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HomeMy WebLinkAboutOrdinance 10500~'-y- ORDINANCE NO. ~~~~/) ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF FORT WORTH, TEXAS SOLID WASTE MANAGEMENT .SYSTEM REVENUE_BONDS, SERIES 1990 THE STATE OF TEXAS COUNTIES OF TARRANT AND DENTON CITY OF FORT WORTH WHEREAS, the City of Fort Worth, Texas (the "City" or the "Issuer") is a "Home-Rule City", acting as such under the Constitution and laws of the State of Texas, and has a population in excess of 90,000; and WHEREAS, the City Council of the City of Fort Worth, Texas (the "City") is authorized by Chapter 363, Texas Health and Safety Code (the "Act"), to acquire, construct, improve, enlarge, and repair all or part of a solid waste management system and to issue bonds of the City for such purposes; and WHEREAS, the City Council considers it in the best interest of the City to issue bonds pursuant to the Act and other applicable laws, including Article 717q, V.A.T.C.S., for the purpose of acquiring, constructing, improving, enlarging and repairing all or part of a solid waste management system located in the City; and WHEREAS,. the City Council hereby finds and determines that the issuance of revenue bonds in the total principal amount hereinafter authorized should be undertaken at this time. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. BONDS AUTHORIZED. That the City's bonds (the "Series 1990 Bonds") are hereby authorized to be issued in the sa.- -~.: .~ aggregate principal amount of` $1,250,000 for the purpose of acquiring, constructing, improving, enlarging and repairing all or part of the City's solid waste management system, to-wit: improving and expanding the Southeast sanitary landfill. The Series 1990 Bonds shall be designated as the "City of Fort Worth, Texas Solid Waste Management System Revenue Bonds, Series 1990". Section 2. DATE AND MATURITIES. That the Series 1990 Bonds shall be dated February 1, 1990, shall be in the denomination of $5,000 each, or any integral multiple thereof, shall be numbered consecutively from R-1 upward, and shall mature on the maturity date, in each of the years, and in the amounts, respectively, as set forth in the following schedule: MATURITY DATE: MARCH 1 YEAR5 AMOUNTS 1991 $175,000 1992 175,000 1993 200,000 1994 225,000 1995 225,000 1996 250,000 Section 3. RIGHT OF PRIOR REDEMPTION. The Series 1990 Bonds shall not be subject to redemption at the option of the City. Section 4. INTEREST. That the Series 1990 Bonds scheduled to mature during the years, respectively, set forth below shall bear interest at the following rates per annum: Bonds maturing in the year 1991, Bonds maturing in the year 1992, Bonds maturing in the year 1993, o Bonds maturing in the year 1994, Bonds maturing in the year 1995, o Bonds maturing in the year 1996, 2 ~e •~~ Said interest shall be payable to the registered owner of any such Series 1990 Bond in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordinance. Section 5. REGISTRATION; TRANSFER; PAYING AGENT/REGISTRAR (a) That the City shall keep or cause to be kept at the principal corporate trust office of MTrust Corp, National Association, Fort Worth, Texas or such other bank, trust company, financial institution, or other agency named in accordance with the provisions of (g) of this Section hereof (the "Paying Agent/Registrar") books or records of the registration and transfer of the Series 1990 Bonds (the "Registration Books"), and the City hereby appoints the Paying Agent/Registrar as its registrar and transfer agent to keep such books or records and make such transfers and registrations under such reasonable regulations as the City and Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such transfers and registrations as herein provided. It shall be the duty of the Paying Agent/ Registrar to obtain from the registered owner and record in the Registration Books the address of such registered owner of each bond to which payments with respect to the Series 1990 Bonds shall be mailed, as herein provided. The City or its designee shall have the right to inspect the Registration Books during regular business hours of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep the Registration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity. Registration of each Series 1990 Bond may be transferred in the Registration Books only upon presentation and 3 ,i~.~ ~°, surrender of such bond to the Paying Agent/Registrar for transfer of registration anc~ cancellation, together with proper written instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing the assign- ment of the bond, or any portion thereof in any integral multiple of $5,000, to the assignee or assignees thereof, and the right of such assignee or assignees to have the bond or any such portion thereof registered in the name of such assignee or assignees. Upon the assignment and transfer of any Series 1990 Bond or any portion thereof, a new substitute bond or bonds shall be issued in exchange therefor in the manner herein provided. (b) The entity in whose name any Series 1990 Bond shall be registered in the Registration Books at any time shall be treated as the absolute owner thereof for all purposes of this Ordinance, whether or not such bond shall be overdue, and the City and the Paying Agent/Registrar shall not be affected by any notice to the contrary; and payment of, or on account of, the principal of, premium, if any, and interest on any such bond shall be made only to such registered owner. All such payments shall be valid and effectual to satisfy and discharge the liability upon such bond to the extent of the sum or sums so paid. (c) The City hereby further appoints the Paying Agent/Registrar to act as the paying agent for paying the principal of and interest on the Series 1990 Bonds, and to act as its agent to exchange or replace Series 1990 Bonds, all as provided in this Ordinance. The Paying Agent/Registrar shall keep proper records of all payments made by the City and the Paying Agent/Registrar 4 ,~. ,: with respect to the Series 1990 Bonds, and of all exchanges of such bonds, and all replacements of such bonds, as provided in this Ordinance. (d) Each Series 1990 Bond may be exchanged for fully registered bonds in the manner set forth herein. Each bond issued and delivered pursuant to this Ordinance, to the extent of the unpaid or unredeemed principal amount thereof, may, upon surrender of such bond at the principal corporate trust office of the Paying Agent/Registrar, together with a written request therefor duly executed by the registered owner or the assignee or assignees thereof, or its or their duly authorized attorneys or representa- tives, with guarantee of signatures satisfactory to the Paying Agent/Registrar, at the option of the registered owner or such assignee or assignees, as appropriate, be exchanged for fully registered bonds, without interest coupons, in the form prescribed in the FORM OF BOND set forth in this Ordinance, in the denomina- tion of $5,000, or any integral multiple thereof (subject to the requirement hereinafter stated that each substitute bond shall have a single stated maturity date), as requested in writing by such registered owner or such assignee or assignees, in an aggregate principal amount equal to the unpaid or unredeemed principal amount of any Series 1990 Bond or Bonds so surrendered, and payable to the appropriate registered owner, assignee, or assignees, as the case may be. If a portion of any Series 1990 Bond shall be redeemed prior to its scheduled maturity as provided herein, a substitute bond or bonds having the same maturity date, bearing interest at the same rate, in the denomination or denominations of any integral 5 multiple of $5,000 at the request of the registered owner, and in an aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon surrender thereof for cancellation. If any Series 1990 Bond or portion thereof is assigned and transferred, each bond issued in exchange therefor shall have the same principal maturity date and bear interest at the same rate as the bond for which it is being exchanged. Each substitute bond shall bear a letter and/or number to distinguish it from each other bond. The Paying Agent/Registrar shall exchange or replace Series 1990 Bonds as provided herein, and each fully registered bond or bonds. delivered in exchange for or replacement of any Series 1990 Bond or portion thereof as permitted or required by any provision of this Ordinance shall constitute one of the Series 1990 Bonds for all purposes of this Ordinance, and ' may again be exchanged or replaced. It is specifically provided, however, that any Series 1990 Bond delivered in exchange for or replacement of another Series 1990 Bond prior to the first scheduled interest payment date on the Series 1990 Bonds (as stated on the face thereof) shall be dated the same date as such Series 1990 Bond, but each substitute bond so delivered on or after such first scheduled interest payment date shall be dated as of the interest payment date preceding the date on which such substitute bond is delivered, unless such substitute bond is delivered on an interest payment date, in which case it shall be dated as of such date of delivery; provided, however, that if at the time of delivery of any substitute bond the interest on the bond for which it is being exchanged has not been paid, then such substitute bond 6 In shall be dated as of the date to which such interest has been paid in full. On each substitute bond issued in exchange for or replacement of any Series 1990 Bond or Bonds issued under this Ordinance there shall be printed thereon a Paying Agent/Registrar's Authentication Certificate, in the form hereinafter set forth. An authorized representative of the Paying Agent/Registrar shall, before the delivery of any such substitute bond, date such substi- tute bond in the manner set forth above, and manually sign and date such Certificate, and no such substitute bond shall be deemed to be issued or outstanding unless such Certificate is so executed. The Paying Agent/Registrar promptly shall cancel all Series 1990 Bonds surrendered for exchange or replacement. No additional ordinances, orders, or resolutions need be passed or adopted by the City Council or any other body or person so as to accomplish the foregoing exchange or replacement of any Series 1990 Bond or portion thereof, and the Paying Agent/Registrar shall provide for the printing, execution, and delivery of the substitute bonds in the manner prescribed herein, and said bonds shall be of type composition printed on paper with lithographed or steel engraved borders of customary weight and strength. Pursuant to Article 717k-6, V.A.T.C.S., and particularly Section 6 thereof, the duty of exchange or replacement of any Series 1990 Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of the above-described Paying Agent/Registrar's Authentication Certificate, the exchanged or replaced bond shall be valid, incontestable, and enforceable in the same manner and with the same effect as the Series 1990 Bonds which originally were 7 i, ~ delivered pursuant to this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public Accounts. (e) All Series 1990 Bonds issued in exchange or replacement of any other Series 1990 Bond or portion thereof (i) shall be issued in fully registered form, without interest coupons, with the principal of and interest on such Series 1990 Bonds to be payable only to the registered owners thereof, (ii) may be redeemed prior to their scheduled maturities, (iii) may be transferred and assigned, (iv) may be exchanged for other Series 1990 Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the principal of and interest on the Series 1990 Bonds shall be payable, all as provided, and in the manner required or indicated, in the FORM OF BOND set forth in this Ordinance. (f) The City shall pay the Paying Agent/Registrar's reasonable and customary fees and charges for making transfers of Series 1990 Bonds, but the registered owner of any Series 1990 Bond requesting such transfer shall pay any taxes or other governmental charges required to be paid with respect thereto. The registered owner of any Series 1990 Bond requesting any exchange shall pay the Paying Agent/Registrar's reasonable and standard or customary fees and charges far exchanging any such bond or portion thereof, together with any taxes or governmental charges required to be paid with respect thereto, all as a condition precedent to the exercise of such privilege of exchange, except, however, that in the case of the exchange of an assigned and transferred bond or bonds or any portion or portions thereof in any integral multiple of $5,000, and in the case of the exchange of a portion the unredeemed portion of 8 1) ~ a Series 1990 Bond which has been redeemed in part prior to maturity, as provided in this Ordinance, such fees and charges will be paid by the City. In addition, the City hereby covenants with the registered owners of the Series 1990 Bonds that it will (i) pay the reasonable and standard or customary fees and charges of the Paying Agent/Registrar for its services with respect to the payment of the principal of and interest on the Series 1990 Bonds, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services with respect to the transfer or registration of Series 1990 Bonds solely to the extent above provided, and with respect to the exchange of Series 1990 Bonds solely to the extent above provided. (g) The City covenants with the registered owners of the Series 1990 Bonds that at all times while the Series 1990 Bonds are outstanding the City will provide a competent and legally qualified bank or trust company to act as and perform the services of Paying Agent/Registrar for the Series 1990 Bonds under this Ordinance, and that the Paying Agent/Registrar will be one entity. The City reserves the right to, and may, at its option, change the Paying Agent/Registrar upon not less than 60 days written notice to the Paying Agent/Registrar. In the event that the entity at any time acting as Paying Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or otherwise cease to act as such, the City covenants that promptly it will appoint a competent and legally qualified national or state banking institution which shall be a corporation organized and doing business under the laws of the United States of America or of any 9 E ~' state, authorized under such laws to exercise trust powers, subject to supervision or escamination by federal or state authority, and whose qualifications substantially are similar to the previous Paying Agent/Registrar to act as Paying Agent/Registrar under this Ordinance. Upon any change in the Paying Agent/Registrar, the previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a copy thereof), along with all other pertinent books and records relating to the Series 1990 Bonds, to the new Paying Agent/Registrar designated and appointed by the City. Upon any change in the Paying Agent/Registrar, the City promptly will cause a written notice thereof to be sent by the new Paying Agent/Registrar to each registered owner of the Series 1990 Bonds, by United States mail, postage prepaid, which notice also shall give the address of the new Paying Agent/Registrar. By accepting the position and performing as such, each Paying Agent/Registrar shall be deemed to have agreed to the provisions of this Ordinance, and a certified copy of this Ordinance shall be delivered to each Paying Agent/Registrar. Section 6. FORM OF BONDS. That the form of all Series 1990 Bonds, including the form of the Paying Agent/Registrar's Certificate, the Form of Assignment, and the form of the Comptroller's Registration Certificate to accompany the Series 1990 Bonds on the initial delivery thereof, shall be, respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are permitted or required by this Ordinance: 10 ~- FORM OF BOND: NO $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTIES OF TARRANT AND DENTON CITY OF FORT WORTH, TEXAS SOLID WASTE MANAGEMENT SYSTEM REVENUE BOND SERIES 1990 MATURITY DATE INTEREST RATE ORIGINAL IS5UE DATE CUSIP February 1, 1990 ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF FORT WORTH, TEXAS (the "Issuer"), hereby promises to pay to or to the registered assignee hereof (either being hereinafter called the "registered owner") the principal amount of and to pay interest thereon, from the date of this Bond specified above, to the date of its scheduled maturity, at the rate of interest per annum specified above, with said interest being payable on September 1, 1990, and semiannually on each March 1 and September 1 thereafter, except that if the Paying Agent/Registrar's Authentication Certificate appearing on the face of this Bond is dated later than September 1, 1990, such interest is payable semiannually on each March 1 and September 1 following such date. THE TERMS AND PROVISIONS of this Bond are continued on the reverse side hereof and shall for all purposes have the same effect as though fully set forth at this place. *THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the United States of America, without exchange or 11 ~J ~. collection charges. The principal of this Bond shall be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity or upon the date fixed for its redemption prior to maturity, at the principal corporate trust office of MTrust Corp, National Association,. Fort Worth, Texas, which is the "Paying Agent/Registrar" for this Bond. The payment of interest on this Bond shall be made by the Paying Agent/Registrar to the registered owner hereof as shown by the. Registration Books kept by the Paying Agent/Registrar at the close of business on the 15th day of the month next preceding such interest payment date by check drawn by the Paying Agent/Registrar on, and. payable solely from, funds of the Issuer required to be on deposit with the Paying Agent/Reg- istrar for such purpose as hereinafter provided; and such check shall be sent by the Paying Agent/Registrar by United States mail, postage prepaid, on each such interest payment date, to the regis- tered owner hereof at its address as it appears on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described. The Issuer covenants with the registered owner of this Bond that no later than each principal payment date and interest payment date for this Bond it will make available to the Paying Agent/Registrar the amounts required to provide for the payment, in immediately available funds, of all principal of and interest on the Bonds, when due. *IN THE EVENT of a non-payment of interest on a scheduled payment date, and for 30 days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar, if and when funds for the payment 12 ~, of such interest have been received from the Issuer. Notice of the Special Record Date and of the scheduled payment date of the past due interest ("Special Payment Date", which shall be 15 days after the Special Record Date) shall be sent at least five business days prior to the Special Record Date by United States mail, first class postage prepaid, to the address of each registered owner appearing on the Registration Books of the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. *IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. *THIS BOND is one of a series of bonds of like tenor and effect except as to number, principal amount, interest rate, and maturity, dated the Original Issue Date specified above, aggregating One Million Two Hundred Fifty Thousand Dollars ($1,250,000) (herein sometimes called the "Bonds"), issued for the purpose of acquiring, constructing, enlarging and repairing all or part of the City's solid waste management system (the "System"), to-wit: improving and expanding the Southeast sanitary landfill. 13 .. *ALL BONDS OF THIS SERIES are issuable solely as fully registered bonds, without interest coupons, in the denomination of any integral multiple of $5,000. As provided in the ordinance authorizing the Bonds (the "Ordinance"), this Bond, or any unredeemed portion hereof, may, at the request of the registered owner or the assignee or assignees hereof, be assigned, transferred, and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, payable to the appropriate registered owner, assignee, or assignees, as the case may be, having the same maturity date, and bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000 as requested in writing by the appropriate registered owner, assignee, or assignees, as the case may be, upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in the Ordinance. Among other requirements for such assignment and transfer, this Bond must be presented and surrendered to the Paying Agent/Registrar, together with proper instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment of this Bond or any portion or portions hereof in any integral multiple of $5,000 to the assignee or assignees in whose name or names this Bond or any such portion or portions hereof is or are to be transferred and registered. The form of Assignment printed or endorsed on this Bond may be executed by the registered owner to evidence the assignment hereof, but such method is not exclusive, and other instruments of assignment satisfactory to the 14 4.. Paying Agent/Registrar may be used to evidence the assignment of this Bond or any portion or portions hereof from time to time by the registered owner. The one requesting such exchange shall pay the Paying Agent/Registrar's reasonable standard or customary fees and charges for exchanging any Bond or portion thereof. The foregoing notwithstanding, in the case of the exchange of a portion of a Bond which has been redeemed prior to maturity, as provided herein, and in the case of the exchange of an assigned and transferred Bond or Bonds or any portion or portions thereof, such fees and charges of the Paying Agent/Registrar will be paid by the Issuer. In any circumstance, any taxes or governmental charges required to be paid with respect thereto shall be paid by the one requesting such assignment, transfer, or exchange as a condition precedent to the exercise of such privilege. *IN THE EVENT any Paying Agent/Registrar for the Bonds is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Ordinance that it promptly will appoint a competent and legally qualified substitute therefor, whose qualifications substantially are similar to the previous Paying Agent/Registrar it is replacing, and promptly will cause written notice thereof to be mailed to the registered owners of the Bonds. *BY BECOMING the registered owner of this Bond, the regis- tered owner thereby acknowledges all of the terms and provisions of the Ordinance, agrees to be bound by such terms and provisions, acknowledges that the Ordinance is duly recorded and available for inspection in the official minutes and records of the Issuer, and 15 S~ agrees that the terms and provisions of this Bond and the Ordinance constitute a contract between each registered owner hereof and the Issuer. *THE ISSUER has reserved the right, subject to the restrictions stated, and adopted by reference, in the Ordinance, to issue additional parity revenue bonds which also may be made payable from, and secured by a first lien on and pledge of, the Pledged Revenues (as defined in the Ordinance) of the System. *THE REGISTERED OWNER HEREOF shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation, or from any source whatsoever other than the aforesaid Pledged Revenues IT IS HEREBY certified and covenanted that this Bond has been duly and validly authorized, issued and delivered; that all acts, conditions and things required or proper to be performed, exist and be done precedent to or in the authorization, issuance and delivery of this Bond have been performed, existed and been done in accordance with law; that this Bond is a special obligation; and that the principal of and interest on this Bond are payable from, and secured by a first lien on and pledge of, the Pledged Revenues, as defined in the Ordinance authorizing this Series of Bonds, and which include the Gross Revenues of the System. IN WITNESS WHEREOF, this Bond has been signed with the imprinted or lithographed facsimile signature of the Mayor of said City, attested by the imprinted or lithographed facsimile signature of the City Secretary, and approved as to form and legality by the imprinted or lithographed facsimile signature of the City Attorney, 16 1 ~! and the official seal of said City has been duly affixed to, printed, lithographed or impressed on this Bond. CITY OF FORT WORTH, TEXAS By Mayor ATTEST: City Secretary (SEAL) APPROVED AS TO FORM AND LEGALITY: City Attorney FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE It is hereby certified that this Bond has been issued under the provisions of the Ordinance described on the face of this Bond; and that this Bond has been issued in exchange for or replacement of a bond, bonds, or a portion of a bond or bonds of an issue which originally was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas. Dated MTRUST CORP, NATIONAL ASSOCIATION Fort Worth, Texas Paying Agent/Registrar By Authorized Representative 17 f' * FORM OF ASSIGNMENT: ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer Identification Number of Transferee (Please print or typewrite name and address, including zip code of Transferee) the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to register the transfer of the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature Guaranteed: NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. NOTICE: The signature above must correspond with the name of the Registered Owner as it appears upon the front of this Bond in every particular, without alteration or enlarge- ment or any change whatsoever. ** (FORM OF COMPTROLLER'S CERTIFICATE ATTACHED TO THE BONDS UPON INITIAL DELIVERY THEREOF) OFFICE OF COMPTROLLER REGISTER NO. 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 18 ~: to the effect that this Bond has been examined by him as required by law, and that he f 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 special obligation of the City of Fort Worth, Texas, payable in the manner provided by and in the ordinance authorizing same, and said Bond has this day been registered by me. WITNESS MY HAND and seal of office at Austin, Texas Comptroller of Public Accounts of the State of Texas (SEAL) NOTE TO PRINTER: *~s to be on reverse side of bond **~[ not to be on bond Section 7, DEFINITIONS. That, as used in this Ordinance, the following terms shall have the meanings set forth below, unless the text hereof specifically indicates otherwise: (a) The term "Act" shall mean the "Comprehensive Municipal Solid Waste Management, Resource Recovery and Conservation Act", Chapter 363, Texas Health and Safety Code. (b) The term "Additional Bonds" shall mean the additional parity revenue bonds which the City reserves the right to issue in the future ,_ as provided in this Ordinance. (c) The term "Amortization Installment", with respect to any Term Bonds of any series of Additional Bonds, shall mean the amount 19 ~. .: of money which is required to be deposited into the Mandatory Redemption Account for retirement of such Term Bonds (whether at maturity or by mandatory redemption and including redemption premium, if any) provided that the total Amortization Installments for such Term Bonds shall be sufficient to provide for retirement of the aggregate principal amount of such Term Bonds. (d) The term "Eligible Investments" shall mean those investments in which the City is authorized by law, including, but not limited to, the Public Funds Investment Act of 1987 (Article 842a-2, V.A.T.C.S.), as amended, to purchase, sell and invest its funds and funds under its control. (e) The term "Bonds" shall mean the Series 1990 Bonds. (f) The terms "City" and "Issuer" shall mean the City of Fort Worth, Texas. (q) The term "Code" shall mean the Internal Revenue Code of 1986_, as amended. (h) The term "Credit Facility" shall mean a policy of municipal bond insurance, a surety bond or a bank letter or line of credit issued by a Credit Facility Provider to cause the amount on deposit in the Reserve Fund to satisfy the Required Amount. (i) The term "Credit Facility Provider" shall mean (i) with respect to any Credit Facility consisting of a policy of municipal bond insurance or a surety bond, an issuer of policies of insurance insuring the timely payment of debt service on governmental obligations such as the Bonds, provided that a Rating Agency having an outstanding rating on the Bonds would rate the Bonds fully insured by a standard policy issued by the issuer in its highest 20 generic rating category for such obligations; and (ii) with respect to any Credit Facility consisting of a letter or line of credit, any bank, provided that a Rating Agency having an outstanding rating on the Bonds would rate the Bonds in its two highest generic rating categories for such obligations if the letter or line of credit proposed to be issued by such bank secured the timely payment of the entire principal amount of the series of Bonds and the interest thereon. (j) The term "Credit Obligation" shall mean, to the extent permitted by law, any obligation of the City under a contract, lease, installment sales agreement, or other instrument, with another entity to make payments out of revenues of the System for power, energy, water or other property, services or commodities for the benefit of the System, on a basis that such must be paid for whether or not the same are made available, furnished or received and whether or not the entity selling such services or commodities is amortizing its capital costs with such payments. (k) The term "Fund" shall mean any fund created, established and maintained under the terms of any ordinance authorizing the issuance of Bonds or Additional Bonds. (1) The terms "Gross Revenues of the City's System" and "Gross Revenues" shall mean all revenues, income, and receipts of every nature nor or hereafter derived or received by the City from the operation and ownership of the System, including, to the extent permitted by law, the interest income from the investment or deposit of money in any Fund created by this Ordinance, or maintained by the City in connection with the System. 21 (m) The term "Independent Solid Waste Management Consultant" shall mean a consultant experienced in evaluating the performance of Solid Waste Management Systems and who is not an employee of the City. (n) The term "Interest and Sinking Fund" shall have the meaning given to such terms in Section 10 of this Ordinance. (o) The term "Mandatory Redemption Account" shall mean that account within the Interest and Sinking Fund described in Section 14 (c) of this Ordinance (p) The term "Operating and Maintenance Expenses" shall mean the expenses of operation and maintenance of the System, including all salaries, labor, materials, repairs, and extensions necessary to render efficient service, provided, however, that only such repairs and extensions, as in the judgment of the City, reasonably and fairly exercised by the passage of appropriate ordinances, are necessary to render adequate service, or such as might be necessary to meet some physical accident or condition which would otherwise impair any Series 1990 Bonds or Additional Bonds. Operating and Maintenance Expenses may include payments made on or in respect of obtaining and maintaining any Credit Facility, or payments made on or in respect of Credit Obligations. Depreciation, and payments from the Revenue Fund to other funds established in this Ordinance, shall never be considered as expenses of operation and maintenance. (q) The term "Paying Agent/Registrar" shall mean the financial institution specified in Section 5(a) hereof, or its herein permitted successors and assigns. 22 s ~. (r) The term "Pledged Revenues" shall mean (1) the Gross Revenues, plus (2) any additional revenues, income, receipts, or other resources, including, without limitation, any grants, donations, or income received or to be received from the United States Government, or any other public or private source, whether pursuant to an agreement or otherwise, which under the Act may hereafter be pledged to the payment of the Bonds or Additional Bonds. (s) The term "Project Fund" shall have the meaning given such term in Section 12 of this Ordinance. (t) The term "Rating Agency" shall mean any nationally recognized securities rating agency which has assigned a rating to the Bonds or the Additional Bonds. (u) The term "Required Amount" shall have the meaning given such term in Section 16 of this Ordinance. (v) The term "Reserve Fund" shall have the meaning given such term i_n Section 11 of this Ordinance. (w) The term "Reserve Fund Obligations" shall mean cash, Eligible Investments, any Credit Facility, or any combination of the foregoing. (x) The term "Resource Recovery System" shall have the meaning given such term by the Act. (y) The term "Revenue Fund" shall have the meaning given such term in Section 9 of this Ordinance. 23 (z) The term "Series 1990 Bonds" shall mean the City of Fort Worth, Texas Solid Waste Management System Revenue Bonds, Series 1990, authorized by this Ordinance. (aa) The term "Solid Waste Management" shall have the meaning given such term by the Act. (bb) The term "Solid Waste Management System" shall have the meaning given such term by the Act. (cc) The term "System" shall mean and include the City's Solid Waste Management System, including the City's Resource Recovery System, if any, together with all future extensions, improvements, enlargements, and additions thereto, and all replacements thereof; provided that, notwithstanding the foregoing, and to the extent now or hereafter authorized or permitted by law, the term System shall not include any facilities, which are declared by the City not to be a part of the System and which are acquired or constructed by the City with the proceeds from the issuance of "Special Facilities Bonds", which are hereby defined as being special revenue obliga- tions of the City which are not secured by or payable from the Pledged Revenues as defined herein, but which are secured by and payable solely from special contract revenues or payments received from any other legal entity in connection with such facilities; and such revenues or payments shall not be considered as or constitute Gross Revenues of the System, unless and to the extent otherwise provided in the ordinance or ordinances authorizing the issuance of such "Special Facilities Bonds". (dd) The term "Term Bonds" means those Additional Bonds so designated in the ordinance or ordinances authorizing such bonds, 24 ~. z which shall be subject to retirement by operation of the Mandatory Redemption Account. (ee) The term "Value of Investment Securities" and words of like import shall mean the amortized value thereof, provided, however, that all United States of America, United States Treasury Obligations--State and Local Government Series shall be valued at par and those obligations which are redeemable at the option of the holder shall be valued at the price at which such obligations are then redeemable. The computations made under this paragraph shall include accrued interest on the investment securities paid as a part of the purchase price thereof and not collected.. For the purposes of this definition "amortized value", when used with respect to a security purchased at par means the purchase price of such security and when used with respect to a security purchased at a premium above or discount below par, means as of any subsequent date of valuation, the value obtained by dividing the total premium or discount by the number of interest payment dates remaining to maturity on any such security after such purchase and by multiplying the amount as calculated by the number of interest payment dates having passed since the date of purchase and (i) in the case of a security purchased at a premium, by deducting the product thus obtained from the purchase price, and (ii) in the case of a security purchased at a discount, by adding the product thus obtained to the purchase price. (ff) The term "year" shall mean the regular fiscal year used by the City in connection with the operation of the System, which s 25 S ~ may be any twelve consecutive months period established by the City. Section 8. PLEDGE That the Bonds and any Additional Bonds are and shall be secured by and payable from a ,first lien on and pledge of the Pledged Revenues; and the Pledged Revenues are further pledged to the establishment and maintenance of the Interest and Sinking Fund and the Reserve Fund as hereinafter pro- vided The Bonds and any Additional Bonds are and will be secured by and payable only from the Pledged Revenues, and are not secured by or payable from a mortgage or deed of trust on any properties, whether real, personal, or mixed, constituting the System. Section 9. REVENUE FUND. That there is hereby created, and established and maintained on the books of the City, and accounted for separate and apart from all other funds of the City, a special fund to be entitled the "City of Fort Worth, Texas Solid Waste Management Operating Fund" (hereinafter called the "Revenue Fund"). All Pledged Revenues shall be credited to the Revenue Fund immediately upon receipt. All current Operating and Maintenance Expenses shall be paid from such Gross Revenues after the transfers have been made to the Interest and Sinking Fund and to the Reserve Fund as provided in Section 15 of this Ordinance. Section 10. INTEREST AND SINKING FUND. (a) That for the sole purpose of paying the principal of and interest on all Bonds and any Additional Bonds, as the same come due, there is hereby created, and established and maintained on the books of the City, a separate fund to be entitled the "City of Fort Worth, Texas Solid Waste Management System Revenue Bonds Interest and Sinking Fund" 26 (hereinafter called the "Interest and Sinking Fund"). Monies in said Fund shall be maintained at an official depository bank of the City. (b) That within the Interest and Sinking Fund there may be established the Mandatory Redemption Account, into which account shall be credited the Amortization Installments which shall be used for the payment of the principal of Term Bonds as the same shall come due, whether by maturity thereof or by redemption, through the operation of the Mandatory Redemption Account as herein provided. Section 11. RESERVE FUND (a) That there is hereby created, and established and maintained on the books of the City, a separate fund to be entitled the "City of Fort Worth, Texas Solid Waste Management System Revenue Bonds Reserve Fund" (hereinafter called the "Reserve Fund"). There shall be deposited into the Reserve Fund any Reserve Fund Obligations so designated by the City. Reserve Fund Obligations in the Reserve Fund shall be deposited and maintained in the official depository bank of the City. Reserve Fund Obligations in the Reserve Fund shall be used solely for the purpose of retiring the last of any Bonds or Additional Bonds when and to the extent the amount in the Interest and Sinking Fund are insufficient for such purpose. (b) The City may replace or substitute a Credit Facility for cash or Eligible Investments on deposit in-the Reserve Fund or in substitution for or replacement of any existing Credit Facility. Upon such replacement or substitution, cash or Eligible Investments on deposit in the Reserve Fund which, taken together with the face amount of any existing Credit Facilities, are in excess of the 27 Required Amount may be withdrawn by the City, at its option, and transferred to the Revenue Fund; provided that the face amount of any Credit Facility may be reduced at the option of the City in lieu of such transfer (c) If the City is required to make a withdrawal from the Reserve Fund for any of the purposes described in this Section, the City shall promptly notify any applicable Credit Facility Provider of the necessity for a withdrawal from the Reserve Fund for any such purposes, and shall make such withdrawal FIRST from available moneys or Eligible Investments then on deposit in the Reserve Fund, and NEXT from a drawing under any Credit Facility to the extent of such deficiency (d) In the event that on the date of termination or expiration of any Credit Facility there is not on deposit in the Reserve Fund sufficient Reserve Fund Obligations, all in an aggregate amount at least equal to the Required Amount, then the City shall satisfy the Required Amount by depositing Reserve Fund Obligations into the Reserve Fund in monthly installments of not less than 1/60 of the Required Amount made on or before the 25th day of each month following such termination or expiration. (e) In the event of the redemption of any Series 1990 Bonds or Additional Bonds in whole, any Reserve Fund Obligations on deposit in the Reserve Fund in excess of the Required Amount immediately after such redemption may be withdrawn and transferred, at the option of the City, to the Revenue Fund. (f) In the event there is a draw upon the Credit Facility, the City shall reimburse the Credit Facility Provider for such 28 draw, in accordance with the terms of any agreement pursuant to which the Credit Facility is issued, from Pledged Revenues, however, such reimbursement from Pledged Revenues shall be subordinate and junior in right of payment to the payment of principal of and premium, if any, and interest on the Priority Bonds (g) Upon the issuance of Additional Bonds the monies in the Reserve Fund shall be increased to the newly established Required Amount in accordance with the provisions of Section 19(b) of this Ordinance. Section 12. PROJECT FUND. That there is hereby created and established and maintained on the books of the City a separate fund to be entitled the "City of Fort Worth, Texas Solid Waste Management System Series 1990 Project Fund" (herein defined as the "Project Fund"). Monies in the Project Fund shall be maintained in an official depository bank of the City. All proceeds from the sale of the Series 1990 Bonds, less proceeds to be deposited to the credit of the Interest and Sinking Fund (including any accrued interest on the Series 1990 Bonds), or proceeds to be deposited to the credit of the Reserve Fund, shall be deposited to the credit. of the Project Fund. Money in the Project Fund shall be subject to disbursement by the City for payment of, or for reimbursement of the City for payment of, lawful costs associated with the System. Any amounts remaining in the Project Fund, upon the completion of project costs, as evidenced by a completion certificate filed by the City with said depository bank and the Paying Agent/Registrar, and not identified in writing to said 29 a' depository bank by the City as necessary for the payment of such costs shall be transferred by said depository bank to the Paying Agent/Registrar to be deposited to the credit of the Interest and Sinking Fund, except to the extent such monies are subject to rebate to the United States as provided in Section 24 of this Ordinance. Section 13. DEPOSITS OF PLEDGED REVENUES; INVESTMENTS. (a) That the Pledged Revenues shall be deposited in the Interest and Sinking Fund and the Reserve Fund when and as required by this Ordinance. (b) That money in any such Fund may, at the option of the City, be placed or invested, in Eligible Investments. If monies in a Fund are permitted to be invested, the value of any such Fund shall be established by adding the monies therein to the Value of Investment Securities Money in the Reserve Fund shall not be deposited or invested in Eligible Investments maturing later than the final maturity of the Bonds and Additional Bonds. The Value of Investment Securities shall be established annually as of the last day of each year and in addition thereto, with respect to the Reserve Fund, shall be established within thirty (30) days prior to the issuance of the Bonds and Additional Bonds and at the time or times withdrawals are made therefrom. Such investments shall be sold promptly when necessary to prevent any default in connection with the Bonds or Additional Bonds. Section 14 FUNDS SECURED That money in all such Funds, to the extent not invested, shall be secured in the manner prescribed ' by law for securing funds of the City. 30 ;~. Section 15. FLOW OF FUNDS. (a) That promptly after the delivery of the Bonds the City shall cause to be deposited to the credit of the Interest and Sinking Fund any accrued interest received from the sale and delivery of the Bonds, and any such deposit shall be used to pay part of the interest next coming due on the Bonds. (b) That in addition to all amounts heretofore required to be deposited to the credit of the Interest and Sinking Fund, the City shall transfer from the Pledged Revenues and deposit to the credit of the Interest and Sinking Fund and Reserve Fund the amounts, at the times, as follows: (1) such amounts, deposited in approximately equal monthly installments on or before the 25th day of each month hereafter, commencing with the month during which the Series 1990 Bonds are delivered, or the month thereafter if delivery is made after the 25th day thereof, as will be sufficient, together with other amounts, if any, then on hand in the Interest and Sinking Fund and available for such purpose, to pay the interest scheduled to accrue and come due on the on the next succeeding interest payment date; (2) such amounts, deposited in approximately equal monthly installments on or before the 25th day of each month hereafter, commencing with the month during which the Series 1990 Bonds are delivered, or the month thereafter if delivery is made after the 25th day thereof, as will be sufficient, together with other amounts, if any, then on hand in the 31 . i' Interest and Sinking Fund and available for such purpose, to pay the principal scheduled to mature and come due on the Bonds on the next succeeding principal payment date; (3) such amounts, deposited in monthly installments on or before the 25th day of each month as may hereafter be required, as Amortization Installments for Term Bonds; and (4) such amounts, deposited in approximately equal monthly installments, commencing during the month in which the Series 1990 Bonds are delivered, or the month thereafter if delivery is made after the 25th day thereof, equal to not less than 1/60 of the Required Amount, until such time as such amounts together with other amounts, if any, in the Reserve Fund, equal the Required Amount. When and so long as the Reserve Fund Obligations in the Reserve Fund are not less than the Required Amount, no deposits need be made to the credit of the Reserve Fund. When and if the Reserve Fund at any time contains less than the Required Amount due to any cause or condition other than the issuance of Additional Bonds, then, subject and subordinate to making the required deposits to the credit of the Interest and Sinking Fund, commencing with the month during which such deficiency occurs, such deficiency shall be made up from the next available Pledged Revenues or from any other sources available for such purpose. Reimbursements to a Credit Facility Provider made in accordance with the terms of Section 11(f) of this Ordinance shall constitute the making up of a deficiency to the extent that such reimbursements result in the reinstatement, in whole 32 or in part, as the case may be, of the amount of the Credit Facility. If the Reserve Fund contains less than the Required Amount due to the issuance of Additional Bonds deposits shall be made to the Reserve Fund commencing during the month and in the amounts required by Section 19(b) of this Ordinance, unless a Credit Facility is deposited in the Reserve Fund in an amount necessary to cause the sum of money and the Value of Investment Securities and any other Credit Facilities in the Reserve Fund to equal the Required Amount. (c) OPERATION OF MANDATORY REDEMPTION ACCOUNT. The City shall apply the monies in the Mandatory Redemption Account to the retirement of the Term Bonds required to be retired by mandatory redemption under the provisions of ordinances hereafter passed authorizing Term Bonds, by either redemption or prior purchase in the open market, all in the manner as shall be provided in such ordinances. SECTION 16. RESERVE REQUIREMENTS. That, concurrently with the delivery of the Series 1990 Bonds to the purchasers thereof the City shall deposit to the credit of the Reserve Fund, from legally available sources other than the proceeds from the sale of the Series 1990 Bonds, $ which amount equals the average annual principal and interest requirements for the Series 1990 Bonds. The City hereby covenants that the Reserve Fund shall be maintained in an amount equal to the average annual principal and interest requirements (including Amortization Installments) of the outstanding Bonds and Additional Bonds (the "Required Amount"), as provided in Section 15 of this Ordinance. 33 Section 17. DEFICIENCIES; EXCESS PLEDGED REVENUES. (a) That if on any occasion there shall not be sufficient Pledged Revenues to make the required deposits into the Interest and Sinking Fund and the Reserve Fund, then such deficiency shall be made up as soon as possible from the next available Pledged Revenues, or from any other sources available for such purpose (b) That, subject to making the required deposits to the credit of the Interest and Sinking Fund and the Reserve Fund., and following the payment of current Operating and Maintenance Expenses, when and as required by this Ordinance, or any ordinance authorizing the issuance of Additional Bonds, the excess Pledged Revenues may be used by the City for any lawful purpose not inconsistent with the City's Charter. Section 18. PAYMENT OF BONDS AND ADDITIONAL BONDS. That on or before September 1, 1990, and semiannually on or before each March 1 and September 1 thereafter while any of the Bonds or Additional Bonds are outstanding and unpaid, the City shall make available to the Paying Agent/Registrar therefor, out of the Interest and Sinking Fund (and the Reserve Fund if necessary) money sufficient to .pay such interest on and such principal of the Bonds and Additional Bonds as shall become due and mature on such dates, respectively, at maturity or by redemption prior to maturity. The Paying Agent/Registrar shall destroy all paid Bonds and Additional Bonds and furnish the City with an appropriate certificate of cancellation or destruction Section 19. FINAL DEPOSITS; GOVERNMENT OBLIGATIONS. (a) That any Bond or Additional Bond shall be deemed to be paid, 34 y. ~: retired and no longer outstanding within the meaning of this, Ordinance when payment of the principal of, redemption premium, if any, on such Bond or Additional Bond, plus interest thereon to the due date thereof (whether such due date be by reason of maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof (including the giving of any required notice of redemption), or (ii) shall have been provided for by irrevocably depositing with., or making available to, a paying agent (or escrow agent) therefor, in trust and irrevocably set aside exclusively for such payment, (1) money sufficient to make such payment or (2) Government Obligations, as hereinafter defined in this Section, certified by an independent public accounting firm of national reputation, to mature as to principal and interest in such amounts and at such times as will insure the availability, without reinvestment, of sufficient money to make such payment, and all necessary and proper fees, compensation, and expenses of such paying agent pertaining to the Bonds and Additional Bonds with respect to which such deposit is made shall have been paid or the payment thereof provided for to the satisfaction of such paying agent. At such time as a Bond or Additional Bond shall be deemed to be paid hereunder, as aforesaid, it shall no longer be secured by or entitled to the benefit of this Ordinance or a lien on and pledge of the Pledged Revenues, and shall be entitled to payment solely from such money or Government Obligations. (b) .That any moneys so deposited with a paying agent may, at the direction of the City, also be invested in Government 35 Obligations, maturing in the amounts and times as hereinbefore set .forth, and all income from all Government Obligations in the hands ~ ~' ~ ~ of the paying agent pursuant to this Section which is not required ~._s: ~. for the payment of the Bonds and Additional Bonds, the redemption " _ ~ ~- "t - premium, if any, and interest thereon, with respect to which such t ~ ~ ~i money has been so deposited, shall be remitted to the City. (c) That the City covenants that no deposit will be made or accepted under clause (a)(ii) of this Section and no use made of any such deposit which would cause the Bonds or any Additional . ,. : c. Bonds to be treated as arbitrage bonds within the meaning of ;, . section 148 of the Code. a x ~ (d) That for the purpose of this Section, the term "Government Obligations" shall mean direct obligations of the United States of America, including obligations the principal of t and interest on which are unconditionally guaranteed by the United States of America. ~, (e) That notwithstanding any other provisions of this Ordinance, all money or Government Obligations set aside and held r in trust .pursuant to the provisions of this Section for the payment of Bonds and Additional Bonds, the redemption premium, if any, and r ~ ,.~ ~ ,. interest thereon, shall be applied to and used for the payment of s s such Bonds and Additional Bonds, the redemption premium, if any, ~~ and interest thereon. i ~- Section 20. ADDITIONAL BONDS. (a) That the-City shall have the right and power at any time and from time to time and in one or more series or issues, to authorize, issue anddeliver additional parity revenue bonds, in accordance with law, in any 36 amounts, for purposes of acquiring, constructing, improving, enlarging or repairing the System or for the purpose of refunding of any Bonds, Additional Bonds or other obligations of the City incurred in connection with the ownership or operation of the System. Such Additional Bonds, if and when authorized, issued and delivered in accordance with this Ordinance, shall be secured by and made payable equally and ratably on a parity with the Bonds, and all other outstanding Additional Bonds, from a first lien on and pledge of the Pledged Revenues . (b) That the Interest and Sinking Fund and the Reserve Fund established by this Ordinance shall secure and be used to pay all Additional Bonds as well as the Bonds. However, each ordinance under which Additional Bonds are issued shall provide and require that, in addition to the amounts required by the provisions of this Ordinance and the provisions of any other ordinance or ordinances authorizing Additional Bonds to be deposited to the credit of the Interest and Sinking Fund, the City shall deposit to the credit of the Interest and Sinking Fund at least such amounts as are required for the payment of all principal of and interest on said Additional Bonds then being issued, as the same come due; and that the aggregate amount to be accumulated and maintained in the Reserve Fund shall be increased (if and to the extent necessary) to an amount not less than the average annual principal and interest requirements ( including Amortization Installments) of all Bonds and Additional Bonds which will be outstanding after the issuance and delivery of the then proposed Additional Bonds; and that the required additional amount shall be so accumulated by the deposit 37 in the Reserve Fund of all or any part of said required additional amount in cash immediately after the delivery of the then proposed Additional .Bonds, or, at the option of the City, by the deposit of said required additional amount (or any balance of said required additional amount not deposited in cash as permitted above) in monthly installments, made on or before the 25th day of each month following the delivery of the then proposed Additional Bonds, of not less than 1/60 of said required additional amount (or 1/60 of the balance of said required additional amount not deposited in cash as permitted above) or (ii) by the deposit of a Credit Facility which, in whole or in combination with deposits described in clause (i) above, is sufficient to satisfy the required additional amount to be on deposit in the Reserve Fund. (c) That all calculations of average annual principal and interest requirements (including Amortization Installments) made pursuant to this Section shall be made as of and from the date of the Additional Bonds then proposed to be issued. Section 21. FURTHER REQUIREMENTS FOR ADDITIONAL BONDS. That Additional Bonds shall be issued only in accordance with this Ordinance, but notwithstanding any provisions of this Ordinance to the contrary, no installment, Series or issue of Additional Bonds shall be issued or delivered unless: (a) The Mayor and the City Secretary of the City sign a written certificate to the effect that the City is not in default as to any covenant, condition or obligation in connection with all outstanding Bonds and Additional Bonds, and the ordinances 38 /: authorizing same, and that the Interest and Sinking Fund and the Reserve Fund each contains the amount then required to be therein. (b) An Independent Solid Waste Management Consultant signs a written certificate to the effect that, as of the date of the then proposed Additional Bonds, the Gross Revenues will be sufficient to pay: (1} principal and interest requirements of all Bonds and Additional Bonds to be outstanding after the issuance of the then proposed Additional Bonds; (2) the Operating and Maintenance Expenses; and (3) all other obligations of the System reasonably expected to be payable from Gross Revenues. Section 22'. GENERAL COVENANTS. That the City further covenants and agrees that in accordance with and to the extent required or permitted by law: (a) PERFORMANCE. It will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in this Ordinance, and each ordinance authorizing the issuance of Additional Bonds, and in each and every Bond and Additional Bond; it will promptly pay or cause to be paid the principal of and interest on every Bond and Additional Bond, on the dates and in the places and manner prescribed in such ordinances and Bonds or Additional Bonds; and it will, at the time and in the manner prescribed, deposit or cause to be deposited the amounts required to be deposited into the Interest and Sinking Fund and the Reserve Fund; .and any owner of the Bonds or Additional Bonds may require the City, its officials and employees to carry out, respect or enforce the covenants and obligations of this Ordinance, or any ordinance authorizing the issuance of Additional Bonds, by all 39 ~~;~ legal and equitable means, including specifically, but without limitation, the use and filing of mandamus proceedings, in any court of competent jurisdiction, against the City, its officials and employees. (b) CITY'S LEGAL AUTHORITY. It is a duly created and existing home rule city of the State of Texas, and is duly authorized under the laws of the State of Texas, including specifically the Act, to issue the Series 1990 Bonds; that all action on its part for the issuance of the Series 1990 Bonds has been duly and effectively taken, and that the Series 1990 Bonds in the hands of the owners thereof are and will be valid and enforceable special obligations of the City in accordance with their terms. (c) TITLE. It has or will obtain lawful title to the. lands, buildings, structures and facilities constituting the System, that it warrants that it will defend the title to all the aforesaid lands, buildings, structures and facilities, and every part thereof, for the benefit of the owners of the Bonds and Additional Bonds, against the claims and demands of all persons whomsoever, that it is lawfully qualified to pledge the Pledged Revenues to the payment of the Bonds and Additional Bonds in the manner prescribed herein, and has lawfully exercised such rights. (d) LIENS. It will from time to time and be-fore the same become delinquent pay and discharge aTl taxes, assessments and governmental charges, if any, which shall be lawfully imposed upon it, or the System; it will pay all lawful claims for rents, royalties, labor, materials and supplies which if unpaid might by 40 ~, Y law become a lien or charge thereon, the lien of which would be prior to or interfere with the liens hereof, so that the priority of the liens granted hereunder shall be fully preserved in the manner provided herein, and it will not create or suffer to be created any mechanic's, laborer's, materialman's or other lien or charge which might or could be prior to the liens hereof, or do or suffer any matter or thing whereby the liens hereof might or could be impaired; provided however, that no such tax, assessment or charge, and that no such claims which might be used as the basis of a mechanic's, laborer's, materialman's or other lien or charge, shall be required to be paid so long as the validity of the same shall be contested in good faith by the City. (e) OPERATION OF SYSTEM; NO FREE SERVICE It will, while the Bonds or any Additional Bonds are outstanding and unpaid, continuously and efficiently operate the System, and shall maintain the System in good condition, repair and working order, all at reasonable cost. No free service. of the System shall be allowed, and should the City or any of its agencies or instrumentalities make use of the services and facilities of the System, payment of the reasonable value shall be made by the City out of funds from sources other than the revenues of the System, unless made from surplus or excess Pledged Revenues as permitted in Section 16(b). (f) FURTHER ENCUMBRANCE. It, while the Bonds or any Additional Bonds are outstanding and unpaid, will not additionally encumber the Pledged Revenues in any manner, except as permitted in this Ordinance in connection with Additional Bonds, unless said encumbrance is made junior and subordinate in all respects to the 41 1: liens, pledges, covenants and agreement's of this Ordinance; but the right of the City to issue revenue bonds payable from a subordinate lien on the Pledged Revenues is specifically recognized and re- tained. (g) SALE OR DISPOSAL OF PROPERTY. It, while the Bonds or any Additional Bonds are outstanding and unpaid, will not sell, convey, mortgage, encumber, lease or in any manner transfer title to, or otherwise dispose of the System, or any significant or. substantial part thereof; provided further that whenever the City deems it necessary to dispose of any other property, machinery, fixtures or equipment, it may sell or otherwise dispose of such property, machinery, fixtures or equipment when it has made arrangements to replace the same or provide substitutes therefor, unless it is determined that no such replacement or substitute is necessary. Proceeds from any sale hereunder not used to replace or provide for substitution of such property sold, shall be used for improvements to the System or to purchase or redeem Bonds and Additional Bonds. (h) INSURANCE (1) It shall cause to be insured such parts of the System as would usually be insured by corporations operating like properties, with a responsible insurance company or companies, against risks, accidents or casualties against which and to the extent insurance is usually carried by corporations operating like properties, including, to the extent reasonably obtainable, fire and extended coverage insurance, insurance against damage by floods, and use and occupancy insurance. Public liability and property damage insurance shall also be carried unless the City Attorney of the City gives a written opinion to the effect that the 42 ti ~ City is not liable for claims which would be protected by such insurance. At any time while any contractor engaged in construction work shall be fully responsible therefor, the City shall not be required to carry insurance on the work being constructed if the contractor is required to carry appropriate insurance. All such policies shall be open to the inspection of the bondholders and their representatives at all reasonable times. Upon the happening of any loss or damage covered by insurance from one or more of said causes, the City shall make due proof of loss and shall do all things necessary or desirable to cause the insuring companies to make payment .in full directly to the City. The proceeds of insurance covering such property, together with any other funds necessary and available for such purpose, shall be used forthwith by the City for repairing the property damaged or replacing the property destroyed; provided, however, that if said insurance proceeds and other funds are insufficient for such purpose, then said insurance proceeds pertaining to the System shall be used promptly as follows: (i) for the redemption prior to maturity of the Bonds and Additional Bonds, ratably in the proportion that the outstanding principal of each series of Bonds or Additional Bonds .bear to the total outstanding principal of all Bonds and Additional Bonds, .provided that if on any such occasion the .principal of any such series is not subject to redemption, it shall not be regarded as outstanding in making the foregoing computation; or 43 y s.. (ii) if none of the outstanding Bonds or Additional Bonds is subject to redemption, then for the purchase on the open market and retirement of said Bonds and Additional Bonds in the same proportion as prescribed in the foregoing clause (i), to the extent practicable; provided that the purchase price for any Bond or Additional Bond shall not exceed the redemption price of such Bond or Additional Bond on the first date upon which it becomes subject .to redemption; or (iii) to the extent that the foregoing clauses (i) and (ii) cannot be complied with at the time, the insurance proceeds, or the remainder thereof, shall be deposited- in a special and separate trust fund, at an official depository of the City, to be designated the Insurance Account. The Insurance Account shall be held until such time as the foregoing clauses (i) and/or (ii) can be complied with, or until other funds become available which, together with the Insurance Account, will be sufficient to make the repairs or replacements originally required, whichever of said events occurs first. (2') The foregoing provisions of (1) .above notwithstanding, the City shall have authority either to self-insure or enter into co-insurance or similar plans where risk of loss is shared in whole or in part by the City. (3) The annual audit hereinafter required shall contain a section commenting on whether or not the City has complied with the requirements of this Section with respect to the maintenance of insurance, and listing all policies carried, and whether or not all 44 .. •; ~. insurance premiums upon the insurance policies to which reference is hereinbefore made have been paid. (i) RATE COVENANT The City Council of the City will fix, establish, maintain and collect such rates, charges and fees for the use and availability of the System at all times as are necessary to produce Gross Revenues sufficient (1) to produce Pledged Revenues for each year at least equal to the principal and interest requirements (including Amortization Requirements) of all then outstanding Bonds and Additional Bonds, (2) to pay all current Operating and Maintenance Expenses, and (3) to pay all other obligations of the System. (j) RECORDS. It will keep proper books of record and account in which full, true and correct entries will be made of all dealings, activities and transactions relating to the System, the Pledged Revenues and the Funds created pursuant to this Ordinance, and all books, documents and vouchers relating thereto shall at all reasonable times be made available for inspection upon request of any bondholder. (k) AUDITS. After the close of each year while any of the Bonds or any Additional Bonds are outstanding, an audit will be made of the books and. accounts relating to the System and the Pledged Revenues by an independent certified public accountant or an independent firm of certified public accountants. As soon as practicable after the close of each such year, and when said audit has been completed and made available to the City, a copy of such audit for the preceding year shall be mailed to the Municipal Advisory Council of Texas and to any holder of 5% or more in 45 .,. aggregate principal amount of then outstanding Bonds and Additional Bonds who shall so request in writing. Such annual audit reports shall be open to the inspection of the bondowners and their agents and representatives at all reasonable times (1) GOVERNMENTAL AGENCIES It will comply with all of the terms and conditions of any and all franchises, permits and authorizations applicable to or necessary with respect to the System, and which have been obtained from any governmental agency; and the City has or will obtain and keep in full force and effect all franchises, permits, authorization and other requirements applicable to or necessary with respect to the acquisition, construction, equipment, operation and maintenance of the System. (m) NO COMPETITION. It will not grant any franchise or permit for the acquisition, construction or operation of any competing facilities which might be used as a substitute for the System's facilities, to the extent that such competing facilities would prevent the City from producing Gross Revenues sufficient (1) to produce Pledged Revenues for each year at least equal to the principal and interest requirements (including Amortization Installments of all then outstanding Bonds and Additional Bonds, (2) to pay all current Operating and maintenance Expenses, and (3) to pay all other obligations of the System. Section 23. AMENDMENT OF ORDINANCE. (a) That the owners of Bonds and Additional Bonds aggregating in principal amount 51% of the aggregate principal amount of then outstanding Bonds and Additional Bonds shall have the right from time to time to approve any amendment to this Ordinance which may be deemed necessary or 46 i y desirable by the City, provided, however, that without the consent of the owners of all of the Bonds and Additional Bonds at the time outstanding, nothing herein contained shall permit or be construed to permit the amendment of the terms and conditions in this Ordinance or in the Bonds or Additional Bonds so as to: (1) Make any change in the maturity of the outstanding Bonds or Additional Bonds; (2) Reduce the rate of interest borne by any of the outstanding Bonds or Additional Bonds; (3) Reduce the amount of the principal payable on the outstanding Bonds or Additional Bonds; (4) Modify the terms of payment of principal of or interest on the outstanding Bonds or Additional Bonds, or impose any conditions with respect to such payment; (5) Affect the rights of the owners of less than all of the Bonds and Additional Bonds then outstanding; (6) Change the minimum percentage of the principal amount of Bonds and Additional Bonds necessary for consent to such amendment. (b) That if at any time the City shall desire to amend the Ordinance under this Section, the City shall cause notice of the proposed amendment to be published in a financial newspaper or journal published in The City of New York, New York, once during each calendar week for at least two successive calendar weeks. Such notice shall briefly set forth the nature of the proposed amendment and shall state that a copy thereof is on file at the principal office of the Paying Agent/Registrar for inspection by 47 all holders of Bonds and Additional Bonds. Such publication is not required, however, if notice in writing is given to each holder of Bonds and Additional Bonds. (c) That whenever at any time not less than thirty days, and within one year, from the date of the first publication of said notice or other service of written notice the City shall receive an instrument or instruments executed by the owners of at least 51% in aggregate principal amount of all Bonds and Additional Bonds then outstanding, which instrument or instruments shall refer to the proposed amendment described in said notice and which specifically consent to and approve such amendment in substantially the form of the copy thereof on file with the Paying Agent/Registrar, the City Council may pass the amendatory ordinance in substantially the same form. (d) That upon the passage of any amendatory ordinance pursuant to the provisions of this Section, this Ordinance shall be deemed to be amended in accordance with such amendatory ordinance, and the respective rights, duties and obligations under this Ordinance of the City and all the owners of then outstanding Bonds and Additional Bonds and all future Additional Bonds shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such amendments. (e) That any consent given by the owner of a Bond or Additional Bond pursuant to the provisions of this Section shall be irrevocable for a period of six months from the date of the first publication of the notice provided for in this Section, and shall be conclusive and binding upon all future owners of the same 48 Bond or Additional Bond during such period. Such consent may be revoked at any time• after six months from the date of the first publication of such notice by the owner who gave such consent, or by a successor in title, by filing notice thereof with the Paying Agent/Registrar and the City, but such revocation shall not be effective if the owners of 51% in aggregate principal amount of the then outstanding Bonds and Additional Bonds as in this Section defined have, prior to the attempted revocation, consented to and approved the amendment. (f) That for the purpose of this Section, the ownership of Bonds or Additional Bonds shall be as shown by the registration books of the Paying Agent/Registrar. (g) The foregoing provisions of this Section notwith- standing, the City by action of the City Council may amend this Ordinance for any one or more of the following purposes: (1) To add to the covenants and agreements of the City in this Ordinance contained, other covenants and agreements thereafter to be observed, grant. additional rights or remedies to bondholders or to surrender, restrict or limit any right or power herein reserved to or conferred upon the City; (2) To make such provisions for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained in this Ordinance, or in regard to clarifying matters or questions arising under this Ordinance, as are necessary or desirable and not contrary to or inconsistent with this Ordinance and which shall not 49 ~; , ~ ~~- a. i.,, , adversely affect the interests of the owners of the Bonds or Additional Bonds; (3) To modify any of the provisions of this Ordinance in any other respect whatever, provided that (i) such modification shall be, and be expressed to be, effective only after all Bonds and each series of Additional Bonds outstanding at the date of the adoption of such modification shall cease to be outstanding, and (ii) such modification shall be specifically referred to in the text of all Additional Bonds issued after the date of the adoption of such modification. Section 24 DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS. (a) REPLACEMENT BONDS. In the event any outstanding Series 1990 Bond is damaged, mutilated, lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and delivered, a new bond of the same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or destroyed Series 1990 Bond, in replacement for such Series 1990 Bond in the manner hereinafter provided. (b) APPLICATION FOR REPLACEMENT BONDS. Application for replacement of damaged, mutilated, lost, stolen, or destroyed Series 1990 Bonds shall be made to the Paying Agent/Registrar. In every case of loss, theft, or destruction of a Series 1990 Bond, the applicant for a replacement bond shall furnish to the City and to the Paying Agent/Registrar such security or indemnity as may be required by them to save each of them harmless from any loss or damage with respect thereto Also, in every case of loss, theft, 50 ~, ~ or destruction of a Series 1990 Bond, the applicant shall furnish to the City and to the Paying Agent,/Registrar evidence to their satisfaction of the loss, theft, or destruction of such Series 1990 Bond, as the case may be. In every case of damage or mutilation of a Series 1990 Bond, the applicant shall surrender to the Paying Agent/Registrar for cancellation the Series 1990 Bond so damaged or mutilated. (c) NO DEFAULT OCCURRED. Notwithstanding the foregoing provisions of this Section, in the event any such Series 1990 Bond shall have matured, and no default has occurred which is then continuing in the payment of the principal of, redemption premium, if any, or interest on the Series 1990 Bond, the City may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Series 1990 Bond) instead of issuing a replacement Series 1990 Bond, provided security or indemnity is furnished as above provided in this Section. (d) CHARGE FOR ISSUING REPLACEMENT BONDS. Prior to the issuance of any replacement bond, the Paying Agent/Registrar shall charge the owner of such Series 1990 Bond with all legal, printing, and other expenses in connection therewith. Every replacement bond issued pursuant to the provisions of this Section by virtue of the fact that any Series 1990 Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Series 1990 Bond shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and proportionately with any and all other Series 1990 Bonds duly issued under this Ordinance. 51 ~ ~% (e) AUTHORITY FOR ISSUING REPLACEMENT BONDS. In accordance with Section 6 of Art. 717k-6, V A.T.C.S., this Section of this Ordinance shall constitute authority for the issuance of any such replacement bond without necessity of further action by the governing body of the City or any other body or person, and the duty of the replacement of such bonds is hereby authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall authenticate and deliver such bonds in the form and manner and with the effect, as provided in Section 5(d) of this Ordinance for Series 1990 Bonds issued in exchange for other Series 1990 Bonds. Section 25. TAX COVENANTS The Issuer covenants to take any action to ensure, or refrain from any action which would adversely affect, the treatment of the Series 1990 Bonds as obligations described in section 103 of the Code, the interest on which is not includable in the "gross income" of the holder for purposes of federal income taxation. In furtherance thereof, the Issuer covenants as follows: (a) to take any action to assure that no more than 10 percent of the proceeds of the Series 1990 Bonds (less amounts deposited to a reserve fund, if any) are used for any "private business use", as defined in section 141(b) (6) of the Code or, if more than 10 percent of the proceeds are so used, that amounts, whether or not received by the Issuer, with respect to such private business use, do not, under the terms of this Ordinance or any underlying arrangement, directly or indirectly, secure or provide for the payment of more than 10 52 .N y percent of the debt service on the Series 1990 Bonds, in contravention of section 141(b)(2) of the Code; (b) to take any action to assure that in the event that the "private business use" described in subsection (a) hereof exceeds 5 percent of the proceeds of the Series 1990 Bonds (less amounts deposited into a reserve fund, if any) then the amount in excess of 5 percent is used for a "private business use" which is "related" and not "disproportionate", within the meaning of section 141(b)(3) of the Code, to the governmental use; (c) to take any action to assure that no amount which is greater than the lesser of $5,000,000, or 5 percent of the proceeds of the Series 1990 Bonds (less amounts deposited into a reserve fund, if any) is directly or indirectly used to finance loans to persons, other than state or local governmental units, in contravention of section 141(c) of the Code; (d) to refrain from taking any action which would otherwise result in the Series 1990 Bonds being treated as "private activity bonds" within the meaning of section 141(b) of the Code; (e) to refrain from taking any action which would violate the guidelines set forth in Revenue Procedures 82-14 and 82-15, 1982-1 C.B. 459, 460, or any amendments, revisions or supplements thereto, relating to management contracts; (f) to refrain from taking any action that would result in the Series 1990 Bonds being "federally guaranteed" within 53 !~ t the meaning of section 149(b) of the Code; (g) to refrain from using any portion of the proceeds of the Series 1990 Bonds, directly or indirectly, to acquire or to replace funds which were used, directly or indirectly, to acquire investment property (as defined in section 148(b)(2) of the Code) which produces a materially higher yield over the term of the Series 1990 Bonds, other than investment property acquired with -- (1) proceeds of the Series 1990 Bonds invested for a reasonable temporary period of 3 years or less until such proceeds are needed for the purpose for which the bonds are issued, (2) amounts invested in a bona fide debt service fund, within the meaning of section 1.103-13(b)(12) of the Treasury Regulations, and (3) amounts deposited in any reasonably required reserve or replacement fund to the extent such amounts do not exceed 10 percent of the proceeds of the Series 1990 Bonds; (h) to otherwise restrict the use of the proceeds of the Series 1990 Bonds or amounts treated as proceeds of the Series 1990 Bonds, as may be necessary, so that the Series 1990 Bonds do not otherwise contravene the requirements of section 148 of the Code (relating to arbitrage) and, to the extent applicable, section 149(d) of the Code (relating to advance refundings); (i) to pay to the United States of America at least once 54 s t during each five-year period (beginning on the date of delivery of the Series 1990 Bonds) an amount that is at least equal to 90 percent of the "Excess Earnings", within the meaning of section 148(f) of the Code and to pay to the United States of America, not later than 60 days after the Series 1990 Bonds have been paid in full, 100 percent of the amount then required to be paid as a result of Excess Earnings under section 148(f) of the Code; and (j) to maintain such records as will enable the Issuer to fulfill its responsibilities under this section and section 148 of the Code and to retain such records for at least six years following the final payment of principal and interest on the Series 1990 Bonds. It is the understanding of the Issuer that the covenants contained herein are intended to assure compliance with the Code and any regulations or rulings promulgated by the U.S. Department of the Treasury pursuant thereto. In the event that regulations or rulings are hereafter promulgated which modify, or expand provisions of the Code, as applicable to the Series 1990 Bonds, the Issuer will not be required to comply with any covenant contained herein to the extent that such modification or expansion, in the opinion of nationally-recognized bond counsel, will not adversely affect the exemption from federal income taxation of interest on the Series 1990 Bonds under section 103 of the Code. In the event that regulations or rulings are hereafter promulgated which impose additional requirements which are applicable to the Series 1990 Bonds, the Issuer agrees to comply with the additional requirements 55 ~~ to the extent necessary, in the opinion of nationally-recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Series 1990 Bonds under section 103 of the Code. Section 26. APPROVAL AND REGISTRATION OF BONDS. That the Mayor of the City is hereby authorized to have control of the Series 1990 Bonds and all necessary records and proceedings pertaining to the Series 1990 Bonds pending their delivery and their investigation, examination and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of the Series 1990 Bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate accompanying the Series 1990 Bonds, and the seal of said Comptroller shall be impressed, or placed in facsimile, on each such certificate. Section 27. SALE OF SERIES 1990 BONDS. That the sale of the Series 1990 Bonds to , at a price of par and accrued interest to date of delivery, [plus a premium] [less a discount] of $ is hereby authorized, ratified and confirmed. One Series 1990 Bond in the principal amount maturing on each maturity date as set forth in Section 2 hereof shall be delivered to the Purchaser, and the Purchaser shall have the right to exchange such Bonds as provided in Section 5 hereof without cost. The Series 1990 Bonds were sold pursuant to the terms of a "Notice of Sale and Bidding Instructions", "Official Bid 56 , ~. Form" and "Official Statement", which documents in the form attached hereto as Exhibit A are approved. Section 28. IMMEDIATE EFFECT. That this Ordinance shall be effective immediately from and after its passage in accordance with the provisions of Section 2 of Chapter 25 of the Charter of the City, and it is accordingly so ordained. /~ ADOPTED this 30th day of January, .~~'~ • // Mayor ATTEST• City Secretary A OVED AS TO ORM AND LEGALITY• City Attorney (SEAL) ^~ f A j .`, ~' ,~ ,. .+ t 57 ~ ,~- THE STATE OF TEXAS ' COUNTY OF TARRANT CITY OF FORT WORTH I, the undersigned, City Secretary of the City of Fort Worth, in the State of Texas, do hereby certify that I have compared the attached and foregoing excerpt from the minutes of the special meeting of the City Council of the City of Fort Worth, Texas which was held on January 30, 1990 and of an ordinance which was duly passed at said meeting, and that said copy is a true and correct copy of said excerpt and the whole of said ordinance. Said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all in accordance with Vernon's Annotated Civil Statutes, Article 6252-17, as amended. In testimony whereof, I have set my hand and have hereunto affixed the seal of said City of Fort Worth, this 30th day of January, 1990. .~,~'~ ~ ~: - ~ City Secretary of the City of ~~ ~ ~, Fort Worth, Texas n (SEAL) ~. ~• •` f ' i 58 h ~' THE STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH On the 30th day of January, 1990 the City Council of the City of Fort Worth, Texas, met in regular, open, public meeting in the City Council Chamber in the City Hall with the following members present, to-wit: Bob Bolen, Mayor, Bert C Williams, Mayor Pro-Tem, Virginia Nell Webber, William N. Garrison, Russell Lancaster, Garey Gilley, Councilmembers, Estil Vance, Jr., Louis J Zapata, vacancy Douglas Harman, City Manager, Wade Adkins, City Attorney, Ruth Howard, City Secretary, with more than,~a quorum present; and after the City Council had j transacted certain business, the following business was transacted, to-wit: Councilmember introduced an ordinance and y moved its passage. The motion was seconded by Councilmember The ordinance was read by the City Secretary. The motion, carrying with. it the passage of the ordinance prevailed unanimously. The ordinance as passed is as follows: ~rfd 1 ~+~~- J~II~~~a° and ~~~,a,~,~a~ c~~~a~~o,a,~a~.a~~~a~~a. DATE 01/30/90 REFERENCE NUMBER G-845 SUBJECT SALE OF 51,250,000 CITY OP PORT PAGE 0 NORTH, TEXbS SOLID AASTE !lANAGB~fT SYSTBlt REVE[IQE BOIiDS 1 of Recommendation It is recommended: 1-Tha~tbe-Gi-t-p-~ouaci~-adopt-a-resolut-idn-approving-the l~otice of Sa a and-Bidding ~ i-nst-rnc id-Four"~nd-'"Off-tcia-l-S~ateaien~" prepared in connec ion with the-i-ssuanee-of-$3;Y5tt;000-Cite-~f~ort or eias; Solt~itaste-~tanagt.~pstem- ~--Revenue-Soadsr_S,ezj.es 1_.~ g9p, ~~ ,~.. That the 51,250,000 Citp of Fort Korth, Tezas Series 1990, be sold to the bidder offering the lowest interest cost, $327,787.50, at an average effective interest rate of 6.894741 and the Citp Council adopt Ordinance Ho. 10500 authorising the issuance of the bands 2 , '~. That the firm of McCall, Parkhurst and Horton be engaged to furnish the purchasers opinion of the bands, and, ¢'. That the firm of First Southwest Company perform the financial consulting services for this sale in accordance with Citp Secretary Contract $14801. iscussion Bids for $1,25C,000 Citp of Fort Narth, Teaas, Salid kaste lianagesrez;t 3psteer Revenue Bonds, Series 1990, Were received toaap (Tuesdap,3anuarp 30,1990) at 10:00 a.m. A summary of the average annual effective rates far the bids is shoitn belov: PlF.RRILL LYNCH CAPITAL 14ARRETS b 894741 PRDDE?;~IAL-BACHE SECURIiES BIDDER PEABODY fi CO 6 4537 LOVET~' ONDER6t00D NEDHAQS fi i~EBB INC. b 968580 St4ITH BARNEY, HARRIS GPHA.y 5 COt{PANY b 9744 ' DEAN i~ITTER REYItOLDS IxC 7.2832822 APPROVED Bl~ SHEARSON LEHMAN BUTTON INC 7 365644 CITY COUNC{L B+z ~'LF~TDE~ JAN R6 1996 ~~i 7~cGt,~~ City Secretary of the City of Fort Worth, 1'excu SUBMITTED FOR 1HG CITY MANAGER'S OFFICE BY DISPOSITION BY COUNCIL. PROCESSED BY ^ APPROVED ORIGINATING [ OTHER (DESCRIBE) DEPARTMENT HEAD• I CITY SECRETARY FOP. ADDITIONAL INFORMATION A,~ CONTACT ° ~pted Ordinance N ~ ~ o. DATE