Loading...
HomeMy WebLinkAboutOrdinance 1920 ORDNANCE BD* 1920 AN ORDINANCE TO PROVIDE FOR TO ISSUANCE OF TWENTY--NM THOUSAND DOLLARS ($29,OOO.00) WORTH OF AIRPORT IMPROVEIENT WARRANTS, MMM 1936, IN ADDITION TO NINETY-SIX THOUSAND DOLLARS ($96,000.00) WORTH OF SAID WARRANTS HERETOFORE ISSUED, FOR THE PURPOSE OF MAKING PERMLN NT IMPROVEMENTS AT THE MUNICIPAL AIRPORT IN THE CITi OF FORT WORTH, BY PURCHASING AND INSTALLING MMTRICAL EQUIPMENT AND MATERIALS AND BY CONSTRUCTING L NEON IDENTIFICATION SIGN AND NEON WIND TES D ORDER TO PROVIDE AMDA.TE TERMINAL FACILITIES FOR SAID AIRPORT; TO PROVIDE FOR A TAX LEVY OF .3002 CENTS ON THE $100.00 PROPERTY VALUATION TO PAY THE INVEST ON RAID WARRANTS AND TO CREATE A SINKING FUND WITH WHICH TO PAY THE PRINCIPAL AS IT M&TOR&S; AND TO PROVIDE THAT THIS ORDINANCE SHALL IE IN FORCE AND EFFECT FROM ARID .AFTER THE DATE OF ITS PISSAU- IEMUW, moneys are needed for the purpose of making permanent improvements at the Municipal Airport in the City of Fort forth, by improv- Ing and enlarging the lighting system and constructing a Neon Identification Sign and Neon Wind Tee, in order to provide adequate terminal facilities so as to make said Airport adequate to the growing needs of the expending popu- lation of said City; and, SAS, the City Council of the City of Fort Worth, by virtue of Article 1269-j of the Revised Civil Statutes of Texas, is vested with full power and authority to pass this ordinance and to authorize the issuance of the warrants hereinafter described; and, SAS, pursuant to the provisions of Chapter 163, Late of the Regular Session of the Forty-second Legislature of Texas, the City of Fort Worth has heretofore published notice to bidders, for the purpose of making permanent improvements at the Municipal Airport in said City, by purchasing and installing electrical equipment and materials and by constructing a Neon Identification Sign and a Neon Wind Tee, and of its intention to issue time warrants to provide the said City with funds for the construction of said project, which notice was duly published in The Fort Worth Press, a newspaper of general circulation published within said City of Fort Worth, inserted in 3 the issues of the following dates: June 217, 1936, and July 4, 1936; the date of the first publication being not lees than fourteen (14) days prior to the date fixed for the passage of this ordinance; and, WBERE4S, the City Council has heretofore adopted a resolution deter- mining the fact that no petition requiring a referendum election on the issuance of said time warrants has been filed and determining the authority of the City of Fort Worth to proceed with the passage of the ordinance authorizing the issuance of said time warrants; and, 48, it is now necessary and proper that the City Council of the City of Fort Worth proceed with the issuance of such time warrants; and, no time warrants have been issued or authorized in the current fiscal year for any purpose, except Ninety-six Thousand Dollars ($96,000.00) worth of Airport Improvement Warrants, Series 1936, issued and authorized by Ordinance Noe 1892, passed and adopted by the City Council on the 24th day of January, L. D. 1936, NOW, TORE, BS IT ORDLIM BY TSB CITY COUNCIL OF THE CITY OF FORT WORTS, TEXAS: SECTION I. In order to provide funds for the purpose of making permanent Im- provements at the Municipal Airport in said City, by purchasing and installing electrical equipment and constructing a Neon Identification Sign and a Neon Hind Tee to provide adequate terminal facilities, pursuant to the Constitution and laws of the State of Texas and the Charter of said City, including particularly Article 1269-j of the Revised Civil Statutes of Texas, there shall be issued Airport Improvement Warrants, series 1936, of the City of Fort North, In the principal sum of Twenty-nine Thousand Dollars ($29,000.00) , numbered from ninety-seven (97) to one hundred twenty-five (125), inclusive, in the de- nomination of One Thousand Dollars ($1,000.00) each, this amount being in addition to the Ninety-six Thousand Dollars ($96,000.00) worth of time warrants issued by an ordinance lawfully passed and adopted on the 24th day of January, A* D• 1936. SECTION II. Said warrants shall be dated August 1, 1936. They shall mature in the order in which they are numbered in the respective years and in the amounts as follows: DUE AUGUST 1ST PRINCIPAL MOURING 1937 40000. 1938 59000. 1939 5,000. 1940 5,000. 1941 59000. 1948 59000. SECTION III. All of said warrants being numbered from ninety-seven (99) to one hundred twenty-five (125), inclusive, shall bear interest at the rate of three and one-half per cent (3-1/2%) per annum. Interest shall be payable semi-annually on the first days of February and August of each year, and both principal and interest of said warrants shall be payable in lawful money of the United States of America at the principal office of the Central Hanover Bank and Trust Company, in New York City, New York, SECTION IY. Bach of said warrants shall be signed by the Mayor and countersigned by the City Secretary, and the corporate seal of the City of Fort Worth shall be impressed upon each of them. The fac-simile signatures of the Mayor and City Secretary may be lithographed, engraved or printed upon the coupons attached to said warrants, and shall have the same effect as if they had been signed by said officers* SECTION Y. The form of said warrants shall be substantially as follows: NO. $1,000. UNITED STATES OF AMgEtICA. STATE OF TZ(AS, COUNTY OF TAMUNT CITY OF FORT WORTS AIRPORT WROVIMT WARRANT, SMMS 1936. The City of Bort Forth, in the County of Tarrant, in the State of Texas, for value received, hereby acknowledges itself indebted to and promises to pay to the bearer, on the lot day of August, A. D. 19 `, the sum of One Thousand Dollars ($1,000.00) with interest thereon from date at the rate of three and one-half per centum (3-1/2%) per aroma, payable semi-annually on the first days of February and August of each year until the principal sum shall be paid, upon the presentation and surrender of the annexed coupons as they severally become dae. Both principal and interest of this warrant will be payable in lawful money of the United States of America at the principal office of the Central Hanover Bank and Trust Company in the City of New York, Now York. The full faith, credit and resources of the City of Fort !forth are hereby irrevocably pledged for the punctual payment of the principal of and interest on this warrant according to its terms. This warrant is one of a series, issued in the denomination of One Thousand Dollars ($1,000.00) each, and payable in substantially equal annual installments over a period of six (6) years from their date, tender the authority of the Constitution and laws of the State of Texas, particularly Article 1269-3 of the Revised Civil Statutes of Texas, the Charter of the City of Fort forth, and an ordinance lawfully passed and adopted by the City Council of the City of Tort worth. It is hereby certified and recited that the issuance of this warrant, and the series of which it is ons, is duly authorised by law and that all sets, conditions and things required to be done, precedent to and in the issuance of this series of warrants and of this warrant, have been properly dons, have happened and have been performed 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 collectedt shall be appropriated exclusively to the payment of this warrant and of the series of which it is a part, and to the payment of the interest coupons hereto annexed as the same shall become due; that the total indebtedness of the said City of Fort Worth, including the entire series of warrants, of which this is one, does not exceed any constitutional or statutory limitation; and that the amount of time warrants for all purposes, including the entire series of warrants of which this is one, issued during the current calendar year, does not exceed One Hundred Twenty-five Thousand Dollars ($125,000.00). IN WITNESS YMMOOF, the City of Fort !Porth by its City Council has caused its corporate seal to be hereto affixed and this warrant to be signed WIGS my hand and seal of office at Austin, Texas, thi a�_ day of , 1936. Comptroller of Public Accounts of the State of Texas. SECTION 9I. It is further ordained by the City of Fort Worth that there is hereby created a separate and special find or account, which fund shall be set aside to pay the interest and to provide the necessary sinking fund to redeem or pay the principal of said warrants at maturity and for no other purpose, and that to create the aforesaid fund or account, a tax of ,3042 cents on each One Hundred Dollars ($104900) valuation of all taxable property in the City of Fort Worth, is hereby levied for the current year (or the amount thereof set aside as col• looted from the proceeds of tax already levied for such year or from other funds available for such purpose) and so much thereof as shall be necessary, or additional thereto as may be required, is hereby levied for each successive year while said warrants or any of thew are outstanding; and such tax shall be annually assessed and collected and applied exclusively to the purpose herein stated. All accrued interest received by the City of Fort 'forth, from the sale of said warrants at the time of the payment therefor, and any balance or balances remaining unexpended in the principal, account or accounts created in respect to such project, after completion of such projeot, and which are not required to most unpaid obligations incurred in connection with such projects, shall be paid into said separate and special fund or account, and shall be used for the payment of the ingest on and the principal of the warrants, or for the purchase of such of the warrants as are then outstanding, at a price, exclusive of accrued interest, not exceeding the principal amount thereof. Any warrants so purchased shall be cancelled, and no additional warrants shall be issued in lieu thereof. It is further ordered that the Mayor of the City of Fort Worth be, and he is hereby authorized to take and have charge of all necessary records pending their investigation by the Attorney General, and shall take and have charge and control of the warrants hereby authorized pending their approval by the Attorney General and registration by the Comptroller of Public Accounts. SECTION VII. All ordinances in conflict with the provisions of this ordinance are hereby repealed. SECTION VIII. 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. Mayor of the City of Bort Worth, Texas. ATTEST: City Secretary of the City of Fort forth, Texas. APPRO{1ED AS TO POEM AND LEGALITY: City Attorney of the City of Fort Worth, Teals. by its Mayor, countersigned by its City Secretary, and the interest coupons hereto annexed to be executed by the fac-simile signatures of the Magor and City Secretary, and this warrant to be dated August 1, 1836. Mayor of the City of Fort Worth, Texas 0007ERSIGNED: City Secretary of the City of Fort Worth, Texas. The foam of said coupons shall be substantially as follows: NO $17.50 On the let day of ,16 , the City of Fort Worth will pay to bearer, at the principal office of the Central Hanover Bank and Trust Company, in the City of New York, Now York, the sun of seventeen & 50/100 Dollars ($17.50), being six months interest due on that date on its Airport Improvement Warrant, Series 1936, dated August 1, 1936, and numbered f Mayor of the City of Fort Worth, Texas* ity Secretary of the City of Fort Worth, Texas. The following certificate shall be printed on the back of each of said warrants: OFFICIO OF TE3 CO1aPM X UM l { as.: STATS OF TSXOS i 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 warrant 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 that it is a valid and binding obligation upon the City of Fort Worth, Texas, and said warrant has this day been registered by me.