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HomeMy WebLinkAboutOrdinance 9061 , _ --.._ .,. , W ORDINANCE NO ~ fj AN ORDINANCE PROVIDING FOR THE ISSUANCE OF FIFTY FIVE MILLION DOLLARS ($55,000,000 00) OF GENERAL PURPOSE BONDS, SERIES 1984, OF THE CITY OF FORT WORTH, TEXAS, BEARING INTEREST - AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING F012 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 O'R,,DINANCES IN CON- •'` FLICT HEREWITH, AND PR0~4-iDING THAT THIS ~' ORDINANCE SHALL BE IN FOR'z€~ AND EFFECT FROM AND AFTER THE DATE OF ITS PA '•~AGE WHEREAS, it is deemed advisable and to the best inter- est of the City of Fort Worth that certain general purpose bonds authorized at elections previously held in said City be combined in a single issue and sold at this time, the dates of election, amount of bonds authorized thereat, purpose, amount of bonds previously sold, and the amount now to be sold being as follows DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT ELECTION AUTHORIZED PURPOSE SOLD NOW OFFERED Dec 9, Street 1975 $37,235,000 Impr $34,580,000 $ -0- Dec 9, 1975 27,500,000 San Sew 21,700,000 -0- Feb 7, Street 1978 56,350,000 Impr 50,000,000 -0- Feb 7, Park & Rec 1978 13,700,000 Impr 10,200,000 2,000,000 Feb 7, Fire 1978 4,750,000 Impr 3,800,000 450,000 Apr 5, Street 1980 47,813,000 Impr 27,300,000 13,230,000 May 22, Street 1982 77,285,000 Impr 3,000,000 15,000,000 May 22, Pub Safety 1982 8,665,000 Impr -0- 6,660,000 May 22, Mun Serv 1982 8,340,000 Impr 2,000,000 1,100,000 May 22, Cty Landfl 1982 6,880,000 Impr 1,200,000 3,100,000 May 22, Library 1982 2,760,000 Impr -0- 160,000 May 22, Pub Events 1982 19,500,000 Impr 9,000,000 10,500,000 May 22, Park & Rec 1982 6,570,000 Impr 1,500,000 2,800,000 $317,348,000 $164,280,000 $55,000,000 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS 1 Authorization That the bond or bonds of said City to be called "General Purpose Bonds, Series 1984", be issued under and by virtue of the Constitution and laws of the ~, ,~ ~ a ~t -~ r, t "~ ~ d 1 f U c a State of Texas and the Charter of said City for the follow- ing purposes, to-wit Thirteen Million Two Hundred Thirty Hundred Thousand Dollars ($13,230,000) for the purpose of making permanent city improvements by constructing, improv- ing and extending the streets, thoroughfares and storm drains of said city, including in such permanent public improvements the straightening, widening, paving, grade separation and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor, Two Million Dollars ($2,000,000 00) for the purpose of making permanent city improvements by purchasing, acquiring, constructing, reconstructing, equipping and improving the playgrounds, parks, botanic gardens, greenhouses, conservatories, nature refuge, recreation, and zoological park facilities of said city and acquiring the necessary lands therefor, Four Hundred Fifty Thousand Dollars ($450,000 00) for the purpose of making permanent city improvements by constructing, building and equipping city fire stations and training and maintenance facilities, improving and extending the city fire alarm and communications system and acquiring the necessary lands therefor, Fifteen Million Dollars ($15,000,000 00) for the purpose of constructing permanent street and storm sewer improvements by resurfacing, restruc- turing and extending the streets, thoroughfares, collectors and storm drains in said City, and related street and storm sewer improvements, Six Million Six Hundred Sixty Thousand Dollars ($6,660,000 00) for the purpose of constructing permanent public safety improvements, to-wit building and equipping fire stations, fire and police communication and dispatch systems, an outdoor weapons range, and related public safety improvements; One Million One Hundred Thousand Dollars ($1,100,000 00) for the purpose of constructing permanent municipal service improvements by building a Southwest Service Center, relocating the fire Vehicle Maintenance Center and completing construction of the third floor of the Municipal Building, and related municipal 2 n T ;~ ry r ~ ?. ,~~ r T ti.. 'x 1 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 principal and/or inter- est payment date by check or draft drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer required to be on deposit with the Paying Agent/Reg- istrar for such purpose as hereinafter provided, and such check or draft shall be sent by the Paying Agent/Registrar by United States mail, postage prepaid, on each principal and/or interest payment date, to the registered owner hereof at the address of the registered owner 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 principal 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 "Bond Ordinance"), the amounts required to provide for the payment, in immediately avail- able funds, of all principal of and interest on this Bond, when due IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the City where the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which°is not such a Saturday, Sunday, legal holiday, or day on which banking institutions .are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due THIS BOND has been authorized in accordance with the Constitution and laws of the State of Texas for the follow- ing purposes, to-wit $28,230,000 00 for improving and` ex- tending the streets, thoroughfares and storm drains, 6 ', all in the form and manner as provided in the next paragraph hereof for the conversion and exchange of this Bond or any portion hereof This Bond in its present form may be assigned and transferred once only The Issuer shall pay the Paying Agent/Registrar's reasonable and standard or customary fees and charges for making such transfers, but the one requesting any such transfer shall pay any taxes or other governmental charges required to be paid with respect thereto Neither the Issuer nor the Paying Agent/Registrar shall be required (1) to issue, transfer, or exchange any Series 1984 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 Series 1984 Bonds and ending at the close of business on the day of such mailing or (2) to transfer or exchange any Series 1984 Bond so selected for redemption in whole or in part when such redemption is scheduled to occur within 45 calendar days The registered owner of this Bond may be deemed and treated by the Issuer and the Paying Agent/Registrar as the absolute owner hereof for all purposes, including payment and discharge of liabil- ity upon this Bond to the extent of such payment, and the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary AS PROVIDED above and in the Bond Ordinance, this Bond, to the extent of the unpaid or unredeemed principal balance hereof, may be converted into and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, payable to the assignee or assignees duly designated in writing by the initial regis- tered owner hereof, or to the initial registered owner as to any portion of this Bond which is not being assigned and transferred by the initial registered owner, in any denom- ination or denominations in any integral multiple of $5,000 (subject to the requirement hereinafter stated that each substitute bond issued in exchange for any portion of this Bond shall have a single stated principal maturity date), 9 s ,. i :t i '• upon surrender of this Bond to the Paying Agent/Registrar for cancellation, all in accordance with the form and pro- cedures set forth in the Bond Ordinance If this Bond or any portion hereof is assigned and transferred or converted each bond issued in exchange for any portion hereof shall have a single stated principal maturity date corresponding to the due date of the installment of principal of this Bond or portion hereof for which the substitute bond is being exchanged, and shall bear interest at the rate applicable to and borne by such installment of principal or portion thereof Such bonds, respectively, shall be subject to redemption prior to maturity on the same dates and for the same prices as the corresponding installment of principal of this Bond or portion hereof for which they are being ex- changed No such bond shall be payable in installments, but shall have only one stated principal maturity date As provided in the Bond Ordinance, this Bond may be assigned and transferred or converted once only, and to one or more assignees, but the bonds issued and delivered in exchange for this Bond or any portion hereof may be assigned and transferred, and converted, subsequently, as provided in the Bond Ordinance The Issuer shall pay the Paying Agent/Reg- istrar's reasonable standard or customary fees and charges for converting, transferring and exchanging this Bond or any portion hereof, but the one requesting such conversion, transfer and exchange shall pay any taxes or governmental charges required to be paid with respect thereto Neither the Issuer nor the Paying Agent/Registrar shall be required (1) to issue, transfer, or exchange any Series 1984 Bond during a period beginning at the opening of business 30 days before the day of the first mailing of a notice of redemp- tion of Series 1984 Bonds and ending at the close of busi- ness on the day of such mailing or (2) to transfer or exchange any Series 1984 Bond so selected for redemption in whole or in part when such redemption is scheduled to occur within 45 calendar days 10 IN THE EVENT any Paying Agent/Registrar for this Bond is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Bond 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 owner of this Bond IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond, and the series of which it is a part, is duly authorized by law and by a vote of the resident, qualified electors of the City of Fort Worth, Texas, voting at elec- tions held for that purpose within said City on February 7, 1978, April 5, 1980 and May 22, 1982, that all acts, condi- tions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law, that sufficient and proper provision for the levy and collection of taxes has been made, which, when collected, shall be appropriated exclusively to the payment of this bond and the series of which it is a part, and that the total indebtedness of said City of Fort Worth, Texas, including the entire series of bonds of which this is one, does not exceed any constitutional, statutory or charter limitation BY BECOMING the registered owner of this Bond, the registered owner thereby acknowledges all of the terms and provisions of the Bond Ordinance, agrees to be bound by such terms and provisions, acknowledges that the Bond 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 Bond Ordinance constitute a contract between the registered owner hereof and the Issuer IN WITNESS WHEREOF, this Bond has been signed by the Mayor of said Issuer, attested by the City Secretary and 11 approved as to form and legality by the City Attorney, and the official seal of the Issuer has been duly affixed to, or impressed, on this Bond, and this Bond is dated April 1, 1984 ATTEST City Secretary Mayor APPROVED AS TO FORM AND LEGALITY City Attorney (SEAL) FORM OF REGISTRATION CERTIFICATE OF THE COMPTROLLER OF PUBLIC ACCOUNTS COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NO I hereby certify that this Bond has been examined, certified as to validity, and approved by the Attorney General of the State of Texas, and that this Bond has been registered by the Comptroller of Public Accounts of the State of Texas Witness my signature and seal this XXXXXXXX Comptroller of Public Accounts of the State of Texas 6 (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 or trust company named in accordance with the provisions of Section 6(g) 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 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 12 ., m record in the Registration Books the address of such registered owner of each Series 1984 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 Registration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity Registra- tion of each Series 1984 Bond may be transferred in the Registration Books only upon presentation and surrender of such Series 1984 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 the Series 1984 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, such instruments to include the assignment by the registered owner or the duly authorized attorney or representative thereof 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 Upon payment for the Initial Bond by the initial registered owner thereof, the Paying Agent/Registrar shall cancel the Initial Bond and deliver Series 1984 Bonds therefor in the manner set .forth herein All Series 1984 Bonds issued and de- livered in conversion of and exchange for the Initial Bond shall be in any denomination or denominations of any inte- gral multiple of $5,000 (subject to the requirement herein- after stated that each substitute Series 1984 Bond shall have a single stated principal maturity date), shall be in the form prescribed in the FORM OF SUBSTITUTE BOND set forth 13 :! il' in this Ordinance, and shall have the characteristics, and may be assigned, transferred, and converted as hereinafter provided If the Initial Bond or any portion thereof is assigned and transferred or converted the Initial Bond must be surrendered to the Paying Agent/Registrar for cancella- tion, and each Series 1984 Bond issued in exchange for any portion of the Initial Bond shall have a single stated principal maturity date, and shall not be payable. in in- stallments, and each such Series 1984 Bond shall have a principal maturity date corresponding to the due date of the installment of principal or portion thereof for which the substitute Series 1984 Bond is being exchanged; and each such Series 1984 Bond shall bear interest at the single rate applicable to and borne by such installment of principal or portion thereof for which it is being exchanged If only a portion of the Initial Bond is assigned and transferred, there shall be delivered to and registered in the name of the initial registered owner substitute Series 1984 Bonds in exchange for the unassigned balance of the Initial Bond in the same manner as if the initial registered owner were the assignee thereof If any Series 1984 Bond or portion thereof other than the Initial Bond is assigned and trans- ferred or converted each Series 1984 Bond issued in exchange therefor shall have the same principal maturity date and bear interest at the same rate as the Series 1984 Bond for which it is exchanged Except for the Initial Bond, a form of assignment shall be printed or endorsed on each Series 1984 Bond, which may be executed by the registered owner to evidence an assignment thereof, but such method is not exclusive, and any other written instruments of assignment satisfactory to the Paying Agent/Registrar may be used in the assignment and transfer of any substitute Series 1984 Bond or any portion or portions thereof, in any integral multiple of $5,000, from time to time by the registered owner or any subsequent assignee or assignees of such substitute Series 1984 Bond or any such portion or portions 14 thereof, at the written request° of such assignee Upon surrender of all Series 1984 Bonds or any portion or por- tions thereof for transfer of registration, an authorized representative of the Paying Agent/Registrar shall make such transfer in the Registration Books, and shall deliver within seventy-two hours after receipt,~in proper form satisfactory to the Paying Agent/Registrar, of the Series 1984 Bonds so surrendered, a new fully registered substitute Series 1984 Bond or Series 1984 Bonds, having the characteristics herein described, payable to such assignee or assignees (which then will be the registered owner or owners of such new Series 1984 Bond or Series 1984 Bonds), or to the previous regis- tered owner in case only a portion of a Series 1984 Bond is being assigned and transferred, all in conversion of and exchange for said assigned Series 1984 Bond or Series 1984 Bonds or any portion or portions thereof, in the same form and manner, and with the same effect, as provided in Section 6(d), below, for the conversion and exchange of Series 1984 Bonds by any registered owner of a Series 1984 Bond Upon the transfer or conversion of the Initial Bond, the City shall pay the Paying Agent/Registrar's reasonable and standard or customary fees and charges for making such transfer and delivery of a substitute Series 1984 Bond or Series 1984 Bonds, but the one requesting such transfer shall pay any taxes or other governmental charges required to be paid with respect thereto Neither the City nor the Paying Agent/Registrar shall be required (1) to issue, transfer, or exchange any Series 1984 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 Series 1984 Bonds and ending at the close of business on the day of such mailing or (2) to transfer or exchange any Series 1984 Bond so selected for redemption in whole or in part when such redemption is scheduled to occur within 45 calendar days 15 (b) The entity in whose name any Series 1984 Bond shall be registered in the Registration Books at any time may be deemed and treated as the absolute owner thereof for all purposes of this Ordinance, whether or not such Series 1984 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, and interest on any such Series 1984 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 Series 1984 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 to the Series 1984 Bonds, and of all conversions and ex- changes of Series 1984 Bonds, and all replacements of Series 1984 Bonds, as provided in this Ordinance (d) Each Series 1984 Bond (other than the Initial Bond) may be converted into and exchanged for fully regis- tered bonds in the manner set forth in this Section 6(d) Each Series 1984 Bond (other than the Initial 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 Series 1984 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 satis- factory to the Paying Agent/Registrar, at the option of the registered owner or such assignee or assignees, as 16 appropriate, be converted into and exchanged for fully registered bonds, without interest coupons, in the form prescribed in the FORM OF SUBSTITUTE 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 Series 1984 Bond shall have a single stated maturity date), as requested in writing by such registered owner or such assignee or assignees, in an aggregate principal amount equal to the unpaid or unredeemed principal balance or principal amount of any Series 1984 Bond or Series 1984 Bonds so surrendered, and payable to the appropriate registered owner, assignee, or assignees, as the case may be If a portion of any Series 1984 Bond (other than the Initial Bond) shall be redeemed prior to its scheduled maturity as provided herein, a substitute Series 1984 Bond or Series 1984 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 aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon surrender thereof for cancellation If any Series 1984 Bond or portion thereof (other than the Initial Bond) is assigned and transferred or converted, each Series 1984 Bond issued in exchange therefor shall have the same principal maturity date and bear inter- est at the same rate as the Series 1984 Bond for which it is -~ being exchanged Each substitute Series 1984 Bond shall bear a letter and/or number to distinguish it from each other Series 1984 Bond The Paying Agent/Registrar shall convert and exchange or replace Series 1984 Bonds as pro- vided herein, and each fully registered bond delivered in conversion of and exchange for or replacement of any Series 1984 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 converted and exchanged or replaced It is specifically 17 provided, however, that any Series 1984 Bond delivered in conversion of and exchange for or replacement of another Series 1984 Bond prior to the first scheduled interest payment date on the Initial Bond shall be dated the same date as the Initial Bond, but each substitute Series 1984 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 Series 1984 Bond is delivered, unless such Series 1984 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 Series 1984 Bond the interest on the Series 1984 Bond for which it is being exchanged has not been paid, then such Series 1984 Bond shall be dated as of the date to which such interest has been paid in full The Initial Bond issued and delivered pursuant to this Ordinance is not required to be, and shall not be, authenticated by the Paying Agent/Registrar, but on each substitute Series 1984 Bond issued in conversion of and exchange for or replacement of any Series 1984 Bond or Series 1984 Bonds issued under this Ordinance there shall be printed on each such Series 1984 Bond a certificate, in the form substantially as follows "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 18 ~, { An authorized representative of the Paying Agent/Registrar shall, before the delivery of any such Series 1984 Bond, date and manually sign the above Certificate, and no such Series 1984 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 Series 1984 Bonds in the manner prescribed herein, and said Series 1984 Bonds shall be of type composition printed on paper with litho- graphed or steel engraved borders of customary weight and strength Pursuant to Vernon's Ann Tex Civ St Art 717k-6, and particularly Section 6 thereof, the duty of conversion and exchange or replacement of Series 1984 Bonds as aforesaid is hereby imposed upon the Paying Agent/Regis- trar, and, upon the execution of the above Paying Agent/Reg- istrar's Authentication Certificate, the converted and exchanged or replaced Series 1984 Bond shall be valid, incontestable, and enforceable in the same manner and with the same effect as the Initial Bond which originally was issued pursuant to this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public Ac- counts The one requesting any such conversion and exchange shall pay the Paying Agent/Registrar's reasonable and standard or customary fees and charges for converting and exchanging any Series 1984 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 the unredeemed portion of a Series 1984 Bond 19 (other than the Initial Bond) which has been redeemed in part prior to maturity, as permitted herein, such fees and charges will be paid by the City Neither the City nor the Paying Agent/Registrar shall be required (1) to issue, transfer, or exchange any Series 1984 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 Series 1984 Bonds and ending at the close of business on the day of such mailing or (2) to transfer or exchange any Series 1984 Bond so selected for redemption in whole or in part when such redemption is scheduled to occur within 45 calendar days (e) All Series 1984 Bonds issued in conversion and exchange or replacement of any other Series 1984 Bond or portion thereof, (i) shall be issued in fully registered form, without interest coupons, with the principal of and interest on such Series 1984 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 SUBSTITUTE BOND set forth in this Ordinance (f) The City hereby covenants with the registered owners of the Series 1984 Bonds that it will (i) pay the reasonable and standard or customary fees and charges of the Paying Agent/Registrar for its services with respect to the payment of the principal of and interest on the Series 1984 Bonds, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services with respect to the transfer of registration of Series 1984 Bonds, and with respect to the conversion and exchange of Series 1984 Bonds solely to the extent above provided in this Ordinance 20 • ~ ;~ X i~ (g) The City covenants with the registered owners of the Series 1984 Bonds that at all times while the Series 1984 Bonds are outstanding the City will provide a competent and legally qualified bank or trust company, to act as and perform the services of Paying Agent/Registrar for the Series 1984 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, and subject to supervision or examination by Federal or State Authority 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 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 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 this Ordinance shall be delivered to each Paying Agent/Registrar 21 ~,. 7 The form of all Series 1984 Bonds issued in conversion and exchange or replacement of any other Series 1984 Bond or portion thereof, including the form of Paying Agent/Registrar's Certificate to be printed on each of such Series 1984 Bonds, and the Form of Assignment to be printed on each of the Series 1984 Bonds, shall be, respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are permitted or required by this Ordinance FORM OF SUBSTITUTE BOND NO UNITED STATES OF AMERICA STATE OF TEXAS CITY OF FORT WORTH, TEXAS GENERAL PURPOSE BOND SERIES 1984 MATURITY~DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP April 1, 1984 ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF FORT WORTH, TEXAS (the "Issuer"), hereby promises to pay to or to the registered assignee hereof (either being hereinafter called the "regis- tered owner") the principal amount of and to pay interest thereon, from the original issue date of this Bond specified above, to the date of its scheduled maturity or the date of its redemption prior to scheduled maturity, at the rate of interest per annum specified above, with said interest being payable on April 1, 1985, and semi- annually on each October 1 and April 1 thereafter, except that if the Paying Agent/Registrar's Authentication Certif- icate appearing on the face of this Bond is dated later than April 1, 1985, such interest is payable semiannually on each October 1 and April 1 following such date THE TERMS AND PROVISIONS of this Bond are continued on the reverse side hereof and shall for all purposes have the same effect as though fully set forth at this place *THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the United States of America, without 22 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 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 "Bond Ordinance") the amounts required to provide for the payment, in immediately avail- able funds, of all principal of and interest on the Bonds, when due *IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close, and payment on such 23 -~,.. 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 $55,000,000, for the following purposes, to-wit $28,230,000 00 for improving and extending the streets, thoroughfares and storm drains, $4,800,000 00 for parks and recreation improvements, $450,000 00 for fire protection improvements, $6,660,000 00 for public safety improvements, $1,100,000 00 for municipal service improvements, $3,100,000 00 for solid waste manage- ment improvements, $160,000 00 for library improvements, and $10,500,000 00 for improvements to the Wi11 Rogers Memorial Complex *ON APRIL 1, 1994, or on any interest payment date thereafter, the Bonds of this Series maturing on April 1, 1995 and thereafter may be redeemed prior to their scheduled maturities, at the option of the Issuer, with funds derived from any available and lawful source, as a whole, or in part, and, if in part, the particular Bonds, or portions thereof, to be redeemed shall be selected and designated by the Issuer (provided that a portion of a Bond may be re- deemed only in an integral multiple of $5,000), at par and accrued interest to the date fixed for redemption *AT LEAST 30 days prior to the date fixed for any such prepayment or redemption a written notice of such redemption shall be mailed by the Paying Agent/Registrar to the regis- tered owner hereof By the date fixed for any such pre- payment or redemption due provision shall be made by the Issuer 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 pre- payment or redemption If such written notice of prepayment 24 ~, 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 Bond Ordinance *THIS BOND OR ANY PORTION OR PORTIONS HEREOF IN ANY INTEGRAL MULTIPLE OF $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 forth in the Bond 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 por- tions 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 25 r transferred 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 The Issuer shall pay the Paying Agent/Registrar'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 Neither the Issuer nor the Paying Agent/Registrar shall be required (1) to issue, transfer, or exchange any Series 1984 Bond during a period beginning at the opening of business 30 days before the day of the first mailing of a notice of redemp- tion of Series 1984 Bonds and ending at the close of busi- ness on the day of such mailing or (2) to transfer or exchange any Series 1984 Bond so selected for redemption in whole or in part when such redemption is scheduled to occur within 45 calendar days The registered owner of this Bond may be deemed and treated by the Issuer and the Paying Agent/Registrar as the absolute owner hereof for all pur- poses, including payment and discharge of liability upon this Bond to the extent of such payment, and the Issuer and the Paying Agent/Registrar shall not be affected by any notice to the contrary *ALL BONDS OF THIS SERIES are issuable solely as fully registered bonds, without interest coupons, in the 26 r? denomination of any integral multiple of $5,000 As provided in the Bond 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 denomina- tions 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 Bond Ordinance The one requesting such conversion and ex- change 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 governmental charges required to be paid with respect thereto, 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 transferred Bond or Bonds or any portion or portions thereof in any integral multiple of $5,000, 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 Neither the Issuer 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 45 calen- dar days 27 f~' ~i *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 Bond Ordinance that it promptly will appoint a competent and legally qualified substitute therefor, and promptly will cause written notice thereof to be mailed to the registered owners of the Bonds *IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Bond, and the series of which it is a part, is duly authorized by law and by a vote of the resident, qualified electors of the City of Fort Worth, Texas, voting at elec- tions held for that purpose within said City on February 7, 1978, April 5, 1980 and May 22, 1982, that all acts, con- ditions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law, that sufficient and proper provision for the levy and collection of taxes has been made, which, when collected, ' shall be appropriated exclusively to the. payment of this bond and the series of which it is a part, and that the total indebtedness of said City of Fort Worth, Texas, i including the entire series of bonds of which this is one, does not exceed any constitutional, statutory or charter limitation *BY BECOMING the registered owner of this Bond, the registered owner thereby acknowledges all of the terms and provisions of the Bond Ordinance, agrees to be bound by such terms and provisions, acknowledges that the Bond 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 Bond Ordinance constitute a contract between each registered owner hereof and the Issuer IN WITNESS WHEREOF, this Bond has been signed by the printed or lithographed facsimile signature of the Mayor of 28 said Issuer, attested by the printed or lithographed facsim- ile signature of the City Secretary and approved as to form or legality by the printed or lithographed facsimile signa- ture of the City Attorney, and the official seal of the Issuer has been duly affixed to, or impressed, or printed, or lithographed, on this Bond ATTEST (facsimile signature) (facsimile signature) City Secretary Mayor APPROVED AS TO FORM AND LEGALITY (facsimile signature) City Attorney (SEAL) FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE It is hereby certified that this Bond has been issued under the provisions of the Ordinance described on the face of this Bond; and that this Bond has been issued in conver- sion of and exchange for or replacement of a bond, bonds, or a portion of a bond or bonds of an issue which originally was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas Dated Paying Agent/Registrar 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) 29 „f i44.. and authorizes the Paying Agent/Registrar to transfer and. 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 NOTE TO PRINTER *¶s to be on reverse side of bond 8 That the proceeds from all taxes collected for and on account of this series of bonds shall be credited to an Interest and Redemption Fund for the purpose of paying the interest as it accrues and to provide a sinking, fund for the purpose of paying each installment of principal as it becomes due, that for each year hereafter while any of said bonds, or interest thereon, are outstanding and unpaid, there shall be computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest: approved rolls of said City as will be requisite and suffi- cient to make, raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund sufficient to pay the principal as it matures, or at least 2% of the principal as a sinking fund, whichever is greater, full allowance being made for delinquencies and costs of collection, that a tax at the rate as hereinabove determined is hereby ordered to be levied and is hereby levied against all of the taxable property in said City for each year while any of said bonds, or interest thereon, are outstanding and unpaid, that the said tax each year shall be assessed and collected and placed in the Interest and Redemption Fund, and that the City Treasurer shall honor warrants against said fund for the purpose of paying the interest maturing and principal of said bonds and for no other purpose 9 (a) 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, 30 ::-~y. 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 pro- vided (b) 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 re- placement bond shall furnish to the City and to the Paying Agent/Registrar such security or indemnity as may be re- quired 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 muti- fated (c) 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 contin- uing 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 pro- vided in this Section (d) Prior to the issuance of any replacement bond, the Paying Agent/Registrar shall charge the owner of such Series 1984 Bond with all legal, printing, and other expenses in connection therewith Every replacement bond issued pur- suant to the provisions of this Section by virtue of the 31 ~~~. 9 .:~... 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 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) 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 9 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 6(d) of this Ordinance for Series 1984 Bonds issued in conversion and exchange for other Series 1984 Bonds 10 That the Initial Bond herein authorized shall be presented to the Attorney General of the State of Texas for examination and approval and to the Comptroller of Public Accounts for registration, that upon registration of the Initial Bond, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller's certificate of registration prescribed herein to be printed on the back of the Initial Bond, and that the seal of the Comptroller shall be affixed to, or impressed, or printed, or lithographed on the Initial Bond 11 That the sale of the Initial Bond herein author- ized, to Salomon Brothers Inc and Associates, at a price of par and accrued interest to date of delivery, plus a premium of $70,509 00, is hereby confirmed, and that delivery of the Initial Bond shall be made to such purchasers as soon as may 32 ~,~ ,~?; ' d. be after the passage of this ordinance upon payment therefor in accordance with the terms of sale 12. That the City covenants to and with the purchasers of the bonds that it will make no use of the proceeds of the bonds at any time throughout the term of this issue of bonds which, if such use had been reasonably expected on the date of delivery of the bonds to and payment for the bonds by the purchasers, would have caused the bonds to be arbitrage bonds within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto, and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103(c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds That the City further covenants that the proceeds of the bonds will not otherwise be used, directly or indirectly, so as to cause all or any part of the bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c) or any regulations or rulings pertaining thereto 13. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed 14 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 15 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 -~~,' ~T- ~;'` ~'~ Mayor, Cit of ort orth, Texas ~: v ~~ !% -•G ~~-Secretary, City of Fort ,r `~ Worth -Texas 33 `*~ S AP VED AS TO ORM ftD LEGAL I TY ~". City Attorney, City of Fort Worth, Texas 34 ~~~ '•~ti: .. 1 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 _~zUG/ 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 28th day of March, 1984 ~~ ~,~.,~.~ J ~ ~ } JSEAL )a }~z r~ ~~ w r ~ r' ~_ a r ~- 0~ ~ ,f~ w r` v ' j '~' ~ r ~';~~ti-, City Secreta y of the City of Fort Worth, Texas riC ~,klE@®!!Ni!1~9=t r'~'fiR6~N~?~~TAT!oN4PU~!.!~~~®~ ~.4~~!LU~ ~./®WY~!L~~ ~~~~ILtL~~(1.~IU{~~~®~~ p~« au `., W-n M~ ..~., ,._.... .~~ r. .~ .~- DATE REFERENCE SUBJECT Sale Of $55,000,000 General PAGE 3/28/84 NUMBER Obligation Bonds f 1 1 G-5951 _.._ o Bids for $55,000,000 General Obligation Bonds were received Wednesday, March 28', 1984, at 10 00 A.M. A summary of the average annual effective inte.res~, rates for the bids recei ~Yw ved is shown below _ 1. ""Solomon Brothers Inc and Associates 9.3482% 2.•~Republic Bank Dallas N.A. "Texas American Bank/Fort Worth - _and' Associates 9.3839% .~ ~~ j ~'. -- ~nta~'Fi:: s c Bank, Dallas ~` _ and Associates 9.4250% It'is-recommended that the bonds be sold to the bidder offering the lowest ~~ inter'est cost, Solomon Brothers I nc. at an average net effective rate of 9.3482 and that the City Council adopt Ordinance No. 9061 authorizing the issuance of $28,230,000 Street Improvement Bonds, $10,500,000 Will Rogers Memorial Complex Bonds, $7 ,110,000 Public Safety Bonds, $3,100,000 City Landfill Bonds, $4,800,000 Park and Recreation Bonds, $160,000 Southwest Regional Library Bonds and $1,100,000 Municipal Services Bonds MCM vkm i PPRO~~~ e~~ A c~~~. ~ou~~~ ~~ ~~ '1. ~ /~ ~ ~y.,~t SUBMITTED FOR THE CITY MANAGER'S DISPOSITION BY COUNCIL. PROCESSED BY nFFICE BY ! ^ APPROVED ORIGINATING = OTHER (DESCRIBE) DEPARTMENT HEAD: Morris C. Matson CITY SECRE7ARl CONTACTiIONAAL JUdSOnI lSalllff EXt. ~~ ORDINANCE N0 , . . DATE