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HomeMy WebLinkAboutOrdinance 1715 ORDINANCE NO.Z7ZJ- AN ORDINANCE PROVIDING FOR THE ISSUANCE OF : .TERIORKS REVENUE BONDS OF THE GOVERNMENT OF THE CITY OF FORT `JORTH, TEXAS, AMOUNTING TO THE PRINCIPAL SUM OF FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) AND BEING KNOWN AS SERIES 1931, AND DESIGNATED :,S "' -:TER'cJORK3 REVENUE BONDS", TO BE ISSU D G'OR THE PURPOSE OF REP., IRING, ENLARGING AND EXTENDING THE FILTRATION, AERATIOx. AND SEDIMENT—TION PLANT OF THE FORT VORTH CITY TERIVORKS, EACH OF SAID BONDS TO BE IN THE DENOMINATION OF ONE THOUSAND DOL— LARS ($1,000.00), EACH TO BE DATED FEBRUARY 1, 1931, MA— TURING FRDM FIVE (5) TO THIRTY (30) YEARS FROM THE DATE THEREOF AND TO BEAR INTEREST AT THE RATE OF FOUR AND THREE—FOURTHS PER CENT (4-3/4%) PER ANNUM, PAYABLE SEMI— ANNUALLY, THE INTEREST TO BE EXPRESSED IN COUPON NOTES ATTACHED TO THE BONDS; PROVIDING FOR THE PLEDGING AND ENCUMBERING OF THE RECEIPTS FROM THE INCOME AND REVENUES OF THE ." TERTNORKS FOR THE PURPOSE OF PROVIDING � FUND TO PAY THE PRINCIPAL AND INTEREST ON SAID BONDS; PROVID— ING THAT S..ID BONDS SIIALL NEVER BE RECKONED IN DETER— MINING THE DEBT LIMITATIONS IMPOSED ON THE CITY NOR AS AN ACT OF CREATING OR INCURRING INDEBTEDNESS AGAINST IT, PROVIDING FOR THE APPROVAL OF THE BONDS BY THE ATTORNEY GENERAL AND THEIR REGISTRATIOI. BY THE COMPTROLLER, AND FOR THE DELIVERY OF THE BONDS TO THE PURCHASER, DIRECT— ING THAYTHE SAID BONDS BE .2 .3CUTED B_ THE MAYOR AND SECRETA —TREASURER FOR THEIR DELIVERY TO THE PURC '-,SER; AND REPEALING ALL ORDINANCES AND RESOLUTIONS AND PARTS THEREOF IN CONFLICT HER,t9ITH TO THE EXTENT OF SAID CON— FLICT. WHEREAS, moneys are needed for repairing, enlarging and extending the filtration, aeration and sedimentation plant of the Fort 'North City 49aterworks so as to make said properties adequate to the growing needs of the expanding- population of said City; and, rVHERZAS, by virtue of the Charter of the City of Fort North and the Statutes of the State of Texas, the City Council of said City is vested with full power and authority to issue bonds secured by the receipts from the income and revenues of the Water Department for the purpose of repairing, enlarging and extending the Waterworks of said City; and, WHEREAS, it is deemed wise and expedient by the said City Council, in the exercise of the discretion reposed in it by law, that Five Hundred Thousand Dollars ($500,000.00) worth of said bonds be issued at this time and that they be designated as "Waterworks Revenue Bonds, Series 1931"; and, WHEREAS, the City Council has determined and so ad- judges that the margin between actual expenses for operation and maintenance and the receipts from the income and revenues of the Water Department will create a surplus fund far in excess of any amount that will be required to meet the principal and interest payments on the bonds sought to be issued, and that it will be unnecessary ever to resort to other Bands of the City to pay such principal and interest; and, WHEREAS, the gross receipts from the income and revenues of the Water Department are more than One Million Dollars 01,000,000,00) annually and the City Council has the Statutory, Constitutional and Charter power to increase and augment this amount, if necessary, by the promulgation of new rate structures, and consequently the City of Fort 'North will never be ember- rassed by reason of its inability to meet the obligations herein created, NOw, THERtFORE, f BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FO RT 'NO RTH: SECTION I. There shall be executed and issued by the City of Fort Worth Waterworks Revenue Bonds dated February 1, 1931, bearing interest at the rate of four and three-fourths per cent (4*%) per annum, payable Ausust 1, 1931, and semi-annually there- after on February 1 and August 1, in the denomination of One Thousand Dollars ( 1,000.00) each, numbered from one (1) to five hundred (500), inclusive, aggregating Five Hundred Thousand Dollars ($500,000.00), and maturing as follows: BOND NUMBERS MATURITY DATES AMOUNTS 1 - 20 February 1, 1936 $20,000.00 21 - 40 February 1, 1937 20,000.00 41 - 60 February 1, 1938 20,000.00 61 - 80 February 1, 1939 20,000.00 81 - 100 February 1, 1940 20,000.00 101 - 120 February 1, 1941 20,000.00 121 - 140 February 1, 1942 20,000.00 141 - 160 February 1, 1943 20,000.00 161 - 180 February 1, 1944 20,000.00 181 - 200 February 1, 1945 20,000.00 201 - 220 February 1, 1946 20,000.00 221 - 240 February 1, 1947 20,000.00 241 - 260 February 1, 1948 20,000.00 261 - 280 February 1, 1949 20,000.00 281 - 300 February 1, 1950 20,000.00 301 - 320 February 1, 1951 20,000.00 321 - 340 February 1, 1952 20,000.00 341 - 360 February 1, 1953 20,000.00 361 - 380 February 1, 1954 20,000.00 381 - 400 February 1, 1955 20,000.00 401 - 420 February 1, 1956 20,000.00 421 - 440 February 1, 1957 20,000.00 441 - 460 February 1, 1958 20,000.00 „461 - 480 February 1, 1959 20,000.00 `481 - 500 February 1, 1960 20,000.00 SECTION II. The principal and interest of said bonds shall be payable at the Central Hanover Bank & Trust Company of New York City, in the State of New York, the semi-annual interest being evidenced by interest coupons attached thereto. All of said bonds shall be executed for and in behalf of the City of Fort Porth by the Mayor thereof, attested by the Secretary-Treasurer with the seal of the City thereon duly impressed, but the interest coupons shall be executed with the lithographed facsimile signature of the Mayor and Secretary-Treasurer of the City of Fort 'North, and each of said bonds and coupons shall be negotiable and payable to bearer. SECTION III. The form of said waterworks revenue bond and coupon shall be substantially as follows: (FORM OF BOND) NO. $1,000.00 UNITED STATES OF AMERICA STAT OF TEXAS COUNTY OF TARRANT 'Waterworks Revenue Bond of the City of Fort Worth, Series 1931, Issued for the Purpose of Repairing, Enlarging and Ex- tending the Filtration, Aeration and Sedimenta- tion Plant of the Waterworks of said City. KNOW ALL MEN BY THESE PRESENTS: That the Government of the City of Fort Worth, a municipal corporation, duly organized and created under and by virtue of the Laws of the State of Texas, hereby acknowledges itself to owe and for value received promises to pay to bearer, solely from in- come and revenues of the Waterworks of said City, ONE THOUSAND DOLLARS ($1,000.00) in lawful money of the. United States of America, on the 1st day of February, D. 19 , together with interest thereon at the rate of four and three-fourths per centum (4'%) per annum, pay- able semi-annually on the 1st day of August and February 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 & Trust Company in New York City, New York, and the Secretary- Treasurer of the City of Fort orth, Texas, is hereby authorized, ordered and directed to pay to bearer hereof the said principal sum, together with the interest thereon, evidenced by the coupons hereto annexed, both principal and interest payable when due at the bank above named, out of the receipts from the income and revenues of the Waterworks of said City. This bond is one of a series of five hundred (500) bonds numbered consecutively from one (1) to five hundred (500) inclusive, each of the denomination of One Thousand Dollars (41,000.00) amount- ing in the aggregate to the sum of Five Hundred Thousand Dollars 0500,000.00) issued for the purpose of repairing, enlarging and extending the filtration, aeration and sedimentation plant of the Fort Worth City Waterworks, under and by virtue of the Laws of the State of Texas and the Charter of the City of Fort Worth. The City of Fort orth covenants, agrees and stipulates that there is hereby set aside, pledged and appropriated, and that there will be devoted to the payment of the principal and interest of this obligation a sufficient amount of money out of the receipts from the income and revenues of the Water Department of said City to fully pay, satisfy, discharge and extinguish at the matu- rity thereof the principal and interest of this obligation, as same become due and payable under the terms thereof, and the funds of said Department arising from said source are hereby pledged to the full and prompt payment of this obligation and the interest thereon as same mature, but the holder hereof shall never have the right to demand payment of this bond out of any funds raised or to be raised by taxation. It is hereby certified and recited that all acts, conditions and things required to be done, precedent to and in the issuance of this obligation, have been properly done, have happened and have been performed in regular and due time, form and manner as required by the Laws of the State of Texas and the Charter of the City of Fort Worth, and that provision has been made for the pay- ment of the principal and interest of this obligation and the series of which it is a part by the pledge of the receipts from the income and revenues of the '.�!terworks System as hereinabove recited. This bond and the series of which it is a part is direct- ly secured by a lien on the receipts from the income and revenues of the Fort orth City Waterworks, and the City of Fort Worth pledges its full faith and credit to exercise its charter powers and all lawful means in order that proper rates will be maintain- ed and that due collection thereof be made to the end that this bond and interest thereon will be paid according to its tenor and effect. IN TESTIMONY WHEREOF, the City of Fort Worth has caused its corporate seal to be hereto affixed and this bond to be sign- ed by its Mayor, attested by its Secretary-Treasurer and the in- terest coupons hereto attached to have lithographed or engraved thereon a facsimile of the signatures of the said Sayor and the Secret&ry-Treasurer, this 1st day of February, A. D. 1931. Mayor, City of FortWorth, Texas - ATTESTED: Secretary-Treasurer, City of Fort Worth, Texas (FORDS OF COUPON) NO. The City of Fort Worth, in the State of Texas, promises to pay to bearer, solely from income and revenues of the Waterworks of said City as described in the bond to which this coupon is at- tached, Dollars ($ ) on the day of , A. D. 19 , at the Central Hanover Bank & Trust Company of New York City, New York, for in- terest due that day on its .Vaterworks Revenue Bond, Series 1931, dated , and numbered THE CITY OF FORT WORTH, TEXAS ATTEST: My ecre ery-Treasurer SECTION IV. For the purpose of paying the principal and interest of said bonds, a special fund is hereby created which shall be desig- nated "Waterworks Revenue Bond Fund, Series 1931", and for the purpose of creating a sinking fund for the payment and complete extinguishment of the principal and interest on said bonds and all and every part of same, the Secretary-Treasurer is hereby ordered and directed to set apart and appropriate into a special fund out of the receipts from the income and revenues of the Fort Worth Waterworks for the year 1931,and for each successive year thereafter during the life of said bonds or any part thereof, the sum of 2-Forty-three Thousand, Seven Hundred and Fifty Dollars (A43,750.00) (or such an amount as may be necessary and adequate be it more or less) and if at any time such an amount 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 receipts from the income and revenues from the Water Department of said City as may be requisite to supply the deficiency until all inter- est shall have been paid and the sinking fund established to pay the principal on said bond. SECTION Y. The Waterworks Revenue Bonds authorized by this ordinance shall never be reckoned in determining Charter, Constitutional or Statutory limitations imposed on the City of Fort Worth re- stricting its powers to issue bonds for any purpose. Neither shall the issuance of said bonds constitute the incurring of in- debtedness or the creation of indebtedness as contemplated in the provisions of Sections 5 and 7 oP Article 11 of the Constitution z_ of Texas. SECTION VI. Said bonds and the transcript of the record thereof shall be presented to the Attorney General for his approval, and they shall thereafter be registered by the Comptroller of the State of Texas. SECTION VII. After said bonds shall have been registered by the Comp- troller of the State of Texas, they shall be delivered to the purchaser. SECTION VIII. That it shall be the duty of the City Council of the City of Fort Worth and its successors and of the government of the City of Fort Porth and they hereby bind and obligate themselves to pass all ordinances, resolutions and to do and perform every- thing that may be necessary to put into force and effect rates that will insure revenues at all times adequate and sufficient to pay the principal of said bonds as it shall mature and the interest thereones it shall become due. SECTION IX. That the secretary-Treasurer of the City of Fort 'Porth or other lawful custodian of such funds, during the months of July and January of each and every year during the life of said bonds, or part thereof, and not later than the 20thcday of each of said months, shall transmit sufficient money out of the in- terest funds hereinbefore created for the payment of the semi- annual interest accruing on said bonds to the Central Hanover Bank & Trust Company of the City of New York, State of New York, and likewise remittance 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 resolutions and parts thereof in conflict herewith are hereby expressly repealed to the extent of said conflict. SECTION XI. That this ordinance shall take effect and be in full force and effect from the date of its passage and it is so ordain- ed. Mayor, City of FortWorth, Tez4a ATTEST: ecr® ary- reasurer oT the y of Fort Worth, Texas APPROVED AS TO FORM: City Attorney, City Of Fort Worth, Texas