HomeMy WebLinkAboutOrdinance 1123 The City Council of the City of Fort Worth, Texas,
not in regular session in the Council Chamber at the City
Hall at 9:30 A. M. Tuesday, the 26th day of January, A. D.
1986, and upon roll call the following Were present:
Wm. Bryce, Mayor Pro Tem, Willard Barton, T. B. Hof-or,
A. E. Thomas, E. T. Renfro 1n. Monaig, W. E . Austin and
L. P. Card, Councilmen, constituting a quorum and majority
of said board, and I. L. Van Zandt, Jr., City Secretary-
Treasurer, Was in attendance at said meeting and the fol-
lowing prooeedings, among other things, were heti and done:
Councilman aeoonded by
Counoilman , t.A... -VA-4- A-11— moved the adoption of
the following ordinance:
ORDINANCE NO---,� e
AN ORDINANCE AMENDING SECTIONS I, II, V and VI
OF ORDINANCE NO. 1105 ANL- H, 1988, BY P70-
NG A RATE OF INTER&ST OF - PER ANNUM INSTEAD OF
PER ANMW ON THE BONDS AUTMRIZED TO BE ISSUED BY SAID
ORD MANCE,,, AND ALSO PROVIDING FOR A TAX LEVY OF $.0730
INSTEAD OF 6.34 On" ON THE #100.00 PROPERTY VALUATION TO
PAY THE INTEREST AND CREATE A SINKING FUND TO PAY THE
PRINCIPAL OF THE BONDS AUTHORIZED TO BE ISSUED BY SAID
ORDINANCE AS SAME MATURES.
WHEREAS, it is deemed Wise and expedient by the
City Council of the City of Fort Worth, in the exercise
of the discretion reposed in it by law, to provide a rate
of interest of 4--,0 per annum instead of 4- per annum
on the bonds authorised to be issued by Ordinance No.
1108,- and to increase the tax levy of 6.34 cents on the
$100.00 property valuation,provided for in said ordinanos,
to $.0780 on the $100.00 property valuation to create a
sinking fund for the payment and complete extinguishment
of such boded debt, principal and interest.
NOW THEREFORN,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FOaFC WOMB:
SECTION I
That Sections I, II, V and VI of Ordinance No.
1105, passed at a regular meeting of the City Council of
the City of Fort worth, Texas, on Tuesday, the 39th day of
December, A. D. 1925, be and the same are hereby amended
and, after being so amended, shall read as follows*
Section I - That pursuant to Section 19 of Chapter
XXV of the Charter of the City of Fort worth adopted by the
qualified voters within the corporate limits of said City
on the 11th day of December, A. D. 1924, and the laws and
constitution of this State, and pursuant to the vote of the
resident property tax paying voters of the City of Fort Worth,
in an election held in said City for such purposes on the
34th day of November, A. D. 1925, that the municipal govern-
ment of the City of Fort worth issue its corporate negotiable
coupon bonis in the principal sum of One Million Five Hun-
dred Thousand Dollars ($1,500,000.00), out of an authorised
Issue at said election of Three million Three Hunlred
Thousand Dollars ($3,300,000.00) and which aut ho ri zed issue
shall be designated as mWater ;;A Sanitary Sewer Bonds*,
Series 45said bonds to be in the denomination of One
Thousand 41,000.00) Dollars each, dated January lot, 1928,
bearing interest at the rate of 4- per araum, payable
semi-a—ua117, on the first day of July and January of each
year respectively, both principal and interest of said
bonds payable at the Hanover National Bank in the City of
New York, State of New York, the semi-amual interest evi-
denaed by interest coupons attached thereto, all of said
bonds to be executed for and on behalf of the City of
Fort Worth by the Mayor thereof, attested by its Secretary-
Treasurer, with the seal thereon duly impressed, but the
interest coupons to be executed with the lithographed fao-
simile signature of the Mayor and City Seoretary-Treasurer
of the City of Fort Worth, each of said bonds and coupons
shall be negotiable and payable to bearer, and said bonds
umbo a�ed in the way and manner herai na.ft er set out, maturing
five t5) years from the date thereof and annually thereafter
until the last maturing bonds shall become payable within
forty (40) years from the date thereof.
That the general form of said bonds and the coupons
thereto annexed, and the interest to be added to said bonds
shall be executed in substantially the following form, to-
wit:
Section II - That the total amount of bonds so to
be issued by the City of Fart Borth One Million Five H=-
dyed Thousand Dollars ($1,500,000.66) thereof shall be is-
sued for the purpose of improving and extending the water
and sanitary sewer systems of said City, and shall consist
of one thousand five hundred (1,500) bonds, numbered from
one (1) to one thousand five hunlred (1,N
) inclusive,
and shall bear interest at the rate of per annum, pay-
able semi-annually, as aforesaid; all ofich said one
thousand five hundred (1,500) bonds shall be a part of
series No. 45, and shall be styled and designated as $Water
and Sanitary Sewer Botds".
Section V - That for the purpose of creating a
sinking Hind for the payment and complete extinguishment of
the foregoing bontl.ed debt, principal and interest, and all
and every part of same, there is hereby levied and there
shall be assessed and collected as provided by law, set
apart and appropriated for the said purpose, an anaual,
direct sp eo lal ad val o sem tax for the year 1956, and ovary
successive year thereafter during the life of said bonded
debt or any part thereof of $.0730 (or such an amount as
may be necessary and adequate, be it more or less) on every
One Hundred Dollars ($100.00) of property valuation, real,
personal and mixed, subject to taxation and not exempt
therefrom under the Constitution and law of the State of
Texas, situated and owned in the City of Fort Worth on the
let day of January 1928 and on the list day of January of
each year thereafter urAll said debt represented bysaid
bonds and coupon interest notes shall have been fully paid,
and, if, at any time, such tax should be insufficient, then
it shall be the duty of the City Counail or any other govern-
ing body of the City of Fort Worth, to set Bipart and appro-
priate such additional amount of money out of the general
revenues of the said City, as may be requisite to supply
the deficiency until all interest shall have been paid and
the sinking fund established as required by the constitution
of the State of Texas and the Charter of the City of Fort
worth.
Section VI - That it shall be the duty of the
City Couaoil of the City of Fort Worth and its suooessors,
and of the government of the City of Fort Worth, by levying
taxes for general purposes for the said City of Fort Worth
for the year 1926, and for every successive year during the
life of said bonded debt or any part thereof, to include in
such levy the special tax of $.0730 on the One Hundred Dol-
lars ($100.00) property valuation (or so much thereof as
may be requisite and necessary) provided for in the next
preceding section of this Ordinance, and such special tax
shall on no account whatsoever be displaoed therefrom.
SECTION II
This ordinance is hereby declared to be ouanalatire
of all other ordinances of the City of Fort Worth with refer-
ence to the issuance of its negotiable coupon bonds, except
to the extent that the same are in conflict with the pro..
visions of this ordinance.
SECTION III
This ordinance shall take effect and be in foros
from and after the date of its passage amd it Is so ordain-
ad,
APPROVED A8 TO FORM:
City Attorney
Fm. Bryce, Mayor Pro Tem, presiding at said meet-
ing, submitted the motion to adopt said ordinance and all of
the Councilmen, inoluding the Mayor Pro Tem, voted 'Aye"
thereon and none voted ONo■; whareupon, the motion to adopt
the ordinance was declared to be unanimously passed and
adopt ed,
THE STATE OF TEXAS,
COUNTY OF TARRANT.
I, I. L. Van Zandt, Jr., City Seoretary-Treasurer
of the City of Fort "ortb, Texas, do hereby certify that
the above and foregoing is a true and correct copy of Or-
dinance No. and that same was unanimously passed
and adopted by the City Council of the City of Fort Worth,
Texas, at a regular meeting bold in the Council Chamber at
the City Full on Tuesday, the 86th day of Sam, A. D. 1618.
In testimony whereof I have hereunto signed my
name officially and caused to be impressed hereon the seal
of the City at my office in the City of fort Worth, Texas,
this 86th day of January, A. D. 1936.
City Boorat ary zeasurers City
of Fort forth, Texas