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HomeMy WebLinkAboutOrdinance 3607 - ORDINANCE N0. 3607 AN ORDINANCE AMENDING SECTION 401, ARTICLE IV OF ORDINANCE NO. 3598, BEING AN ORDINANCE AUTHORIZING THE ISSUANCE OF REVENUE BONDS OF THE CITY OF FORT WORTH IN THE AGGREGATE PRINCIPAL AMOUNT OF FOUR MILLION, FIFTY THOUSAND DOLLARS ($4,050,000._00) OUT OF AN AUTHORIZED ISSUE OF EIGHTEEN MIL- LION DOLLARS ($18,000,000.00); PROVIDING AN EFFECTIVE DATE AND PROVIDING THE REPEAL OF THE PROVISIONS OF OTHER ORDI- NANCES IN CONFLICT HEREWITH. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: ARTICLE I. Section 401, Article IV of Ordinance No. 3598 passed and adopted by the City Council of the City of Fort Worth on Wednesday, the 27th day of February, 1957, is hereby amended and after being so amended shall read as follows: "Section 401. Where used in this ordinance (1) the term 'Systems' shall be deemed to include all properties of every nature owned or used by the City and used or useful in the operation of the City Water System or the City Sewer System, including real estate, personal and intangible properties, whether lying within or without the boundaries of the City, and shall include all improvements, additions and extensions which may hereafter be made to said properties or Systems; (2) the term 'Operating Expenses' shall mean the reasonable and proper expenses of operating and maintaining the Systems, including, without limiting the generality of the foregoing, expenditures for salaries, labor, materials, interest, re- pairs and extensions necessary to enable the Systems to ren- der efficient service, and every proper item of expense, but such repairs and extensions shall be limited to those which in the ,judgment of the City Council are necessary to keep the Systems in operation and to render adequate service to the City and the inhabitants thereof, or necessary to meet some physical accident or condition which would otherwise impair such Systems and the Revenues thereof; (3) the term 'Reve- nues' shall mean the gross revenue and income derived by the City from the operation of the Systems; (4) the term 'Net Revenues' shall mean the amount by which the aggregate of the Revenues received by the City in any year shall ex- ceed the amount required to pay the Operating Expenses of such year; (5) the term 'Issued Bonds' shall mean the $2,000,- 000.00 Water and Sewer Revenue Bonds dated March 1, 1949, is- sued pursuant to the ordinance entitled 'An ordinance provi- ding for the issuance of revenue bonds of the City of Fort Worth in the aggregate principal amount of Two Million Dol- lars ($2,000,000.00) to finance the improvement, extension and enlargement of the City's Water and Sewer Systems; pro- viding for the payment of such bonds solely from the revenues of such Systems; pledging a portion of such revenues to such payment; entering into certain covenants 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 Council on April 20, 1949, the $2,650,000.00 Water and Sewer Revenue Bonds dated r September 1, 1949, issued pursuant to the ordinance entitled 'An ordinance providing for the issuance of revenue bonds of the City of Fort Worth in the aggregate principal amount of Two Million, Six Hundred and Fifty Thousand Dollars ($2,650,- t 000.00), in addition to an installment of Two Million Dollars ($2,000,000.00) of revenue bonds heretofore issued and sold out of an authorized issue of Eighteen Million Dollars ($18;- 000,000.00), to finance the improvement, extension and enlarge- ment of the City's Water and Sewer Systems; providing for the payment of such bonds solely from the revenues of such Systems; pledging a portion of such revenues to such payment; entering into certain covenants and agreements with respect to the op- eration of such Systems and the application of the revenues de- rived therefrom; and repealing all ordinances in conflict here- with,' adopted by the City Council on September 14, 1949, the $6,000,000.00 Water and Sewer Revenue Bonds dated March 1, 1951, issued pursuant to the ordinance entitled 'An ordinance provi- ding for the issuance of revenue bonds of the City of Fort Worth in the aggregate principal amount of Six Million Dollars ($6,000,- 000.00), in addition to two installments aggregating Four Million, Six Hundred and Fifty Thousand Dollars ($4,650,000.00) of revenue bonds heretofore issuect and sold out of an authorized issue of Eighteen Million Dollars ($18,000,000.00), to finance the im- provement, extension and enlargement of the City's Water and Sewer Systems; providing for the payment of such bonds solely from the revenues of such Systems; pledging a portion of such revenues to such payment; entering into certain covenants 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 Council on February 28, 1951, which ordinance was amended on March 7, 1951, the $4,250,- 000.00 Water and Sewer Revenue Bonds dated March 1, 1952, issued pursuant to the ordinance entitled 'An ordinance providing for the issuance of revenue bonds of the City of Fort Worth in the aggregate principal amount of Four Million, Two Hundred and Fifty Thousand Dollars ($4,250,000.00), in addition to three install- ments aggregating Ten Million, Six Hundred and Fifty Thousand Dollars ($10,650,000.00) of revenue bonds heretofore issued and sold out of an authorized issue of Eighteen Million Dollars ($18,000,000.00), to finance the improvement, extension and en- largement of the City's Water and Sewer Systems; providing for the payment of such bonds solely from the revenues of such Sys- tems; pledging a portion of such revenues to such payment; en- tering into certain covenants and agreements with respect to the operation of such Systems and the application of the revenues de- rived therefrom; and repealing all ordinances in conflict here- with,' adopted by the City Council on February 27, 1952, the $3,100,000.00 Water and Sewer Revenue Bonds dated March 1, 19531 issued pursuant to the ordinance entitled 'An ordinance providing for the issuance of revenue bonds of the City of Fort Worth in the aggregate principal amount of Three Million, One Hundred Thousand Dollars ($3,100,000.00), in addition to four install- ments aggregating Fourteen Million, Nine Hundred Thousand Dollars ($14,900,000.00) of revenue bonds heretofore issued and sold out of an authorized issue of Eighteen Million Dollars ($18,0002000.00), to finance the improvement, extension and enlargement of the City's Water and Sewer Systems; providing for the payment of such bonds solely from the revenues of such Systems; pledging a portion of such revenues to such payment; entering into certain covenants 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 Council on February 18, 1953, the $3,000,000.00 Water and Sewer Revenue Bonds dated March 1, 1954, issued pursuant to the ordinance en- titled 'An ordinance providing for the issuance of revenue bonds of the City of Fort Worth in the aggregate principal amount of Three Million Dollars ($3,000,000.00) out of an authorized issue of Fifteen Million Dollars ($15,000,000.00),. in addition to Eighteen Million Dollars ($18,000,000.00) of revenue bonds previously authorized and issued, to finance the improvement, extension and enlargement of the City's Water and Sewer Systems; providing for the payment of such bonds solely from the revenues of such Systems; pledging a portion of such revenues to such payment; entering into cer- tain covenants 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 Council on March 10, 1954, the $3,500,000- 00 Water and Sewer Revenue Bonds dated March 1, 1955, issued pursuant to the ordinance entitled 'An ordinance providing for the issuance of revenue bonds of the City of Fort Worth in the aggregate principal amount of Three Million, Five Hundred Thou- sand Dollars ($3,500,000.00), in addition to an installment of Three Million Dollars ($3,000,000.00) of revenue bonds hereto- fore issued and sold out of an authorized issue of Fifteen Mil- lion Dollars ($15,000,000.00) and in addition to Eighteen Million Dollars ($18,000,000.00) of revenue bonds previously authorized. and issued, to finance the improvement, extension and enlargement of the City's Water and Sewer Systems; providing for the payment of such bonds solely from the revenues of such Systems; pledging a portion of such revenues to such payment; entering into certain covenants 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 Council on February 23, 1955, and the $5,000,000.00 Water and Sewer Revenue Bonds dated March 1, 1956, issued pur- suant to the ordinance entitled 'An ordinance providing for the issuance of revenue bonds of the City of Fort Worth in the aggre- gate principal amount of Five Million Dollars ($5,000,000.00), in addition to two installments of revenue bonds aggregating Six Million, Five Hundred Thousand Dollars ($6,500,000.00) heretofore issued and sold out of an authorized issue of Fifteen Million Dollars ($15,000,000.00) and in addition to Eighteen Million Dol- lars ($18,000,000.00) of revenue bonds previously authorized and issued, to finance the improvement and extension of the City's Water and Sewer Systems; providing for the payment of such bonds solely from the revenues of such Systems; pledging a portion of such revenues to such payment; entering into certain covenants 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 Coun- cil on February 29, 1956, and the $1,950,000.00 Water and Sewer Revenue Bonds dated March 1, 1957, issued pursuant to the ordi- nance entitled 'An ordinance providing for the issuance of reve- nue bonds of the City of Fort Worth in the aggregate principal amount of One Million, Nine Hundred and Fifty Thousand Dollars ($1,950,000.00), in addition to Three installments of revenue bonds aggregating Eleven Million, Five Hundred Thousand Dollars ($11,500,000.00) heretofore issued and sold out of an authorized issue of Fifteen Million Dollars ($15,000,000.00) and in addition to Eighteen Million Dollars ($18,000,000.00) of revenue bonds previously authorized and issued, to finance the improvement and extension of the City's Water and Sewer Systems; providing for the payment of such bonds solely from the revenues of such Systems; pledging a portion of such revenues to such payment; entering into certain covenants 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 Council on February 27, 1957; and (6) the term 'First Issue Bond Ordinance' shall mean the ordinance adopted by the City Council on April 20, 1949." ARTICLE II. The provisions of all ordinances in conflict herewith are hereby repealed insofar as they conflict herewith. ARTICLE III. This ordinance shall take effect and be in full force and effect from and after the date of its passage. yor of thd City of Fort Worth, Texas ATTES 'Ci'ty Mcretary of the City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: City Attorney of the City of Fort Worth, Texas