HomeMy WebLinkAboutOrdinance 8539..-~' !'~
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ORDINANCE N0.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF FORTY
MILLION DOLLARS ($40,000,000 .00) OF GENERAL PURPOSE
BONDS, SERIES 1982, OF THE CITY OF FORT WORTH, TEXAS,
BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH,
AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION
OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS
AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF
AT MATURITY; REPEALING ALL ORDINANCES IN CONFLICT HERE-
WITH; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN
FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS
PASSAGE
~4HEREAS, 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
i
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. $30,580,000 $ 4,.000,000
Feb. 7, Street
1.978 ~ 56,350,000 Impr. 24,000,000 14,000,000
Feb. 7, Transp.
1978 700,000 Impr -0- 700,000
Feb. 7, Park & Rec.
1978 13,700,000 Impr. 6,700,000 3,500,000
Feb 7, Fire
1978 4,750,000 Impr. 2,000,000 1,300,000
Apr 5, Street
1980 47,813,000 Impr -0- 16,500,000
$40,000,000
NO43r `.~z3EREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
SECTION 1
That the bonds of said City to be called "General
Purpose (Bonds, Series 1982", be issued under and by virtue
of the Constitution and laws of the State of Texas and the
Charter of said City for the following purposes, to-wit
Thirty-Four Million Five Hundred Thousand Dollars
($34,500000) for the purpose of making permanent city
improvements by constructing, improving and extending the
streets, thoroughfares and storm drains of said city,
including in such permanent public improvements the
straightening, widening, paving, grade separation, lighting
and drainage of said streets and thoroughfares, and
acquiring the necessary lands therefor; Seven Hundred
Thousand Dollars ($700,000 00) for the purpose of acquiring,
constructing, equipping and improving the physical
equipment, facilities and personal property of a public
transpgrtation system, and acquiring the necessary lands
therefor; Three Million Five Hundred Thousand Dollars
($3,500,,000.00) for the purpose of making permanent city
improvements by constructing, building and equipping parks
and recreation facilities of said city and acquiring the
necessary lands therefor; and One Million Three Hundred
Thousand Dollars ($1,300,000.00) 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, all of which bonds aggregate in principal amount
the sum of Forty Million Dollars ($40,000,000 00)
SECTION 2
That said bonds shall be numbered from one (1) to Eight
thousand, (8,000), both inclusive, of the denomination of
Five Thousand Dollars ($5,000.00) each, aggregating Forty
Million Dollars ($40.,000,000 00}.
SECTION 3
That said bonds shall be dated April 1, 1982, and shall
become due and payable serially on March 1 of each year as
follows
YEA~t AMOUNT YEAR AMOUNT
1985 $ 500,000 1994 $ 2,650,000
I98b 1,000,000 1995 2,650,000
198'7 1,250,000 1996 2,650,.000
1988 1,500,000 1997 2,650,000
1989 1,500,000 1998 2,650,000
1990 2,650,000 1999 2,600,000
1991 2,.650,000 2000 2,600,000
1992 2,650,000 2001. 2,600,000
1993 2,650,000 2002 2,600,000
2
SECTION 4
On March 1, 1992, or on any interest payment date
thereafter, any outstanding bonds of the series of which
this bond is a part may be redeemed prior to their scheduled
maturities, at the option of said City, in whole or in part,
for the principal amount thereof and accrued interest
thereon to the date fixed for redemption At least thirty
days prior to the date fixed for any such redemption said
City shall cause a written notice of such redemption to be
published at least once in a financial publication published
in the City of New York, New York. By the date fixed for
any such redemption due provision shall be made with the
paying agent for the payment of the principal amount of the
bonds which are to be so redeemed and accrued interest
thereon to the date fixed for redemption If such written
notice of redemption is published and if due provision for
such payment is made, all as provided above, the bonds which
are to be so redeemed thereby automatically shall be
redeemed prior to their scheduled maturities, and they shall
not bear interest after the date fixed for redemption, and
they shall not be regarded as being outstanding except for
the right of the bearer to receive the redemption price from
the paying agent out of the funds provided for such payment.
SECTION 5
That said bonds shall bear interest at the rates per
annum as follows:
maturities 1985 through
maturities 1993
maturities 1994
maturities 1995
maturities 1996
maturities 1997
maturities 2001
through
1992 12 75 g
11 25 ~
through , 11 50 ~
through , 11 70
through , 11 90 ~
through 2000 ~ 12 0 ~
through 2002 , 10 75 $
maturities through
maturities through , o
3
maturities ~,.
through
~
maturities through $
maturities through $
maturities through ~
maturities through g
maturities through $
evidenced by coupons appertaining to each of the Bonds, pay-
able March 1, 1983, and semiannually thereafter on September
1 and March 1 of each year until the principal amount
thereof shall be paid
SECTION 6
That the principal of and interest on said bonds shall
be payable upon presentation and surrender of bond or proper
coupons at the Manufacturers Hanover Trust Company, in the
Borough., of Manhattan, City and State of New York.
SECTION 7
That each of said bonds shall be executed for and on
behalf of the City of Fort Worth, Texas, by the facsimile
signature of the Mayor, approved as to form and legality by
the facsimile signature of the City Attorney, and attested
by the facsimile signature of the City Secretary, with the
seal of the City thereon duly affixed to, or impressed, or
printed, or lithographed, and the interest coupons shall be
executed with the lithographed or printed facsimile signa-
tures of the Mayor and City Secretary of the City of Fort
Worth, Texas, and such facsimile signatures shall have the
same effect as if manually placed on said bonds and coupons.
SECTION 8
That the form of said. bonds shall be substantially as
follows
NO.
$5,000 00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
GENERAL PURPOSE BOND
SERIES 1982
4
The City of Fort Worth, in the County of Tarrant, State
of Texas, a municipal corporation duly incorporated under
the laws of the State of Texas, for value received, hereby
promises to pay to the bearer hereof, on the lst day of
March, the sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America, with in-
terest thereon from date hereof at the rate of o per
annum, evidenced by coupons payable March 1, 1983, and
semiannually thereafter on September 1st and March 1st of
each year, both principal and interest payable upon
presentation and surrender of bond or proper coupon at the
Manufacturers Hanover Trust Company, New York, New York, and
the City of Fort Worth, Texas is hereby held and firmly
bound, and its faith and credit and all taxable property in
said City are hereby pledged for the prompt payment of the
principal of this bond at maturity and the interest thereon
as it accrues.
This bond is one of a series of eight thousand (8,000)
bonds of like tenor and effect, except as to number,
interest rate, maturity and right of prior redemption,
numbered from one (1) to eight thousand {8,000), both
inclusive, of the denomination of Five Thousand Dollars
($5,000..:00) each, aggregating Forty Million Dollars
($40,000,000.00), issued. for the following purposes, to-wit
Thirty-Four Million Five Hundred Thousand Dollars
($34,500,000.00) for the purpose of making permanent city
improvements by constructing, improving and extending the
streets, thoroughfares and storm drains of said city,
including in such permanent public improvements the
straightening, widening, paving, grade separation., lighting
and drainage of said streets a.nd thoroughfares, and
acquiring the necessary lands therefor; Seven Hundred
Thousand Dollars ($700,000.00) for the purpose of acquiring,
constructing, equipping and improving the physical
5
equipment, facilities and personal property of a public
transportation system, and acquiring the necessary lands
therefor; Three Million Five Hundred Thousand Dollars
($3,500,400.40) for the purpose of making permanent city
improvements by constructing, building and equipping parks
and recreation facilities of said city and acquiring the
necessary lands therefor; and One Million Three Hundred
Thousand Dollars ($1,300,.000 00) for the purpose of making
permanent city improvements by constructing, building and
equipping city fire stations and training facilities,
improving and extending the city fire alarm and communica-
tions system and and acquiring the necessary lands therefor,
under and by virtue of the Constitution and laws of the
State of Texas and the Charter of said City, and pursuant to
an ordinance passed by the City Council of the City of Fort
Worth, Texas, which ordinance is duly of record in the
Minutes of said City Council.
On March. 1, 1992,. or on any interest payment date
thereafter, any outstanding bonds of the series of which
this bond is a part may be redeemed prior to their scheduled
maturities, at the option of said City, in whole or in part,
for the principal amount thereof and accrued interest
thereon to the date fixed for redemption. At least thirty
days prior to the date fixed for any such redemption said
City shall cause a written notice of such redemption to be
published at least once in a financial publication published
in the City of New York, New York. By the date fixed for
any such redemption due provision shall be made with the
paying agent for the payment of the principal amount of the
bonds which are to be so redeemed and accrued interest
thereon to the date fixed for redemption If such written
notice of redemption is published and if due provision for
such payment is made, all as provided above, the bonds which
are to be so redeemed thereby automatically shall be
redeemed prior to their scheduled maturities, and they shall
6
not bear interest after the date fixed for redemption, and
they shall not be regarded as being outstanding except for
the right of the bearer to receive the redemption price from
the paying agent out of the funds provided for such payment
The date of this bond in conformity with the ordinance
above mentioned is April 1, 1982
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-
Lions held. for that purpose within said City on December 9,
1.975, February 7, 1978 and April 5, 1984; that all acts,
conditions and things required to be done precedent to and
in the issuance of this series of bonds, and of this bond,
have been properly done and performed and have happened in
regular and due time, form and manner as required by law;
that sufficient and proper provision for the levy and
collection of taxes has been made, which, when collected,
shall be appropriated exclusively to the payment of this
bond and the series of which it is a part, and to the
payment of the interest coupons hereto annexed as the same
shall become due; and that the total 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
In witness whereof, this bond has been signed by the
printed or lithographed facsimile signature of the Mayor of
said City, attested by the printed or lithographed facsimile
signature of the City Secretary and approved as to form and
legality by the printed or lithographed facsimile signature
of the City Attorney, and the interest coupons attached
hereto have been signed by the printed or lithographed fac-
simile signatures of the Mayor and City Secretary, and the
official seal of said City has been duly affixed to, or
impressed, or printed, or lithographed on this bond.
7
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST.
City Secretary
APPROVED AS TO FORM AND LEGALITY
City Attorney
That the form of coupons to be attached to said bonds
shall be substantially as follows
NO.
On the 1st day of unless the Bond
hereinafter mentioned shall have been called for previous
redemption and payment thereof made or duly provided tor,
the City of Fort Worth, Texas, will pay to bearer, at the
principal office of the Manufacturers Hanover Trust Company,
in the City of New York, New York, the amount specified
hereon, being interest then due on its General Furpose
BOnd5, Series 1982, dated April i, 1982
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST:
City Secretary
That substantially the following certificate shall be
printed on i~he back of each bond
OFFICE U~' COMPTROLLER OF
REGISTER NO
THE STATE OF TEXAS
I hereby certify that there is on file and of record in
my office a certificate of the Attorney General of the State
of Texas to the effect that this bond has been examined by
him as required by law, and that he finds that it has been
issued in conformity with the Constitution and laws of the
State of Texas and the Charter of said City, and that it is
8
a valid and binding obligation of said City of Fort Worth,
Texas, and said bond has this day been registered by me.
Witness my hand and seal of office at Austin, Texas
this
Comptroller of Public Accounts
of the State of Texas
SECTION 9
That the proceeds from all taxes collected for and on
account of this series of bonds shall be credited to 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 sufficient 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 sufficien
to pay the principal as it matures, or at least 20 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
SECTION 10
That the bonds herein authorized shall be presented to
the Attorney General of the State of Texas for examination
and approval and to the Comptroller of Public Accounts for
registration; that upon registration of said bonds, 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 each bond; and that the seal of
the Comptroller shall be affixed to, or impressed, or
printed, or lithographed on each of said bonds.
SECTION 11
That the sale of the bonds herein authorized, to
Salomon Brothers Inc & Associates, at a price of par and
accrued interest to date of delivery, plus a premium of
$140 00, is hereby confirmed; and that delivery of such
bonds shall be made to such purchasers as soon as may be
after the passage of this ordinance upon payment therefor in
accordance with the terms of sale.
SECTION 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
10
arbitrage bonds within the meaning of the aforesaid Section
103 (c) or any regulations or rulings pertaining thereto
SECTION 13
That all ordinances and resolutions or parts thereof in
conflict herewith are hereby repealed
SECTION 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.
SECTION 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 Texas Civil Statutes, as amended.
~~ ~ Y;;~~ch-. Mayor of the City of Fort Worth,
Texas
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`AT'T'EST
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w it tSecretary of the City .o
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•For~=Worth-, Texas
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AP OVED AS TO ORM LEGALITY
Gity Attorney of the City of
Fort. Worth, Texas
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THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
I, Jack W Green, City Secretary of the City of Fort
Worth, in the State of Texas, do hereby certify that I have
compared the attached and foregoing excerpt from the minutes
of the regular, open, public meeting of the City Council of
the City of Fort Worth, Texas, and of Ordinance No.
which was duly passed at said meeting, and that said copy is
a true and correct copy of said excerpt and the whole of
said ordinance.
In testimony whereof, I have set my hand and have here-
unto affixed the seal of said City of Fort Worth, this ~~
day of March, 1982.
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ort Worth, Texas
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~~ JVllayor and Council Cornrnuni~rxti®n
DATE NUMHER CE sue~ECT Sale of $40, 000 , 000 General PAGE
3/ 2~i/82 G-5265 Obligation Bonds ~ o+.-.-1_
Bids for $40,000,000 General Obligation Bonds were received Wednesday,
March.24., 1982, at 11 00 A M A summary of the average annual effective
interest rates for the bids received is shown below
1 Salomon Brothers Inc
& Associates 11 7997%
2 First National Bank in
Dallas & Associates 11 8097%
3 The First Boston Corporation 11 8577%
4 Republic Bank Dallas N A
and Associates 11 9102%
It is recommended that the bonds be sold to the bidder offering the lowest
interest cost, Salomon Brothers Inc & Associates at an
average net effective rate of 11 7997 and that the City Council adopt
Ordinance No 8539 authorizing the issuance of $34,500,000 Street Improvement
Bonds, $3,500,000 Park and Recreation Improvement Bonds, $70,000 Transportation
Improvement Bonds, and $1,300,000 Fire Improvement Bonds
DAI 3 c
SuHMITTED FOR ~Mr A
CITY MANAGER'S ~ ~ /J
OFFICE HY U
ORIGINATING David A Ivor
DEPARTMENT NEAO:
FOR ADDITIONAL~NaFV~)IMATJON Ivory Ext. 6123
CONTACT llll llaa A
Y
APPROVED SY
CITY COUNC~~.
# MAR 24 1982
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DISPOSITION HY COUNCIL: { PROCESSED BY
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[ OTHER (DESCRIBE)
CITY SECRETARY
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