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HomeMy WebLinkAboutOrdinance 10071f '„ ~, r.a ~. '~ \~ AN ORDINANCE PROVIDING FOR THE ISSUANCE OF TWENTY-FOUR MILLION DOLLARS ($24,000,000) OF GENERAL PURPOSE BONDS, SERIES 1988, OF THE CITY OF FORT WORTH, TEXAS, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; REPEALING ALL ORDINANCES IN CON- FLICT HEREWITH; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, it is deemed advisable and to the best inter- est of the City of Fort Worth that certain general purpose bonds authorized at elections previously held in said City be combined in a single issue and sold at this time, the dates of election, amount of bonds authorized thereat, purpose, amount of bonds previously sold, and the amount now to be sold being as follows: ORDINANCE NO . O O ~ r a . DATE OF AMOUNT ELECTION AUTHORIZED PURPOSE Dec 9, 1975 Feb 7, 1978 May 22, 1982 May 22, 1982 May 22, 1982 March 22, 1986 March 22, 1986 March 22, 1986 March 22, 1986 March 22, 1986 $27,500,000 4,750,000 77,285,000 6,880,000 6,570,000 115,600,000 10,000,000 5,750,000 12,000,000 16.650.000 San Sew Fire Impr Street Impr Cty Landfl Impr Park & Rec Impr Street Impr Library Impr Pub Safety Impr Pub Events Impr Park & Rec Impr $282,985,000 AMOUNT PREVIOUSLY SOLD $21,700,000 4,750,000 68,779,000 6,880,000 6,570,000 57,403,000 2,130,000 4,500,000 12,000,000 9.950.0.00 AMOUNT NOW OFFERED $ -0- -0- 250,000 -0- -0- 19,368,500 -0- 610,000 -0- 3.771.500 $194,662,000 $24,000,000 WHEREAS, it is deemed advisable and to the best inter- est of the City that the bonds to be sold pursuant to the ~_ ~~ -, r, aforesaid elections be sold at this time, pursuant to the laws of the State of Texas. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: 1. That the bond or bonds of the City of Fort Worth, Texas (the "City" or the "Issuer") to be called "General Purpose Bonds, Series 1988" (the "Series 1988 Bonds"), be issued under and by virtue of the Constitution and laws of the State of Texas and the Charter of said City for the following purposes, to-wit: Two Hundred and Fifty Thousand Dollars ($250,000.00) for the purpose of constructing permanent street and storm sewer improvements by recon- structing, restructuring and extending the streets, thor- oughfares, collectors and storm drains in said City, and related street and storm sewer improvements; Nineteen Million Three Hundred Sixty-Eight Thousand Five Hundred Dollars ($19,368,500.00) for the purpose of constructing permanent street and storm sewer improvements by resurfac- ing, restructuring and extending the streets, thoroughfares, collectors and storm drains in said City, and related and storm sewer improvements; Three Million Seven Hundred Seventy-One Thousand Five Hundred Dollars ($3,771,500.00) for the purpose of making permanent city improvements by constructing new improvements to the City's park and recreation system facilities, renovating existing facilities and enlarging other facilities; and Six Hundred Ten Thousand 2 .' J k °. ~' Dollars ($610,000.00) for the purpose of constructing permanent public safety improvements, to-wit: building and equipping new police and fire facilities, and renovating existing police and fire facilities; all of which bonds aggregate in principal amount the sum of Twenty-Four Million Dollars ($24,000,000.00). 2. That the Series 1988 Bonds maturing in each of the years 1990 through 2007, inclusive shall be dated March 1, 1988, 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 YEARS AMOUNTS YEARS AMOUNTS 1990 700,000 1999 1,400,000 1991 700,000 2000 1,500,000 1992 1,100,000 2001 1,500,000 1993 1,100,000 2002 1,500,000 1994 1,400,000 2003 1,500,000 1995 1,400,000 2004 1,500,000 1996 1,400,000 2005 1,500,000 1997 1,400,000 2006 1,500,000 1998 1,400,000 2007 1,500,000 3. The City reserves the right to redeem the Series 1988 Bonds maturing on or after March 1, 1999, in whole or in part, on March 1, 1998, or on any interest payment date thereafter, for the principal amount thereof and. accrued interest thereon to the date fixed for redemption. The 3 w `~ ,- years of maturity of the Series 1988 Bonds called for redem- ption at the option of the City prior to stated maturity shall be selected by the City. The Series 1988 Bonds or portions thereof redeemed within a maturity shall be select- ed by lot by the Paying Agent/Registrar. At least 30 days prior to the date fixed for any such redemption a written notice of such redemption shall be given to the registered owner of each Bond or a portion thereof being called for redemption by depositing such notice in the United States Mail, postage prepaid, addressed to each such registered owner at his address shown on the registration books of the Paying Agent/Registrar (herein- after defined). By the date fixed for any such redemption due provision shall be made by the City with the Paying Agent/Registrar for the payment of the required redemption price for the Series 1988 Bonds or the portions thereof which are to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If such written notice of redemption is given, and if due provision for such payment is made,. all as provided above, the Series 1988 Bonds., or the portions thereof which are to be so redeemed, thereby automatically shall be redeemed prior to their scheduled maturities, and shall not bear interest after the date fixed for their redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price plus accrued interest to the 4 date fixed for redemption from the Paying Agent/Registrar out of the funds provided for such payment. The Paying Agent/Registrar shall record in the registration books all such redemptions of principal of the Series 1988 Bonds or any portion thereof. If a portion of any Series 1988 Bond shall be redeemed a substitute Series 1988 Bond or Series 1988 Bonds having the same maturity date, bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000, at the written 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 the surrender thereof for cancel- lation, at the expense of the City, all as provided in this Ordinance. 4. That the Series 1988 Bonds scheduled to mature during the years, respectively, set forth below shall bear interest at the following rates per annum: 5 Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing in in in in in in in in in in in in in in in in in in the the the the the the the the the the the the the the the the the the year 1990, ~% year 1991, ,oo% year 1992, ,oo% year 1993, ,od year 1994, f~So % year 1995, 6,30 year 1996, ~,S'o year 1997, ,6s"°o year 1998, ~.~o year 1999, ~~,qO % year 2000, ~0O % year 2001, 7_~% year 2002, ?~ao % year 2003, 'l,oo % year 2004, ~eO % year 2005, ,po % year 2006, boo % .year 2007, 7Od % Said interest shall be payable to the registered owner of any such Series 1988 Bond in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordi- nance. 5. (a) 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 1988 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 6 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 regis- tered owner of each bond to which payments with respect to the Series 1988 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 1988 Bond may be transferred in the Registration Books only upon presentation and surrender of such bond to the Paying Agent/Registrar for transfer of registration and cancellation, together with proper written instruments of assignment, in form and with guarantee of signatures satis- factory to the Paying Agent/Registrar, evidencing the assignment of such 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 such bond or any such portion thereof registered in the name of such assignee or assignees. Upon the assignment and transfer of any Series 1988 Bond or any portion thereof, a new substitute bond or bonds shall be issued in exchange therefor in the manner herein provided. 7 a ; (b) The entity in whose name any Series 1988 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 1988 Bonds, and to act as its agent to exchange or replace Series 1988 Bonds, ali as provided in this Ordinance. The Paying Agent/Regis- trar shall keep proper records of all payments made by the City and the Paying Agent/Registrar with respect to the Series 1988 Bonds, and of all exchanges of such bonds, and all replacements of such bonds, as provided in this Ordi- Hance. (d) Each Series 1988 Bond may be exchanged for fully registered bonds in the manner set forth herein. Each bond issued and delivered pursuant ~o this Ordinance, to the extent of the unredeemed principal amount thereof, may, upon surrender of such bond at the principal corporate trust 8 " ,,, 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 representatives, 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 exck~anged for fully registered bonds, without interest coupons, in the form prescribed in the FORM OF BOND set forth in this Ordinance, in the denomi- nation of $5,000, or any integral multiple of $5,000 (sub- ject to the requirement hereinafter stated that each substi= tute bond shall have a single stated maturity date), as re- quested in writing by such registered owner or such assignee or assignees, in an aggregate principal amount equal to the unredeemed principal amount of any Series 1988 Bond or Series 1988 Bonds so surrendered, and payable to the appro- priate registered owner, assignee, or assignees, as the case may be. If a portion of any Series 1988 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 multiple of $5,000 at the request of the registered owner, and in an aggregate princi- pal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon surrender thereof for cancellation. If any Series 1988 Bond or portion thereof is 9 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 AgentjRegistrar shall exchange or replace Series 1988 Bonds as provided herein, and each fully registered bond or bonds delivered in exchange for or replacement of any Series 1988 Bond or portion thereof as permitted or required by any provision of this Ordinance shall constitute one of the Series 1988 Bonds for all purposes of this Ordinance, and may again be exchanged or replaced. It is specifically provided, however, that any Series 1988 Bond delivered in exchange for or replacement of another Series 1988 Bond prior to the first scheduled interest payment date on the Series 1988 Bonds (as stated on the face thereof) shall. be dated the same date as such Series 1988 Bond, but each substitute bond so delivered on or after such first sched- uled 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 shall be dated as of the date to 10 s which such interest has been paid in full. On each substi- tute bond issued in exchange for or replacement of any Series 1988 Bond or Series 198 Bonds issued under this Ordinance there shall be printed thereon a Paying Agent/Reg- istrar'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 substitute 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 1988 Bonds surrendered for exchange or replacement. No addi- tional 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 1988 Bond or portion thereof, and the Paying Agent/Registrar shall provide for the printing, execution, and delivery of the substitute bonds in the manner pres- cribed 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 1988 Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of said Paying Agent/Registrar's it 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 1988 Bonds which originally were delivered pursuant to this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public Accounts. Neither the City nor the Paying Agent/Registrar shall be required (1) to issue, transfer, or exchange any bond during a period beginning at the opening of business 30 days before the day of the first mailing of a notice of redemption of bonds and ending at the close of business on the day off such mailing, or (2) to transfer or exchange any bond so selected for redemption in whole when such redemption is scheduled to occur within 30 calendar days. (e) All Series 1988 Bonds issued in exchange or replacement of any other Series 1988 Bond or portion there- of, (i) shall be issued in fully registered form, without interest coupons, with the principal of and interest on such Series 1988 Bonds to be payable only to the registered owners thereof, (ii) may be redeemed prior to their sched- uled maturities, (iii) may be transferred and assigned, (iv) may be exchanged for other Series 1988 Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the principal of and interest on the Series 1988 Bonds shall be payable, all as provided, and in the manner 12 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 trans- fers of Series 1988 Bonds, but the registered owner of any Series 1988 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 1988 Bond requesting any exchange shall pay the Paying Agent/ Registrar's reasonable and standard or customary fees and charges for 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 ~oortion or portions thereof in any integral multiple of $5, 000, and in the case of the exchange of a portion the unredeemed portion of a Series 1988 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 1988 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 1988 Bonds, when due, and (ii) pay the fees 13 ~. and charges of the Paying Agent/Registrar for services with respect to the transfer or registration of Series 1988 Bonds solely to the extent above provided, and with respect to the exchange of Series 1988 Bonds solely to the extent above provided. (g) The City covenants with the registered owners of the Series 1988 Bonds that at all times while the Series 1988 Bonds are outstanding the City will provide a competent and legally qualified bank, trust company, financial insti- tution, or other agency to act as and perform the services of Paying Agent/Registrar for the Series 1988 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 state, authorized under such laws to exercise trust powers, subject to supervision or examination by federal or state Authority, and whose qualifications substantially are similar to the previous Paying Agent/Registrar to act as 14 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 1988 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 1988 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/Reg- istrar 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. 7. The form of all Series 1988 Bonds, including the form of the Comptroller's Registration Certificate to accompany the Series 1988 Bonds on the initial delivery thereof, the form of Paying Agent/Registrar's Authenitic- ation Certificate, and the Form of Assignment to be printed on each of the Series 1988 Bonds, shall be, respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are permitted or required by this Ordinance. 15 FORM OF BOND NO. $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH, TEXAS GENERAL PURPOSE BOND SERIES 1988 MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP March 1, 1988 ON THE MATURITY DATE SPECIF7CED ABOVE, THE CITY OF FORT WORTH, TEXAS (the "Issuer"), hereby promises to pay to or to the registered as- signee hereof (either being hereinafter called the "regis- tered owner") the principal amount of and to pay interest thereon, from the original issue date of this Bond specified above, to the date of its scheduled maturity or the date of its redemption prior to scheduled maturity, at the rate of interest per annum specified above, with said interest being payable on March 1, 1989, and semi- annually on each September 1 and March 1 thereafter, except that if the Paying Agent/Registrar's Authentication Certif- icate appearing on the face of this Bond is dated later than March 1, 1989, such interest is payable semiannually on each September 1 and March 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 16 J exchange or collection charges. The principal of this Bond shall be paid to the registered owner hereof upon presenta- tion 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 10Paying 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/Registrar 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 registered 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 and/or interest payment date for this Bond it will make available to the Paying Agent/Registrar from the Interest and Redemption Fund as defined by the ordinance authorizing the Bonds (the "Ordinancet0) the amounts required to provide 17 to provide for the payment, in immediately available funds, of all principal of and interest on the Bonds, when due. *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, maturity and option of redemption, authorized in accordance with the Constitution and laws of the State of Texas in the principal amount of $24,000,000, for the following purposes, to-wit: $19,618,500.00 for improving and extending the streets, thoroughfares and storm drains; $3,771,500.00 for parks and recreation improvements; and $610,000.00 for public safety improvements. *ON MARCH 1, 1998, or on any interest payment date thereafter, the Bonds of this Series maturing on March 1, 1999 and thereafter may be redeemed prior to their scheduled maturities, at the option of the Issuer, in whole, or in 18 part, at par and accrued interest to the date fixed for redemption. The years of maturity of the Bonds called for redemption at the option of the City prior to stated matur- ity shall be selected by the City. The Bonds or portions thereof redeemed within a maturity shall be selected by lot by the Paying Agent/Registrar. *AT LEAST 30 days prior to the date fixed for any such redemption a written notice of such redemption shall be given to the registered owner of each Bond or a portion thereof being called for redemption by depositing such notice in the United States mail, postage prepaid, addressed to each such registered owner at his address shown on the Registration Books of the Paying Agent/Registrar. By the date fixed for any such redemption due provision shall be made by the Issuer with the Paying Agent/Registrar for the payment of the required redemption price for this Bond or the portion hereof which is to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If such written notice of redemption is liven, and if due provision for such payment is made, all as provided above, this Bond, or the portion hereof which is to be so redeemed, thereby automatically shall be redeemed prior to its scheduled maturity, and shall not bear interest after the date fixed for its redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price plus accrued interest to the 19 date fixed for redemption from the Paying Agent/Registrar out of the funds provided for such payment. The Paying Agent/Registrar shall record in the Registration Books all such redemptions of principal of this Bond or any portion hereof. If a portion of any Bond shall be redeemed a substitute Bond or Bonds having the same maturity date, bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000, at the written request of the registered owner, and in aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon the surrender thereof for cancellation, at the expense of the Issuer, all as provided in the Ordinance. *ALL BONDS OF THIS SERIES are issuable solely as fully registered bonds, without interest coupons, in the denomina- tion of any integral multiple of $5,000. As provided in 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 20 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/Reg- istrar, 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 Assign- ment 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 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 21 Agent/Registrar will be paid by the Issuer. In any circum- stance, any taxes or governmental charges required to be paid with respect thereto shall be paid by the one request- ing such assignment, transfer, or exchange as a condition precedent to the exercise of such privilege. In any cir- cumstance, neither the Issuer nor the Paying Agent/Registrar shall be required (1) to make any transfer or exchange during a period beginning at the opening of business 30 days before the day of the first mailing of a notice of redemp- tion of bonds and ending at the close of business on the day of such mailing, or (2) to transfer or exchange any Bonds so selected for redemption when such redemption is scheduled to occur within 30 calendar days. *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, and promptly will cause written notice thereof to be mailed to the registered owners of the Bonds. *IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Bond, and the series of which it is a part, is duly authorized by law; that the bonds were approved by a vote of the resident, qualified electors of the City of Fort Worth, Texas, voting at elections held for that purpose within said City on May 22, 1982 and March 22, 1986; that all acts, con- ditions and things required to be done precedent to and in 22 the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision for the levy and collection of taxes has been made, which, when collected, shall be appropriated exclusively to the payment of this bond and the series of which it is a part; and that the total indebtedness of said City of Fort Worth, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional, statutory or charter limitation. *BY BECOMING the registered owner of this Bond, the registered 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 governing body of the Issuer, and agrees that the terms and provisions of this Bond and the Ordinance constitute a contract between each registered owner hereof and the Issuer. IN WITNESS WHEREOF, this Bond has been signed by the printed or lithographed facsimile signature of the Mayor of said Issuer, attested by the printed or lithographed facsim- ile signature of the City Secretary and approved as to form and legality by the printed or lithographed facsimile signa- ture of the City Attorney, and the official seal of the 23 Issuer has been duly affixed to, or impressed, or printed, or lithographed, on this Bond. ATTEST: (facsimile signature) (facsimile signature) City Secretary Mayor APPROVED AS TO FORM AND LEGALITY: (facsimile signature) City Attorney (SEAL) 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 conver- sion of and 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 24 **(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 to the effect that this Bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding obliga- tion 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 7. That a special fund or account, to be designated the "City of Fort Worth, Texas Interest and Redemption Fund" is hereby created and shall be established and maintained by said City at its official depository bank. Said Interest and Redemption Fund shall be kept separate and apart from all other funds and accounts of said City, and shall be used only for paying the interest on and principal of the Series 1988 Bonds. All taxes levied and collected for and on 26 account of the Series 1988 Bonds shall be deposited, as collected, to the credit of said Interest and Redemption Fund. During each year while any of the Series 1988 Bonds is outstanding and unpaid, the City Council of said City shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said City, with full allowances being made for tax delinquencies and costs of tax collections, which will be sufficient to raise and produce the money required to pay the interest on the Series 1988 Bonds as such interest comes due, and to provide a sinking fund to pay the principal of the Series 1988 Bonds as such principal matures, but never less than 2% of the original principal amount of the Series 1988 Bonds as a sinking fund each year. Said rate and amount of ad valorem tax is hereby ordered to be levied and is hereby levied against all taxable property in said City for each year while any of the Series 1988 Bonds is outstanding and unpaid, and said ad valorem tax shall be assessed and collected each such year and deposited and deposited to the credit of the aforesaid Interest and Redemption Fund. Said ad valorem taxes necessary to pay the interest on and principal of the Series 1988 Bonds, as such interest comes due, and such principal matures, are hereby pledged for such purpose, within the limit prescribed by law. 8. (a) In the event any outstanding Series 1988 Bond is damaged, mutilated, lost, stolen, or destroyed, the 27 a 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 1988 Bond, in replacement for such Series 1988 Bond in the manner hereinafter pro- vided. (b) Application for replacement of damaged, mutilated, lost, stolen, or destroyed Series 1988 Bonds shall be made to the Paying Agent/Registrar. In every case of loss, theft, or destruction of a Series 1988 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, or destruction of a Series 1988 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 1988 Bond, as the case may be. In every case of damage or mutilation of a Series 1988 Bond, the applicant shall surrender to the Paying Agent/Registrar for cancellation the Series 1988 Bond so damaged or mutilated. (c) Notwithstanding the foregoing provisions of this Section, in the event any such Series 1988 Bond shall have matured, and no default has occurred which is then continu- ing in the payment of the principal of, redemption premium, 28 if any, or interest on the Series 1988 Bond, the City may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Series 1988 Bond) instead of issuing a replacement Series 1988 Bond, provided security or indemnity is furnished as above pro- vided in this Section. (d) Prior to the issuance of any replacement bond, the Paying Agent/Registrar shall charge the owner of such Series 1988 Bond with all legal, printing, and other expenses in connection therewith. Every replacement bond issued pur- suant to the provisions of this Section by virtue of the fact that any Series 1988 Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Series 1988 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 1988 Bonds duly issued under this Ordinance. (e) In accordance with Section 6 of Vernon's Ann. Tex. Civ. St. Art. 717k-6, this Section of this Ordinance shall constitute authority for the issuance of any such replace- ment bond without necessity of further action by the govern- ing 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, subject to the conditions imposed by this Section 8 of this Ordinance, and 29 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 1988 Bonds issued in exchange for other Series 1988 Bonds. 9. That the Mayor of the City is hereby authorized to have control of the Series 1988 Bonds and all necessary records and proceedings pertaining to the Series 1988 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 1988 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 1988 Bonds, and the seal of said Comptroller shall be impressed, or placed in facsimile, on each such certificate. 10. That the sale of the Series 1988 Bonds to a price of par and accrued interest on the Bonds to the date of delivery, plus a premium of $ , is hereby authorized, ratified and confirmed. One Series 1988 Bond in the principal amount maturing on each maturity date as set forth in Section 2 hereof shall be delivered to the Purchas- er, and the Purchaser shall have the right to exchange such bonds as provided in Section 5 hereof without cost. The 30 J' L. w Series 1988 Bonds were sold pursuant to the terms of a "Notice of Sale and Bidding Instructions", "Official Bid Form" and "Official Statement", which documents shall be approved by the adoption of a resolution concurrently herewith. 11. The Issuer covenants to take any action to assure, or refrain from any action which would adversely affect, the treatment of the Series 1988 Bonds as obligations described in section 103 of the Internal Revenue Code of 1986 (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 1988 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 percent of the debt service on the Series 1988 Bonds, in contravention of section 141(b)(2) of the Code; 31 (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 1988 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 1988 Bonds (less amounts deposited into a reserve fund, if any) is directly or indirectly used to finance loans to per- sons, 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 1988 Bonds being treated as "private activity bonds" within the meaning of section 141(b) of the Code; (e) to refrain from taking any action that would result in the Series 1988 Bonds being "federally guaranteed" within the meaning of section 149(b) of the Code; (f) to refrain from using any portion of the proceeds of the Series 1988 Bonds, directly or 32 ~ ~ f 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 Bonds, other than investment property acquired with -- (1) proceeds of the Series 1988 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 1988 Bonds; (g) to otherwise restrict the use of the proceeds of the Series 1988 Bonds or amounts treated as proceeds of the Series 1988 Bonds, as may be necessary, so that the 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); (h) to pay to the United States of America at least once during each five-year period (beginning on 33 the date of delivery of the Series 1988 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 1988 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 (i) 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 1988 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 1988 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 national- ly-recognized bond counsel, will not adversely affect the exemption from federal income taxation of interest on the Series 1988 Bonds under section 103 of the Code. In the 34 ~ J w r event that regulations or rulings are hereafter promulgated which impose additional requirements which are applicable to the Series 1988 Bonds, the Issuer agrees to comply with the additional requirements 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 1988 Bonds under section 103_ of the Code. 12. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. 13. That this Ordinance shall take effect and be in full force and effect from and after the date of its pas- sage, and it is so ordained. 14. It is hereby officially found and determined that the meeting at which this ordinance was passed was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Article 6252-17, Vernon's Annotated xas Statutes, as amend- ed. o , City of Worth, Texas ATTEST: Cit Secretary, City of Fort Worth, Texas A OVED AS T ORM AN LEGALITY: City Attorney, City of Fort Worth, Texas 35 ~; <' THE STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH I, Ruth Howard, 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 regular, open, public meeting of the City Council of the City of Fort Worth, Texas, and of Ordinance No. 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. In testimony whereof, I have set my hand and have here- unto affixed the seal of said City of Fort Worth, this 8th day of March, 1988. ~~ ...+ ~ `, :~-~ ^~ ,,~ ~" h (SEAL) t. ~- ~ 1 ~ ~ ~~ Y .~ ~ r'~ i -.. • s s 4 ;~~ Y J ~~ T~ w~ . ~r ^~ r ~. ~- S ~'t>'*>v.~''~w, ity Secretary of the City of Fort Worth, Texas ~~,' * 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. 25 r i.. i~AsfE~ Fl6~.L ___.„, ACCOUNTINQ.2 ~ `~~ ®~ ~® y ~ ~® u ~~~ ~~~~ ~RANSP.ORTAT.tQN~P_UEIL ?'a l~~lLf/ ®~ ~l.tV~~ ~11./' (L/~/~LL/ IL~ ~®ll U ILD~~ ll~/~ 1LU./~.AL ~ (L®~IL MATER ADMINiS7RAT f~ $ elf FINANCE : J ATEO3~O8~88 REFERENC~-7/{7rj NUMBER SUBJECT PROPOSED 1988 SALE OF GENERAL PAGE __- __ PURPOSE BONDS, SERIES 1988. ~ ~ of --_ --RECOMMENDATION; ------Lt is_--r-ecommended that the $24,000,000 City of Fort Worth, Texas, General ---Purpose--Bonds, Series 1988, be sold to the bidder offering the lowest -interest cost, Goldman Sachs & Co. , at an average effective interest rate of 7.067169 % and that the City Council adopt Ordinance No. 10071 authorizing the issuance of bonds as follows: Purpose Amount Street Improvements $ 19,618,500 Park & Recreation Improvements 3,771,500 Public Safety Improvements 610,000 DISCUSSION: Bids for $24,000,000 City of Fort Worth, Texas, General Purpose Bonds, Series 1988 were received today (Tuesday, March 8, 1988 at 10:30 AM). A summary of the average annual effective inter est rates for the bids is shown below: Company Rate Goldman Sachs 7.067169 Shearson Lehman Brothers 7.089586 First Republic Bank 7.1179 Smith Barney 7.146425 Prudential Bache 7.15012 Bear Stearns 7.1676259 AP~RQVED BY CITY CO U~N CIL Clayton Brown & Associates, Inc. 7.1684 Harris Bank 7.1798 ~ ~ ~~~ ~~~I~tn~y ~ ~e City of Font Wostb. Texa$ SUBMITTED FOR IH CITY MANAGER'S DISPOSITION BY COUNCIL. PROCESSED BY OFFICE BY ~ APPROVED ORIGINATING ~ [ OTHER (DESCRIBE) DEPARTMENT HEAD• CITY SECRETARY FOR ADDITIONAL IN FORMA I CONTACT AciOp~ed ~rd~nar~cs i~o / / DATE A (~/ , ~lfay~r and ~s~~,~.~~.~ ~~~~a~.~~,~.~a~$~~a, DATE REFERENCE NUMBER SUBJECT +'SOLUTION APPROVING FORM OF PAGE OFFICIAL STATEMENT, OFFICIAL NOTICE l or__.__ RECOMMENDATION: It is recommended that the City Council adopt a resolution approving the "Notice of Sale and Bidding Instructions", "Official Bid Form" and "Official Statement" prepared in connection with the issuance of $24,000,000 City of Fort Worth, Texas, General Purpose Bonds, Series 1988. RPPROVED 8Y CITY CQUi~~~L MAR ~ 1988 3 ~~ ~~ `3 \ ~U /^~ ~~~,v~C~~ Catp S@CZ@2QZ~,t QE thA, C>.ty of F'OZt Woi'th~ T.exc~ SUBMITTED FOR !h CITY MANAGER'S DISPOSITION BY COUNCIL: PROCESSED BY OFFICE BY ~ APPROVED ORIGINATING /,~ _ G OTHER (DESCRIBE) DEPARTMENT HEAD: / / '. CITY SECRETARY FOR ADDITIONAL INFORMATI CONTACT DATE