HomeMy WebLinkAboutOrdinance 7528 ORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF TWO
MILLION NINE HUNDRED FIFTY THOUSAND DOLLARS
($2, 950, 000) OF CITY OF FORT WORTH REFUNDING
BONDS, SERIES 1977D, 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 CONFLICT HEREWITH; AND PROVIDING THAT THIS
ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND
AFTER THE DATE OF ITS PASSAGE
WHEREAS, the City Council of the City of Fort Worth,
Texas, heretofore passed Ordinances authorizing the issuance
of the following Bonds of said City:
City of Fort Worth General Purpose Bonds, Series 1977A, dated
March 1, 1977, bearing interest at the rates of 6. 00%, 4. 60%,
4.70%, 4 . 800, 4. 90%, 5. 00% and 4 . 00% per annum, authorized by
Ordinance No. 7476 on January 10, 1977, in the principal
amount of $12, 000, 000; and
City of Fort Worth Sanitary Sewer System and Sewage Disposal
Plant Bonds, Series 1977B, dated March 1, 1977, bearing inter-
est at the rates of 6. 00% , 4 . 60% , 4.70% , 4. 80%, 4. 90%, 5. 00%
and 4 . 00% per annum, authorized by Ordinance No. 7477 on
January 10, 1977, in the principal amount of $9, 000, 000; and
WHEREAS, the City is authorized to refund said bonds
in accordance with the provisions of Vernon' s Article 717k-3;
and
WHEREAS, the City has determined to refund the
following bonds out of said Series 1977A Bonds and Series 1977B
Bonds now outstanding:
Out of the General Purpose Bonds, Series 1977A:
Bonds Numbers 1936 through 2304 and 2307 through
2400, in the principal amount of $5, 000 each,
aggregating $2,315, 000, maturing on March 1 in
each of the years 1998 through 2002;
Out of the Sanitary Sewer System and Sewage
Disposal Plant Bonds, Series 1977B:
Bonds Numbers 1441 through 1452 and 1513 through
1800, in the principal amount of $5, 000 each,
aggregating $1, 500, 000, maturing on March 1 in
each of the years 1998 through 2002; and
WHEREAS, the owner of the above bonds has consented
to the refunding of the bonds to be refunded hereunder and will
present the bonds being refunded in exchange for the bonds
herein authorized; and
WHEREAS, the refunding of said bonds will result in
a saving of both principal and interest;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF FORT WORTH, TEXAS:
SECTION 1.
That the bonds of said City to be called "City of
Fort Worth Refunding Bonds, Series 1977D" be issued under and
by virtue of the Constitution and laws of the State of Texas,
and the Charter of said City, for the purpose of refunding
$3,815, 000 of the Bonds described in the third "WHEREAS" of
the preamble of this Ordinance.
SECTION 2.
That said bonds shall be numbered from 1 through
590, of the denomination of $5, 000 each, aggregating $2, 950, 000.
SECTION 3.
That said bonds shall be dated March 1, 1977, and
shall become due and payable serially as follows:
BONDS NUMBERS MATURITY DATES AMOUNTS
1 through 40 March 1, 1980 $200, 000
41 through 80 March 1, 1981 200, 000
81 through 120 March 1, 1982 200, 000
121 through 160 March 1, 1983 200, 000
161 through 200 March 1, 1984 200, 000
201 through 240 March 1, 1985 200, 000
241 through 280 March 1, 1986 200, 000
281 through 320 March 1, 1987 200, 000
321 through 360 March 1, 1988 200, 000
361 through 400 March 1, 1989 200, 000
401 through 440 March 1, 1990 200, 000
441 through 490 March 1, 1991 250, 000
491 through 540 March 1, 1992 250, 000
541 through 590 March 1, 1993 250, 000
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SECTION 4 .
That said bonds shall bear interest from their date
at the rate of 5% per annum, payable September 1, 1977 and
semiannually thereafter on March 1 and September 1 of each year.
SECTION 5.
That the principal of and interest on said bonds
shall be payable upon presentation and surrender of proper bond
or interest coupon at the Manufacturers Hanover Trust Company,
in the Borough of Manhattan, City and State of New York.
SECTION 6.
That each of said bonds shall be executed for and on
behalf of the City of Fort Worth, Texas, by the facsimile
signature of the Mayor, approved as to form and legality by
the facsimile signature of the City Attorney, and attested
manually by the City Secretary, with the seal of the City
duly affixed to, or impressed, or printed, or lithographed
thereon , and the interest coupons shall be executed with the
lithographed or printed facsimile signatures of the Mayor and
City Secretary of the City of Fort Worth, Texas, and such
facsimile signatures shall have the same effect as if manually
placed on said bonds and coupons.
SECTION 7.
That the form of said bonds shall be substantially
as follows:
NO. UNITED STATES OF AMERICA $5, 000. 00
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
REFUNDING BOND
SERIES 1977D
The City of Fort Worth, in the County of Tarrant,
State of Texas, a municipal corporation duly incorporated
3
under the laws of the State of Texas, for value received,
hereby promises to pay to the bearer hereof, on the 1st day
of March, 19—, the sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America, with interest
thereon from date hereof at the rate of 5% per annum, evidenced
by coupons payable September 1, 1977, and semiannually there-
after on March 1 and September 1 of each year, both principal
and interest payable upon presentation and surrender of bond
or proper coupon at the Manufacturers Hanover Trust Company,
in the Borough of Manhattan, City and State of New York, and
the City of Fort Worth, Texas, is hereby held and firmly
bound, and its faith and credit and all taxable property in
said City are hereby pledged for the prompt payment of the
principal of this bond at maturity and the interest thereon
as it accrues.
This bond is one of a series of five hundred ninety
(590) bonds of like tenor and effect, except as to number and
maturity, numbered from one (1) to five hundred ninety (590) ,
both inclusive, of the denomination of Five Thousand Dollars
($5, 000. 00) each, aggregating Two Million Nine Hundred Fifty
Thousand Dollars ($2, 950, 000. 00) , issued for the purpose of
refunding outstanding Bonds of said City, under and by virtue
of the Constitution and laws of the State of Texas and the
Charter of said City, and pursuant to an ordinance passed by
the City Council of the City of Fort Worth, Texas, which
ordinance is duly of record in the minutes of said City
Council.
The date of this bond in conformity with the ordi-
nance above mentioned is March 1, 1977.
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In addition to all other rights, the holders of this
series of bonds shall be subrogated to all pertinent and
necessary rights of the holders of the obligations being re-
funded thereby.
And it is hereby certified that the issuance of this
bond, and the series of which it is a part, is duly authorized
by law; that all acts, conditions and things required to be
done precedent to and in 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 re-
quired by law; that sufficient and proper provision for the
levy and collection of taxes has been made, which, when col-
lected, shall be appropriated exclusively to the payment of
this bond and the series of which it is a part, and to the
payment of the interest coupons hereto annexed as the same shall
become due; 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.
In witness whereof_ , this bond has been signed by the
printed or lithographed facsimile signature of the Mayor of
said City, attested by the manual signature of the City Secre-
tary and approved as to form and legality by the printed or
lithographed facsimile signature of the City Attorney, and the
interest coupons attached hereto have been signed by the printed
or lithographed facsimile signatures of the Mayor and City
Secretary, and the official seal of said City has been duly
affixed to, or impressed, or printed, or lithographed on this
bond.
5
SECTION 8 .
That the proceeds from all taxes collected for and
on account of this series of bonds shall be credited to a
"Series 1977D Interest and Redemption Fund" which is hereby
created and shall be established in the City' s Official Depos-
itory, for the purpose of paying the interest as it accrues
and to provide a sinking fund for the purpose of paying each
installment of principal as it becomes due; that for each year
hereafter while any of said bonds, or interest thereon, are
outstanding and unpaid, there shall be computed and ascertained,
at the time other taxes are levied, the rate of tax based on
the latest approved rolls of said City as will be requisite and
sufficient to make, raise and produce in each of said years a
fund to pay the interest on said bonds and to provide a sinking
fund sufficient to pay the principal as it matures, or at least
2% of the principal as a sinking fund, whichever is greater,
full allowances being made for delinquencies and costs of
collection; that a tax at the rate as hereinabove determined
is hereby ordered to be levied and is hereby levied against all
of the taxable property in said City for each year while any of
said bonds, or interest coupons, are outstanding and unpaid;
that the said tax each year shall be assessed and .collected and
placed in the Interest and Redemption Fund. Said ad valorem
taxes necessary to pay the interest on and principal of said
bonds, as such interest comes due, and such principal matures,
are hereby pledged irrevocably for such purpose, within the
limit prescribed by law; and the City Treasurer shall honor
checks, drafts or warrants against said fund for the purpose
of paying the interest maturing and principal of said bonds and
for no other purpose.
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SECTION 9.
That the proper proportionate part of the Interest
and Redemption Fund originally established for the obligations
being refunded, together with the proper proportionate part of
all taxes heretofore levied and now in the process of collection
for the benefit of said obligations being refunded, are hereby
appropriated, and shall be transferred immediately, to the
Series 1977D Interest and Redemption Fund created herein.
SECTION 10.
That for the interest scheduled to come due on the
Bonds herein authorized on September 1, 1977, there is hereby
appropriated from City funds lawfully available for such pur-
pose a sufficient amount of money to pay said interest.
SECTION 11.
That the Bonds herein authorized shall be presented
to the Attorney General of the State of Texas for examination
and approval and to the Comptroller of Public Accounts for
registration. Upon registration of said Bonds, the Comp-
troller of Public Accounts (or a deputy designated in writing
to act for the Comptroller) shall manually sign the Comp-
troller' s certificate of registration prescribed herein to be
printed on the back of each Bond, and the seal of the
Comptroller shall be impressed, or imprinted, or lithographed
on each of said Bonds.
SECTION 12.
That the Comptroller of Public Accounts of the
State of Texas is hereby authorized and directed to deliver
8
said Bonds to the holder of the obligations being refunded
thereby, in exchange for, and upon surrender and cancellation
of, the bonds specified in the third "WHEREAS" of the preamble
of this Ordinance, in the aggregate principal amount of
$3, 815, 000. 00, provided that all current and unmatured
interest coupons are attached to each of said obligations
surrendered for exchange. Said exchange shall be made in one
delivery.
SECTION 13.
That in addition to all other rights, the holders of
this series of Bonds shall be subrogated to all pertinent and
necessary rights of the holders of the obligations being re-
funded.
SECTION 14.
That all ordinances and resolutions or parts thereof
in conflict herewith are hereby repealed.
SECTION 15.
That this ordinance shall take effect and be in full
force and effect from and after the date of its- passage, and it
is so ordained.
SECTION 16.
That it is officially found and determined that a case
of emergency or urgent public necessity exists which requires
the holding of the meeting at which this Ordinance is passed,
such emergency or urgent public necessity being that the issu-
ance of the proposed bonds is needed in order to refund certain
outstanding bonds of said City, and it is required that it be
done immediately; and that said meeting was open to the public,
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and public notice of the time, place and purpose of said meeting
was given, all as required by Vernon' s Annotated Civil Statutes,
Article 6252-17.
Mayo of e City of Fort Worth,
Texas
ATTEST:
Citi Secretary of the City of Fort
Worth, Texas
APPR_QYED AS T RM AND LEGALITY:
00
I
City Attorney of the City of Fort
Worth, Texas
10
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST:
City Secretary
APPROVED AS TO FORM AND LEGALITY:
City Attorney
That the form of coupons to be attached to said bonds
shall, be substantially as follows:
NO. $
ON 19—,
THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS,
promises to pay to bearer the amount shown on this interest cou-
pon, in lawful money of the United States of America, without
exchange or collection charges to the bearer, upon presentation
and surrender of this interest coupon, at the Manufacturers
Hanover Trust Company, in the Borough of Manhattan, City and
State of New York, said amount being interest coming due that day
on the bond, bearing the number hereinafter designated, of that
issue of CITY OF FORT WORTH REFUNDING BONDS, SERIES 1977D, DATED
MARCH 1, 1977. Bond No.
City Secretary Mayor
That substantially the following certificate shall be
printed on the back of each bond:
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this bond has been examined,
certified as to validity, and approved by the Attorney General
of the State of Texas, and that this bond has been registered
by the Comptroller of Public Accounts of the State of Texas.
Witness my signature and seal this
Comptroller of Public Accounts of
the State of Texas
6
City of Fort Worth, Texas
]BAILIFF Mayor and IYd C®LL/WU oil Communication
nication
GRAHAeA
IVORY DATE REFERENCE SUBJECT: PAGE
NUMBER
3/28/77 0, Proposed Refunding Ponds i of
On Jmr.uary 24, 1977 ( --32'95) tl:e City Council ratified and approved actions
of the Sinking Fund Committee wl,.erei.n the City purchased $3,815,000 City o-F
fort Worth General Obligation Bonds. The City had originally sold these bonds
or, January 12, 1977 and the syndicate of underwriters re-offered this block
of bonds to the public for a total price of $2,946,690.35. The Sinking rund
Committee was rade aware of this available discount and its potential advan-
tage to tl:c City and tool: ac'•v:ntage or the conditions by purchasing the bonds.
These transactions resulted in a net cash -,ain to the City of 068,309.65.
Since .January Lhere have been adjustments in the bond market au.d the Sinkin -,
7und Corunission now recommends tliat the City re-sell these bonds as approves
by the Cotinc:i.l on 2ICC G-3295. It i.s also proposed that the City subsequently
refund the bonds through negotiations with the Fort Worth National Bank to
reduce interest casts.
is tl:r. <;c.},ec'.u1e of Debt Service Re(Ilirements for the or;.rinal issue
(CS,
chec;;Ile .'.) ar.d the Debt Service Requirements of the proposed .ie^otiated
re`unding (Schedule B) .
S_CEEDU_LE A
CIT`_" OF FORT WORTH
(Debt Service Requirement of Original issue)
YEAR PERIOD PRINCIPAL RATE INTEREST_ TOTAL
1978 1 n,Mi 4,000 $ 152600 $ 1.52600
1979 2 ^;)0 4.000 152600 152600
191,10 3 010 4.000 152600 1_52600
111^-1 4
r 01 0 4.000 15260[ l�2600
19c':2 5 000 4.000 152600 152'01",
1983 6 000 4.000 152600 152600
1984 7 ^i(114..1)00 152600 152600
1(,3-
I. `' n`%� 00 152000 152600
a !„!' .
1986 S Oen 4.000 152600 152600
1987 10 000 4,000 152600 152600
1983 1]_ 000 4,000 152.600 152600
1989 12 000 4.000 152600 1572»0
19901 13 01110 4,000 152600 152600
1991 14 000 4.000 152600 152600
i992 15 000 4.000 15267) 152600
1993 16 Ono 4.000 ].5261() 152600
17 0'`.! 4.000 152600 152600
=� 4.000 152600 152600
1- 000 4.000 152600 152600
1'_% 7 ''.n 000 4.000 1526,00 152600
c1,65,000 1: .000 1.526,0() 61.7(0(.`
1999 22 340000 4.000 134000 974n00
2.OGO 23 840000 4.000 1.00400 P40/,00
2001 24 '.1:."Ot`n 4.000 6Gc.,�n 906 ;00
,,n2 25 __ .30(,0 4•:000 _33_200 _ 86 22
$ 3,G!5.000 ^3,539,000 fi7,3 ,00n._