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HomeMy WebLinkAboutOrdinance 8686:~ ri ~•• .'s s ~:~ -. ORDI~'ANCE T 0 ~C7 ~~ ~P ORDINANCE PROVIDING FOR THE ISSL'Ai~~?CE OF FORTY P~':ILLION DOLLARS ($40 UCO CGO 00) GF GENERAL FURPOSE BOZ?DS SERIES 1982-A GF TEE CITY OF FORT 6vORTH TEXP_S BEARI2TG Ir?TEREST AT THE RATES HEREINAFTER SET FORTH P.DiD PPOVIDING FOR THE LEVY ASSESSy1ENT AT?D CCLI,ECTIOTI OF A TAX SUFFICIENT TO PAY THE I?~?TEREST Oi`1 SAID BODiDS AND TO CREA`T'E P_ S-`driING FUND FOR. THE REDEP-1PTI0N THEREOF AT MATURITY REPEALING ALL OF.DIr1AT?CES Iii COLdFLICT HERE- WITH AidD PROVIDING THAT THIS ORDINANCE SHALL BE I*? FORCE AN?D EFFECT FROM A.r?D AFTER THE DATE OF ITS PASSAGE ~°iHEREAS it is deemed advisable a.nd to the best inter- est cf the City of Fort Worth that certain general purpose bonds authorized at elections previously held ir. said City be combined in a single issue and sold at thi-s time tree 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 AMOLTr?T ELECTION AUTHORIZED PURPOSE SOLD NOW OFFERED Dec 9 Street 1975 $37 235,000 Impr $34,580 OCO $ -0- Dec 9 1975 27 500 000 San Sew 21 700 000 -C- .F'eb 7 , Street 1978 56 350 000 Impr 38,000 000 12,000 000 Feb 7 Park & Rec 1.978 13 700 000 Impr 10 200 000 -0- Feb 7, Fire 1978 4 750 000 Impr 3,300 000 5C0 000 Apr 5 Street 1980 47 813 000 Impr 16 500 000 lU 80C G00 May 22 Street 1982 77,285 000 Impr =0- 3 00G,000 May 22, Pub Safety 1982 8 665 000 Impr -0- -0- May 22 P~Iun Serv 1982 8 340 000 Impr -0- 2 000 000 May 22, Cty Landfl 1982 6 880 000 Impr -,0- 1 200 000 1~iay 22, Library 1982 2,760,000 Impr -C- -0- May 22 Pub Events 1982 19 500,000 Impr -C- 9 000 000 May 22 Park & Rec 1982 6,570,000 Impr -0- 1,500,000 $40 000,000 tdOW THEREFORE $E IT ORDAIN+ED BY T HE. CITY COUNCil', OF THE CITY CF FORT WORTH TEXAS SECTION '1 That the bonds of said City to .be called General Purpose Bonds Series 1982-A 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 Twenty Two NIillion Eight Hundred Thousand Dollars ($22,800 000 00) for the .purpose of making permanent city improvements by constructing, improving and extending the streets thoroughfares and storm drains of said city, including in such permanent public improvements the straightening widening paving grade separation lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefore Five Hundred Thousand Dollars (5500 00.0 00) for the purpose of making permanent city improvements by constructing building and equipping city fire stations and training and maintenance facilities improving and extending the city fire alarm and communications system and acquiring the necessary lands therefor Three Million Dollars {$.3,000 000 00) for the purpose of constructing permanent street and storm sewer improvements by resurfacing restructuring and extending the streets thoroughfares., collectors and storm drains in said City and related street and storm sewer improvements Two Million Dollars ($2,000,000 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 service improvements One Million Twa Hundred Thousand Dollars {$1,200,000 00) for the purpose of making permanent solid waste. management improvements by purchasing a new landfill and modifying the Southeast landfill, and related .sanitation improvements Nine Million Dollars {$9 000,000 00) for the purpose of constructing permanent improvements at the City s Wi11 Rogers Memorial Complex 2 to-wit a new exhibit building and improvements to the auditorium and One Million Five Hundred Thousand Dollars ($1 500 000 00) f_or the purpose of improving land for park and recreation facilities all of which bonds aggregate in principal amount the sum of Forth rlillion 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 December 1 1982 and shall become. due and payable serially on June 1 of each year as follows YEAR AMOUNT YEAR AMOUDIT 198.5 $ 800 000 1994 $ 2 500 000 1986 1 000,000 1995 2 -500 000 1987 1,300 000 1996 2 500,000 1988 1 800,000 1997 2,.500 000 1989 2 200 000. 1998- 2,500 000 1990 2 500 000 1999 2 600,000 1991 2,500 000 2000 2 600,00.0 1992 2,500 000 2001 2,600,000 1993 2,500,000 2002 2 600,000 SECTION 4 On June 1, 1993 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 Teast 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 3 thereon to the date fixed for redemption If such ~~rr~tten notice of redemption is published and if due provision for such payment is made all as provided above the bends 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 ar~d 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 1987 , 11 0 maturities 1988 through , 10 875 maturities 1989 through 1992 , 9 00 maturities 1993 through , 9 75 maturities 1994 through , 9 00 maturities 1995 through , 9.20 maturities 1996 through 9 40 maturities 1997 through 2002 , 9.50 % maturities through , % maturities through , % maturities through % maturities through a evidenced by coupons appertaining to each of the Bor_ds pa~- able December 1, 1983, and semiannually thereafter on June 1 and December 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 upcn 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 4 printed or lithographed, and the interest coupons shall be executed with the .lithographed or printed facs~mlle sir~na- tures of the P4ayor and City Secretary of the City of Fort ~vorth 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 substar_tially as follows NO $5 000 00 UrIITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH GENERAL PURPOSE BOND SERIES 1982-A 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 1st day of June 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 ~ per annum evidenced by coupons payable December 1 1983 and semiannually thereafter on June 1st and December 1st cf each year, both principal and interest payable upon presentation and surrender of bond or proper coupon at the principal office of 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 bend 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 5 inclusive of the denomination cf Five Thousand Dollars {$5 000 00) each aggregating Forty Million Dollars ($4Q 000 000 00) issued for the following purposes to-wit Twenty Two- Million Eight Hundred Thousand Dollars ($Z2 800 000 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 and thoroughfares and acquiring the necessary lands therefor Five Hundred Thousand Dollars {$500 000 00) for the .purpose 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 Three Million Dollars ($3,000 000 OOj for the purpose of constructing permanent street and storm sewer improvements by resurfacing restructuring and extending the streets, thoroughfares collectors and storm drains. in said City, and related street and storm sewer improvements Rao Million Dollars ($2 000 000 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 service improvements One Million Two Hundred Thousand Dollars ($1 200 000 00) for the purpose of making permanent solid waste management improvements by purchasing a new landfill .and modifying the Southeast landfill and related sanitation improvements Nine Million Dallars ($9 000 000 00) for the purpose of constructing permanent improvements at the City's Will Rogers Memorial Complex to-wit a new exhibit .building and improvements to the auditorium and One Million Five Hundred Thousand Dollars 6 ($l 500 000 OG) for the purpose of improving land for~part and recreation facilities. under and by virtue of the Constitution and lawns 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 t~7orth Texas which ordi- nance is duly of record in the P'?mutes of said City Council On June 1 1993, or on anyi 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 .n whole or ir. 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 ~y the date fired for any such redemption due provision shall be made witr. 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 payrient The date of this bond in conformity with the ordinance above mentioned is December 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- tions held for that purpose within said City on December 9 7 1975 February 7 1978, Aprii 5 1980 and t?ay 22 1982 that all acts cenditicr_s and things required to be done precedent to and ir_ the issuance of this series of bends and of this bcnd, have been properly -done and performed and have happened in regular and due time form and manner as required by law that sufficient an_d proper provision for the levy an_d 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 ~?orth, Texas including the entire series of bonds of which this is or_e does not exceed any constitu- tional, statutory or charter limitation Ir. 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 lerality 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 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 8 rao S On the lst day of unless- the Bond hereinafter mentioned shall have been called for previous redemption and payment thereof made or duly provided for the Cite 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 .Purpose Bonds Series 1982-A dated December 1 1982 CITY OF FORT tt70RTH TEXAS BY Mayor ATTE5i City Secretary That substantially the following certificate shall be printed on the back of each bond OFFICE OF COMPTROLLER OF REGT5TER 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 acid laws of the State of Texas and the Charter of said City, and that it is 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 9 interest as it accrues and tc prcvde a sin~ina fund. for the purpose of paying each installment of principa~ as it becomes due that for each year hereafter while anv of said bonds or interest triereon, are outstanding and unpaid there shall be computed and ascertained at the time other taxes are levied the rate of tax based on the la-test 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 20 of the principal as a sinking fund, whichever is greater full allowance being made for delinquencLes 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 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 10 SECTION 11 That the sale of the bor_ds herein authorized to Republic Bank Dallas N A and Associates at a price of par and accrued interest to date of delivery plus a premium of $ -0- is hereby confirmed and that delivery of such bonds shall be made to such purchasers as soon as may be after the passage cf 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 ir_directly 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 SECTIOt3 13 That all ordinances and resolutions or parts thereof in conflict herewith are. hereby repealed SECTIOAi 14 That this ordinance shall take effect and be in full force and effect from and after the date cf its passage and it is so ordained 11 SECTION 15 Lt 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-I7 Vernon s Texas Civil Statutes, as amended Mayor e Cit o ~ t Worth Texas ATTEST .City ecretary of the City of Fort Worth, Texas AP R VED AS TO FO~~ GAhYTY City Attorney of the-City of Fort Worth Texas 12 -~ r~~. ,~ THE STATE CF TE~~AS COUNTY OF TARRANT CITY OF FORT WOP.TH 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 Cyty of Fort Worth Texas which was held on November 16 1982 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 November 1982 _~ ~` r' ,~"~ ,('SEAL) , `~ ~.~ r ~- ~ 't " r. r - 'Vi'i r~ /J F °.-- ', a n ,,,,_ ~~ ,~. ~'~ ;~.,,. Cit Secretary of the City of Fort Worth Texas 13 ~~ < `~~ y~~),M~~..~ .y~~, ea +¢p~y'~ ,eta, ~:. ~,~ ~ ~r ~. 'i `°~. #~~ 7J'~,i T M1 ~ -.. ,~,3 . a ~ r R ,, x r" }€n y'..~3' ~ .. `~'{ :.• ~' y~Y" t. s° +f'V.. ~`~F. y ..~.",w i i r:1CF y# . ~' y~~~ ~~ i ~'Sak r>w'.4 i ~i`f -', ~ i`?'~'r v'1" ~. d+' t' f w x ~ ~ s f "~"° ~ ~ ~ Y :`~~ ~at5~-.}?,~~~`d>T ~'~*~,~x ° ds~~~, "%f~~ ~c"~',r ~,aiF~ ~ ~ ;'°',~= e^~ ~~ fk.~' ;';~~ ~k 1.. ;t;?~~'A1x W°~:`~~ 4 ~~Y`~~ .4 ~~ .r _ ~"`•" a.3~, Yom, r. :.v " ~1~ .,~' ~~~~~ ~~ ` Zya~ A s~~- 'S ~~4 FtR - ~•; ~' ~ ~~`Q" vEr ~'7 i^c~,;:..a ae~ _ - _, _.. ~ Jl"^C ~.. ~s. 11[TE ~~a~i ~ ~ ~ x ~'s+Mc /) ,any^/ 1~M~ ~ y y~ '~ s ~ ~ .~ r6~s~ ka., -~~~YSa7 yt ~i 31~3c' ~~31. *v~xR<-, ~ .SY~'. ~'~c ~l S. Yr~.b :~' a.d `w~" ~ )`i>~ ~'~~i"R"~ ~ ~ ` A" •.. ~ ~ . -k:'2 't.. fir.` ~.._ _ < ~`ty '~ ~~e -~:W`~.. ~Sn.':FW S"'~~~ ~i«~~'~` ~-Jl'~r~ ti+Y"p8~v4~~~~~P2+'i ~,.,TxLAi~#N - ~, M1~~. ~~fo~~4~~©t~D~fl~~)~~a blip*ti~i~ Bot~~ e9r~ rec~v~"1`eies a ovemteY `'b { 1982 a't ~D~~DO-°a.m <;,.4 ~.Y r ~,~ ,~ , ;~",~~ summa' ~' ~~,;~~e ~r~:~~~ 'Dual ~~'~~ CSC e~ '~riteres yiates ~ t r#~ AS Y-~ k u 4 'Grr. x..y: w~^~f L"`~.•~y~~n i,f(k rrYf4'`~'~" i ~-~ i ¢ ~ ,~,~ ~ hy~, '`~ "' _, r y, Y. LY ~Y~the +bic~s~`~' e c e ived is sh,aws~ ~~IiDW • ~ l{ Y '~ 'C 4X° b t?S~ ~ ~'~- '. ~ ~ #:k ~R`'t3 i Y'3 ~ to a~ °,,,y; l+n¢g ~~~~ ~Ya ~ e S L S~P+"''-'~'~' a .` ~'~ I rZ r ~• g^~4 ., tC { ~ Z,'~,~'• i. ..n. ~ ,K r - rY ~~,~ ~. i ~ , ~ c. , 1 "1 ~Rept~blicBank~`~Jallas~~"N A~ = ~~_' a.~ti r, °'~£ ~ °:>., :;~ ~r}~,= ~~"r: '~~' ~ Texas .Ameri:can ~~BanklFort `Worthy N.A: ;and Associate$S :.9439875X ` ~'~* ,' °'~ L - V ~° 4•, 2 „,~. ~Yn~.~ ~. > t 'Mo Gu r st C 'P o 5 `r" ~, ~Y ' ~> " s ~ gan a anty ~ ru ompany ~, f ~ . : ~ { ~A k M ~~ New `York and ;Associates. ``~ " y ,, ' .~ ~ . ~' 9 5420% ~~ ~, 3 Prudential -Bache Securities., .I nc.. .~, 9 6406% s:' ~~ ~ ' ~4 nterFirst Bank Dailas, ~ A & `` ~ ~ ' ~ = h ~~Ass~~~st.~& ~ ~, ~ `' ° 9 6708% ., e " ~~: ' ~,` It is recommended that the bands 'be sold to the bidder offering the lowest '~: intere st cost at an average net effecti ve rate~of .9 439875 and that the City Counci l adopt Ordinance No '8686 authori zing the issuance of $25,800 000 Street Improv ement fonds, $1,500,000 Park and. R ecreation Improvement Bonds $9.,000 000 Public Events Improvement 'Bonds, $2,000 000 Municipal Service Improvement Bonds, ', $:1,200 000 'City Landfill improvement Bon ds and $500 000 Fire Improvement Bonds ~,>~ ,r i~~ MCM kc ~;,` ~4kw JiI !" ~ xa` s. F :~, n ~ ~~ =h~~ Wir gY : E~;;_~ w r x r ht~s~fi~` Y+~.. ~ y ~r ~~~.~ r r~?r .q~ ~;~~~. ~ ~ ~ ~u~, ~ ~ r . ; _ p.., ..'{:• ~~,. _~~.; £.~ - r ~ ~ . ~ ~ R PROVED BY }~ £~iTY ~C4UNCIL r : ,; ~ k' +.~ ~ t - wx ~~ '. ' r. `t (~~/ _~~n~QQff~~ o-. ~~~ ,, }.. , ., ' ~_ ~~~ ~~y~~ ~ .,.P a ?~" ~~44PD ~~RDI~NA'N4E N0 ~~~~ tr~ . ~1~MITT[0 ~Ow 7Nt ~IT~ M~MA6[R•i OIfPOM-10M .h- COYMCIL: -ROCtlstO Rr p-T/CE ~r ~ G AM'RO~IEO a11c~~AtlMC °G Ot11tR ®acR1~El oc.ARtMt«T MtAO: Morris C Matson t1Tt itCREtAR1l FOR AOOITIOMAI NI-ORMAT~II canAn Morris C iKatsan Exr _ ~t ~>s t1ATE