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HomeMy WebLinkAboutOrdinance 6378 ORDINANCE NO. 3 �� AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SIX MILLION, SEVEN HUNDRED AND NINETY-FIVE THOUSAND DOLLARS ($6,795,000,00) OF CITY OF FORT WORTH, TEXAS, GENERAL PURPOSE BONDS, SERIES 1970B, 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 various general purpose bonds authorized at elections previously, held in said City- be itybe combined in a single issue and sold at this time, the dates of election, amount of bonds authorized thereat, pur- pose, 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 Nov. 18, Street 1958 $22,875,000 Improvement $21,233,000 $1,642,000 Jan. 24, Street 1961 13,650,000 Improvement 13,470,000 180,000 Oct. 19, Street 1965 24,900,000 Improvement 18,867,000 2,078,000 Oct. 19, Park and 1965 2,900,000 Recreation 2,090,000 595,000 Oct. 19, Police and 1965 5,900,000 City Office 3,600,000 2,300,000 Building and Facilities $6,795,000 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 "City' of Fort Worth, Texas, General Purpose Bonds, Series 1970B, " be is- sued under and by virtue of the Constitution and laws of the State of Texas and the Charter of said City for the follow- ing purposes, to wit: Three Million, Nine Hundred Thousand Dollars ($3,900,000.00) for the purpose of making permanent city improvements by constructing, improving and extending the streets, thoroughfares and storm drains of said City, including in such permanent public improvements the straighten- ing, widening, paving, grade separation, lighting and drain- age of said streets and thoroughfares, and acquiring the necessary lands therefor; Five Hundred and Ninety-five Thou- sand Dollars ($595,000.00) for the purpose of making permanent city improvements by purchasing, acquiring, constructing and improving the playgrounds, recreation parks, and recreation and park facilities of said City and acquiring the necessary lands therefor; and Two Million, Three Hundred Thousand Dol- lars ($2,300,000.00) for the purpose of making permanent city improvements by constructing and building a police and city office, jail and parking building and facilities and acquiring the necessary lands therefor, all of which bonds aggregate in principal amount the sum of Six Million, Seven Hundred and Ninety-five Thousand Dollars ($6,795,000.00) . SECTION 2. That said bonds shall be numbered from one (1) to one thousand, three hundred and fifty-nine (1,359) , both in- clusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Six Million, Seven Hundred and Ninety-five Thousand Dollars ($6,795,000.00) . SECTION 3. That said bonds shall be dated November 1, 1970, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 1 to 54, both incl. November 1, 1971 $270,000.00 55 to 108, both incl. November 1, 1972 270,000.00 109 to 162, both incl. November 1, 1973 270,000.00 163 to 216, both incl. November 1, 1974 270,000.00 217 to 270, 'both incl. November 1, 1975 270,000.00 271 to 324, both incl. November 1, 1976 270,000.00 325 to 378, both incl. November 1, 1977 270,000.00 379 to 432, both incl. November 1, 1978 270,000.00 433 to 486, both incl. November 1, 1979 270,000.00 487 to 540, both incl. November 1, 1980 270,000.00 541 to 594, both incl. November 1, 1981 270,000.00 595 to 648, both incl. November 1, 1982 270,000.00 649 to 702, both incl. November 1, 1983 270,000.00 703 to 756, both incl. November 1, 1984 270,000.00 757 to 810, both incl. November 1, 1985 270,000.00 811 to 864, both incl. November 1, 1986 270,000.00 865 to 919, both incl-_ November 1, 1987 275,000.00 920 to 974, both incl. November 1, 1988 275,000.00 975 to 1,029, both incl. November 1, 1989 275,000.00 1,030 to 1,084, both incl. November 1, 1990 275,000.00 1,085 to 1,139, both incl. November 1, 1991 275,000.00 1,140 to 1,194, both incl. November 1, 1992 275,000.00 1,195 to 1,249, 'both incl. November 1, 1993 275,000.00 1,250 to 1,304, both incl. November 1, 1994 275,000.00 1,305 to 1,359, both incl. November 1, 1995 275,000.00 SECTION 4. That the bonds payable subsequent to November 1, 1985, shall be redeemable prior to their respective maturities, at the option of the City, nn November 1, 1985, or on November 1; of any year subsequent to 1985, upon the following terms and conditions, viz.: (1) The bonds called for redemption on any November 1 must include all of the bonds then outstanding 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; and (3) at least t4irty 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 financial journal of national circulation published in the Borough of Manhattan, in the City and State of New York. Such option may be exercised by- ordinance or resolution duly, adopted by the City Council of the City of Fort worth. Nothing con- tained in this ordinance shall be construed to limit or af- fect the right of the City to purchase, with any moneys law- fully available for such purpose, any, of the outstanding bonds at a price less than the redemption price hereinbefore pre- scribed. Notice having been given by publication in the man- ner provided herein, the bonds called for redemption shall be- come due and payable on the redemption date designated in the notice at the redemption price determined, as provided herein, and upon presentation and surrender thereof at the place of payment thereof, together with all appurtenant coupons matur- ing subsequent to the redemption date, such bonds shall be paid at the redemption price aforesaid. All interest installments 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 redemption date specified in such notice unless the City, defaults 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 594, both incl., 6.50% per annum; Bonds Nos. 595 to 648, both incl., 6.20% per annum; Bonds Nos. 649 to 1,084, both incl.$, 6.00% per annum; and Bonds Nos. 1,085 to 1,359, both incl., 4.505/. per annum, payable May 1, 1971, and semi-annually thereafter on November lst and May 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 sig- nature 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 and coupons. SECTION 8. That the form of said bonds shall be substantially as follows: That substantially- the following cOrtificate 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 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 be- ing 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 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 pay- ing the interest maturing and principal of said bonds and for no other purpose. SECTION 10. That to pay the interest scheduled to mature on May 1, 1971, there is hereby appropriated the sum of Two Hundred One Thousand, Two Hundred Thirty-two and 50/100 Dollars ($201,- 232.50) 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, together with the bonds authorized by Ordinance No. 6379, to Harris Trust and Savings Bank, Chicago, Illinois, The Chase Manhattan Bank, N. A., New York, New York, The First National Bank of Fort Worth and Associates at a price of par and accrued inter- est to date of delivery, plus a premium of $3,163.85, 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 therefor in accordance with the terms of sale. SECTION 13. That the City hereby covenants that the proceeds from the sale of the bonds will be used as soon as practicable for the purpose for which the bonds are issued; that such proceeds will not be invested in any securities or obligations except for the temporary period pending such use; and that such proceeds will not be used directly or indirectly so as to cause all or any part of the bonds to be or 'become "arbi- trage bonds" within the meaning of Section 103(d) of the In- ternal Revenue Code of 1954, as amended, or any regulations or rulings prescribed or made pursuant thereto. 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. It is hereby officially found and determined that the meeting at which this ordinance was passed was open to the public as required by law; and that _public notice of the time, place and purpose of said meeting was given as required by Chapter 227, Acts of the 61st Legislature, Regular Session, 1969. __M_%zQr-6�f the City of Fort Worth, Texas ATTES ,� _rR1a_r✓_7�s%2a_ Secretary, of the City, of 4t Fort Worth, Texas APPROVED AS TO ORM AND LEGALITY- .9 �r * a City Attorney of the City, of Fort Worth, Texas NO. UNITED STATES OF AMERICA $5,000.00 STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH GENERAL PURPOSE BOND SERIES 1970B 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 November, 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 / per annum, evidenced by coupons payable May- 1, 1971, and semi-annually, thereafter on November lst and May lst 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 prop- erty 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 one thousand, three hun- dred and fifty-nine (1,359) bonds of like tenor and effect, except as to number, interest rate, maturity', and right of prior redemption, numbered from one (1) to one thousand, three hundred and fifty-nine (1,359) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggre- gating Six Million, Seven Hundred and Ninety-five Thousand Dol- lars ($6,795,000.00), issued for the following purposes, to wit: Three Million, Nine Hundred Thousand Dollars ($3,900,- 000.00) for the purpose of making permanent city improvements by constructing, improving and extending the streets, thorough- fares and storm drains of said City, including in such perma- nent public improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor; Five Hundred and Ninety-five Thousand Dollars ($595,000.00) for the purpose of making permanent city improvements by purchasing, acquiring, constructing and improving the play- grounds, recreation parks, and recreation and park facilities of said City and acquiring the necessary lands therefor; and Two Million, Three Hundred Thousand Dollars ($2,300,000.00) for the purpose of making permanent city improvements by con- structing and building a police and city- office, jail and parking building and facilities and acquiring the necessary lands therefor, 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 bonds payable subsequent to November 1, 1985, shall be redeemable prior to their respective maturities, at the option of the City, on November 1, 1985, or on November 1 of any year subsequent to 1985, upon the following terms and con- ditions, viz.: (1) The bonds called for redemption on any, November 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; and (3) at least thirty day's 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 financial journal of national circulation pub- lished in the Borough of Manhattan, in the City and State of New York. The date of this bond in conformity, with the ordinance above mentioned is November 1, 1970. AND IT IS HEREBY CERTIFIED AND RECITED that the issu- ance of this bond, and the series of which it is a part, is duly authorized by law and by a vote of the resident, quali- fied 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 November 18, 1958, January, 24, 1961, and October 19, 1965; 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 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, Texaa, 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 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 official seal of said City, has been duly affixed to, or impressed, 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 to be attached to said bonds shall be substantially as follows: Unless the bond hereinafter mentioned shall have been called for previous redemption and payment thereof made or duly- provided for, THE CITY OF FORT WORTH, TEXAS, promises to BOND NO. pay to bearer at the Manufacturers Hanover On the 1st day of Trust Company, in the City of New York, May, 19 _ New York, the amount specified hereon for Nov., interest due that day, on its General Purpose SERIES 1970B Bond, Series 1970B, dated November 1, 1970. COUPON NO. _ CITY OF FORT WORTH, TEXAS By Mayor ATTEST: City Secretary