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HomeMy WebLinkAboutOrdinance 9016r9 ~- _ ~. E T ~) i' ~ is F- rte. .~~~ i k . f--.f:.. ~.^. ~:~ i. Y il': r 5„' ~~_ a' "~ ~.. ORDINANCE NO. 90/~D ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF FORT WORTH, TEXAS WATER AND SEWER SYSTEM REVENUE REFUNDING BONDS, SERIES 1984 THE STATE OF TEXAS . COUNTY OF TARRANT . a CITY OF FORT WORTH WHEREAS, the City of Fort Worth, Texas (the "City") has outstanding the. following water and sewer revenue bonds (the "Refunded Obligations"), to-wit: AGGREGATE SERIES PRINCIPAL SERIES NUMBER DATED AMOUNT NUMBER 86 3-1-59 $ 30,000 109 90 3-1-59 90,000 109 90 3-1-60 150,000 109 90 3-1-61 195,000 109 90 9-1-62 240,000 110 90 3-1-64 475,000 111 90 3-1-65 665,000 112 109 3-1-67 360,000 113 109 3-1-70 1,440,000 114 TOTAL OUTSTANDING AGGREGATE PRINCIPAL DP_TED AMOUNT 3-1-71 $ 3,965_,000 3-1-72 - 3,570,000 3-1-74 1,590,000 3-1-76 2,620,000 3-1-77 3,040,000 7-1-79 6,050,000 6-I-81 9,600,000 4-1-82 10,000,000 6-1-83 14,000,000 $58,080,000 WHEREAS, the City has determined that it is appropriate and necessary that such Refunded Obligationss be refunded; and WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to Vernon's Ann. Civ. St. of Texas, Article 717k, as amended, and other applicable laws, for the purpose of refunding the Refunded Obligations. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. BONDS AUTHORIZED. That the City's bonds (the "Series 1984 Bonds") are hereby authorized to be issued in the aggregate principal amount of $50,535,000 for the purpose of refunding all of the outstanding water and sanitary sewer system revenue bonds of the City. The Series 1984 Bonds shall be designated as the "City of Fort Worth, _, s f 'Sy `r .~, .~ ., T 1~. ~. . T ' ~ Texas Water and Sewer System Revenue Refunding Bonds, Series 1984". Section 2. DATE AND MATURITIES. That the Series 1984 Bonds shall be dated January 15, 1984, shall be in the denomination of $5,000 each, or any integral multiple thereof, shall be numbered consecutively from one upward, and shall mature serially on the maturity date, in each of the years, and in the amounts, respectively, as set forth in the following schedule: MATURITY DATE: March 1 YEARS AMOUTvTS YEARS AMOUNTS 1985 $ 2,320,000 1995 $ 3,090,000 1986 2,815,000 1996 3,070,000 1987 2,805,000 1997 2,905,000 1988 2,825,000 1998 2,655,000 1989 2,880,000 1999 2,770,000 1990 2,880,000 2000 2,160,000 1991 2,840,000 2001 _ 1,475,000 1992 2,825,000 2002 1,445,000 1993 2,865,000 2003 1,405,000 1994 2,975,000 2004 1,530,000 Section 3. RIGHT OF PRIOR REDEMPTION. The City reserves the right to redeem the Series 1984 Bonds maturing on or after March 1, 1995, in whole or in part, on March 1, 1994, 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 1984 Bonds called for redemption at the option of the City prior to stated maturity shall be selected by the City. The Series 1984 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 prepayment or 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 prepayment or redemption due 2 4 ^~~ `, ~ t t j ~, ~ l :c ~ z J ;.-~ provision shall be made by the City with the Paying Agent/ Registrar for the payment of the required prepayment or redemption price for the Series 1984 Bonds or the portions thereof which are to be so prepaid or redeemed, plus accrued interest thereon to the date fixed for prepayment or redemp- tion If such written notice of prepayment or redemption is given, and if due provision for such payment is made, all as provided above, the Series 1984 Bonds, or the portions thereof which are to be so prepaid or redeemed, thereby automatically shall be prepaid or redeemed prior to their scheduled maturities, and shall not bear interest after the date fixed for their prepayment or redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the prepayment or redemption price plus accrued interest to the date fixed for prepayment or 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 prepayments or redemptions of principal of the Series 1984 -Bonds or any portion thereof If a portion of any Series 1984 Bond shall be redeemed a substitute Series 1984 Bond or Series 1984 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 cancella- tion, at the expense of the City, all as provided in this Ordinance Section 4 INTEREST That the Series 1984 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 1985, 5 75% Bonds maturing in the year 1986, 6 25% Bonds maturing in the year 1987, 6 70% 3 ~ ~ ~~ ? tz~ ~ r, '~' ~ A '° Bonds maturing in the year 1988, 7 00% Bonds maturing in the year 1989, 7 25% Bonds maturing in the year 1990, 7 50% Bonds maturing in the year 1991, 7 75% Bonds maturing in the year 1992, 8 00% Bonds maturing in the year 1993, 8 25% Bands maturing in the year 1994, 8 50% Bonds maturing in the year 1995, 8 70% Bonds maturing in the year 1996, 8 90% Bonds maturing in the year 1997, 9 00% Bonds maturing in the year 1998, 9 10% Bonds maturing in the year 1999, 9 20% Bonds maturing in the year 2000, 9 30% Bonds maturing in the year 2001, 9 40% Bonds maturing in the year 2002, 9 50% Bonds maturing in the year 2003, 9 50% Bonds maturing in the year 2004, 9 50% Said interest shall be payable to the registered owner of any such Series 1984 Bond in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordinance Section 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 1984 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 registered owner of each bond to which payments with respect to the Series 1984 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 4 4 ,,;~ F„ yiy T -~ ~ ~. a. 't ~, ~. 'r 5i ~: Registration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity Registration of each Series 1984 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 the 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 the bond or any such portion thereof registered in the name of such assignee or assignees Upon the assignment and transfer of any Series 1984 Bond or any portion thereof, a new substitute bond or bonds shall be issued in conversion and exchange therefor in the manner herein provided (b) The entity in whose name any Series 1984 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 1984 Bonds, and to act as its agent to convert and exchange or replace Series 1984 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 5 Y 6~' to the Series 1984 Bonds, and of all conversions and exchanges of such bonds, and all replacements of such bonds, as provided in this Ordinance (d) Each Series 1984 Bond may be converted into and 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 unpaid or unredeemed principal balance or 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 converted into and 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 princi- pal amount equal to the unpaid or unredeemed principal balance or principal amount of any bond or bonds so sur- rendered, and payable to the appropriate registered owner, assignee, or assignees, as the ease may be If a portion of any Series 1984 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 $5,000 at the 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 surrender thereof for cancellation If any 6 ~ •~.. 7. r ? ~t~ t'~'~e ;; g. ~ -; Series 1984 Bond or portion thereof is assigned and transferred or converted, 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 convert and exchange or replace Series 1984 Bonds as provided herein, and each fully registered bond delivered in conversion of and exchange for or replacement of any bond or portion thereof as permitted or required by any provision of this Ordinance shall constitute one of the Series 1984 Bonds for all purposes of this Ordinance, and may again be converted and exchanged or replaced It is specifically provided, however, that any bond delivered in conversion of and exchange for or replace- ment of another bond prior to the first scheduled interest payment date on the Series 1984 Bonds (as stated on the face thereof) shall be dated the same date as such 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 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 bond shall be dated as of the date to which such interest has been paid in full On each substitute bond issued in conversion of and 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 author- ized representative of the Paying Agent/Registrar shall, before the delivery of any such bond, date such bond in the manner set forth above, and manually sign and date such 7 ti J P- _ 'a ~r. ; ''f.. T .~. r'+ ~- Certificate, and no such Bond shall be deemed to be issued or outstanding unless such Certificate is so executed The Paying Agent/Registrar promptly shall cancel all Series 1984 Bonds surrendered for conversion and exchange or replacement No additional 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 conversion and exchange or replacement of any Series 1984 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 conversion and exchange or replacement of Bonds as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution. of the above Paying Agent/Registrar's Authen- tication Certificate, the converted and exchanged or replaced Bond shall be valid, incontestable, and enforceable in the same manner and with the same effect as the Series 1984 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 1984 Bonds issued in conversion and exchange or replacement of any other Bond or portion thereof, (i) shall be issued in fully registered form, 8 ~`y. ~' r; 4 without interest coupons, with the principal of and interest on such Bonds to be payable only to the registered owners thereof, (ii) may be redeemed prior to their scheduled maturities, (iii) may be transferred and assigned, (iv) may be converted and exchanged for other Series 1984 Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the principal of and interest on the Series 1984 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 transfers 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 Series 1984 Bond requesting any conversion and exchange shall pay the Paying Agent/Registrar's reasonable and standard or customary fees and charges for converting and 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 conversion and exchange, except, however, that in the case of the conversion and exchange of an assigned and trans- ferred bond or bonds or any portion or portions thereof in any integral multiple of $5,000, and in the case of the conversion and exchange of a portion the unredeemed portion of a Series 1984 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 custom- ary 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 1984 Bonds, when due, and (ii) pay 9 ' ~ ~,.~ ~ .R .. ~ r: fi 7 y i the fees and charges of the Paying Agent/Registrar for services with respect to the transfer or registration of Series 1984 Bonds solely to the extent above provided, and with respect to the conversion and exchange of Bonds solely to the extent above provided (g) The City covenants with the registered owners of the Series 1984 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 Series 1984 Bonds under this Ordi- nance, 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 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 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 10 ~ ~? ~ T ~ ~ ~ l 4 A"• L. j.. of the Series 1984 Bonds, by United States Mail, postage prepaid, which notice also shall give the address of the new Paying Agent/Registrar By accepting the position ana performing as such, each Paying Agent/Registrar 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 Section 6 The form of all Series 1984 Bonds, includ- ing the form of the Paying Agent/Registrar's Certificate, the Form of Assignment, and the form of the Comptroller's Registration Certificate to accompany the Series 1984 Bonds on the initial delivery thereof, shall be, respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are permitted or required by this Ordinance FORM OF BOND NO UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH, TEXAS WATER AND SEWER SYSTEM REVENUE REFUNDING BOND SERIES 1984 MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP January 15, 1984 ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF FORT WORTH, IN TARRANT COUNTY, TEXAS, hereby promises to pay to or to the registered assignee hereof (either being hereinafter called the "register.ed owner") the principal amount of and to pay interest thereon, from the date of this Bond hereinafter stated, 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 September 1, 1984, and semi- annually on each March 1 and September 1 thereafter, except 11 C' a. ~ i It ;t ~ 5 ,(_ that if the Paying Agent/Registrar's Authentication Certif- icate appearing on the face of this Bond is dated later than September 1, 1984, such interest is payable semiannually on each March 1 and September 1 following such date THE TERMS AND PROVISIONS of this Bond are continued on the reverse side hereof and shall for a.ll 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 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 registered owner of this Bond that no later than each prin- cipal payment date and interest payment date for this Bond it will make available to the Paying Agent/Registrar the amounts required to provide for the payment, in immediately available funds, of all principal of and interest on the Bonds, when due 12 r r X ~' ' \' 1: ~~ 'I: 1 .~ ~.` *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 and maturity, aggregating Fifty Million Five Hundred Thirty Five Thousand Dollars ($50,53.5,000) (herein sometimes called the "Bonds"), issued for the purpose of refunding all of the outstanding waterworks and sanitary sewer system revenue bonds of the City The Bonds are issuable solely as fully registered bonds, without interest coupons, in the denomination of any integral multiple of $5,000 *THE OUTSTANDING BONDS of this Series maturing on March 1, 1995 may be redeemed prior to their scheduled maturities, at the option of said City, in whole, or in part, on March 1, 1994, 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 1984 Bonds called for such redemption shall be selected by the City The Series 1984 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 prepayment or 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 13 ~, ~: ,. i on the Registration Books of the Paying Agent/Registrar By the date fixed for any such prepayment or redemption due provision shall be made by the City with the Paying Agent/Registrar for the payment of the required prepayment or redemption price for this Bond or the portion hereof which is to be so prepaid or redeemed, plus accrued interest thereon to the date fixed for prepayment or redemption If such written notice of prepayment or redemption is given, and if due provision for such payment is made, all as provided above, this Bond, or the portion thereof which is to be so prepaid or redeemed, thereby automatically shall be prepaid or redeemed prior to its scheduled due date, and shall not bear interest after the date fixed for its prepayment or redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the prepayment or redemption price plus accrued interest to the date fixed for prepayment or 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 prepayments or 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 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 authorizing the Bonds (the "Ordinance" ) *THIS BOND OR ANY PORTION OR PORTIONS HEREOF IN ANY INTEGRAL MULTIPLE OE $5,000 may be assigned and shall be transferred only in the Registration Books of the Issuer kept by the Paying Agent/Registrar acting in the capacity of registrar for the Bonds, upon the terms and conditions set 14 S ~1#T~ .. ,~ ~ forth in the Ordinance Among other requirements for such assignment and transfer, this Bond must be presented and surrendered to the Paying Agent/Registrar, 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 trans- ferred and registered The form of Assignment 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 satisfac- tory 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 A new Bond or Bonds payable to such assignee (which then will be the new registered owner of such new Bond or Bonds), or to the previous registered owner in the case of the assignment and transfer of only a portion of this Bond, may be de- ,, livered by the Paying Agent/Registrar in conversion of and " exchange for this Bond, all in the form and manner as pro- vided in the next paragraph hereof for the conversion and exchange of other Bonds Neither the Issuer nor the Paying Agent/Registrar shall be required (i) 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 or in part when such redemption is scheduled to occur within 30 calendar days The registered owner of this Bond shall be treated by the Issuer, the City and the Paying Agent/Regis- trar as the absolute owner hereof for all purposes, includ- ing payment and discharge of liability upon this Bond to the 15 ` - ~. ,_ ' ' extent of such payment, and the Issuer, the City and the ~- Paying Agent/Registrar shall not be affected by any notice to the. contrary The Issuer shall pay the Paying Agent/Reg- istrar's reasonable and standard or customary fees .and charges for making such transfer, but the one requesting such transfer shall pay any taxes or other governmental charges required to be paid with respect thereto *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 converted into 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 sur- render of this Bond to the Paying Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in the Ordinance Neither the City nor the Paying Agent/Registrar shall be required (1) to make any conversion 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 The one requesting such conversion and exchange shall pay the Paying Agent/Registrar's. reasonable standard or customary fees and charges for converting and exchanging any Bond or portion thereof, together with any taxes or govern- mental charges required to be paid with respect thereto, all as a condition precedent to the exercise of such privilege of conversion and exchange, except however, that in the case 16 e ~, ~ ~. :, ~~+= of the conversion and exchange of an assigned and transferred Bond or Bonds or any portion or portions thereof in any integral multiple of $S,OQO, as described in the previous paragraph, and in the case of the conversion and exchange of a portion of a Bond which has been redeemed prior to maturity, as provided herein, such fees and charges will be paid by the Issuer *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, whose qualifications substantially are similar to the previous Paying Agent/Registrar it is replacing, and promptly will cause written notice thereof to be mailed to the registered owners of the Bonds *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 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 *SAID CITY has reserved the right, subject to the restrictions stated, and adopted by reference, in the Ordinance authorizing this Series of Bonds, to issue additional parity revenue bonds which also may be made payable from, and secured by a first lien on and pledge of, the aforesaid Pledged Revenues *THE HOLDER HEREOF shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation, or from any source whatsoever other than the aforesaid Pledged Revenues 17 1~;1 ~ F - ~' ~ ~ r. . Vii. *IN ADDITION TO ALL OTHER RIGHTS, the holders of this series of Bonds shall be subrogated to all pertinent and necessary rights of the holders of the- obligations being refunded thereby. IT IS HEREBY certified and covenanted that this Bond. has been duly and validly authorized, issued and delivered; that all acts, conditions and things required or proper to be performed, exist and be done precedent to or in the authorization, issuance and delivery of this Bond have been performed, existed and been done in accordance with law; that this Bond is a special obligation; and that the principal of and interest on this Bond are payable from, and secured by a first lien on a.nd pledge of, the Pledged Revenues, as defined in the Ordinance authorizing this Series of Bonds, and which include the Net Revenues ef. said City's combined Waterworks and. Sanitary Sewer System. IN WITNESS WHEREOF, this Bond has been signed with the imprinted or lithographed facsimile signature of the Mayor of said City, attested by the imprinted or lithographed facsimile signature of the City Secretary, end approved as to form and legality by the imprinted or lithographed facsimile signature of the City Attorney, and the official seal of. said City has been duly affixed to, printed, lithographed or impressed on this Bond. CITY OF FORT WORTH, TEXAS By Mayor ATTEST: City Secretary (SEAL ) APPROVED AS TO FORM AND LEGALITY: City Attorney FORM OF PAYING AGENT/REGISTRAR'S AITTHENTICATION CERTIFICATE 18 ,~ , ` *IN ADDITION TO ALL OTHER RIGHTS, the holders of this series of Bonds shall be subrogated to all pertinent and necessary rights of the holders of the obligations being refunded thereby IT IS HEREBY certified and covenanted that this Bond has been duly and validly authorized, issued and delivered, that all acts, conditions and things required or proper to be performed, exist and be done precedent to or in the authorization, issuance and delivery of this Bond have been performed, existed and been done in accordance with law, that this Bond is a special obligation, and that the principal of and interest on this Bond are payable from, and secured by a first lien on and pledge of, the Pledged Revenues, as defined in the Ordinance authorizing this Series of Bonds, and which include the Net Revenues of said City's combined Waterworks and Sanitary Sewer System IN WITNESS WHEREOF, this Bond has been signed with the imprinted or lithographed facsimile signature of the Mayor of said City, attested by the imprinted or lithographed facsimile signature of the ~~, and approved as to form and legality by the imprinted or lithographed facsimile signature of the City See~t-~a-~t ,/and the official seal of said City has been duly affixed to, printed, lithographed or impressed on this Bond CITY OF FORT WORTH, TEXAS By ATTEST City Secretary (SEAL) APPROVED AS TO FORM AND LEGALITY Mayor City Attorney ~~ FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION.CERTIFICATE 18 ~~ t ~, ~ ~ ,. ,, 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 By Authorized Representative * FORM OF ASSIGNMENT ASSIGNMENT For value received, the undersigned registered owner of this Bond, or duly authorized representative or attorney thereof, hereby assigns this Bond to (print or type the name and address of the assignee) and authorizes the Paying Agent/Registrar to transfer and r register this Bond in the Registration Books in the name of such assignee Dated Registered Owner The signature above is hereby verified as true and genuine ** (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 19 ,_ ~. issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding special obligation 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 Section 7 DEFINITIONS That, as used in this Ordi- nance, the following terms shall have the meanings set forth below, unless the text hereof specifically indicates other- wise (a) The term "Additional Bonds" shall mean the addi- tional parity revenue bonds which the City reserves the right to issue in the future, as provided in this Ordinance (b) The term "Amortization Installment", with respect to any Term Bonds of any series of Additional Bonds, shall mean the amount of money which is required to be deposited into the Mandatory Redemption Account .for retirement of such Term Bonds (whether at maturity or by mandatory redemption and including redemption premium, if any) provided that the total Amortization Installments for such Term Bonds shall be sufficient to provide for retirement of the aggregate principal amount of such Term Bonds (c) The term "City" shall mean the City of Fort Worth, in Tarrant County, Texas (d) The term "Gross Revenues of the City's Combined Water and Sewer System" and "Gross Revenues" shall mean all revenues, income, and receipts of every nature derived or received by the City from the operation and ownership of the 20 ., ~ ,. .,. "-' System, including the interest income from the investment or deposit of money in any Fund created by this Ordinance, or maintained by the City in connection with the System (e) The term "Mandatory Redemption Account" shall mean that account within the Interest -and Sinking Fund described in Section 14(c) of this Ordinance (f) The term "Net Revenues of the City's Combined Water and Sewer System", and "Net Revenues" shall mean all Gross Revenues after deducting and paying the current expenses of operation and maintenance of the System (the "Current Expenses"), as required by Vernon's Annotated Texas Civil Statutes, Article 1113, including all salaries, labor, materials, repairs and extensions necessary to render efficient service, provided, however, that only such repairs and extensions as in the judgment of the City Council, reasonably and fairly exercised and evidenced by the passage of the appropriate ordinance, are necessary to keep the System in operation .and render adequate service to said City and the inhabitants thereof, or such as might be necessary to meet some .physical accident or condition which would otherwise impair the Series 1984 Bonds or Additional Bonds, shall be deducted in determining "Net Revenues" Payments made by the City for water supply or treatment of sewage which under the law constitute operation and maintenance expenses shall be considered herein as expenses incurred in the operation and maintenance of the System Depreciation shall never be considered as an expense of operation and maintenance (g) The term "Paying Agent/Registrar" shall mean the financial. institution specified in Section 5(a) hereof, or its herein permitted successors and assigns, (h) The term "Pledged Revenues" shall mean (1) the Net Revenues, plus (2) any additional revenues, income, receipts, or other resources, including, without 21 ,:~ t. ., z. ~~ limitation, any grants, donations, or income received or to be received from the United States Government, or any other public or private source, whether pursuant to an agreement or otherwise, which hereafter may be pledged to the payment of the Series 1984 Bonds or Additional Bonds. (i) The term "Refunded Obligations" shall mean the outstanding water and sewer system revenue bonds refunded with the proceeds from the sale of the Series 1984 Bonds and other available cash. (j) The term "Series 1984 Bonds" shall mean the City of Fort Worth, Texas Water and Sewer System Revenue Refund- ing Bonds, Series 1984, authorized by this Ordinance. (k) The term "System" shall mean and include the City's combined existing water and sewer system, together with all future extensions, improvements, enlargements, anal additions thereto, and all replacements thereof; provided that, notwithstanding the foregoing, and to the extent now or hereafter authorized or permitted by law, the term System shall not include any water or sewer facilities which are declared by the City not to be a part of the System and which are acquired or constructed by the City with the proceeds from the issuance of "Special Facilities Bonds", which are hereby defined as being special revenue obliga- tions of the City which are not secured by or payable from the Pledged Revenues as defined herein, but which are secured by and payable solely from special contract revenues or payments received from any other legal entity in connec- tion with such facilities; and such revenues or payments shall not be considered as or constitute Gross Revenues of the System, unless and to the extent otherwise provided in the ordinance or ordinances authorizing the issuance of such "Special Facilities Bonds". (1) The term "Term Bonds" means those Additional Bonds so designated in the ordinance or ordinances authorizing 22 ' ~ ~ a+ .~' such bonds, which shall be subject to retirement by operation of the Mandatory Redemption Account (m) The term "year" shall mean the regular fiscal year used by the City in connection with the operation of the System, which may be any twelve consecutive months period established by the City Section 8 PLEDGE That the Series 1984 Bonds and any Additional Bonds are and shall be secured by and payable from a first lien on and pledge of the Pledged Revenues, and the Pledged Revenues are further pledged to the establish- ment and maintenance of the Interest and Sinking Fund and the Reserve Fund as hereinafter provided The Series 1984 Bonds and any Additional Bonds are and will be secured by and payable only from the Pledged Revenues, and are not secured by or payable from a mortgag-e or deed of trust on any properties, whether real, personal, or mixed, consti- tuting the System Section 9 REVENUE FUND That there is hereby created and there shall be established and maintained on the books of the. City, and accounted for separate and apart .from all other funds of the City, a special fund to be entitled the "City of Fort Worth, Texas Water and Sewer Operating Fund" (hereinafter called the "Revenue Fund") All Gross Revenues shall be credited to the Revenue Fund immediately upon receipt All current expenses of operation and maintenance of the System shall be paid from such Gross Revenues as a first charge against same Section 10 INTEREST AND SINKING FUND (a) That for the sole purpose of paying the principal of and interest on all Series 1984 Bonds and any Additional Bonds, as the same come due, there is hereby created and there shall be estab- lished and .maintained on the books of the City a separate fund to be entitled the "City of Fort Worth, Texas Water and Sewer System Revenue Bonds Interest and Sinking Fund" (hereinafter called the "Interest and Sinking Fund") 23 • .. ~' Monies in said Fund shall be maintained at an official depository bank of the City (b) That within the Interest and Sinking Fund there is hereby established. the Mandatory Redemption Account, into which account shall be credited the Amortization Install- ments which shall be used for the payment of the principal of Term Bonds as the same shall come due, whether by maturity thereof or by redemption, through the operation of the Mandatory Redemption Account as herein provided Section 11 RESERVE FUND That there is hereby created and there shall be established and maintained on the books of the City a separate fund to be entitled the "City of Fort Worth, Texas Water and Sewer System Revenue Bonds Reserve Fund" (hereinafter called the "Reserve Fund") Monies in said Fund shall be used solely for the purpose of retiring the last of any Series 1984 Bonds or Additional Bonds as they become due or paying principal of and interest on any Series 1984 Bonds or Additional Bonds when and to the extent the amounts in the Interest and Sinking Fund are insufficient for such purpose Monies in said Fund shall be initially placed in the InterFirst Bank Fort Worth, N A , Fort Worth, Texas and shall be maintained at an official depository bank of the City Section 12 DEPOSITS OF PLEDGED REVENUES, INVESTMENTS (a) That the Pledged Revenues shall be deposited in the Interest and Sinking Fund and the Reserve Fund when and as required by this Ordinance (b) That money in any Fund established pursuant to this Ordinance may, at the option of the City, be (A) placed in time deposits or certificates of deposit which (to the extent not insured by the Federal Deposit Insurance Corpora- tion) are secured by obligations of the type described in (B) hereinbelow, or (B) invested, including investments held in book-entry form, in (i) direct obligations of the United States of America, (ii) obligations guaranteed or insured by 24 ~- the United States of America, which, in the opinion of the Attorney General of the United States, are backed by its full faith and credit or represent its general obligations, or, (iii) to the extent permitted by law, evidences of indebtedness and repurchase agreements issued, insured or guaranteed Eby such governmental agencies as the Federal Land Banks, Federal Intermediate Credit Banks, Banks for Coopera- tives, Federal Home Loan Banks, Government National Mortgage Association, United States Postal Service, Farmers Home Administration, Federal Home Loan Mortgage Association, provided that all such deposits and investments shall have a par value (or market value when less than par) exclusive of accrued interest at all times at least equal to the amount of money credited to such Funds, and shall be made in such manner that the money required to be expended from any Fund will be available at the proper time or times Money in the Reserve Fund shall not be invested in securities maturing later than the final maturity of the Series 1984 Bonds and .Additional Bonds Such investments shall be valued in terms of current market value as of the last day of each year, except that direct obligations of the United States (State and Local Government Series) in book-entry form shall be continuously valued at their par or face principal amount Such investments shall be sold promptly when necessary to prevent any default in connection with the Series 1984 Bonds or Additional Bonds Section 13 FUNDS SECURED That money in all Funds created by this Ordinance., to the extent not invested, shall be secured in the manner prescribed by law for securing funds of the City \ Section 14 DEBT SERVICE REQUIREMENTS (a) That promptly after the delivery of the Bonds the City shall cause to be deposited to the credit of the Interest and Sinking Fund any accrued interest received from the sale and delivery of the Series 1984 Bonds, and any such deposit 2S ~. ..1~ shall be used to pay part of the interest next coming due on the Series 1984 Bonds (b) That the City shall transfer from the Pledged Revenues and deposit to the credit of the Interest and Sinking Fund the amounts, at the times, as follows (1) such amounts, deposited in approximately equal monthly intallments on or before the 25th day of each month hereafter, commencing with the month during which the Series 1984 Bonds are delivered, or the month thereafter if delivery is made after the 25th day thereof, as will be sufficient, together with other amounts, if any, then on hand in the Interest and Sinking Fund and available for such purpose, to pay the interest scheduled to accrue and come due on the Series 1984 Bonds and any Additional Bonds on the next succeeding interest payment date, (2) such amounts, deposited in approximately equal monthly installments on or before the 25th day of each month hereafter, commencing with the month during which the Series 1984 Bonds are delivered, or the month thereafter if delivery is made after the 25th day thereof, as will be sufficient, together with other amounts, if any, then on hand in the Interest and Sinking Fund and available for such purpose, to pay the principal scheduled to mature and come due on the Series 1984 Bonds and any Additional Bonds on the next succeeding principal payment date, and (3) such amounts, deposited in monthly install- ments on or before the 25th day of each month as may hereafter be required, as Amortization Installments for Term Bonds (c) OPERATION OF MANDATORY REDEMPTION ACCOUNT The City shall apply the monies in the Mandatory Redemption Account to the retirement of the Term Bonds required to be retired by mandatory redemption under the provisions of 26 ;, ordinances hereafter passed authorizing Term Bonds, by either redemption or prior purchase in the open market, all in the manner as shall be provided in such ordinances Section 15 RESERVE. REQUIREMENTS That, concurrently with the delivery of the Series 1984 Bonds to the purchasers thereof the City shall deposit to the credit of the Reserve Fund, from the proceeds of the Series 1984 Bonds, $5,000,000 The Reserve Fund shall be considered intact, for the purposes of this Ordinance, during a period ending February 28, 1986 so long as the Reserve Fund shall contain in cash or investments no less than the greater of $5,000,000 or the average annual principal and interest requirements, including Amortization Installments, of the outstanding Series 1984 Bonds and Additional Bonds Thereafter the Reserve Fund shall be maintained in an amount equal to the average annual principal- and interest ~~. requirements (including Amortization Installments) of the outstanding Series 1984 Bonds and Additional Bonds (the "Required Amount") When and so long as the money and investments in the Reserve Fund are not less than the Required Amount, no deposits need be made to the credit of the Reserve Fund When and if the Reserve Fund at any time contains less than the Required Amount due to any cause or condition other than the issuance of Additional Bonds, then, subject and subordinate to making the required deposits to the credit of the Interest and Sinking Fund, such deficiency shall be made up as soon as possible from the next available Pledged Revenues, or from any other sources available for such purpose The City may, at its option, withdraw and use for any lawful purpose, all surplus in the Reserve Fund over the Required Amount Section 16 DEFICIENCIES; EXCESS PLEDGED REVENUES (a) That if on any occasion there shall not be sufficient Pledged Revenues to make the required deposits into the Interest and Sinking Fund and the Reserve Fund, then such 27 deficiency shall be made up as soon as possible from the next available Pledged Revenues, or from any other sources available for such purpose (b) That, subject to making the required deposits to the credit of the Interest and Sinking Fund and the Reserve Fund when and as required by this Ordinance, or any ordinance authorizing the issuance of Additional Bonds, the excess Pledged Revenues may be used by the City for any lawful purpose not inconsistent with the City's Charter Section 17 PAYMENT OF SERIES 1984 BONDS AND ADDITIONAL BONDS That semiannually on or be thereafter while any of Bonds are outstanding available to the Paying Interest and Sinking on or before September 1, 1984, and Eore each March 1 and September 1 the Series 1984 Bonds or Additional and unpaid, the City shall make Agent/Registrar therefor, out of the Fund (and the Reserve Fund if necessary) money sufficient to pay such interest on and such principal of the Series 1984 Bonds and Additional Bonds as shall become due and mature on such dates, respectively, at maturity or by redemption prior to maturity The Paying Agent/Registrar shall destroy all paid Series 1984 Bonds and Additional Bonds and furnish the City with an appropriate certificate of cancellation or destruction Section 18 FINAL DEPOSITS, GOVERNMENT OBLIGATIONS (a) That any Series 1984 Bond or Additional Bond shall be deemed to be paid, retired and no longer outstanding within the meaning of this Ordinance when payment of the principal of, redemption premium, if any, on such Series 1984 Bond or Additional Bond, plus interest thereon to the due date thereof (whether such due date be by reason of maturity, upon redemption, or otherwise) either (i) shall have been made or caused to be made in accordance with the terms thereof (including the giving of any required notice of redemption), or (ii) shall have been provided for by ir- revocably depositing with, or making available to, a paying 28 i r agent (or escrow agent) therefor, in trust and irrevocably set aside exclusively for such payment, (1) money sufficient to make such payment or (2) Government Obligations, as hereinafter defined in this Section, certified by an inde- pendent public accounting firm of national reputation, to mature as to principal and interest in such amounts and at such times as will insure the availability, without rein- vestment, of sufficient money to make such payment, and all necessary and proper fees, compensation, and expenses of such paying agent pertaining to the Series 1984 Bonds and Additional Bonds with respect to which such deposit is made shall have been paid or the payment thereof provided for to the satisfaction of such paying agent At such time as a Series 1984 Bond or Additional Bond shall be deemed to be paid hereunder, as aforesaid, it shall no longer be secured by or entitled to the benefit of this Ordinance or a lien on and pledge of the Pledged Revenues, and shall be entitled to payment solely from such money or Government Obligations (b) That any moneys so deposited with a paying agent may, at the direction of the City, also be invested in Government Obligations, maturing in the amounts and times as hereinbefore set forth, and all income from all Government Obligations in the hands of th.e paying agent pursuant to this Section which is not required for the payment of the Series 1984 Bonds and Additional Bonds., the redemption premium, if any, and interest thereon, with respect to which such money has been so deposited, shall be remitted to the City (c) That the City covenants that no deposit will be made or accepted under clause (a)(ii) of this Section and no use made of any such deposit which would cause the Series 1984 Bonds or any Additional Bonds to be treated as arbitrage bonds within the meaning of .Section 103(c)(2) of the Internal Revenue Code of 1954, as amended 29 r .. _ ~ ~i. . 6 _ ~,. (d) That for the purpose of this Section, the term "Government Obligations" shall mean direct obligations of the United States of America, including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America (e) That notwithstanding any other provisions of this Ordinance, all money or Government Obligations set aside and held in trust pursuant to the provisions of this Section for the payment of Series 1984 Bonds and Additional Bonds, the redemption premium, if any, and interest thereon, shall be applied to and used for the payment of such Series 1984 Bonds and Additional Bonds, the redemption premium, if any, and interest thereon Section 19 ADDITIONAL BONDS (a) That the City shall have the right and power at any time and from time to time and in one or more series or issues,' to authorize, issue and deliver additional parity revenue bonds, in accordance with law, in any amounts, for purposes of extending, improving or repairing the System or for the purpose of refunding of any Series 1984 Bonds, Additional Bonds or other obligations of the City incurred in connection with the ownership or operation of the System Such Additional Bonds, if and when authorized, issued and delivered in accordance with this Ordinance, shall be secured by and made payable equally and ratably on a parity with the Series 1984 Bonds, and all other outstanding Additional Bonds, from a first lien on and pledge of the Pledged Revenues (b) That the Interest and Sinking Fund and the Reserve Fund established by this Ordinance shall secure and be used to pay all Additional Bonds as well as the Series 1984 Bonds However, each ordinance under which Additional Bonds are issued shall provide and require that, in addition to the amounts. required by the provisions of this Ordinance and the provisions of any other ordinance or ordinances 30 h = ., ;; authorizing Additional Bonds to be deposited to the credit of the Interest and Sinking Fund, the City shall deposit to the credit of the Interest and Sinking Fund at least such amounts as are required for the payment of all principal of and interest on said Additional Bonds then being issued, as the same come due, and that the aggregate amount to be accumulated and maintained in the Reserve Fund shall be increased (if and to the extent necessary) to an amount not less than the average annual principal and interest requirements (including Amortization Installments) of all Series 1984 Bonds and Additional Bonds which will be outstanding after the issuance and delivery of the then proposed Additional Bonds, and that the required additional amount shall be so accumulated by the deposit in the Reserve Fund of all or any part of said required additional amount in cash immediately after the delivery of the then proposed Additional Bonds, or, at the option of the City, by the deposit of said required additional amount (or any balance of said required additional amount not deposited in cash as permitted above) in monthly installments, made on or before the 25th day of each month following the delivery of the then proposed Additional Bonds, of not less than 1/60 of said required additional amount (or 1/60 of the balance of said required additional amount not deposited in cash as ~~ permitted above) (c) That all calculations of average annual principal and interest requirements (including Amortization Install- merits) made pursuant to this Section shall be made as of and from the date of the Additional Bonds then proposed to be issued (d) That the principal of all Additional Bonds must be scheduled to be paid or mature on March 1 or September 1 (or both) of the- years in which such principal is scheduled to be paid or mature, and all interest thereon must be payable on March 1 and September 1 '! 31 1` 1 ., t .+ i ~ ~+- Section 20 FURTHER REQUIREMENTS FOR ADDITIONAL BONDS That Additional Bonds shall be issued only in accordance with this Ordinance, but notwithstanding any provisions of this Ordinance to the contrary, no installment, Series or issue of Additional Bonds shall be issued or delivered unless (a) The Mayor and the City Secretary of the City sign a written certificate to the effect that the City is not in default as to any covenant, condition or obligation in connection with all outstanding Series 1984 Bonds and Additional Bonds, and the ordinances authorizing same, and that the Interest and Sinking Fund and the Reserve Fund each contains the amount then required to be therein (b) An independent certified public accountant, or independent firm of certified public accountants, signs a written certificate to the effect that, during either the next preceding year, or any twelve consecutive calendar month period ending not more than ninety days prior to the date of the then proposed Additional Bonds, the Net Revenues were, in his or its opinion, at least equal to (1) 1 25 times the average annual principal and interest requirements and (2) 1 1 times the principal and interest requirements for the year during which such requirements are scheduled to be the greatest (each computed on a fiscal year basis and including Amortization Installments), of all Series 1984 Bonds and Additional Bonds to be outstanding after the issuance of the then proposed Additional Bonds .Section 21 GENERAL COVENANTS That the City further covenants and agrees that in accordance with and to the extent required or permitted by law (a) PERFORMANCE It will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in this Ordinance, and each ordinance authorizing the issuance of Additional Bonds, and in each and every Series 1984 Bond and Additional Bond, it will 32 +: ,: , promptly pay or cause to be paid the principal of and interest on every Series 1984 Bond and Additional Bond, on the dates and in the places and manner prescribed in such ordinances and Series 1984 Bonds or Additional Bonds, and it will, at the time and in the manner prescribed, deposit or cause to be deposited the amounts required to be deposited into the Interest and Sinking Fund and the Reserve Fund, and any owner of the Series 1984 Bonds or Additional Bonds may require the City, its officials and employees to carry out, respect or enforce the covenants and obligations of this Ordinance, or any ordinance authorizing the issuance of Additional Bonds, by all legal and equitable means, includ- ing specifically, but without limitation, the use and filing of mandamus proceedings, in any court of competent juris- diction, against the City, its officials and employees (b) CITY'S LEGAL AUTHORITY It is a duly created and existing home rule city of the State of Texas,. and is duly authorized under the laws of the State of Texas to issue the Series 1984 Bonds, that all action on its part for the issuance of the Series 1984 Bonds has been duly and effec- tively taken, and that the Series 1984 Bonds in the hands of the owners thereof are and will be valid and enforceable special obligations of the City in accordance with their terms (c) TITLE It has or will obtain lawful title to the lands, buildings, structures and facilities constituting the System, that it warrants that it will defend the title to all the aforesaid lands, buildings, structures and facilities, and every part thereof, for the benefit of the owners of the Series 1984 Bonds and Additional Bonds, against the claims and demands of all persons whomsoever, that it is lawfully qualified to pledge the Pledged Revenues to the payment of the Series 1984 Bonds and Additional Bonds in the manner prescribed herein, and has lawfully exercised such rights 33 J ~~ (d) LIENS It will from time to time and before the same become delinquent pay and discharge all taxes, assess- ments and governmental charges, if any, which shall be lawfully imposed upon it, or the System, it will pay all lawful claims for rents, royalties, labor, materials and supplies which if unpaid might by law become a lien or charge thereon, the lien of which would be prior to or interfere with the liens hereof, so that the priority of the liens granted hereunder shall be fully preserved in the manner provided herein, and it will not create or suffer to be created any mechanic's, laborer's, materialman's or other lien or charge which might or could be prior to the liens hereof, or do or suffer any matter or thing whereby the liens hereof might or could be impaired, provided however, that no such tax, assessment or charge, and that no such claims which might be used as the basis of a mechanic's, laborer's, materialman's or other lien or charge, shall be required to be paid so long as the validity of the same shall be contested in good faith by the City (e) OPERATION OF SYSTEM; NO FREE SERVICE It will, while the Series 1984 Bonds or any Additional Bonds are outstanding and unpaid, continuously and efficiently operate the System, and shall maintain the System in good condition, repair and working order, all at reasonable cost No free service of the System shall be allowed, and should the City or any of its agencies or instrumentalities make use of the services and facilities of the System, payment of the reasonable value shall be made by the City out of funds from sources other than the revenues of the System, unless made from surplus or excess Pledged Revenues as permitted in Section 16 (b) (f) FURTHER ENCUMBRANCE It, while the Series 1984 Bonds or any Additional Bonds are outstanding and unpaid, will not additionally encumber the Pledged Revenues in -any manner, except as permitted in this Ordinance in connection 34 ~ <~ S 1 ~ 1. ~ ~,. .,~~ with Additional Bonds, unless said encumbrance is made junior and subordinate in all respects to the liens, pledges, covenants and agreements of this Ordinance, but the right of the City to issue revenue bonds payable from a subordinate lien on the Pledged Revenues is specifically recognized and retained (g) SALE OR DISPOSAL OF PROPERTY It, while the Series 1984 Bonds or any Additional Bonds -are outstanding and unpaid, will not sell, convey, mortgage, encumber, lease or in any manner transfer title to, or otherwise dispose of the System,. or any significant or substantial part thereof, provided further that whenever the City deems it necessary to dispose of any other property, machinery, fixtures or equipment, it may sell or otherwise dispose of such property, machinery, fixtures or equipment when it has made arrangements to replace the same or provide substitutes therefor, unless it is determined that no such replacement :~, or substitute is necessary Proceeds from any sale hereunder not used to replace or provide for substitution of such property sold, shall be used for improvements to the System or to purchase or redeem Series 1984 Bonds and Additional Bonds (h) INSURANCE (1) It shall cause to be insured such parts of the System as would usually be insured by corpora- tions operating like properties, with a responsible ~ insurance company or companies, against risks, accidents or ~, casualties against which and to the extent insurance is usually carried by corporations operating like properties, including, to the extent reasonably obtainable, fire and it extended coverage insurance, insurance against damage by ~~ floods, and use and occupancy insurance Public liability and property damage insurance shall also be carried unless the City Attorney of the City gives a written opinion to the effect that the City is not liable for claims which would be protected by such insurance At any time while any 35 ,~`' ~,/ ,~ r A T ' ; • , ~ ~''~' contractor engaged in construction work shall be fully responsible therefor, the City shall not be required to carry insurance on the work being constructed if the contractor is required to carry appropriate insurance All such policies shall be open to the inspection of the bondholders and their representatives at all reasonable times Upon the happening of any loss or damage covered by insurance from one or more of said causes, the City shall make due proof of loss and shall do all things necessary or desirable to cause the insuring companies to make payment in full directly to the City The proceeds of insurance covering such property, together with any other funds necessary and available for such purpose, shall be used forthwith by the City for repairing the property damaged or replacing the property destroyed; provided, however, that if said insurance proceeds and other funds are insufficient for such purpose, then said insurance proceeds pertaining to the System shall be used promptly as follows (i) for the redemption prior to maturity of the Series 1984 Bonds and Additional Bonds, ratably in the proportion that the outstanding principal of each series of Series 1984 Bonds or Additional Bonds bear to the total outstanding principal of all Series 1984 Bonds and Additional Bonds, provided that if on any such occasion the principal of any such series is not subject to redemption, it shall not. be regarded as outstanding in making the foregoing computation, or (ii) if none of the outstanding Series 1984 Bonds or Additional Bonds is subject to redemption, then for the purchase on the open market and retirement of said Series 1984 Bonds and Additional Bonds in the same proportion as prescribed in the foregoing clause (i), to the extent practicable, provided that the purchase price for any Series 1984 Bond or Additional Bond shall not exceed the redemption price of such Series 1984 36 s. `.; ~ _ ..~ Bond or Additional Bond on the first date upon which it becomes subject to redemption, or (iii) to the extent that the foregoing clauses (i) and (ii) cannot be complied with at the time, the insurance proceeds, or the remainder thereof, shall be deposited in a special and separate trust fund, at an official depository of the City, to be designated the Insurance Account The Insurance Account shall be held until such time as the foregoing clauses (i) and/or ~. (ii) can be complied with, or until other funds become available which, together with the Insurance Account, will be sufficient to make the repairs or replacements originally required, whichever of said events occurs first (2) The foregoing provisions of (1) above notwith- standing, the City shall have authority either to self- insure or enter into co-insurance or similar plans where risk of loss is shared in whole or in part by the City (3) The annual audit hereinafter required shall contain a section commenting on whether or not the City has complied with the requirements of this Section with respect to the maintenance of insurance, and listing all policies carried, and whether or not all insurance premiums upon the insurance policies to which reference is hereinbefore made have been paid (i) RATE COVENANT The City Council of the City will fix, establish, maintain and collect such rates, charges and fees for the use and availability of the System at all times as are necessary to produce Gross Revenues sufficient (1) to pay ali current operation and maintenance expenses of the System, (2) to produce Net Revenues for each year at least equal to the principal and interest requirements (including Amortization Requirements) of all then outstanding Series 1984 Bonds and Additional Bonds, and (3) to pay all other obligations of the System 37 .. `, (j) RECORDS It will keep proper books of record and account in which full, true and correct entries will be made of all dealings., activities and transactions relating to the System, the Pledged Revenues and the Funds created pursuant to this Ordinance, and all books, documents and vouchers relating thereto shall at all reasonable times be made available for inspection upon request of any bondholder (k) AUDITS After the close of each year while any of the Series 1984 Bonds or any Additional Bonds are outstand- ing, an audit will be made of the books and accounts relating to the System and the Pledged Revenues by an independent certified public accountant or an independent firm of certified public accountants As soon as practicable after the close of each such year, and when said audit has been completed and made available to the City, a copy of such audit for the preceding year shall be mailed to the Municipal Advisory Council of Texas and to any holder of 5% or more in aggregate principal amount of then outstanding Series 1984 Bonds and Additional Bonds who shall so request in writing Such annual audit reports shall be open to the inspection of the bondowners and their agents and represen- tatives at all reasonable times (1) GOVERNMENTAL AGENCIES It will comply with all of the terms and conditions of any and all franchises, permits and authorizations applicable to or necessary with respect to the System, and which have been obtained from any govern- mental agency, and the City has or will obtain and keep in full force and effect all franchises, permits, authorization and other requirements applicable to or necessary with respect to the acquisition, construction, equipment, opera- tion and maintenance of the System (m) NO COMPETITION It will not grant any franchise or permit for the acquisition, construction or operation of any competing facilities which might be used as a substitute for the System's facilities, and, to the extent that it ,, 38 t. 'I i r s '' . +-. ~ .1 t ~ f , {!~k 3 legally may, the City will prohibit any such competing facilities. (n) NO ARBITRAGE.. It will make no use of the proceeds of the Series 1984 Bonds at any time throughout the term of this issue of Series 1984 Bonds which, if such use had been ~ reasonably expected on the date of delivery of the Series 1984 Bonds to and payment for the Series 1984 Bonds by the purchasers, would have caused the Series 1984 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. The City further covenants that the proceeds of the Series 1984 Bonds will not otherwise be used directly or indirectly so as to cause all or ary part of the Series 1984 Bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c), or any regulations pertaining thereto. Section 22. PROCEEDS OF SALE. That the proceeds from the sale and delivery of the Series 1984 Bonds shall be deposited in immediately available funds with Manufacturers Hanover Trust Company, New York, New York, hereby designated as the bank of delivery for such proceeds, less accrued interest on the Series 1984 Bonds which shall be deposited to the credit of the Interest and Sinking Fund, and shall be used for refunding, discharging and retiring all of the Refunded Obligations, initially funding the Reserve Fund as herein provided, and paying the costs and expenses of issuance of the Series 1984 Bonds. By an ordinance of the City Council of even date herewith the City Council has authorized the execution of a "Special Escrow Fund Agree- ment" between the City and Manufacturers Hanover Trust Company, New York, New York, which provides for the deposit 39 ~~. .. r~ ,, P. .. ., of part of the foregoing proceeds with the said bank, which. will use such proceeds, together with funds on deposit on said date, in the funds established by the ordinances authorizing the Refunded Obligations, to provide for the refunding, discharging and retiring of the Refunded Obligations. Section 23. REASONS FOR REFUNDING. That it is specif- ically found and determined by the City that the ordinances authorizing the Refunded Obligations contain restrictive covenants which prevent adequate flexibility for the econom- ical financing of projects which are expected to be required for the System in the future. It is found that the refunding of the Refunded Obligations in the manner herein provided is expected to reduce for a number of years the portion of the annual Net Revenues of the System which will be required to service the bonded debt of the System. Therefore, it is in the best interest of the City that such refunding be accomplished, and the Refunded Obligations be refunded, discharged and retired thereby. Section 24. AMENDMENT OF ORDINANCE. (a) That the owners of Series 1984 Bonds and Additional Bonds aggregating in principal amount 51~ of the aggregate principal amount of then outstanding Series 1984 Bonds and Additional Bonds shall have the right from time to time to approve any amendment to this Ordinance which may be deemed necessary or desirable by the City, provided, however, that without the consent of the holders of all of the Series 1984 Bonds and Additional Bonds at the time outstanding, nothing herein contained shall permit or be construed to permit the amend- ment of the terms and conditions in this Ordinance or in the Series 1984 Bonds or Additional Bonds so as to: (1) Make any change in the maturity of the outstanding Series 1984 Bonds or Additional Bonds; (2) Reduce the rate of interest borne by any of the outstanding Series 1984 Bonds or Additional Bonds; 40 :. ;~ ti} .. . a ~ ~. (3) Reduce the amount of the principal payable on the outstanding Series 1984 Bonds or Additional Bonds; (4) Modify the terms of payment of principal of or interest on the outstanding Series 1984 Bonds or Additional Bonds, or impose any conditions with respect to such payment; (5) Affect the rights of the holders of less than all of the Series 1984 Bonds and Additional Bonds then outstanding; (6) Change the minimum percentage of the principal amount of Series 1984 Bonds and Additional Bonds necessary for consent to such amendment. (b) That if at any time the City shall desire to amend the Ordinance under this Section, the City shall cause notice of the proposed amendment to be _published in a financial newspaper or journal published in The City of New York, New York, once during each calendar week f_or at least two successive calendar weeks. Such Notice shall briefly set forth the nature of the proposed amendment and shall state that a copy thereof is on file at the principal office of the Paying Agent/Registrar for inspection by all holders of Bonds and Additional Bonds. Such publication is not required, however, if notice in writing is given to each holder of Bonds and Additional Bonds. (c) That whenever at any time not less than thirty days, and within one year, from the date of the first publication of said notice or other service of written notice the City shall receive an instrument or instruments executed by the owners of at least 51~ in aggregate prin- cipal amount of all Bonds and Additional Bonds then out- standing, which instrument or instruments shall refer to the proposed amendment described in said notice and which specifically consent to and approve such amendment in substantially the form of the copy thereof on file with the 41 y -~ 1 y w . r ~ , • » s f ` ~ ~F Paying Agent/Registrar, the City Council may pass the amendatory ordinance in substantially the same form. (d) That upon the passage of any amendatory ordinance pursuant to the provisions of this Section, this Ordinance shall be deemed to be amended in accordance with such amendatory ordinance, and the respective rights, duties and obligations under this Ordinance of the City and all the owners of then outstanding Series 1984 Bonds and Additional Bonds and all future Additional Bonds shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such amendments. (e) That any consent given by the owner of a Series 1984 Bond or Additional Bond pursuant to the provisions of this Section shall be irrevocable for a period of six months from the date of the first publication_ of the notice provided for in this Section, and shall be conclusive and. binding upon all future owners of the same Series 1984 Bond or Additional Bond during such period. Such consent may be revoked at any time after six months from the date of the first publication of such notice by the owner who gave such consent, or by a successor in title, by filing notice thereof with the Paying Agent/Registrar and the City, but such revocation shall not be effective if the owners of 51~ in aggregate principal amount of the then outstanding Bonds and Additional Bonds as in this Section defined have, prior to the attempted revocation, consented to and approved the amendment. (f) That for the purpose of this Section, the owner- ship of Series 1984 Bonds or Additional Bonds shall be as shown by the registration books of the Paying Agent/ Registrar. (g) The foregoing provisions of this Section notwith- standing, the City by action of the City Council may amend this Ordinance for any one or more of the following purposes: 42 ;~ ~~~ i i ""°. ' w ~ !a s ~ ~ ~ ,. . ,, ~~ ~~, t, 'S (1) To add to the covenants and agreements of the City in this Ordinance contained, other covenants and agreements thereafter to be observed, grant additional rights or remedies to bondholders or to surrender, restrict or limit a.ny right or power herein reserved to or conferred upon the City; (2) To make such provisions for the purpose of curing any ambiguity, or curing, correcting or supple- menting any defective provision contained in this Ordinance, or in regard to clarifying matters or questions arising under this Ordinance, as are neces- sary or desirable and not contrary to or inconsistent with this Ordinance and which shall not adversely affect the interests of the- owners of the Series 1984 Bonds or Additional Bonds; _ (3) To modify any of the provisions of this Ordinance in any other respect whatever, provided that (i) such modification shall be, and be expressed to be, effective only after all Series 1984 Bonds and each series of Additional Bonds outstanding at the date of the adoption of such modification shall cease to be outstanding, and (ii) such modification shall be specifically referred to in the text of all Additional Bonds issued after the date of the adoption of such modification. Section 25. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED BONDS. (a) REPLACEMENT BONDS. In the event any outstanding Series 1984 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 1984 Bond, in replacement for such Series 1984 Bond in the manner hereinafter provided. 43 _ _ _ _ ,~ , ~, ~, ,~i •' (b) APPLICATION FOR REPLACEMENT BONDS. Application for replacement of damaged, mutilated, lost, stolen, or destroyed Series 1984 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 Series 1984 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 Series 1984 Bond, the applicant shall surrender to the Paying Agent/Registrar for cancellation the Series 1984 Bond so damaged or mutilated. (c) NO DEFAULT OCCURRED. Notwithstanding the foregoing provisions of this Section, in the event any such Series 1984 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 Series 1984 Bond, the City may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Series 1984 Bond) instead of issuing a replacement Series~1984 Bond, provided security or indemnity is furnished as above provided in this Section. (d) CHARGE FOR ISSUING REPLACEMENT BONDS. Prior to the issuance of any replacement bond, the Paying Agent/Registrar shall charge the owner of such Series 1984 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 Series 1984 Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Series 1984 44 Ire a, \.,. ~; _ .....s .°, ~- ., ~ t~,~. ~ ,.., • 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 1984 Bonds duly issued under this Ordinance. (e) AUTHORITY FOR ISSUING REPLACEMENT BONDS. In accordance with Section 6 of Vernon's Ar.n. Tex. Civ. St. Art. 717k-6, this Section of this Ordinance shall constitute authority for the issuance of any such replacement bond without necessity of further action by the governing 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, 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 1984 Bonds issued in conversion and exchange for other Series 1984 Bonds. Section 26. APPROVAL AND REGISTRATION OF BONDS. That the Mayor of the City is hereby authorized to have control of the Series 1984 Bonds and all necessary records and proceedings pertaining to the Series 1984 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 1984 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 Series 1984 Bonds, and the seal of said Comptroller shall be impressed, or placed in facsimile, on each such certificate. Section 27. SALE OF SERIES 1984 BONDS. (a) That the \r~ sale of the Series 1984 Bonds, at a price of $50,535,000 to the underwriters named in the Purchase Contract described below, together with accrued interest on the Series 1984 Bonds from January 15, 1984 to date of delivery, and in 45 i ~~ ~, ~'-- ---_ ~' ~" ~`r~ (~ ~li I,N ~ o ^ 7• \~ 1 ~. accordance with the terms and conditions of the Purchase Contract, between the City and Prudential-Bache Securities Inc., Salomon .Brothers Inc and Goldman, Sachs & Co., accepted by the City on January 17, 1984, relating to the Series 1984 Bonds, is hereby authorized, ratified and confirmed. (b) That the Purchase Contract setting forth the terms of the sale of the Series 1984 Bonds to the purchasers thereof referred to in {a) above, is hereby accepted, approved and authorized to be delivered in executed form to said purchasers. The Purchase Contract shall be executed by the City Manager, attested by the City Secretary, and F approved as to form and legality by the City Attorney. Section 28. IMMEDIATE EFFECT. That this ordinance shall be effective immediately from and after its passage in accordance with the provisions of Section 2 of Chapter 25 of the Charter of the City, and it is accordingly so ordained... ADOPTED this 17th day of January, 1984. '~ 4 ,d .?1 f.' ~ ~A -• - .. a ~"~: Mayor ` #~ ATTEST : ~' u ~C Katy ecretary ~~~ `~ - '°'A ROVED -AS T FO ND LEGALITY: h z' ~~ =~ _ City Attorney (SEAL) 46 _~ r ~;. r, ' ~- Y~, 1 y.: f ~b ~~ 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 which was held on January 17, 1984, and of an Ordinance 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 day of January, 1984. - ,. ,:~ _ - w _ r ,~~ ''~~ City Secre ary of the City of Fort Worth, Texas r K tl -'_l ` ,.J ~~ (SEAL) . ; ~a ~,~ ` r a .•a'