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HomeMy WebLinkAboutOrdinance 1107 The City Council: of the City of Fort 'Jorth neat in reguLix session in +.:he uounaLl at the City HAII at D130 A. X. 'Paowftty 'tho 29th dray of DQ*Q='b-r, n. D. 1-925, and upon roll call the foll�Wing Worse prosart. no 00 eacbam, iayar► 4illard owton, F,. E• Tlipexa, "ms Dryoe► E. To ROPIf o, &)Mi 6j, * No Austin nod [.. ?. oard, (jou allmn, Constitu- ting a quorum and =Jority of said ao rd,# and 1. L. Van :4xndt, Jr.► City Sacrotary-Traasurar„ vaa in attendance nt said meeting# and the following proaeedizga, among other things, were had wA dorms i Councilman Ckr"a, seconded L: Councilman 3"ton, moved tiie adopLlon of the followinG 4rCliYlFtnces uADINAIVE NO* 11Q7 AN ORMANGE VROVIDM FOR TIM likMAIM OF MWXIADi.i COUPON BONDS OF THE GOVXYJWW OF MZ CITY OF FORT WORTH# AMOUSTIM TO THE ?RINCXPAL 41A OF SXVXM-ORE THOUSAIM DOLE-tiitS (w71• a00)► AND Bk:M tM AS MILS NO, 47 AND M610NA;aD As "INUMATOH BOM", TO BE VM POR PROYMMS IN M CITY 4F FORT 1-TOR Ti BY 0013TRVOTMV BUILM NO AND EgUIPPIN AMITIONAL IEC +ITOR 12 BAIL} CM hls , PM 'M Ptl"O3E OF Fi1'R=4= M l E X SITE ALL OF SAID 30b'D 1 To CE IN THM Iy. 11INATI'ON OF 4AL THOUSAND DOLLARS ,�1►000.00) EACH TO i E DATRD JAVUARY 11T, 1926► MATC'RM FROM FIVE �5) 'its FORTY (40) Y;SARi FICOM `xiU DATE T5Ln0V# AM TO BEAR INT~<RE'ST „i THE RATE OF FOUR AMD O�-HALF ( PER OUT PER AM= , FAXARU SZMj-AIF M&LLx, TR ''T L-X D III COUPON NOTES ATTAMD TO THE DOXD3 s =R= "=ION OF RAID MW BY rMX XAYOR AND CTS :,gC s5IMARYFRO VI VING FW AB A€9 lATI TAX tM FM TEM PAX00 OF TEES 231012 1 1 ON 3AM B0 AND TO ORXA21Ay 319 ING+��►�UND FOR At ,TH 'PAVOMT�1c Ar}yr��.FRINGy�. .ALNGixrp�TH)WL OP, Aft SAM ATM=F � Mi I+ on ,he 3rd day of flovo.oWor, .'.* Do 1926, pursuant to the authority vestod in said Cit;; rdy Section 19 of Uhapter XV of the Charter of Lhe Uity of Fort ,:ort =,, adopted by the gxmllfles. voters within the liwdta of said CSL -► on tiers 11th day of Ducemberp ,lo Do 19,04► and the la'au and constitution of the ..tate of T1sju4s, Wie City Council of the CILy of Fort forth, Te.ujs, by reaolutioa and order of that dr-to, dirstated the submission t-o the Property tax paying qualified voters of said, City, at out e3e64i4n to ba hold In said C ty ou trill 24th dal of ove ur, k,, Do 1.9.1.15, of the xlight,o pmrrer laud authorit;j of Luo tai`s Gouncil of said altj to issue negotiable emu ba uds of tan ourPOrni;g govelnuont ol "Id City, In z he3 nrLazl2sl am of Sovenry-One Thouadnd Dolls t 71,C Q.Je3), ch azount was to oe triad for t w ,Va r,l> &,P or &AkLng pert in said Clay by cons e~tl%& tuildi g amd equipping an a0clitional imInerator pllLnt for th* City of Fort -Orth sand In 3stuoh e g W-4 :aao$S- sary rate thatWorl and in sonformIty with *aid re3olution cad;om- der 'ta s of aa.LCL Qi Ly did zuxkv proclamation of said eleoblon and Lhu date for aawad was get on 4he 24th dA7 of loy mbar, .. Do 19261 and '"LUR,W,48, pub}loatlon was rsa&- or maid election In the manner, cm� for f,.a3 t!me premcrlbcci in said m as o'.Lx» V31 RL"L P an izm 24ttx day of Movemb rl, A. D. aaia e314rut. ;iu mss j1e3 j_+x in t4a* City Of Pori 'a�ortj: w= t kse resptAcIva PolliAg Places e:iesigmted in Lhe sle ctlnra c%rdzr, at which aaa►id eloation each issue of +.sonds wRil submi,*'.-iA as a sorw s-'�e and din-ainst Proposivion Uo tho voters of 6*id, City, t hpj a fielal im.ilot on suaa elostim, In norfa'x`rat;ty WM ..t z3aulu4'.ijn Qi` Ww Ci L} lounall and tha ordesr c(• the oleati,o=.v 4jd doh rosoluLion contained aLher pr-3pimi- tions -�.n adewl.t;lr; a to the one described in this ordlmree, In fut oud In su,stanoe wus as followal OFFICIAL BALLOT I. Shall the City of Fort Worth, Texas, through its City Council, ssue its negotiable coupon bonds, running from five (5) to forty (40) .years in the principal sum of Three Million Three Hundred Thousand ( 3,300,000.00) Dollars, for the purpose of improving and extending the water and sanitary sewer system of s aid City, the first of said bonds being payable at the expiration of five (5) years from the date thereof, and s erially thereafter as may be determined by the said 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 five per cent (5 ) 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 a t the maturity thereof? FOR the Issuance of Water and Sanitary Sewer Bonds. AGAINST the Issuance of Water and Sanitary Sewer Bonds. II. Shall the City of Fort Worth, through its City Council, issue its negotiable coupon bonds, running from five (5) to forty (40) ,years, in the principal sum of Two Million Two Hundred Thousand ($x1300,000.00) Dollars, for the purpose of constructing, improving and extending the streets, thoroughfares and storm setirers of said city, including in such permanent improvements the widening, paving, grade separation, bridges and drainage, the first of said bonds be- ing payable at the expiration of five (5) years from the date thereof, and serially thereafter as may be determined by the said 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 five per cent (5%) per a n.num from the date thereof, pa yable 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 ma- turity thereof? FOR the Issuance of Street Improvement Bonds. AGAINST the Issuance of Street Improvement Bonds. III. Shall the City of Fort Worth, through its City Council; issue its negotiable coupon bonds, running from five (5) to forty (40) years, in the principal sum of Seventy-One Thous and ($71,000.00) Dollars, for the purpose of constructing, building and equipping an additional incinerator plant for the City of Fort Worth, Texas, and purchasing the necessary lands and site therefor, the first of said bonds being payable at the expiration of five (5) years from the date thereof, and serially thereafter as may be determined by the said City Council, so that the last maturing bonds shall become payable within forty (40) years from the date thereof; bearing in- terest at a rate not to exceed five pea cent (5<i,) per annum from the date thereof, payable semi-annually, and levy a sufficient tax to _gay the interest on s aid bonds and create a sinking fund sufficient to redeem said bonds at the maturity' theroof? FOR the Issuance of Incinerator Bcnds. AGAINST the Issuance of Incinerator Bonds. IV. Shall the City of Fort Worth, thrc+u.gh its City Council, issue its negotiable coupon bonds, •running front five (5) to forty (40) years, in the principal sum of Five Hundred Thousand (500,000.00) Dollars, for the purpose of purchasing, eicquiring and improving lands and property for public parks in the. City of Fort Worth, the first of said bonds being payable at tho expiration of five (5) years from the date thereof, and serially therdefter as may be determined ty the said City Council, so that the lacst maturing bonds shall be- come payable within forty (40) year.0 fro44 the date thereof, bearing °nterest at a rate not to exceed five peL cent (5%) per annum from the date thereof, payable semi-c.nnually, rn.d 1,,,-y ? sufficient tax to pay' ;,e; interest on said bonds and create a sinking fund suffi- cient to redeem said bonds at the mdturity thereof? FOR the Issuance of Park Bonds. AGAINST the Issuance of Park Bonds. V. Shall the City of Fort Worth, through its City Council, issue its negotiable coupon bonds, running from five (5) to forty (40) years, in the principal sum of One Undrod and Seventy Thousand ($170,000.00) Dollars, for the purpose of purchasing, acquiring and improving playgrounds, athletic fields andnother recreation facil- ities of a permanent nature in said city, the first of said bonds being payable at the expiration of five (5) years from the date thereof, ar_d serially thereafter as may be determined by the said 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 five per cent (5f) per annum from the date thereof, payable semi-annually, and levy c s ufficient tax to pay the interest on said bonds and create a sinking fund sufficient to redeem said bonds at the maturity thereof ? FOUR the Issuance of Recreation Bonds. AGAINST the Issuance of Recreation Bonds. VI. Shall the City of Fort Worth, through its City Council, issue its negotiable coupon bonds, running from five (5) to forty (40) years, in the principal sum of Eighteen Thousand (18,000,00) Dol- lars, for the purpose .of constructing, building and equipping an addition to the City-County Hospital in the .City of Fort Worth, Tex- as, the first of said bonds being p ayable at the expiration of five (5) years from the date thereof, and serially thereafter as may be determined by the said 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 five per cent (5%) per annum from the date thereof, payable semirannually, and levy a sufficient tax to pay the interest on said bonds and create a sink ing fund sufficient to redeem said bonds at the maturity thereof? FOR the Issuance of City-County IIospital Bonds. AGAINST the Issuance of City-Council Hospital Bonds. VII. Shall the City of Fort Worth, through its City Council, issue its negotiable coupon bonds, running from five (5) to forty (40) years, in the- principal sum of One Million Four Hundred Thousand ($1,400,000.00) Dollars, for the purpose of constructing, improving and extending its system of streets and thoroughfates by construct- ing, improving and extending A .now„main ailterial`stredt and thor- oughfare running north and south and a new main arterial street and thoroughfare extending east and west through said city, including in such permanent improvements grade separation, bridges, drainage and the purchase of right of way, the first of said bonds being pay- able at the expiration of five (5) years from the date thereof, and serially thereafter as may be determined by the said 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 five per cant (5%) per annum from the date thereof, payable semi-annually, and levy a sufficient ttx 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 Main Arterial Thoroughfare Bonds. AGAINST the Issuance of Main Arterial Thoroughfare Bonds, WHEREAS, at the election held in said City on the 24th day of November, A. D. 1925, there were 2,824 -votes cast in favor of the issuance of said incinerator bonds and 1,755 votes cast against the issuance of said incinerator bonds, leaving a majority in favor of the issuance of said bonds of 1,069 votes; and WHEREAS, by virtue of said election said City Council is vested with the authority by and from the people to issue said bonds for the purpose aforementioned and make same valid and binding obligations of the corporate govern- ment of the City of Fort Worth, and said City Council deem it advisable and expedient to issue same; and NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH: SECTION I That pursuant to Section 19 of Chapter X V of the Charter of the city of Fort Worth, adopted by the qualified voters within the corporate limits of said City on the 11th day of December, A. D. 1924, and the laws and constitution of this State, and pursuant to a vote of the property tax paying voters of the City of Fort worth, at an election held in said City for such purposes on the 24th day of November, A. D. 1925, that the municipal government of the City of Fort Worth-issue its corporate negotiable coupon bonds in the principal sum of Seventy-one Thousand Dollars ($71,000.00),in the denomination of One Thousand Dollars ($1,000.00) each, dated the 1st day of January, A. D• 1926, bearing interest at the rate of ,4J r. per cent (41%) per annum, payable semi-annually on the first day of July and January of each year respectively, both principal and interest of said bonds payable at the Hanover National Bank in the City of New York, State of New York, the semi-annual interest evidenced by interest coupons attached thereto, all of said bonds to be executed for and on behalf of the City of Fort Worth by the Mayor thereof, attested by its Secretary- Treasurer, with the seal thereon duly impressed, but the interest coupons to be executed with the lithographed fac- simile signature of the Mayor and Secretary-Treasurer of the City of Fort Worth, each of said bonds and coupons shall be negotiable and payable to bearer and said bonds number- ed in the way and manner hereinafter set out, maturing five (5) years from the date thereof and annually thereafter until the last maturing bonds shall become payable within forty (40) years from the date thereof. That the general form of said bonds and the coupons thereto annexed and the interest to be added to said bonds shall be executed in substantially the follow- ing form, to-wit: UNITED STATES OF AMERICK, STATE OF TEXAS, COUNTY OF TARRANT, CITY OF FORT WORTH. Bond of the city of For' Worth (here insert a general description of the pur- poses for which s aid bond is issued) . 'NU. KNOW ALL MEN BY THESE PRESENTS: That the government of the City of Fort Worth, a municipal corporation, duly created under the laws of theState of Texas, hereby acknowledges itself to owe, and for value re- eoived promises to pay, to bearer, One Thousand ($1,000.00) Dol- lars., in lawful money of the United States of America, on the day of - , A. n. 19 together with in- terest thereon at the rate of p-jr centum per annum, payable semi-annually on the first day of July a nd Ja nuary in each year, on presentation and surrender of the annexed interest coupons, as they severally fall duty. Both the principal and interest of thjs bond are payable at the office .of the Hanover National Bank, in New York City, N. Y'.,, 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 ?forth are hereby irrevocable pledged. This bond is one of a series of ( ) bonds numbered consecutively from One (1) to inclusive, ea ch of the denomination of One Thousand Dollars ($1,000.00), amounting in the aggregate to the sun of Dallars ( } . s issued for the purpose of under and by virtue of the Constitution and laws of the State of Texas, the Charter of the City of Fort Worthy and an ordinance of the City Council: of s aid City lawfully passed and adopted on the day of December, A.• D. 1925, pursuant to valid authority from the property tax paying qualified voters of said City, at a proper and legal election held on the 24th day of November,, A. D. 1925. It is hereby further expressly represented, re- cited and covenanted by the government of the City of Fort Worth, to and with each and every holder of said bonds or any one of them, that all acts, conditions and things required by the 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 law- ful 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 levy4and collection of a direct annual tax on all taxable property in the City of Fort l'lorth, 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 TESTIMONY 'WHEREOF, the City of Fort Worth, in the state of Texas, has executed this bond by causing it to be signed `)y its Mayor and Attested by the City Secretary-Treasurer, with the .seal of the City thereunto duly impressed, and has caused the annexed interest coupons to be executed with the lithographed facsimile signature of the Mayor and City Secretary-Treasurer, and dated as the first day of January, A. D. 1926. THE CITY OF FORT 'WORTH, TEXAS, syor ATTEST; (FORM OF COUPON NOTE) NO. The City of Fort Worth, in the State of Texas, promises to pay to bearer Dollars, � ' ; , on the __ day of , A. D. 19 , at the Hanover Naticnal Bank in the City of New York, N. Y., for interest due that day on its municipal bond dated January 1st, A. D. 1926, and numbered TIU i.T_TY OF FORT WORTH, TEXAS, ATTEST: CITY - 'C7 --- i • 1 , P• SECTION II That the bonds so to be issued -by the City of Fort worth, and being Seventy-one Thousand Dollars ($71,000.00), shall be issued for the purpose of constructing, building and equipping an additional incinerator plant for the City of Fort Worth and for purchasing the necessary site there- for, and shall consist of seventy-one (71) bonds, numbered from one (1) to s eventy-one (71) inclusive, and shall bear interest at the rate of4k—Per cent(4j %) per annum, payable semi-annually as aforesaid, and all of said seventy- one (71) bonds shall be known as Series No. 47, and styled and designated. as "Incinerator Bonds". SECTION III That the order of the maturity of said bonds with their numbers, denominations and amounts of same shall be as set out in the tabulated statement herewith attached and made a part hereof, as follows: CITY OF FORT NORTH PRINCIPAL MATURITIES $71,000. INCINERATOR BONDS -:. TED JAN 1SFf 1926 DUB JAB 15T PRINCIPAL MATURING 1931 $19000: 32 1,000; 33 1,000. 34 1;100. 35 1,000• 36 1,000; 37 11000; 38 1!000. 39 Zs0O00 40 1;0oo. 41 1.000. 42 1,000. 43 1,000. 44 1,000. 45 10000. 46 21000. 47 $,000. 48 29"000. 49 2,000• 50 ?,000. 51 2,000. 52 2,00O,. 53 2,000. 54 20,0006 55 2,0000- 56 ,000056 2,000; 57 2�o00. 58 20,000i 59 30'000: 60 36,000; 61 3,000: 62 3,000'. 63 4,000: 64 4000: 65 MOO. 66 5,000. SECTION IV That the said bonds are hereby authorized to be sold to the best 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 placed in the Treasury of the City of Fort worth and utilized for the special purposes for which such bonds are created. SECTION V That for the purpose of creating a sinking fund for the payment and complete extinguishment of the fore- going bonded debt, principal and interest and all and every part of same, there is hereby levied and there shall be assessed and collected, as provided by law, set apart and appropriated for said purpose, an annual,direct, special ad valorem tax for the year 1926 and for each successive year thereafter during the life of said bonded debt, or any part thereof, of .3 cents (.3 ji) (or such an amount as may be necessary and adequate, be it more or less) on every One Hundred Dollars ($100.00) of property valua- tion, real, personal and mixed, subject to taxation and not exempt therefrom under the constitution and laws of the State of Texas, situated and owned in the City of Fort worth on the first day of January, x. D. 1926, and on the first day of January of each year thereafter, until said debt represented by said bonds and coupon interest notes shall have been fully paid, and if at any time such tax should be insufficient, then it shall be the duty of the City Council, or other governing 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 shall have been paid and the sinking fund established as required by the constitution of the State of Texas and by the Charter of the City of Fort Worth. SECTION VI That it shall be the duty of the City Council of the City of Fort Worth, and their successors in office, and of the government of said City of Fort Worth, in levying taxes for general purposes in said City for the year 1926, and for every successive year during the life of said bonded debt, or any part thereof, to include in such levy a special tax of .3 cents (.3 �) on the one Hundred Dollars (*90.00) ,property valuation (or so much thereof as may be requisite and necessary) provided for in the next preceding section of this ordinance and such special tax shall on no account whatsoever be displaced therefrom. SECTION VII 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 extlh&ishment 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. SECTION VIII That as soon as convenient after said bonds shall have been prepared and signed in the manner prescribed by this ordinance, they shall be submitted to the Attorney General of the State of Texas, at Austin, together with a certified copy of this ordinance and a statement of the total bonded indebtedness of the city of Fort Worth, in- i A eluding the boards herein and hereby authorized and the assessed value of the taxable property in said City for his approval, and none of said bonds shall be negotiated, sold or transferred until the same shall have received the official sanction of $aAd avlwoi3 tr y Cranpr47., as prescrib- ed by law, thereafter said bonds shall be placed with the Comptroller of Public Accounts for registration. SECTION IX The City Secretary-Treasurer of the City of Fort Worth, or other lawful custodian of such funds, dur- ing the months of June and December of each and every year, during the life of said bonds or any part thereof, and not later than the 20th day of each of said months, shall transmit sufficient money out of the interest funds here- inbefore created for the payment of the semi-annual interest accruing on said bonds to the Hanover National Bank of the City of New York, State of New York, and likewise re- mittance shall be made in due course to provide for the payment of the principal of any of said bonds in advance of the maturity of same. SECTION X All ordinances and parts of ordinances in con- flict herewith be and they are hereby expressly repealed. SECTION XI The holding or adjudication of any section, por- tion 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 XII That this ordinance shall take effect and be in full force from and after the date of its passage and it is so ordained. CITY OF FORT WORTH, TEXAS APPROVED AS TO FORM:- BY mayor City Attorney BY City Manager ATTEST: City Secre ary- reasurer Nater H. 0. Beacham, presiding at said meeting, submitted the mok!As-to adoyj; said Ordinance and all of they Councilmer, inaltkdina the Mayor s4,,!lye 0 thereon and none voted "no% and the motion to adopt the Ordinance was declared to be unanimously passed and adopted. STATE OF TEXAS COUNTY OF TARRANT j I, I. L. Van Zandt, Jr., City Secretary-Treasurer of the City of Fort Worth, do hereby certify that the above and foregoing Ordinance is a true and correct copy of Ordinance No. . , and that same was unanimously passed and adopted by the City Council of the City of Fort Worth, Texas, at a regular meeting held in the Council Chambers at the City Hall on Tuesday the 29th day of December, A. D. 1925. WITNESS my hand at Fort Horth, Texas, this the day of December, A. D. 1925* city acre ary- easurer.