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HomeMy WebLinkAboutOrdinance 4707 ORDINANCE NO. -_� EWORTH.E111EX. ORD ��-�-j'�- ARY AN ORDINANCE PROVIDING FOR THE ISSUANCE OF THRE MILLION, THREE HUNDRED THOUSAND DOLLARS ($3,300,000.00) OF SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BONDS, SERIES 96, OF THE CITY OF FORT WORTH, TEXAS, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THERE- OF AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, it is deemed advisable and to the best interest of the City of Fort Worth that certain improvement bonds au- thorized at an election previously held in said City be issued and sold at this time, the date of election, the amount of bonds authorized thereat, purpose, the amount of bonds previously sold and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT ELECTION AUTHORIZED PURPOSE SOLD NOW OFFERED Jan. 24, $19,000,000 Sanitary $2,470,000 $3,300,000 1961 Sewer Sys- tem and Sewage Dis- posal Plant NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That the bonds of said City to be called "Sanitary Sewer System and Sewage Disposal Plant Bonds, Series 96, " be issued under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said City, for the following purpose, to wit: for the purpose of making permanent city improvements by improving, extending and enlarging the sanitary sewer system and sewage disposal plant of said City, and acquiring the neces- sary lands therefor, said bonds amounting in the aggregate to the sum of Three Million, Three Hundred Thousand Dollars ($3,300,000.00) . SECTION 2. That said bonds shall be numbered from twenty-four hun- dred and seventy-one (2,471) to thirty-one hundred and thirty (3,130) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Three Million, Three Hun- dred Thousand Dollars ($3,300,000.00) . SECTION 3. That said bonds shall be dated August 1, 1962, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 2,471 to 2,496, both incl. August 1, 1963 $130,000.00 2,497 to 2,522, both incl. August 1, 1964 130,000.00 2,523 to 2,548, both incl. August 1, 1965 130,000.00 2,549 to 2,574, both incl. August 1, 1966 130,000.00 2,575 to 2,600, both incl. August 1, 1967 130,000.00 2,601 to 2,626, both incl. August 1, 1968 130,000.00 2,627 to 2,652, both incl. August 1, 1969 130,000.00 2,653 to 2,678, both incl. August 1, 1970 130,000.00 2,679 to 2,704, both incl. August 1, 1971 130,000.00 2,705 to 2,730, both incl. August 1, 1972 130,000.00 2,731 to 2,756, both incl. August 1, 1973 130,000.00 2,757 to 2,782, both incl. August 1, 1974 130,000.00 2,783 to 2,808, both incl. August 1, 1975 130,000.00 2,809 to 2,834, both incl. August 1, 1976 130,000.00 2,835 to 2,860, both incl. August 1, 1977 130,000.00 2,861 to 2,887, both incl. August 1, 1978 135,000.00 2,888 to 2,914, both incl. August 1, 1979 135,000.00 x,915 to 2,941, both incl. August 1, 1980 135,000.00 2,942 to 2,968, both incl. August 1, 1981 135,000.00 2,969 to 2,995, both incl. August 1, 1982 135,000.00 2,996 to 3,022, both incl. August 1, 1983 135,000.00 3,023 to 3,049, both incl. August 1, 1984 135,000.00 3,050 to 3,076, both incl. August 1, 1985 135,000.00 3,077 to 3,103, both incl. August 1, 1986 135,000.00 3,104 to 3,130, both incl. August 1, 1987 135,000.00 SECTION 4. That said bonds shall bear interest at the rates as follows: Bonds Nos. 2,471 to 2,756, both incl., 5% per annum; Bonds Nos. 2,757 to 2,782, both incl., 4-1/2% per annum; Bonds Nos. 2,783 to 2,968, both incl., 3.40% per annum; Bonds Nos. 2,969 to 3,076, both incl., 3-1/2% per annum; and Bonds Nos. 3,077 to 3,130, both incl., 1/10°% per annum, payable February 1, 1963, and semi-annually thereafter on Aug- ust lst and February 1st of each year. SECTION 5. That the principal of and interest on said bonds shall be payable upon presentation and surrender of bond or proper coupons at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York. SECTION 6. That each of said bonds shall be executed for and on be- half of the City of Fort Worth, Texas, by the facsimile signa- ture of the Mayor, approved as to form and legality by the fac- simile signature of the City Attorney, and attested manually by the City Secretary, with the seal of the City thereon duly impressed or affixed, and the interest coupons shall be executed with the lithographed or printed facsimile signatures of the Mayor and City Secretary of the City of Fort Worth, Texas, and such facsimile signatures shall have the same effect as if man- ually placed on said bonds. SECTION 7. That the form of said bonds shall be substantially as follows: NO. $5,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BOND SERIES 96 The City of Fort Worth, in the County of Tarrant, State of Texas, a municipal corporation duly incorporated under the laws of the State of Texas, for value received, hereby promises to pay to the bearer hereof, on the lst day of August, 19 , the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon from date hereof at the rate of % per annum, evidenced by coupons payable February 1, 1963, and semi-annually thereafter on August lst and February lst of each year, both principal and interest payable upon presentation and surrender of bond or proper coupon at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York, and the City of Fort Worth, Texas, is hereby held and firmly bound, and its faith and credit and all taxable property in said City are hereby pledged for the prompt payment of the principal of this bond at maturity and the interest thereon as it accrues. This bond is one of a series of six hundred and sixty (660) bonds of like tenor and effect, except as to number, interest rate and maturity, numbered from twenty-four hundred and seventy-one (2,471) to thirty-one hundred and thirty (3,130) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Three Million, Three Hundred Thousand Dollars ($3,300,000.00) for the purpose of making permanent city improvements by improving, extending and enlarg- ing the sanitary sewer system and sewage disposal plant of said City, and acquiring the necessary lands therefor, under and by virtue of the Constitution and laws of the State of Texas and the Charter of said City, and pursuant to an ordinance passed by the City Council of the City of Fort Worth, Texas, which ordinance is duly of record in the Minutes of said City Council. The date of this bond in conformity with the ordinance above mentioned is August 1, 1962, AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond, and the series of which it is a part, is duly au- thorized by law and by a vote of the resident, qualified elec- tors who own taxable property in said City and who had duly ren- dered the same for taxation in the City of Fort Worth, Texas, voting at an election held for that purpose within said City on January 24, 1961; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision for the levy and collection of taxes has been made, which, when collected, shall be appropriated exclusively to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons hereto annexed as the same shall become due; and that the total indebtedness of said City of Fort Worth, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional, statutory or charter limitation. IN WITNESS WHEREOF, this bond has been signed by the im- printed or lithographed facsimile signature of the Mayor of said City, countersigned by the manual signature of the City Secretary, and approved as to form and legality by the imprinted or lithographed facsimile signature of the City Attorney, and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signatures of the Mayor and City Secretary, and the official seal of said City has been duly impressed, or printed, or lithographed on this bond. CITY OF FORT WORTH, TEXAS ATTEST: BY Mayor City Secretary APPROVED AS TO FORM AND LEGALITY: City Attorney That the form of coupon shall be substantially as fol- lows: The City of Fort Worth, in the State of on the first day of Texas, promises to pay to bearer at the Manu- Feb., 19 _ facturers Hanover Trust Company, in the City Aug., of New York, New York, for interest due that NO. - $ day on its Sanitary Sewer System and Sewage SERIES 96 Disposal Plant Bond, Series 96, dated August 1, BOND NO. 1962. CITY OF FORT WORTH, TEXAS BY ATTEST: Mayor City Secretary That substantially the following certificates shall be printed on the back of each bond: (CERTIFICATE OF COMPTROLLER) OFFICE OF COMPTROLLER STATE OF TEXAS I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas and the Charter of said City, 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 (CERTIFICATE OF CITY ATTORNEY) The within bond is hereby approved as to form and legality. City Attorney SECTION 8. That the proceeds from all taxes collected for and on account of this series of bonds shall be credited to an Interest and Redemption Fund for the purpose of paying the interest as it accrues and to provide a sinking fund for the purpose of paying each installment of principal as it becomes due; that for each year thereafter while any of said bonds, or interest thereon, are outstanding and unpaid, there shall be computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest approved rolls of said City as will be requisite and sufficient to make, raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund sufficient to pay the principal as it matures, or at least 2% of the outstanding prin- cipal as a sinking fund, whichever is greater, full allowances being made for delinquencies and costs of collection; that a tax at the rate as hereinabove determined is hereby ordered to be levied and is hereby levied against all of the taxable prop- erty in said City for each year while any of said bonds, or in- terest thereon, are outstanding and unpaid; that the said tax each year shall be assessed and collected and placed in the Interest and Redemption Fund; and that the City Treasurer shall honor warrants against said fund for the purpose of paying the interest maturing and principal of said bonds and for no other purpose. SECTION 9. That to pay the principal and interest scheduled to ma- ture on February 1 and August 1, 1963, there is hereby appro- priated the sum of Two Hundred Fifty-eight Thousand, One Hundred Forty and no/100 Dollars ($258,140.00) from funds of the City available for such purpose; and that the money thus appropriated shall be used for no other purpose than to pay said principal and interest. SECTION 10. That the bonds herein authorized shall be presented to the Attorney General of the State of Texas for examination and approval and to the Comptroller of Public Accounts for regis- tration; that upon registration of said bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller°s certificate of registration prescribed herein to be printed on the back of each bond; and that the seal of the Comptroller shall be impressed, or printed, or lithographed on each of said bonds. SECTION 11. That the sale of the bonds herein authorized to Harris Trust and Savings Bank, of Chicago, Illinois, and Associates, at a price of par and accrued interest to date of delivery, plus a premium of $2,375.00, is hereby confirmed; and that delivery of such bonds shall be made to such purchasers as soon as may be after the passage of this ordinance upon payment therefor in accordance with the terms of sale. SECTION 12. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 13. 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. 77!_/ the City of Fort worth, Texas ATT�S . C ty ecretary of the City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: / City Attorney of the City of Fort Worth, Texas