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HomeMy WebLinkAboutOrdinance 9312l -~ .~ ~.: ~, ORDINANCE NO 9312 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SEVENTY THREE MILLION SEVEN HUNDRED FORTY- FIVE THOUSAND DOLLARS ($73,745,000 00) OF GENERAL PURPOSE BONDS, SERIES 1985, 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 AMOUNT DATE OF AMOUNT PREVIOUSLY AMOUNT ELECTION AUTHORIZED PURPOSE SOLD NOW OFFERED Dec 9, 1975 $37,235,000 Street Impr $34,580,000 $2,655,000 Dec 9, 1975 27,500,000 San Sew 21,700,000 -0- Feb 7, 1978 56,350,000 Street Impr 50,000,000 6,350,000 Feb 7, 1978 13,700,000 Park & Rec Impr 12,200,000 1,500,000 Feb 7, 1978 4,750,000 Fire Impr 4,250,000 -0- Apr 5, 1980 47,813,000 Street Impr 40,530,000 7,283,000 May 22, 1982 77,285,000 Street Impr 18,000,000 44,712,000 May 22, 1982 8,665,000 Pub Safety Impr 6,660,000 2,005,000 May 22, 1982 8,340,000 Mun Serv Impr 3,100,000 5,240,000 May 22, 1982 6,880,000 Cty Landfl Impr 4,300,000 500,000 May 22, 1982 2,760,000 Library Impr 160,000 2,600,000 May 22, 1982 19,500,000 Pub Events Impr 19,500,000 -0- May 22, 1982 6,570,000 Park & Rec Impr 4,300,000 900,000 $317,348,000 $219,280,000 $73,745,000 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS 1 That the bond or bonds of said City to be called "General Purpose Bonds, Series 1985", 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 Sixteen Million Two Hundred Eighty-Eight Dollars ($16,288,000) 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 straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquir- ing the necessary lands therefor, One Million Five Hundred Thousand Dollars ($1,500,000 00) for the purpose of making permanent city improvements by purchasing, acquiring, constructing, reconstructing, equipping and improving the playgrounds, parks, botanic gardens, greenhouses, conserva- tories, nature refuge, recreation, and zoological park facilities of said city and acquiring the necessary lands therefor, Forty-Four Million Seven Hundred Twelve Thousand Dollars ($44,712,000) 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 street and storm sewer improvements, Two Million Five Thousand Dollars ($2,005,000 00) for the purpose of constructing permanent public safety improvements, to-wit building and equipping fire stations, fire and police communication and dispatch systems, an outdoor weapons range, and related public safety improvements; Five Million Two Hundred Forty Thousand Dollars ($5,240,000 00) for the purpose of con- structing permanent municipal .service improvements by building a Southwest Service Center, relocating the fire Vehicle Maintenance Center and completing construction of the third floor of the Municipal Building, and related municipal service improvements, Five Hundred Thousand Dollars ($500,000 00) for the purpose of making permanent solid waste management improvements by purchasing a new landfill and modifying the Southeast landfill, and related sanitation improvements; Two Million Six Hundred Thousand Dollars ($2,600,000 00) for the purpose of constructing a Southwest Regional Library; and Nine Hundred Thousand Dollars ($900,000 00) for the purpose of improving land for park and recreation facilities, all of which bonds aggregate in principal amount the sum of Seventy Three Million Seven Hundred Forty-Five Thousand Dollars ($73,745,000 00) 2 ,y 2 That the Series 1985 Bonds shall be dated February 15, 1985, shall be in the denomination of $5,000 each, or any integral multiple thereof, shall be numbered consecu- tively from one upward, and shall mature on the maturity date, in each of the years, and in the amounts, respec- tively, as set forth in the following schedule MATURITY DATE MARCH 1 YEARS AMOUNTS YEARS AMOUNTS 1987 $1,400,000 1997 $4,400,000 1988 1,400,000 1998 4,400,000 1989 1,400,000 1999 4,400,000 1990 2,100,000 2000 4,400,000 1991 2,700,000 2001 4,400,000 1992 3,400,000 2002 4,400,000 1993 4,300,000 2003 4,400,000 1994 4,300,000 2004 4,400,000 1995 4,300,000 2005 4,400,000 1996 4,400,000 2006 4,445,000 3 The City reserves the right to redeem the Series 1985 Bonds maturing on or after March 1, 1997, in whole or in part, on March 1, 1996, or on any interest payment date thereafter, for the principal amount thereof and accrued interest thereon to the date fixed for redemption The years of maturity of the Series 1985 Bonds called for redem- ption at the option of the City prior to stated maturity shall be selected by the City The Series 1985 Bonds or portions thereof redeemed within a maturity shall. be selected by lot 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 1985 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 3 r ._ - :, .. ' redemption is given, and if due provision for such payment is made, all as provided above, the Series 1985 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 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 1985 Bonds or any portion thereof. If a portion of any Series 1985 Bond shall be redeemed a substitute Series 1985 Bond or Series 1985 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 1985 Bonds scheduled to mature during the years, respectively, set forth below shall bear interest at the following rates per annum: Bonds maturing in the year 1987, 10.50 % Bonds maturing in the year 1988, X50 Bonds maturing in the year 1989, 10.50 % Bonds maturing in the year 1990, 10.5% Bonds maturing in the year 1991, 10.50 % Bonds maturing in the year 1992, 10.50 % Bonds maturing in the year 1993, 10.50 Bonds maturing in the year 1994, 10.50 % Bonds maturing in the year 1995., 9.'40 % Bonds maturing in the year 1996, 8.80 % Bonds maturing in the year 1997, 8.90 Bonds maturing in the year 1998, 9 00 Bonds maturing in the year 1999, 9.00 Bonds maturing in the year 2000, 9.10 Bonds maturing in the year 2001, 9.10 Bonds maturing in the year 2002, 9.20 Bonds maturing in the year 2003, 9.20 Bonds maturing in the year 2004, 9.20 Bonds maturing in the year 2005, 7.50 Bonds maturing in the year 2006, 7 50 4 Said interest shall be payable ,to the registered owner of any such Series 1985 Bond in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordinance 5 (a) The City shall keep or cause to be kept at the principal corporate trust office of Manufacturers Hanover Trust Company, New York, New York, 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 1985 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 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 1985 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 t and, unless otherwise required by law, shall not permit their inspection by any other entity Registration of each Series 1985 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 5 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 1985 Bond or any portion thereof, a new substitute bond or bonds shall be issued in exchange therefor in the manner herein provided (b) The entity in whose name any Series 1985 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 1985 Bonds, and to act as its agent to exchange or replace Series 1985 Bonds, all 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 1985 Bonds, and of all exchanges of such bonds, and all replacements of such bonds, as provided in this Ordi- nance (d) Each Series 1985 Bond may be exchanged for fully registered bonds in the manner set forth herein Each bond issued and delivered pursuant to this Ordinance, to the extent of the unredeemed principal amount thereof, may, upon surrender of such bond at the principal corporate trust 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 J 6 of signatures satisfactory to the Paying Agent/Registrar, at the option of the registered owner or such assignee or assignees, as appropriate, be exchanged for fully registered bonds, without interest coupons, in the form prescribed in the FORM OF BOND set forth in this Ordinance, in the denomination of $5,000, or any integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute bond shall have a single stated maturity date), as requested 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 1985 Bond or Series 1985 Bonds so surrendered, and payable to the appropriate registered owner, assignee, or assignees, as the case. may be If a portion of any Series 1985 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 55,000 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 1985 Bond or portion thereof is 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 Agent/Registrar shall exchange or replace Series 1985 Bonds as provided herein, and each fully registered bond or bonds delivered in exchange for or replacement of any Series 1985 Bond or portion thereof as permitted or required by any provision of this Ordinance shall constitute one of the Series 1985 Bonds for all purposes of this Ordinance, and may again be exchanged or replaced It is specifically provided, however, that any Series 1985 Bond delivered in exchange for or replacement of another Series 1985 Bond 7 prior to the first scheduled interest payment date on the Series 1985 Bonds (as stated on the face thereof) shall be dated the same date as such Series 1985 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 which such interest has been paid in full On each substi- tute bond issued in exchange for or replacement of any Series 1985 Bond or Series 1985 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 1985 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 1985 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 1985 Bonds as 8 aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of said Paying Agent/Registrar's 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 1985 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 of 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 1985 Bonds issued in exchange or replacement of any other Series 1985 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 1985 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 1985 Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the principal of and interest on the Series 1985 Bonds shall be payable, all as provided, and in the manner re- quired 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 1985 Bonds, but the registered owner of any Series 1985 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 1985 Bond requesting any exchange shall pay the Paying Agent/ 9 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 portion 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 1985 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 1985 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 1985 Bonds, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services with respect to the transfer or registration of Series 1985 Bonds solely to the extent above provided, and with respect to the exchange of Series 1985 Bonds solely to the extent above provided (g) The City covenants with the registered owners of the Series 1985 Bonds that at all times while the Series 1985 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 1985 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 10 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 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 1985 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 1985 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 1985 Bonds, including the form of the Comptroller's Registration Certificate t6 accompany the Series 1985 Bonds on the initial delivery thereof, the form of Paying Agent/Registrar's Autheni.tic- ation Certificate, and the Form of Assignment to be printed on each of the Series 1985 Bonds, shall be, respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are permitted or required by this Ordinance NO FORM OF BOND UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH, TEXAS GENERAL PURPOSE BOND SERIES 1985 11 MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP February 15, 1985 ON 'THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF FORT WORTH, TEXAS (the "Issuer"), hereby promises to pay to or to the registered assignee 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, 1986, 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, 1986, 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 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 Manufacturers Hanover Trust Company, New York, New York, which is the "Paying 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 12 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 regis- tered 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 "Ordinance") the amounts required 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 $73,745,000, for the following purposes, to-wit: $61,000,000.00 for improving and extending the streets, thoroughfares and storm drains; $2,400,000.00 for parks and recreation improvements; $2,005,000.00 for public safety improvements; $5,240,000.00 for municipal service improvements; $500,.000.00 for solid waste management improvements; and $2,600,000.00 for library improvements. 13 *ON MARCH 1, 1996, or on any interest payment date thereafter, the Bonds of this Series maturing on March 1, 1997 and thereafter may be redeemed prior to their scheduled maturities, at the option of the Issuer, with funds derived from any available and lawful source, as a whole, or in part, and, if in part, the particular Bonds, or portions thereof, to be redeemed shall be selected and designated by the Issuer (provided that a portion of a Bond may be re- deemed only in an integral multiple of $5,000), at par and accrued interest to the date fixed for redemption *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 given, 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 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, 14 a.._ -- - -- - ~__.. .~. 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 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 15 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 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 circumstance, neither the Issuer nor the Paying Agent/Reg- istrar 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 redemption 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 and by a vote of the resident, qualified electors of the City of Fort Worth, Texas, voting at elec- tions held for that purpose within said City on December 9, 1975, February 7, 1978, April 5, 1980 and May 22, 1982, that all acts, conditions and things required to be done 16 ~. 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 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 or legality by the printed or lithographed facsimile signa- ture of the City Attorney, and the official seal of the 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) 1'7 ** (FORM OF COMPTROLLER'S CERTIFICATE ATTACHED TO THE BONDS UPON INITIAL DELIVERY THEREOF) OFFICE OF COMPTROLLER STATE OF TEXAS 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 HAND and seal this (SEAL) Comptroller of Public Accounts of the State of Texas NOTE 'TO PRINTER: * ¶s to be on reverse side of bond * * ti not to be on bond 7 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 suffi- cient 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 allowance 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 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 19 warrants against said fund for the purpose of paying the interest maturing and principal of said bonds and for no other purpose 8 (a) In the event any outstanding Series 1985 Bond is damaged, mutilated, lost, stolen, or destroyed, the 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 1985 Bond, in replacement for such Series 1985 Bond in the manner hereinafter pro- vided (b) Application for replacement of damaged, mutilated, lost, stolen, or destroyed Series 1985 Bonds shall be made to the Paying Agent/Registrar In every case of loss, theft, or destruction of a Series 1985 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 1985 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 1985 Bond, as the case may be In every case of damage or mutilation of a Series 1985 Bond, the applicant shall surrender to the Paying Agent/Registrar for cancellation the Series 1985 Bond so damaged or mutilated (c) Notwithstanding the foregoing provisions of this Section, in the event any such Series 1985 Bond shall have matured, and no default has occurred which is then contin- uing in the payment of the principal of, redemption premium, if any, or interest on the Series 1985 Bond, the City may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Series 1985 Bond) instead of issuing a replacement Series 1985 Bond, 20 t 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 1985 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 1985 Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Series 1985 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 1985 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 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 1985 Bonds issued in exchange for other Series 1985 Bonds 9 That the Mayor of the City is hereby authorized to have control of the Series 1985 Bonds and all necessary records and proceedings pertaining to the Series 1985 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 1985 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 21 t ~ accompanying the Series 1985 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 1985 Bonds to CHASE MANHATTAN CAPITAL MARKETS CORPORATION (the "Purchaser"), at a price of par and accrued interest to date of delivery, plus a premium of $ 2,100,00 is hereby authorized, ratified and confirmed. One Series 1985 Bond in the principal amount maturing on each maturity date as set forth in Section 2 hereof shall be delivered to the Purchaser, and the Purchaser shall have the right to exchange such bonds as provided in Section 5 hereof without cost. 11. 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 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 aforesaid Section 103(c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds. That 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 pertaining thereto. 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 passage, and it is so ordained. 22 0 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 Texas Civil Statutes, as amended Mayor, Cit of Fort Worth, Texas ATTES C ty Secretary, C-ity of Fort Worth, Texas ~.: A OVED AS TO ORM LEGALITY: City Attorney, City of Fort Worth, Texas 23 i ~ ~ ~ THE STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH I, Ruth Alexander, 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 12th day of February, 1985 -- . ~~ .,a. r .w -(SEAL) ig .F r'~ e+ ""`,~ ~. ~` x fi. 'nR ,~~ ~. .A ` a~ . .`w y, ,r `~~ City Secretary of-the City of Fort Worth, Texas z, ~ ,~;s THE STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH GFT?FRAL CFRTIFICATE We, the undersigned, hereby officially certify that we are the Director of Finance and City Secretary, respec- tively, of the City of Fort Worth, Texas, and we further certify as follows: 1. That this certificate is given for the benefit of the Attorney General of the State of Texas and the pur- chasers and holders of City of Fort Worth, Texas General Purpose Bonds, Series 1985, in the aggregate principal amount of $73,745,000 (herein referred to as the "Series 1985 Bonds"). 2. That said City is a duly incorporated Home Rule City, having more than 5000 inhabitants, operating and existing under the Constitution and laws. of the State of Texas and the duly adopted Home Rule Charter of said City, which Charter has not been changed or amended since the 23rd day of May, 1984 the date the ordinance was passed by the City Council authorizing the issuance of City of Fort Worth, Texas Water and Sewer System Revenue Bonds, Series 1984A. 3. That no litigation of any nature has ever been filed pertaining to, affecting or contesting: (a) the issuance, delivery, payment, security or validity of the proposed City of Fort Worth, Texas General Purpose Bonds, Series 1985, dated February 15, 1985, in the aggregate principal amount of $73,745,000; (b) the authority of the officers of said City to issue, execute and deliver said bonds; or (c) the validity of the corporate existence, the current Tax Rolls, or the Charter of said City; and that no litigation is pending pertaining to, affecting or contesting the boundaries of said City. 4. That each of the following persons is the duly acting, constituted and qualified officer of the City of Fort Worth as herein shown, respectively: Bob Bolen, Herman Stute, Louis J. Zapata Russell Lancaster Kathy Wetherby Jim A. Bagsby Dwaine Johnson Richard C. Newkirk Bert C. Williams Mayor, Mayor Pro-Tem, Councilmembers, Vernon Sturns, Acting City Manager, Wade Adkins, City Attorney, Ruth Alexander, City Secretary, A. Judson Bailiff, City Treasurer. 5. That the seal an impression of which appears below is the corporate seal of said City; that said seal has been used continuously as such corporate seal for more than forty years and was duly adopted as the seal of said City by the City Council of said City; and that since its adoption, no seal other than said seal has been used as the corporate seal of said City. 6. That the currently effective ad valorem tax rolls of said City are those for the year 1984, being the most recently approved tax rolls of said City; that the City Council of said City has caused the taxable property in said City to be assessed as required by law; that the Appraisal Review Board has equalized and approved the valuation of taxable property in said City for said year; that the Chief Appraiser of said District has duly verified the aforesaid tax rolls, and said Appraisal Review Board has finally approved the same; and that the valuation of taxable property in said City, and the aggregate amount of exemp- tions, and the net effective taxable value of taxable property in said City, according to the aforesaid tax rolls for said year, as delivered to the City Secretary of said City, and finally approved and recorded by the City Council of said City, are as follows: Assessed Value: $13,071,100,685 Exemptions: $ 1,464,565,086 Taxable Values: $11,606.,535,599 7. That Exhibit A, which is attached hereto and made a part hereof, contains a true and correct schedule showing the annual requirements of all of the outstanding indebted- ness of said City payable from taxes, together with the General Purpose Bonds proposed to be issued by ordinance passed February 12, 1985, as it appears in the official records of said City. ~~IG~~NED AND SEALED this the 12th day of February, 1985. ~'-~i ~ ~- City of Fort Worth, Texas City of Fort Worth, Texas A owed as t orm an Legality: City Atto'rz?ey, City of Fort ;'~ w'orth,~ Texa~`s .,- ,, "'• ~, f ~~ ~ ... a, ~, „~ t~~ s "a`~' ~ . ~~. ~ '7'. City Secretary Director of Finance c I C EX~-'I$IT A F a ~, a a W a x F . W A ., a w G~o ~ 8e 8NQ' O u~ ~O r ~ b eta -- N~V n a 8 iL` NO~b y00 raORMr~T 00h O~O~b Q00 OO OOQ O _ N O~ r b P O h b O~ O M M '+ O~ M O~ 00 a0 OD O~ O~ d y TNh.~MQhh~O QiNh.~.Nrr ~MMao oO ~O M ~p. ~ pCypp 6. 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O~ O~ T O~ O~ O~ O~ r~ 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 Paying Agent/Registrar Authorized Representative By * 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 18 .1 . ~ ~ ~~ 1 ""- s C, '.,! .°4iiN 7 ~ A~GC~i!PiTPf:G ; City of Fort worth, `Texas TRar~sao~ mT ,n~~ ~~.~.~lla7c. ®~° aid ~®a~~~~~ ~o~,~,a,~n~~a~~®~~, DATE REFERENCE SUBJECT Sale of $73,745,000 General PAGE 2/12/85 NUMBER G-6245 Purpose Bonds, Series 1985 1 lot` BidR for $73,745,000 General Pllrnosa Bonds were received Tlaer~dav, February 12, 1985 at 10;00 a.m. A sllmmar.v of the average anneal effective interest rates for the bids received is 9hAwn below: 1)- Chase Manhattan Capital Markets Cornoration and 8.9963 Aslaoc-sates 2) InterFirst Bank Dallas, N.A. & Associates 9.0919 3) Mor.c>an Glxaranty Trust Comnanv of New York & 9.260 Associates r Rwcommendation It is recommended that the $73,745,000 General P»rnose Bonds, Series 1985, be sold to the bidder offering. the lowest interest cost, Chase Manhattan Capital Markets Cornoration and Associates at an average net effective rate of 8.9963 and that the City Council adopt Ordinance No. 9312 authorizing the iss»ance of $61,000,000 Street Improvements Bonds, $2,005,000 Public Safety Improvements Bonds, $5,240,000 Mnnicinal Service Improvements Aond~s, $500,000 City Landfill Improvements BondR, $2,600,000 Libr.arv Improvements Bonds, and $2,400,000 Park and Recreation Improvements Bonds. AJB:kcnq APPROVED BY CITY COUNCIL a2--~~ ~~ ~~- ~~ ~~~~ __ Ci ~, of Fort Worth, Texas SUBMITTED FOR TN~ ,/~ v @ CITY MANAGER'S .L .J (IFFIC£ DISPOSITION BY COUNCIL: PROCESSED BY / / BY ^ APPROVED ORIGINATING ^ OTHER (DESCRIBE) DEPARTMENT HEAD: Judson Bai 3:f ITV SECRETARY FOR ADDIf10NAL INFORMATION AaO~ted Or ~nanC~ W coNrncT A. Judson Bailiff Ext .8185 oATE