HomeMy WebLinkAboutOrdinance 9435~~~
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ORDINANCE NO ~ ~~
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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$372,055,272 55 GENERAL PURPOSE REFUNDING
BONDS, SERIES 1985A, OF THE CITY OF FORT
WORTH, TEXAS, BEARING INTEREST AT THE RATES
HEREINAFTER SET E`ORTH, 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, PROVIDING
THAT THIS ORDINANCE SHALL BE IN FORCE AND
EFFECT FROM AND AFTER THE DATE OF ITS
PASSAGE, AND ALL OTHER MATTERS RELATED
THERETO
WHEREAS, the City of Fort Worth, Texas (the "City") has
outstanding as of August 1, 1985, the following obligations
secured in whole or in part by a pledge of ad valorem taxes
(the "Refunded Obligations`") , to-wit
Series Principal Amount
Number Dated Outstanding
94 6-1-61 $ 155,000
95 6-1-61 10,000
96 6-1-61 100,000
97 6-1-61 55,000
9B 6-1-61 5,000
96 8-1-62 270,000
1962 8-1-62 550,000
- 6-1-63 330,000
9b 2-1-64 1,060,000
1964 2-1-64 900,000
96 5-1-65 225,000
1965 5-1-65 1,400,000
1966-A 3-1-66 1,080,000
105A 3-1-66 90,000
105B 3-1-66 900,000
96 3-1-66 115,000
105A 3-1-67 175,000
105B 3-1-67 1,575,000
1967-A 3-1-67 420,000
1967 3-1-67 2,765,000
1968 5-1-68 2,200,000
105A 5-1-68 120,000
1968-A 5-1-68 440,000
1970 3-1-70 2,700,000
105A 3-1-70 100,000
1970-A 3-1-70 1,100,000
1970-B 11-1-70 3,015,000
1970-C 11-1-70 1,540,000
1972-B 3-1-72 5,160,000
1972-A 3-1-72 2,105,000
1972-C 3-1-72 1,280,000
1972-D 6-1-72 400,000
1972-E 6-1-72 170,000
- 2-1-73 420,000
1973-A 3-1-73 2,860,000
1973-B 3-1-73 2,260,000
1974-A 3-1-74 3,990,000
1974-B 3-1-74 1,050,000
1974 5-1-74 1,200,000
1975-A 3-1-75 3,000,000
1976-A 3-1-76 5,700,000
1976-B 3-1-76 6,600,000
1977-A 3-1-77 5,845,000
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Series Principal Amount
Number Dated Outstanding
1977-B 3-1-77 4,620,000
1977-D 3-1-77 1,750,000
1978 10-1-78 50,000
1979 7-1-79 36,150,000
1981 6-1-81 39,000,000
1982 4-1-82 39,500,000
1982-A 12-1-82 39,200,000
1983 9-1-83 1,000,000
1984 4-1-84 55,000,000
1985 2-15-85 73,745,000
1980 7-1-80 2,000,000
1984 12-1-84 2,800,000
TOTAL OUTSTANDING $360,250,000
WHEREAS, the bonds hereinafter authorized are to be
issued and delivered pursuant to Article 717k, VAT C S ,
as amended, for the purpose of refunding the Refunded
Obligations, and
WHEREAS, Article 717k, V A T C S as amended, further
authorizes the City to enter into an escrow agreement with
any paying agent for the Refunded Obligations with respect
to the safekeeping, investment, reinvestment, administration
and disposition of any such deposit, upon such terms and
conditions as the City and such paying agent may agree,
provided that such deposits may be invested and reinvested
including obligations the principal of and interest on which
are unconditionally guaranteed by the United States of
America, and which shall mature and bear interest payable at
such times and in such amounts as will be sufficient to
provide far the scheduled payment or prepayment of the
Refunded Obligations, and
WHEREAS, the City deems it advisable to refund the
Refunded Obligations in order to lower the overall annual
debt service requirements of the City, to restructure the
City's cash flow and to establish uniform dates for the
principal and interest payments for the City's bond debt,
and
WHEREAS, BancTEXAS Dallas, N A Texas is the paying
.agent for the Series 1983 Certificates of Obligation, Texas
American BankjFort Worth, N A Fort Worth, Texas is the
paying agent for the Series 1973, Series 1974 and Series
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1984 Certificates of Obligation, MBank Fort Worth, N A ,
Fort Worth, Texas, is the paying agent for the Series 1980
Certificates of Obligation, and Manufacturers Hanover Trust
Company, New York, New York, is the paying agent for the
remaining Refunded Obligations, and the Escrow Agreement
hereinafter authorized constitutes an escrow agreement of
the kind authorized and permitted by said Article 717k,
V A T C S and
WHEREAS, all the Refunded Bonds mature or are subject
to redemption prior to maturity within twenty years of the
date of the bonds hereinafter authorized
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 Refunding Bonds, Series 1985A" (the
"Bonds"), be issued under and by virtue of the Constitution
and laws of the State of Texas and'the Charter of said City
for the purpose of refunding all of the outstanding
obligations of the City secured in whole or in part by a
pledge of ad valorem taxes, such bonds to aggregate in
principal amount the sum of $372,055,272.55.
2 (a) That the Bonds maturing on March 1 in each of
the years 1986 through 2002, inclusive (the "Current
Interest Bonds") shall be dated July 15, 1985, shall be in
the denomination of $5,000, or any integral multiple
thereof, shall be numbered consecutively from R-1 upward,
and shall mature and be payable serially on March 1 in each
of the years, and in the amounts, respectively, as set forth
in the following schedule
YEARS AMOUNTS YEARS AMOUNTS
1986 $19,805,000 1996 $23,300,000
1987 18,310,000 1997 23,060,000
1988 19,025,000 1998 22,080,000
1989 19,965,000 1999 21,160,000
1990 21,255,000 2000 21,510,000
1991 22,680,000 2001 21,190,000
1992 23,620,000 2002 20,250,000
1993 24,530,000
1994 23,900,000
1995 23,405,000
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(b) The Bonds maturing on March 1 in each of the years
2003 and 2004 (the "Capital Appreciation Bonds") shall be
dated as of the date of delivery thereof (the "Issuance
Date"), shall be in the maturity amount of $5,000, or any
integral multiple thereof, shall be numbered consecutively
from CR-1 upward, and shall be issued in the original
aggregate principal amounts, mature and be payable serially
on the dates and in the aggregate maturity amounts,
respectively, as set forth in the following schedule
ORIGINAL PRINCIPAL MATURITY MATURITY
AMOUNT DATE AMOUNT
$2,053,622 10 March 1, 2003 $9,435,000 00
956,650 45 March 1, 2004 4,795,000 00
3 (a) That the City reserves the right to redeem the
Current Interest Bonds maturing on or after March 1, 1996,
in whole or in part, on March 1, 1995, or on any interest
payment date thereafter, at a redemption price equal to the
principal amount thereof and accrued interest thereon to the
date fixed for redemption The years of maturity of the
Current Interest Bonds called for redemption at the option
of the City prior to stated maturity shall be selected by
the City The Current Interest Bonds or portions thereof
redeemed within a maturity shall be selected by lot
(b) The City further reserves the right to redeem the
Capital Appreciation Bonds, in whole or in part, on March 1,
1995, or on any September 1 or March 1 thereafter, at a
redemption price (i) with respect to the Capital
Appreciation Bonds scheduled to mature on March 1, 2003,
equal to the original principal amount thereof so called for
redemption, plus all interest accrued and compounded to the
date fixed for redemption, as determined in accordance with
Section 4 hereof and Part One of the schedule attached
hereto as Schedule I, or (ii) with respect to the Capital
Appreciation Bonds scheduled to mature on March 1, 2004,
equal to the original principal amount thereof so called for
redemption, plus all interest accrued and compounded to the
date fixed for redemption, as determined in accordance with
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Section 4 hereof and Part Two of the schedule attached
hereto as Schedule I The years of maturity of the Capital
Appreciation Bonds called for redemption at the option of
the City prior to their stated maturity shall be selected by
the City The Capital Appreciation Bonds or portions
thereof redeemed within a maturity shall be selected by lot
(c) 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 Bonds or the portions thereof which are to be
so redeemed, plus accrued interest thereon to the date fixed
for redemption, as described in Sections 3(a) and 3(b)
above. If such written notice of redemption is given, and
if due provision for such payment is made, all as provided
above, the 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, as
described in Sections 3(a) and 3 (b) above, 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 Bonds or any
portion thereof If a portion of any Bond shall be redeemed
a substitute Bond or Bonds having the same maturity date,
bearing or accruing interest at the same rate, in any
denomination or denominations in any integral or maturing
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amount or amounts multiple of $5,000, at the written request
of the registered owner, and in an aggregate principal
amount or, in the case of a Capital Appreciation Bond, the
amount payable at maturity thereof ("maturity 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 (a) That the Current Interest 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 1986, 4 50%
Bonds maturing in the year 1987, 5 40%
Bonds maturing in the year 1988, 6 00%
Bonds maturing in the year 1989, 6 50%
Bonds maturing in the year 1990, 7 00%
Bonds maturing in the year 1991, 7 20%
Bonds maturing in the year 1992, 7 40%
Bonds maturing in the year 1993 , 7 60%
Bonds maturing in the year 1994, 7 80%
Bonds maturing in the year 1995, 8 00%
Bonds maturing in the year 1996, 8 15%
Bonds maturing in the year 1997, 8 30%
Bonds maturing in the year 1998, 8 375%
Bonds maturing in the year 1999, 8 625%
Bonds maturing in the year 2000, 8 70°f,
Bonds maturing in the year 2001, 8 70%
Bonds maturing in the year 2002, 8 70%
Said interest shall be payable to the registered owner of
any such Current Interest Bond in the manner provided and on
the dates stated in the FORM OF BOND set forth in this
Ordinance
(b) The Capital Appreciation Bonds scheduled to mature
on the dates, respectively, set forth below shall accrue
interest from the Issuance Date, calculated on the basis of
a 360-day year composed of twelve 30-day months (subject to
rounding to the Appreciated Amounts (hereinafter defined)
thereof), compounded semiannually on March 1 and September 1
of each year commencing March 1, 1986, and payable, together
with the principal amount thereof, in the manner provided in
the FORM OF BOND set forth in this Ordinance, at the
following rates per annum
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DATE
INTEREST RATE
March 1, 2003 8 90%
March 1, 2004 8 90%
Reference is hereby made to Schedule I hereto, which
sets forth the rounded original principal amounts at the
Issuance Date for the Capital Appreciation Bonds and, as of
each March 1 and September 1, commencing March 1, 19.86, and
continuing until stated maturity, the original principal
amount thereof, plus all interest accrued and compounded to
the particular date of calculation (the "Appreciated
Amount") The Appreciated Amount with respect to any date
other than March 1 or September 1 is the amount set forth on
Schedule I with respect to the last preceding March 1 or
September 1, as the case may be, plus the portion of the
difference between such amount and the amount set forth on
Schedule I with respect to the next succeeding March 1 or
September 1, as the case may be, that the number of days
(based on 30-day months) from such last preceding March 1 or
September 1, as the case may be, to the date for which such
determination is being calculated bears to the total number
of days (based on 30-day months) from such last preceding
March 1 or September 1, as the case may be, to the next
succeeding March 1 or September 1, as the case may be
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 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 registra-
Lions 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
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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 Bonds shall be mailed, as herein provided The City or
its designee shall have the right to inspect the Registra-
tion Books during regular business hours of the Paying
Agent/ Registrar, but otherwise the Paying Agent/Registrar
shall keep the Registration Books confidential and, unless
otherwise required by law, shall not permit their inspection
by any other entity Registration of each 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 satisfactory 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 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 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 Bond shall be regis-
tered 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
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principal of and interest on the Bonds, and to act as its
agent to exchange or replace Bonds, all as provided in this
Ordinance The Paying Agent/Registrar shall keep proper
records of all payments made by the City and the Paying
Agent/Registrar with respect to the Bonds, and of all
exchanges of such bonds, and all replacements of such bonds,
as provided in this Ordinance
(d) Each 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 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 OE BOND set forth in this Ordinance, in the
denomination or maturity amount 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 princi-
pal amount or maturity amount equal to the unredeemed
principal amount or maturity amount of any Bond or Bonds so
surrendered, and payable to the appropriate registered
owner, assignee, or assignees, as the case may be If a
portion of any 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 or maturity
amount or amounts of any integral multiple of $5,000 at the
request of the registered owner, and in an aggregate
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principal amount or maturity amount equal to the unredeemed
portion thereof, will be issued to the registered owner upon
surrender thereof for cancellation If any Bond or portion
thereof is assigned and transferred, each bond issued in
exchange therefor shall have the same principal maturity
date and bear or accrue 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 Bonds as provided herein, and each fully
registered bond or bonds delivered in exchange for or re-
placement of any Bond or portion thereof as permitted or
required by any provision of this Ordinance shall constitute.
one of the Bonds for all purposes of this Ordinance, and may
again be exchanged or replaced It is specifically
provided, however, that any Current Interest Bond delivered
in exchange for or replacement of another Current Interest
Bond prior to the first scheduled interest payment date on
the Current Interest Bonds (as stated on the face thereof)
shall be dated the same date as such Current Interest Bond,
but each substitute bond so delivered on or after such first
scheduled 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 Current Interest Bond for which it
is being exchanged has not been paid, then such substitute
band shall be dated as of the date to which such interest
has been paid in full On each substitute bond issued in
exchange for or replacement of any Bond or Bonds issued
under this Ordinance there shall be printed thereon a Paying
Agent/Registrar's Authentication Certificate, in the form
hereinafter set forth An authorized representative of the
Paying Agent/Registrar shall, before the delivery of any
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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 ex-
ecuted The Paying Agent/Registrar promptly shall cancel
all 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 Bond or portion thereof, and the Paying Agent/Registrar
shall provide for the printing, execution, and delivery of
the substitute bonds in the manner prescribed 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 Bonds as 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 Bonds which originally were delivered
pursuant to this Ordinance, approved by the Attorney Gen-
eral, 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 Bonds issued in exchange or replacement of any
other Bond or portion thereof, (i) shall be issued in fully
registered form, without interest coupons, with the
principal of and interest on such Bonds to be payable only
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to the registered owners thereof, (ii) may be redeemed prior
to their scheduled maturities, (iii) may be transferred and
assigned, (iv) may be exchanged for other Bonds, (v) shall
have the characteristics, (vi) shall be .signed and sealed,
and (vii) the principal of and interest on the Bonds shall
be payable, all as provided, and in the manner required 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 Bonds, but the registered owner of any Bond ~
requesting such transfer shall pay any taxes or other
governmental charges required to be paid with respect
thereto The registered owner of any Bond requesting any
exchange shall pay the Paying Agent/ 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 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 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 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
Bonds solely to the extent above provided, and with respect
to the exchange of Bonds solely to the extent above pro-
vided
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(g) The City covenants with the registered owners of
the Bonds that at all times while the Bonds are outstanding
the City will provide a competent and legally qualified
bank, trust company, financial institution, or other agency
to act as and perform the services of Paying Agent/Registrar
for the 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 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 super-
vision or examination by federal or state Authority, and
whose qualifications substantially are similar to the
previous Paying Agent/Registrar to act as Paying Agent/Reg-
istrar 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 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
Bonds, by United States Mail, postage prepaid, which notice
also shall give the address of the new Paying Agent/Regis-
trar By accepting the position and performing as such,
each Paying Agent/Registrar shall be deemed to have agreed
to the provisions of this Ordinance, and a certified copy of
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this Ordinance shall be delivered to each Paying
Agent/Registrar
7 The form of all Bonds, including the form of the
Comptroller's Registration Certificate to accompany the
Bonds on the initial delivery thereof, the form of Paying
AgentjRegistrar's Authentication Certificate, and the Form
of Assignment to be printed on each of the Bonds, shall be,
respectively, substantially as follows, with such
appropriate variations, omissions, or insertions as are
permitted or required by this Ordinance
NO R-
FORM OF BOND
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH, TEXAS
GENERAL PURPOSE REFUNDING BOND
SERIES 1985A
[FORM OF FIRST TWO PARAGRAPHS
OF CURRENT INTEREST BOND]
MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP
July 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-
teAred 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 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
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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
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
[FORM OF FIRST TWO PARAGRAPHS
OF CAPITAL APPRECIATION BOND]
NO CR-
MATURITY
AMOUNT
INTEREST RATE MATURITY DATE ISSUANCE DATE CUSIP NO
August 27, 1985
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF FORT
WORTH, TEXAS (the "Issuer"), hereby promises to pay to
or the
registered assignee hereof (either being hereinafter called
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the "registered owner") the Maturity Amount specified above,
representing the principal amount hereof and accrued and
compounded interest hereon Interest shall accrue on the
principal amount hereof from the Issuance Date at the
interest rate per annum specified above (subject to rounding
to the Appreciated Amounts as provided in the Ordinance
(hereinafter defined)), compounded semiannually on March 1
and September 1 of each year, commencing March 1, 1986
THE MATURITY AMOUNT of this Bond is payable in lawful
money of the United States of America, without exchange or
collection charges The Maturity Amount of this Bond shall
be paid to the registered owner hereof upon presentation and
surrender of this Bond at 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, and shall be drawn by the
Paying Agent/Registrar on, and solely from, funds of the
Issuer required to be on deposit with the Paying
Agent/Registrar for such purpose as hereinafter provided,
payable to the registered owner hereof, as it appears on the
Registration Books kept by the Paying Agent/Registrar, as
hereinafter described The Issuer covenants with the
registered owner of this Bond that on or before the Maturity
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 the Maturity
Amount, when due
[FORM OF REMAINDER OF BOND ]
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
*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
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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 $372,055,272 55, for the
purpose of refunding all of the outstanding obligations of
the City secured in whole or in part by a pledge of ad
valorem taxes, and is comprised of (i) Bonds in the
aggregate principal amount of $3,010,272 55 that pay
interest only at maturity or redemption prior to maturity
(the "Capital Appreciation Bonds") and (ii) Bonds in the
aggregate principal amount of $369,045,000 00 that pay
interest semiannually until maturity or redemption prior to
maturity (the "Current Interest Bonds")
[THE FOLLOWING PARAGRAPH IS ONLY TO BE .INSERTED
IN THE CURRENT INTEREST BOND]
*ON MARCH 1, 1995, or on any interest payment date
thereafter, the Current Interest Bonds of this Series
maturing on March 1, 1996 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 Current Interest Bonds, or portions thereof, to
be redeemed shall be selected and designated by the Issuer
(provided that a portion of a Current Interest Bond may be
redeemed only in an integral multiple of $5,000), at par and
accrued interest to the date fixed for redemption
[THE FOLLOWING PARAGRAPH I S ONLY TO BE INSERTED
IN THE CAPITAL APPRECIATION BOND]
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*ON MARCH 1, 1985, or on any September 1 or March 1
thereafter, the Capital Appreciation Bonds 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 Capital
Appreciation Bonds, or portions thereof, to be redeemed
shall be selected and designated by the Issuer (provided
that a portion of a Capital Appreciation Bond may be
redeemed only in an integral multiple of $5,000 in maturity
amount thereof), on the dates and in the "Appreciated
Amounts" as shown for Capital Appreciation Bonds maturing
March 1, 2003 or March 1, 2004, as the case may be, on the
Table of Appreciated Amounts printed on this Bond
*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
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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,
bearing or accruing interest at the same rate, in any
denomination or denominations or maturity amount or amounts
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 or maturity amount of
fully registered bonds, without interest coupons, payable to
the appropriate registered owner, assignee, or assignees, as
the ease may be, having the same maturity date, and bearing
or accruing interest at the same rate, in any denomination
or denominations or maturity amount or amounts 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
19
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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
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
*IN ADDITION TO ALL OTHER RIGHTS, the holders of this
series of Bonds shall be subrogated to all pertinent and
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necessary rights of the holders of the obligations being
refunded thereby
*IT IS HEREBY CERTIFIED AND RECITED that the issuance
of this Bond, and the series of which it is a part, is duly
authorized, issued and delivered in accordance with the
Constitution and laws of the State of Texas, 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,
and that ad valorem taxes, upon all taxable property in said
City, necessary to pay the interest on and principal of this
bond, and the series of which it is a part, as such interest
comes due, and such principal matures, have been pledged for
such purpose, within the limit prescribed by law
*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 I ssuer
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 First. Assistant City Attorney, and the official
seal of the Issuer has been duly affixed to, or impressed,
or printed, or lithographed, on this Bond
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ATTEST
(facsimile signature)
City Secretary
(facsimile signature)
Mayor
APPROVED AS TO FORM AND LEGALITY
(facsimile signature)
First Assistant City Attorney
(SEAL)
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** (FORM OF COMPTROLLER'S CERTIFICATE ATTACHED TO
THE BONDS UPON INITIAL DELIVERY THEREOF)
OFFICE OF COMPTROLLER
REGISTER NO
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 that it is a valid and binding obliga-
tion of the City of Fort Worth, Texas, payable in the manner
provided by and in the ordinance authorizing same; and said
Bond has this day been registered by me
WITNESS MY HAND and seal of office at Austin, Texas
Comptroller of Public Accounts of
the State of Texas
(SEAL)
NOTE TO PRINTER
*¶s to be on reverse side of bond
* * ¶ not to be on bond
There shall also included on the form of Capital
Appreciation Bond a compounding schedule in the form of such
schedule attached to this Ordinance as Schedule I
7 That a special fund or account, to be designated
the "City of Fort Worth, Texas Interest and Redemption Fund"
is hereby created and shall be established and maintained by
said City at its official depository bank Said Interest
and Redemption Fund shall be kept separate and apart from
all other funds and accounts of said City, and shall be used
only for paying the interest on and principal of the Bonds
All taxes levied and collected for and on account of the
Bonds shall be deposited, as collected, to the credit of
said Interest and Redemption Fund During each year while
any of the Bonds are outstanding and unpaid, the City
Council of said City shall compute and ascertain the rate
and amount of ad valorem tax, based on the latest approved
tax rolls of said City, with full allowances being made for
tax delinquencies and costs of tax collections, which will
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be sufficient to raise and produce the money required to pay
the interest on the Bonds as such interest comes due, and to
provide a sinking fund to pay the principal of the Bonds as
such principal matures, but never less than 2% of the
original principal amount of the Bonds as a sinking fund
each year Said rate and amount of ad valorem tax is hereby
ordered to be levied and is hereby levied against all
taxable property in said City for each year while any of the
Bonds are outstanding and unpaid, and said ad valorem tax
shall be assessed and collected each such year and deposited
to the credit of the aforesaid Interest and Redemption Fund
Said ad valorem taxes necessary to pay the interest on and
principal of the Bonds, as such interest comes due; and such
principal matures, are hereby pledged for such purpose,
within the limit prescribed by law
8 (a) In the event any outstanding 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 Bond, in replacement for such
Bond in the manner hereinafter provided
(b) Application for replacement of damaged, mutilated,
lost, stolen, or destroyed Bonds shall be made to the Paying
Agent/Registrar In every case of loss, theft, or
destruction of a 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 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
Bond, as the case may be In every case of damage or
mutilation of a Bond, the applicant shall surrender to the
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Paying Agent/Registrar for cancellation the Bond so damaged
or mutilated
(c) Notwithstanding the foregoing provisions of this
Section, in the event any such Bond shall have matured, and
no default has occurred which is then continuing in the
payment of the principal of, redemption premium, if any, or
interest on the Bond, the City may authorize the payment of
the same (without surrender thereof except in the case of a
damaged or mutilated Bond) instead of issuing a replacement
Bond, provided security or indemnity is furnished as above
provided in this Section
(d) Prior to the issuance of any replacement bond, the
Paying Agent/Registrar shall charge the owner of such Bond
with all legal, printing, and other expenses in connection
therewith Every replacement bond issued pursuant to the
provisions of this Section by virtue of the fact that any
Bond is lost, stolen, or destroyed shall constitute a
contractual obligation of the City whether or not the lost,
stolen, or destroyed 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 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 Bonds issued
in exchange for other Bonds
9 That the Mayor of the City is hereby authorized to
have control of the Bonds and all necessary records and
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proceedings pertaining to the 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 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 accompanying the
Bonds, and the seal of said Comptroller shall be impressed,
or placed in facsimile, on each such certificate
10 The Bonds are hereby sold and shall be delivered
to Merrill Lynch Capital Markets, Smith Barney, Harris Upham
& Co Incorporated, and Rauscher Pierce Refsnes, Inc as
managers for the underwriters shown in the Purchase Contract
herein described, for a total purchase price of
$366,478,714 68, plus any accrued interest on the Current
Interest Bonds to the date of delivery, pursuant to the
terms and provisions of a Purchase Contract, approved as to
form and legality by the City Attorney or First Assistant
City Attorney of the City, in substantially the form
attached hereto as Exhibit A which the City Manager of the
City is hereby authorized and directed to execute and
deliver and which the City Secretary of the City is hereby
authorized and directed to attest It is hereby officially
found, determined, and declared that the terms of this sale
are the most advantageous reasonably obtainable The Bonds
shall initially be registered in the name of Merrill Lynch
Capital Markets or its designee
11 The City Manager of the City is hereby authorized
and directed to execute and deliver and the Secretary of the
City is hereby authorized and directed to attest an Escrow
Agreement, approved as to form and legality by the City
Attorney or First Assistant City Attorney of the City, in
substantially the form and substance attached hereto as
Exhibit B In addition, the City Manager and the City
Treasurer each is authorized to execute such subscriptions
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for the purchase of United States Treasury Securities, State
and Local Government Series, as may be necessary for the
Escrow Fund, and that the City may also purchase for
investment in the Escrow Fund such obligations of the United
States of America or any of its agencies, or such
obligations fully guaranteed by the United States of America
that will be appropriate open market investments for such
Escrow Fund Such proceeds shall be deposited with
Manufacturers Hanover Trust Company, one of the paying
agents for the Refunded Obligations In addition, officials
of the City are directed, upon delivery of the Bonds, to
transfer to Manufacturers Hanover Trust Company as Escrow
Agent under the Escrow Agreement from the funds on hand an
amount necessary to purchase any such open market
investments, which amount shall be deposited in the Escrow
Fund and used in accordance with the provisions of the
Escrow Agreement
12 That is is specifically found and determined by
the City that it is advisable to refund the Refunded
Obligations in order to lower the overall annual debt
service requirements of the City, to restructure the City's
cash flow, to shorten the length of maturity of the City's
bond debt and to establish uniform dates for the principal
and interest payments for the City's bond debt
13 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 their term 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
28
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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(cj or any
regulations or rulings pertaining thereto
14 That all ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed
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
16 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
ATTE
City Secretary, ity of Fort
Worth, Texas
AP VED S TO FO M ND L G LIT
First Assistant ity Attorney,
City of Fort Worth, Texas
29
Texas
Mayor, City of F
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~ SCHEDULE I
PART ONE ~ PART TWO
2003 Maturity .
. 2004 lleturity
Dollar Prica i
Dollar Price
Date Per 5000 `• Per 3000
1 27-Aug-BS 1088.300 ~ 997.550
2 01-Mar•86 1137.800 1042.930
3 01-Sep-86 1188.450 1089.350
4 01-Mar-87 1241.350 1137.800
3 01-Sep-89 1296.600 ~ 1188.450
6 01-liar-8$ 1354.300 1241.350
7 01-Sep-88 1414.550 !296.600
8 01-Mar-89 1477..500 1354.300
9 01-Sep•89 1543.250 1414.550
10 01-Mar•90 1611.900 1497.500
11 01-Sep-90 1683.650 1543.250
12 O1-Mnr-91 1758.600 16.1.900
13 01-Sop-91 2836.850 .1683.650
14 01-liar-92 1918.550 ~ 17'38.600
15 01-Sep-92 2003.950 1836.850
16 01-liar-93 2093.150 ~ 1918.550
17 O1-Sep-93 2186.250 ' 20b3.950
18 01-Mar-94 2283.530 ~ 2093.150
i9 O1-Sep-94 2385.200 i 2186. Z50
ZO 01-Mar-95 2491.380 2283.550
21 01-Sep-95 2602.200 2385.200
22 01-liar-96 2718.000 { 2491.350
23 01-Sep-96 2838.950 2602.200
24 O1-liar-97 2965.300 2718.000
25 Ol-Sep-97 3097.250 f 2838.950
26 01-liar-98 3235.050 2965.300
27 01-Srp-98 3379.G00 3097.250
2B 01-liar'99 3529.400 ` 3235.030
29 01-Sep-99 3686.450 ~ 3399.000
30 01•liar-2000 3850.500 3529.400
31 01-Sep-2000 4021.850 i 36$6.450
32 01-Isar-2001 42G0.800 . 380.500
33 Ol-Sep-2001 4387.750 y 4021.850
34 01-Mar-2002 4583.000 4200.800
35 01-Sep-2002 4786.950 ` 43A7.750
36 01-Msr-2003 5000.000 i 4383.000
37 01-Sep-2003 ! 4786.950
38 01-Mar-2004 i 5000.000
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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 30th
day of July, 1985
ity Secretar of the City of
Fort Worth, Texas
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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 MANUFACTURERS HANOVER TRUST COMPANY
Paying Agent/Registrar
By
Authorized Representative
* FORM OF ASSIGNMENT
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers unto
Please insert Social Security o.r 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
23