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HomeMy WebLinkAboutOrdinance 7478 ORDINANCE 170. 7 78 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF THREE MILLION FOUR HUNDRED THOUSAND DOLLARS ($3,400,000) OF CITY OF FORT WORTH, TEXAS, REFUNDING BONDS, SERIES 1977C,BEARING INTEREST AT THE PATES 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 RE- DEMPTION 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 follow- ing Warrants of said City: City of Fort Worth, Texas, Airport Land Acquisition Warrants, dated June 1, 1970, bearing interest at the rate of 6Q/ per annum, author- ized by Ordinance No, 6288 on May 11, . 1970, in--•the-amount of $9,000,000.00; City of Fort Worth, Texas, Airport Land Acquisition Warrants, dated December 1, 1970, bearing interest at the rate of 6% per annum, authorized by Ordinance No. 6335 on November 9, 1970, in the amount of $6,000,000 and WHEREAS, out of the Warrants authorized by said Ordinances, the following Warrants have been delivered and said City has received full value therefor: Date of Ordinance Warrants Numbers Aggregate Amount June 1, 1970 6 $ 500,000 9 500,000 11 112,420 19 76,000 21 through 22 160,000 45 1,000,000 51 20,000 69 280,000 72 40,500 77 through 80 118,500 85 12,935 December 1, 1970 3 through 4 372,680 8 142,065 12 through 13 85,000 16 through 18 695,000 25 through 30 114,401 $4,229,501 WHEREAS, said $4,229,501 of Warrants are now outstanding; and WHEREAS, the City is authorized to refund said Warrants in accordance with Vernon's Article 717k; and WHEREAS, said City has determined to refund said Warrants, and.wi1l use the proceeds from the bonds herein author-- ized, together with other lawfully available funds, to make the required deposits in accordance with Vernon's Article 717k; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. (a) That the Warrants described in the second "WHEREAS of the preamble hereof are hereby called for redemption, and shall be redeemed, prior to maturity, on March 1, 1977, at The Fort Worth National Bank, Fort Worth, Texas, the paying agent for said Warrants. (b) That an appropriate written Notice of Redemption of said Series 1970 Warrants shall be delivered to The Fort Worth National Bank, Fort Worth, Texas, at least ten days prior to the date fixed for redemption. (c) That funds sufficient to pay par and accrued interest on said Series 1970 Warrants to said date fixed for redemption shall be deposited with the State Treasurer in accordance with Vernon's Article 717k. SECTION 2. That said City's coupon bonds, to be designated the "City of Fort Worth, Texas, Refunding Bonds, Series 1977C",-, are. hereby authorized to be issued and delivered 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 $3,400,000 of the Warrants described in the second "WHEREAS" of the preamble of this Ordinance. 2 SECTION 3. That said bonds shall be numbered from l through 680, of the denomination of $5,000 each, aggregating $3,400,000. SECTION 4: That said bonds shall be dated March 1, 1977, and shall become due and payable serially as follows: BONDS NUn1BERS MATURITY DATES AMOUNTS 1 throug'_-i 85 March 1, 1978 $425,000 86 through- 170 March 1, 1979 425,000 171 through 255 March 1, 1980 425,000 '256 through. 340 March 1, 1981 425,000 341 through 425 March 1, 1982 425,000 426 through 51.0 March 1, 1983 425,000 511 through 595 March 1, 1984 425,000 596 through 680 March 1, 1985 425,000 SECTION 5, That said bonds shall bear interest at the rates as follows: Bonds ,Nos. 1 to both incl. , % per annum; Bonds Nos, to , both incl. , % per annum; Bonds Nos, to both incl., % per annum; Bonds Nos, to , both incl. , % per annum; Bonds Nos, to both incl., % per annum; Bonds Nos, to , both incl. , % per annum; Bonds Nos, to , both incl, , % per annum; and Bonds Nos. to , both incl, , % per annum, payable September 1,1977, and semi-annually thereafter on March lst and September 1st of each year. SECTION 6. 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 7. That each of said bonds shall be executed for and on 3 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 lithographed, 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: NO. UNITED STATES OF AMERICA $5,000,00 STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT-WORTH, TEXAS, REFUNDING BOND SERIES 19770 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 interest thereon from date hereof at the rate of % per annum, evidenced by coupons payable September 1, 1977, and semi-annually thereafter on March lst and September 1st 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 4 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 six hundred eighty (680) bonds of like tenor and effect, except as to number, interest rate and maturity, numbered from one (1) to six hundred eighty (680) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Three Million Four Hundred Thousand Dollars ($3,400,000.00) , issued for the purpose of refunding out- standing Warrants of said City, under and by virtue of the Consti- tution 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 ordinance above mentioned is March 1, 1977, 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 refunded 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 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 indebted- ness 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, 5 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 Borough of Manhattan, Sept., City, and State; of .New York, the amount Mar,, specified. hereon for interest due that day SERIES 1977C on its Refunding Bond, Series 1977C, dated $ March 1, 1977. COUPON NO.- CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary 6 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 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 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 Ao 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 a "Series 1977C Interest and Redemption Fund" which is hereby created and shall be established in the City's Official Depository, for the purpose of paying the interest as it accrues and to provide a sinking fund for the purpose of paying each installment of princi- pal 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 7 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 pro- perty 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;. 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. SECTION 10, That the proper proportionate part of the Interest and Sinking 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 1977 Interest and Redemption Fund created herein, SECTION 11 . - - 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 purpose a sufficient amount of money to pay said interest. SECTION 12. . 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 registra- tion. Upon registration of said Bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the 8 Comptroller) shall manually sign the Comptroller'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 13 . That the sale of the bonds herein authorized to at a price of par and accrued interest to date of delivery, plus a premium of $ is hereby confirmed. Delivery of such Bonds shall be made to the purchaser as soon as may be after the passage of this Ordinance upon payment therefor in accordance with the terms of sale. Said Bonds have been sold at public sale to the bidder offering the lowest interest cost, after receiving sealed bids pursuant to an Official Notice of Sale and Official Statementdated prepared and distributed in connection with the sale of said Bonds. Said Official Notice of Sale and Official Statement have been and are hereby approved by the City Council. It is further officially found, determined and declared that the statements and representa- tions contained in said Official Notice of Sale and Official Statement are true and correct in all material respects, to the best knowledge and belief of the City Council. The proceeds from the sale of the Bonds herein authorized shall be deposited with the State Treasurer in accordance with the provisions of Vernon's Article 717k. SECTION 14. That the City covenants to and with the purchasers of the Bonds that it will make no.use of the proceeds of the Bonds at any time throughout the term of this issue of Bonds which, if such use had been reasonably expected on the date of delivery of the Bonds to and payment for the Bonds by the purchasers, would have caused the Bonds to be arbitrage bonds within the meaning of 9 - _;Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the afore- said Section 103(c) and all applicableand pertinent Department of the Treasury regulations relating to arbitrage bonds. The City further covenants that the proceeds of the Bonds will not otherwise be used, directly or indirectly, so as to cause all or any part of the Bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c) or any regulations or rulings per- taining thereto. SECTION 15 , That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 1G. 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 17.. 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 issuance of the proposed bonds is needed in order to refund the City's out- standing Warrant indebtedness, and it is required that it be done immediately; and that said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all­as "required by Vernon's Annotated Civil Statutes, Article 6252-17. Mayor of the City of Fort Worth, Texas ATTEST: City Secretary of the City of Fort Worth, Texas APPROVED AS TO FOP14 AND LEGALITY: City Attorney of the City of Fort Worth, Texas 10