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HomeMy WebLinkAboutOrdinance 923 a ORMINANGE N0, 923. AN 019DINANCE PROVIDING FOR THE ISSUANCE OF 'CITY OF FORT FORTH REOREATI - ING WARRARPS' IN THE AMOK OF 9 00. BEARING INTE"EST AT '"FE RATE OF I$ MBR CENT (6%) PER ANNUM PAYABLE SEMI-ANNUALLY FOR THE PURPOSE OF FUND ING A LIVE ANOUNT OF VALID OUTSTANDING NOTES Or SAID CITY EVIDENCING "'JE PURCHASE PRICE OF RECRZA- TION PARK GBUUNDS AND FOR THE BETTERMENTS AND IMPROVEMENTS OF 'SHE SAID RECREA"'ICU PARK: PROVIDING 7OR THE LECY OF TAX OLTP OF THE TAX PROVIDED FOR THF SUPPORT OF THE RECREETION DEPARTMENT TO PAY THE PRINCIPAL AND INTEREST OF SAID WARRANTS AT MATURITY THEREOF: WHEREAS: on the 28th day of March A.D. 19°'3, the Board of Cimmission ers of the City of Fort Worth and the Public Recreation Board ofnthe said City issued and cauxed to be issued the notes od said 8ity, in the amount of $39,900.00, payable to Mrs. M.A.Clark and her husband, Ja!:.es Clark, sai d notes "being in number three -aliwhich were and are in the denomination of $10,010.00 each, and one of the said notes for $9,900.00, bearing interest at the rate of sig per cent (6%0 per annum; and the said Board of Commissionets, acting inconjuction with the Public Recrea- tion Board of 6$id City, on titieal the 15th day of May A.D.1923,is- sued a further note of said City,in the amount of $29,000.00 pay- able to the Brown-Crummer Investment Company, a corporation of Whitb1ta Kanasa, dated May 15th, 1923, bearing interest at the rate of six per cent (6%) per annum, and maturing thirty (30) days drom date, said last mentioned note ivedincing the obligation of the Cuty of Fort Worth, for money borrowed of the Jaid Buawn-Crummer Investment Company, to be expanded in the Betterments and improve- ments of said Recrea+ion Park which bittermxuts and improvement are autheiized and warranted finder and by virture of Cjapter 18 of the Charter of the city of Fort Worth, adopted by the quailfied voters of said City at an election held for the purpose on the 92nd day of July A.D. 19P2; and it appears that the said Brown-drummer Investment Company, is the legal owner and holder of all of said notes, the said notes hereinabdve first described having bebn assigned, tran- sferred, co veyed and delivered to it in the due-course of business and purchased by it in kood faith fpr a valuable consideration pair therefor, and it further appearing that the said The Brown-Crammer Investment Company, has agreed to accept, in lieu of said notes aE City of Fort Worth Recreation War-nats. in a like amount, which is also agreeable to the Board of Commissioners of the Vity of Fort Worthans to *aid Pubinc Recreation Board. THEREFORE BE IT ORDAI;IED BY THE BOARD OF CCMMISSICNEERS OF THE CITY OF FORT WORTH: THAT: the City of Port Worth, acting by and through its Mayor City Secretaey and Auditor in cmnjunction *2th the president and Secretary of the Public recreation Board, be and they are hereby authorized and empowered :to, issue, execute and deliver to the said The Brown-Crummer Investmebb Company , in leiu of the sa .d notes now owned and held by them as hereinabbve iiezeribed, a series of "City of Fort Worth Bee rection Funding Warrants" t o be dated, to bear interest to ipa:ture, and as otherwise described her,inafter. Said Funding warrants shall be dayed May 15th.19?3, shall be numbered from one (I) to sixty (60) inclusive, in the denomination of One Tiousdad ($1,0?0.0n) Dollars each, except war rant No. I. for $900.00 aggregating $99,900.00. Said warrants shall be signed by the &ayor attested by the "ity secretary, countersigned and registered by the City Auditor and steal" also be signed by the President and countersigned by the Secretary of the Public -rLecrration Board, and the seal of the City shall be impressed upon each of them. The fac-simile signatures of the President of said Public Recreation Board and of the Secretary thereof, and of the Uity Auditor may be lithogrpahed on the ti interest counpons attached tb each of said warrants. SAID FUNDING URRANTS SPALL MATURE AND BECOME DUE AND PAYABLE AS FOLIA LOWS: URRANTS BO. DATE bF MAUT IRTY+ AMUM 1 to 4 Inc. May 15th 1923 3,900.00 5 to 8 " " " 1925 4,000.00 9 to12 Tt 1926 4,000.00 131 16 1927 4,000.00 17 1120 " " 1928 4,000.00 2111 24 " " 1929" 4,000.00 25" 28 rf " " 1930 411000.00 29 to32 " " 1931 4,000.00 33to36 " " " 1932 4,000.00 37" 40 " " 1933 4,000.00 41" 44" " 111934 4,000.00 45" 48 " " " 1935 4,000.00 49 to52" " " 1936 4,000.00 53 to56" " " 1937 4,000.00 57 to6 0" " " 1938 4,000.00 SAID fundinngg warrants shall bear int e Sit from thdir date until paid at the rate of sig per cent (6 er annum„ payable semi-annually on the 115th day of Nevember and 5th day of May of each year, and botht princi al and onte rest of said carr ht shall be payable at the Hanover National Bank, in the "ity of flew York State of New York. SAID warrants shall be in subttantoally the following form, varied only to suit the denomination and maturities of said warrants; NO. $1,000.00 UNITRD STATE OF AMERICA STATE OF TEXAS CITY OF FOR- WORTH. CITY OF FORT WORTH FSOREAT IO" FUNDING WARRANT. THE CITY OF FORT YO RPH, a municipal coaporation duly incor- porated under the laws of the Shttte of Texas, is justly indebted and hereby promises to pay to bearer, on hlkr 15th. day ofMay 19 at the Hanover National Bank, New York, N.Y• the sum of ONE THOUSAND DOLLARS. in lawful money of the United State of America, with interest ther on date hereof, at the rate of sig per cent (6%) per annum, interest payable semi-annually on the 15th day of November and on the 15th day of May of each year, upon presentation and surrender of proper coup- ons; and the Tre-suere *of said City id hereby authorized, ordered and directed to pay to bearer said principal sum, .- ith intsrest ther on, evidenced bg coin,- no hereto annexAd, out of meneyy to the credit of the recreation fund created fir siad purposi, prin- cipal and interest of this warrant being payable at the Bank a- bove named; and the fmll faith and credit of the City of Fort North is hereby pledged for the full and prompt paymnt of this warrant and the interest hereon as It mautres. THIS WAKUNT IS one of a series of warrants of like date and tenor, except as to denomination and maturity, numbered from orm (I) to sixty (60) inclusive, in the denomination of One Thous- and ($1,000.00) Dollsrs each,eicept warrant no. one which shall be for the s$m of ,c^".�0, aggregating fifty Rine Tho,.,sand Nine Hundred ($59,900.n0) dollars issued for the purpose of funding and in lieu of a like am;unt of the indebtedness of the Uity of Fort Worth incurred in the puvebase of grounds for Public Recreation Park and for the betterment and improvement thereof, under and by virtue of the Cohstutution and laws of the State of Texas and the City Charter of the City of Fort Worth, and pursuant to and ordin- ance passed by the Board of Gommissionets of the City of Fort Worth, en4 the 22nd day of May A.D.19°'3, recorded in Book A-1 at page 335, at sep., of the Minutes of said Board of Commissioners. "HE T)ATI OF THIS WARRANT CONF(EMING TO THE 019DINANCE ABOVE MENTIONED IS MAY 15th. 1923. AND IT IS HEREBY OFUR.'IFIED AND RECITED that all acts con- ditions and things required to be dcne precedent to and in the issuanc of this warrant, Neve been property done, have }4poned and been performed in regular and dire time, from and manner as required by the City Charpeb of the �,ik_y of Fort- Worth, ans that the total indebted- ness of the City of Fort Worth including this warrant and all other of this series, does not exceed and aonbtitutional statutory or charter limitation; and that difficient and proper provisionffor the levy and collection of taxes has been made for the payment of principal and in- terest of this warrant and of the series of which it is a part as the sm same shall become due. IN TESTINONYY WHEREOF, the Board of Commissio nrs of the City of Fort Worth, has cuased the seal of Chid City to be hereunto affixed and this warrant to be signed by the mayor and attested by the Cit' Q'ecretary, and signed by the President of the Public Recreation Board countersigned by the Secretary of saidBoard, and coumtersigned and registered by the City Auditor. ayor, City of FortWorth. ATTEST: CITY MOBETARTY CITY 0 A. President Public Recreation Board. Countersigned; Secretary, Public Recreation Bo—aW. Countersigned and registered. City kuditor,0ity of Fort Worth. THE FORM OF INVEST NOUPON AT"ACHED TO EACH OF SAID WARRUTS SHALL BE SD UNTIALLY AS FOLLOPS: N0. ON THE 19TH DAY OF $ _. 19L.— The 9L,,—Tha City Treasytrer of the City -f Fort Worth, Texas, will pay to bearer at the Hanover National Bank, New Yprk, N.Y. the stn of ($ )Dollans, said sum being six months interest due that day on the 01ty of Fort Worth Recreation Funding Warrant 10 . __, dated May 15th, 1923, to eh ich this coupon is attached and is apart thereof. President, Public fiecreation BoarT. Pere ary, Public Eecreatim Boar . City Au ftor. BE IT FURTHER ORDAINED; that for the purpose of paying the principal and interest of said warrants as thr same matures, there shall be annually levied on each $10!'.01 valuation of taxable prop rty in the City of Fort Worth, tax sufficient for said purpose, and to provide for the paymht of said principal and interest for the year 1923, there is her by levied on each $100.00 valuation of property within the City of Fort worth a tax of five cent authorized to be levied by the Board of Commissioners ofy virtue of Section 7, of Chapter 18, of the City Charter of the City of Fort Worth, adopted July 22nd. 1922, providing for the sup,*rt of the Public Recreation Uepartment of said City; That for the year 1924, ana for each suceeding year while any of said warrants, or any part ther eof, are outstanding and uppaid, and at the tide other city taxes are levied in each of said years, there shall be computed and ascertained what rate of tax, based upon the latest appro approved tax rolls of said City, Pill be sufficient to fully raise and produce in each of said year the amount of principal and interest m t- uring in said year, and for each of said year there is hereby ordered to be levied assessed and collected, out if said tax for the support of said Public Recreation Department , a tax at aucli rate as shall, be found necessary as aforesaid, and all of said taxes so collected shall be placed in a separate and special fund for the payment of principal and interest of said warrants and ofr no other purpose; and the Board of Commissioners of the "ity of Fort worth shall each year in making its annual budget include therein the amount of principal and interest of said warrant maturing in said respective year, in- cluding the year 1923. THAT THIS ORDINANCE TAKE EFFBCT AND BE IN FORCE FROM AND AFTER ITS PASSAGE AND IT IS SO OR.DA DYED. PASSED '^HIS THE 22nd HAY OF MAY A.D. 1923. APPROVED "E$r THE ?2ND rAY OF MAY A.D. 1929. (Signed) E.R.000IMLL, Mayor, City of Fort Worth, Texas.