing a Hospital for the Poor. AGAINST the issuance of $20,000. 00 of bonds for the purpose of constructing a Hospital for the Poor. EI GHTH. FOR the issuance of $150,000. 00 of bonds for the purpose of funding the indebtedness owing by the City of Fort worth for maintaining, operating, extending and imp roving the Dater Works System. AGAINST the issuance of $150,000. 00 of bonds for the purpose of funding the indebtedness owing by the City of Fort Worth for maintaining, operating, extending and improving the Water Works System. NINTH. FOR the issuance of $1,350,000. 00 of bonds for the purpose of extending and improving the Water Works System. The interest and sinking fund on these bonds to 'be paid by the levy and collection of a special tax of eighteen cents on the $100. 00 valuation in addition to the ad valo ren tax of $1. 75 on the $100. 00 valuation. AGAINST the issuance of $1,350,000. 00 of bonds for the purpose of extending and improving the Water Works System. The interest and sinking fund on these bonds to be paid by the levy and collection of a special tax of eighteen cents on the $100. 00 valuation in addition to the ad valorem tax of $1. 75 on the $100. 00 valuation. TEETH. FOR the levy of a special tax of eighteen cents on the $100. 00 valuation iffi addlktion% to' tha $1. 75 ad valorem tax, the proceeds of such special tax to be ex pended in the payment of the interest and sinking fund on the above $1, 350,000. 00 of Water Works bonds. AGAINST the levy of a special tax of eighteen cents on the $100. 00 valuation in addition to the $1. 75 ad valorem tax, the proceeds of such special tax to be expended. in the payment of the interest and sinking fund on the above $1 ,350,000. 00 of Water Works Bonds. All of said bonds shall be payable forty (40) years from the date of same with option of redeeming same at any time after twenty (20) years from date to be sold at not less than par and to bear interest at a rate not exceeding five per centum per annum, payable semi-annually. That the voter shall vote for or against said bond issue by striking from the ballot the proposition he is not in favor of. Which said election resulted as follows: F the issuance of Fire Hall Bonds 729 votes , Against the same 242 votes. ]A 4jy -5- For the issuance of Police Station Bonds 700 votes, Against the same 274 votes. For the issuance of Storm Sewer Bonds 727 votes, Against the same 250 votes. For the issuance of Electric Light Extension and Improve- weiit Donds 753 votes, z4�ainat tine same 222 votes. For the issuance of Street Extension and Improvement Bonds 753 votes, Against the same 225 votes. For the issuance of City Ware House Bonds 693 votes, Against the same 880 votes. For the issuance of City Hospital Bonds 782 votes, Against the sa me 195 votes. ` For the issuance of Water Works Funding Bonds 761 votes, Against the same 219 votes. For the issuance of Water Works Extension and Improvemett Bonds 753 votes, Against the saine 225 votes. For the levy of a special tax of eighteen (18) cents on toe $100. 00 valuation in addition to the $1. 75 ad valorem tax , t'o be expended in the payment of the interest and sinking fund on the $1, 350,000. 00 Water Works Extension Bonds 694 votes; Against same 288 votes. WH10EAS, on the lf(th, day. of January A. D. 1911 at a meeting of said Board of Comini esioners of the City of Fort Worth the returns of said election were by said Board of Commissioners duly and legally canvassed and the vote counted and the result declared as herein above set forth. NOW THEREFORE BE IT ORDAINED BY THE BOARD OF CO ISSIONERSs OF THE CITY OF FORT WORTH: Section 1. That the Mayor and Oity Secretary of the City of Fort Worth be and they are hereby authorized and directed to prepare and execute in the name and for and on behalf of the City of Fort Worth and under its corporate seal, as the obligation of said City, bonds of the corporate government of the said City which shall be known and denominated as follows: "Series 2U, Fire Hall Bonds of the aggregate principal sum of $9 5,000. UO". "Series 21, Police Station bonds of the aggregate principal sum of $35,000. 00. " "Series 22, Storm Sewer Bonds of the aggregate principal sumof $120,000. OU. " "Series 23, Electric Light Extension and Improvement Bonds of the aggregate principal sum of $50,000. 00". t-6- "Series 24, Strest,improvement Bonds of the aggregate principal sum of $165,000. U0. " "Series 25, Uity Ware -house bonds of the aggregate principal sum 01' g15,000. 00. " "Series 26, city Hospital bonds of the aggregate principal sum of $20,000. 00. " "Series 27, Water Works Funding Bonds of the aggregate principal sum of $150,000. 00". "Series 28, Water Works Extension and irnprovement Bonds of the aggregate principal sum of $1,350,000. 00. " , and each of said bonds of each Series shall recite upon its face the purpose for wn.Lch it ia Lsoued and shall refer to the provisions of the City Charter and this Ordinance as authorizing same , and each and all of said bonds of each and every Series shall be of the denomination of $1,000.00 embracing in all 2000 bonds of the pan value of Two Million Dollars. All of said bonds shall be dated lst, day of April A. D. 1911 and shall be and become payable forty (40) years from the date thereof, with the provision, however, that the same shall be redeemable at the expiration of twenty (20) years from the date thereof, or at any interest paying period there- after, and in the event any such bond or bonds shall be so redeemed, interest thereon shall thereafter cease and the interest coupons which shall nave not matured shall be cancell- ed; which said bonds shall bear interest at the rate of five ( 5) per centum per annum, payable semi-annually; which said interest shall be represented by coupon notes, each bond being only for the principal sum and having attached to it 80 coupons notes of the *valid* of $25. 00 each representing semi-annual interest installment, both principal and interest payable to be_._rer at the Hanover National Bank in the City of New York, State of liew York in gold coin of the United States of the present weight and fineness; all of said bonds shall be executed in the name of the City of Fort Worth by its Mayor and attested by its City Secretary under the corporates seal of said City; except " that in the matter of the coupons the engraved or lithographed signature of the Mayor and City Secretary shall be sufficient. A -7- Section 2. (tone of said bonds shall be sold for less than par and accrued interest. Section 3. To provide for the interest on the 41, 350,000. 00 Water Works Extension and Imp mvement Bonds and to create a Sinking Fund of not lees than two (2) per centum per annum on same there is hereby levied and the same shall be collected as provided by law, set apart and appropriated for said purposes an annual, direct, special ad valorem tax in addition to the regular $1. 75 levy, beginning with the assessment and levy for the year 1911, of eighteen cents on every X100. 00 valuation of all property, real, personal and mixed, subject to taxation ny said City of Bort Worth and not exempt by law from municipal taxation and the said tax or so much thereof as may be necessary for the payment of said interest and the creation of said oinking Fund shall be annually. assessed and levied and collected during the life of said bonds, and if at any time said tax shall be insufficient for such purposes then it shall be the duty of the Board of Commissioners or other governing body of said City of* Fort*Worth to set apart and appropriate such additional amount Wmoney out of the General Revenues of said City as may be requisite to supply the deficiency, until all interest shall have been paid and the Sinking fund established as required by the Constitution of the State of Texas, . and the Charter of the City of Fort Worth. Section 4. To provide for the interest on the remaining bond issues under this Ordinance being all of said bonds except the $1850,000. 00 Water Works Extension and Improvement Bonds, and to create a Sinking Fund thereon of not less than 't`wo (2) per centum per annum of same there is hereby levied and the same shall be collected as required by law, set apart and appropriated for said purposes, an annual, direct, special ad valorem tux, beginning with the assessment and levy for the year 1911 of eight and one-half (8*) cents on the $100. 00 valuation on all p mperty, real, personal and mixed, subject to *e t6.xation by said City of Fort Worth and not exempt by law from municipal taxation, and the said tax or so much thereof AMC- as may be necessary for the payment of said interest and the creation of said Sinking Fund shall be annually assessed, levied and collected during the life of said bonds, and if at any time said tax shall be insufficient for such purpose , trex4 it shall be the duty of the Board of Commissioners or other govern- ing body of said City of Fort Worth to set apart , and appropriate such additional amount of money out of the General Revenues of said City, as may be requisite to supply the deficiency until all interest ahall have been paid and the Sinking Fund established as required by the Constitution of the State of Texas and the Charter of the City of Fort North. Section 5. The taxable fundSherein before provided for to cover interest and sinking fund as aforesaid shall be collected, held and listed as separate accounts upon the books of said City, the fund collected to cover the interest and sinking fund on the $1,350,000. 00 Water Forks lbcten cion and Improvement Bonds to be held, and listed as separate and distinct account, andi'the fund collected to cover the intetest and sth"king fund on the remaining $650,000. 00 bonds to be held and listed as another separate and distinct account, and the proceeds held and kept by the City Treasurer as separate and distinct accounts and so ppgcified as such upon his books, and said funds shall not be used or utilized in whole or in part except for the purposes for which they were created, and it shall be unlawful for the Treasurer of. said City of Fort Worth to honor or recognize any check, warrant, draft or order upon such funds ixcept for the purpose aforesaid, provided, however, that said sinking funds or either of themand all accretions thereto may 1ue invested by order of the Board of Commissioners or other governing body of the City of Fort Worth in any bonds of the Catty of Fort Worth or County Bonds of the State of Texas or any bonds of the United States, but the same shall not be invested in any other 2nanner nor shall said money be diverted to any other purpose than the payment of interest and the creation of sinking funds as aforesaid. t Section 6. None of said bonds shall be negotiatfdii� sold i A A006 or transfered until the same shall have been presented to the Attorney General of the State of Texas, and his official sanction of same shall have been given as prescribed by lair. Section 7. The City Treasurer of the City of Fort Worth shall during the months of March and September of each and every year during the life of said bonds and not later than the 2uth, of each such months, transmit sufficient moneys out of the interest funds hereinbefore created for the payment of the semi-annual interest accruing upon said bonds, to bhe Hanover National Hank of New York City, in the State of New York but in the event that said Bank shall be non-existent or go out of business or fail or refuse to act, then said money shall be transmitted by the said Treasurer of the City of Fort worth to the fiscal agent of said City residing in New York City, State of New York. Section 8. This ordinance shall take effect and be in force from and after its passage as preseribed by law. I hereby certify that the above and foregoing ordinance was duly presented and unanimously passed and adopted by the Board of Commissioners of the City of Fort Worth at a regular session of said Board held Tuesday January 24th,1911. City S cretary.