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HomeMy WebLinkAboutOrdinance 5729 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF ONE MILLION, FIVE HUNDRED THOUSAND DOLLARS ($1,- 500,000 .00) OF SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BONDS, SERIES 1967A, 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 CONFLICT 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 improvement bonds authorized at elections previously held in said City be com- bined in a single issue and sold at this time, the dates of election, the amount of bonds authorized thereat, purpose, the amount of bonds previously sold and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT NOW ELECTION AUTHORIZED PURPOSE SOLD OFFERED Jan. 24, $19,000, 000 Sanitary $13,855 ,000 $1, 300 ,000 1961 Sewer Sys— tem and Sewage Disposal Plant Oct. 19, 6, 500,000 Sanitary -0- 200,000 1965 Sewer Sys- tem and Sewage Disposal Plant $1, 500,000 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 "Sanitary Sewer System and Sewage Disposal Plant Bonds, Series 1967A, " 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 purpose, to wit: for the purpose of making permanent city improvements by improving, extending and en- larging the sanitary sewer system and sewage disposal plants of said City, and acquiring the necessary lands therefor, all of which bonds aggregate in principal amount the sum of One million, Five Hundred Thousand Dollars ($1,500 ,000 .00) . SECTION 2. That said bonds shall be numbered from one (1) to three hundred (300) , both inclusive, of the denomination of Five Thousand Dollars ($5,000 .00) each, aggregating one Million, Five Hundred Thousand Dollars ($1,500 ,000 .00) . SECTION 3 . That said bonds shall be dated March 1, 1967 , and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 1 to 12, both incl. March 1, 1968 $60,000 .00 13 to 24, both incl. March 1, 1969 60,000 .00 25 to 36, both incl. March 1, 1970 60,000 .00 37 to 48, both incl. March 1, 1971 60,000 .00 49 to 60, both incl. March 1, 1972 60,000 .00 61 to 72, both incl. March 1, 1973 60,000 .00 73 to 84, both incl. March 1, 1974 60,000 .00 85 to 96, both incl. March 1, 1975 60,000 .00 97 to 108, both incl. March 1, 1976 60,000 .00 109 to 120, both incl. March 1, 1977 60,000 .00 121 to 132, both incl. March 1, 1978 60,000.00 133 to 144, both incl. March 1, 1979 60,000 .00 145 to 156, both incl. March 1, 1980 60,000 .00 157 to 168, both incl . March 1, 1981 60,000 .00 (Cont `d.) Bond Numbers Maturity Dates Amounts 169 to 180, both incl. March 1, 1982 $60,000 .00 181 to 192, both incl. March 1, 1983 60,000.00 193 to 204, both incl. March 1, 1984 60,000 .00 205 to 216, both incl. March 1, 1985 60,000 .00 217 to 228, both incl. March 1, 1986 60,000.00 229 to 240, both incl. March 1, 1987 60,000 .00 241 to 252, both incl. March 1, 1988 60,000 .00 253 to 264, both incl March 1, 1989 60,000 .00 265 to 276, both incl. March 1, 1990 60,000 .00 277 to 288, both incl. March 1, 1991 60,000 .00 289 to 300, both incl. March 1, 1992 60,000 .00 SECTION 4. That the bonds payable subsequent to March 1, 1982, shall be redeemable prior to their respective maturities, at the option of the City, on March 1, 1982, or on March 1 of any year subsequent to 1982, upon the following terms and conditions, viz. : (1) The bonds called for redemption on any March 1 must include all of the bonds then outstand- ing or must be the outstanding bonds bearing the highest identifying numbers; (2) the redemption price shall be par and accrued interest to date of redemption, plus a premium for each bond redeemed, of the following respective amounts in the following respective years: 1982, $125 .00; 1983, $112 .50 ; 1984, $100 .00; 1985, $87 .50 ; 1986, $75.00 ; 1987 , $62 .50; 1988, $50.00 ; 1989, $37 .50 ; 1990, $25 .00 ; and 1991, $12.50; and (3) at least thirty days prior to the date upon which such redemption is to be made, a notice of intention to make such redemption, describing the bonds to be redeemed, must be published at least once in a newspaper printed in the English language and published and of general circulation in the City of Fort Worth, in the State of Texas, and must be published at least once in a financial journal published in the Borough of Manhattan, in the City and State of New York. Such option may be exercised by ordinance or reso- lution duly adopted by the City Council of the city of Fort Worth. Nothing contained in this ordinance shall be construed to limit or affect the right of the City to pur- chase, with any moneys lawfully available for such purpose, any of the outstanding bonds at a price less than the re- demption price hereinbefore prescribed. Notice having been given by publication in the manner provided herein, the bonds called for redemption shall become due and payable on the redemption date designated in the notice at the re- demption price determined, as provided herein, and upon presentation and surrender thereof at the place of payment thereof, together with all appurtenant coupons maturing sub- sequent to the redemption date, such bonds shall be paid at the redemption price aforesaid. All interest install- ments represented by coupons which shall have matured on or prior to the redemption date shall continue to be payable to the bearers of such coupons . Interest on any bonds to be redeemed shall cease to accrue from and after the re- demption date specified in such notice unless the City de- faults in the payment of the redemption price thereof. SECTION 5 . That said bonds shall bear interest at the rates as follows: Bonds Nos. 1 to 60, both incl. , 5.00% per annum; Bonds Nos . 61 to 72, both incl . , 4.00/ per annum; Bonds Nos . 73 to 108, both incl. , 3 . 20/ per annum; Bonds Nos . 109 to 132, both incl. , 3 .25/ per annum; Bonds Nos. 133 to 156, both incl. , 3 .30/ per annum; Bonds Nos . 157 to 180, both incl. , 3 .35/ per annum; Bonds Nos. 181 to 204, both incl. , 3.40/ per annum; Bonds Nos. 205 to 228, both incl. , 3 .45/ per annum; and Bonds Nos. 229 to 300, both incl. , 3 .50/ per annum, payable September 1, 1967 , and semi-annually thereafter on March 1st and September lst of each year. SECTION 6. That the principal of and interest on said bonds shall be payable upon presentation and surrender of bond or proper coupons at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York. SECTION 7 . 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 thereon duly affixed to, or impressed, or printed, or litho- graphed, 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 . SECTION 8 . That the form of said bonds shall be substantially as follows: NO. $5,000 .00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BOND SERIES 1967A The City of Fort Worth, in the County of Tarrant, State of Texas, a municipal corporation duly incorporated under the laws of the State of Texas, for value received, hereby promises to pay to the bearer hereof, on the lst day of March, 19 the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, with inter- est thereon from date hereof at the rate of % per annum, evidenced by coupons payable September 1, 1967 , and semi-annually thereafter on March lst and September lst of each year, both principal and interest payable upon presen- tation and surrender of bond or proper coupon at the Manu- facturers 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 three hundred (300) bonds of like tenor and effect, except as to number, inter- est rate and maturity, numbered from one (1) to three hundred (300) , both inclusive, of the denomination of Five Thousand Dollars ($5,000 .00) each, aggregating One Million, Five Hun- dred Thousand Dollars ($1,500,000 .00) , issued for the pur- pose of making permanent city improvements by improving, extending and enlarging the sanitary sewer system and sewage disposal plantsof said City, and acquiring the neces- sary lands therefor, under and by virtue of the Constitu- tion 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 bonds payable subsequent to March 1, 1982, shall be redeemable prior to their respective maturities, at the option of the City, on March 1, 1982, or on March 1 of any year subsequent to 1982, upon the following terms and conditions, viz . : (1) The bonds called for redemption on any March 1 must include all of the bonds then outstanding or must be the outstanding bonds bearing the highest iden- tifying numbers; (2) the redemption price shall be par and accrued interest to date of redemption, plus a premium for each bond redeemed, of the following respective amounts in the following respective years: 1982, $125 .00 ; 1983, $112.50 ; 1984, $100 .00 ; 1985, $87 .50 ; 1986, $75 .00; 1987 , $62.50; 1988, $50.00; 1989, $37 .50; 1990, $25 .00; and 1991, $12.50; and (3) at least thirty days prior to the date upon which such redemption is to be made, a notice of intention to make such redemption, describing the bonds to be redeemed, must be published at least once in a newspaper printed in the English language and published and of general circula- tion in the City of Fort Worth, in the State of Texas, and must be published at least once in a financial journal published in the Borough of Manhattan, in the City and State of New York. The date of this bond in conformity with the ordi- nance above mentioned is March 1, 1967 . AND IT IS HEREBY CERTIFIED AND RECITED that the is- suance of this bond, and the series of which it is a part, is duly authorized by law and by a vote of the resident, qualified electors who own taxable property in said City and who had duly rendered the same for taxation in the City of Fort Worth, Texas, voting at elections held for that purpose within said City on January 24, 1961, and October 19, 1965 ; that all acts, conditions and things re- quired 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 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 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, countersigned by the manual signature of the City Secretary, 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 offi- cial seal of said City has been duly affixed to, or im- pressed, or printed, or lithographed on this bond. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary APPROVED AS TO FORM AND LEGALITY: City Attorney That the form of coupons representing interest payable on or before March 1, 1982, shall be substantially as fol- lows: The City of Fort Worth, in the State of On the first day of Texas, promises to pay to bearer at the Manu- Sept. , 19 facturers Hanover Trust Company, in the City March, of New York, New York, for interest due that NO. _$ day on its Sanitary Sewer System and Sewage SERIES 1967A Disposal Plant Bond, Series 1967A, dated BOND NO. March 1, 1967 . CITY OF FORT WORTH, TEXAS ATTEST: BY Mayor City Secretary That the form of coupons representing interest pay- able subsequent to March 1, 1982, shall be substantially as follows: Unless the bond hereinafter mentioned shall have been called for previous redemption On the and payment thereof made or duly provided for, first day of the City of Fort Worth, in the State of Texas, Sept. , 19 March, promises to pay to bearer at the Manufacturers NO. - $ Hanover Trust Company, in the City of New York, New York, for interest due that day on SERIES 1967A BOND NOo its Sanitary Sewer System and Sewage Disposal Plant Bond, Series 1967A, dated March 1, 1967 . CITY OF FORT WORTH, TEXAS ATTEST: BY Mayor City Secretary That substantially the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER 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 ex- amined 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 the Charter of said City, and that it is a valid and binding obligation upon said City of Fort Worth, Texas, and said bond has this day been registered by me. WITNESS my hand and seal of office, at Austin, Texas, this the day of A. D. 19 Comptroller of Public Accounts of the State of Texas SECTION 9 . That the proceeds from all taxes collected for and on account of this series of bonds shall be credited to an Interest and Redemption Fund 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 thereafter 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 pro- vide 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 de- linquencies 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 in- terest thereon, are outstanding and unpaid; that the said tax each year shall be assessed and collected and placed in the Interest and Redemption Fund; and that the City Treasurer shall honor warrants against said fund for the purpose of paying the interest maturing and principal of said bonds and for no other purpose. SECTION 10 . That to pay the interest scheduled to mature on September 1, 1967 , there is hereby appropriated the sum of Twenty-seven Thousand, Nine Hundred Thirty and no/100 Dollars ($27 ,930 .00) from funds of the City available for such purpose; and that the money thus appropriated shall be used for no other purpose than 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; that upon registration of said bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller 's certificate of registration prescribed herein to be printed on the back of each bond; and that the seal of the Comptroller shall be affixed to, or impressed, or printed, or lithographed on each of said bonds . SECTION 12. That the sale of the bonds herein authorized to Chemical Bank New York Trust Company and Associates at a price of par and accrued interest to date of de- livery is hereby confirmed; and that delivery of such bonds shall be made to such purchasers as soon as may be after the passage of this ordinance upon payment there- for in accordance with the terms of sale. SECTION 13 . That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 14. 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. Mayor of the City of Fort Worth, Texas ATTEST: City Secretary of the City of Fort Worth, Texas APPROVED AS TO FORM AND LEGA TY: City Attorney of the City of Fort Worth, Texas City ®f Fort Worth, Texas Mayor and Council Communication DATE REF RERCE SUBJECT: Sale of General Obligation PAGE NU Feb.14, 196 G-1055 Bonds Iof 1 Attached is a detailed tabulation of bids received on the sale of $16,400,000 General Obligation Bonds opened at 10:00 A.M. , Tuesday, February 14, 1967. A summary of the average net effective interest rate for each bid is set forth below. Average Net Effective Bidders Interest Rate 1. Chemical Bank New York Trust Company and Associates 3.471945 2. Harris Trust and Savings Bank and Associates 3.48093 3. Republic National Bank of Dallas and Associates 3.49994 4. First National City Bank and Associates 3.5095 5. Halsey, Stuart and Company, Inc. and Associates 3.53562 6. Smith, Barney and Company, Inc. and Associates 3.5884 It is recommended that the bonds be sold to the low bidder, Chemical Bank New York Trust Company and Associates at an average net effective interest rate of 3.471945 per cent and that the City Council adopt ordinance numbers 5728, 5729, 5730 and 5731 authorizing the issuance of the $16,400,000 in General Obligation Bonds. JLB:mhg SUBMITTED BY: DISPOSITION BY COUNCIL: PROCESSED BY JCy,�PROVED ❑ OTHER (DESCRIBE) CITY SECRETARY DATE CITY MANAGER