HomeMy WebLinkAboutOrdinance 8340A
4
ORDINANCE NO 8340
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF .FORTY
MILLION DOLLARS ($40 000 000 00) OF GENERAL PURPOSE
BONDS SERIES 1981 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 CODIFLICT HERE-
WITH AND PROVIDING THAT THIS ORDINANCE SHALL BE IN
FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE
WHEREAS it is deemed advisable and to the best inter-
lest of the City of Fort Worth that certain general purpose
bonds authorized at elections previously held in said City
Abe 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
ELECTION AUTHORIZED PURPOSE SOLD
'Dec 9 Street
1975 $37 235 000 Impr $16 580 000
Dec 9 Sanitary
1975 27 500 000 Sewer 19 700 000
Feb 7 Street
1978 56 350 000 Impr 5 000 000
Feb 7 Aviation
1978 1 800 000 Impr -
Feb 7 Park & Rec
1978 13 700 000 Impr 3 500 000
AMOUNT
NOW OFFERED
$ 14 000 000
2 000 000
19 000 000
1 800 000
3 200 000
$ 40 000 000
NOW THEREFORE 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 1981" 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-Three Million Dollars ($33 000 000 00) for the pur-
pose 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 thor-
oughfares and acquiring the necessary lands therefor Two
Million Dollars ($2 000 000 00) for the purpose of making
permanent city improvements by improving extending and
enlarging the sanitary sewer system and sewage disposal
plants of said city and acquiring the necessary lands therefor
Three Million Two Hundred Thousand Dollars ($3 200 000 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 Eight Hundred Thousand Dollars
($1 800 000 00) for the purpose of making permanent city
improvements by establishing developing constructing en-
'larging improving and equipping its airports and air naviga-
I
~~tion facilities including buildings and other facilities
incident to the operation thereof and the acquisition or
elimination of airport hazards and acquiring the necessary
'.lands therefor, all of which bonds aggregate in principal
i
i 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
IMillion Dollars ($40 000 000 00)
SECTION 3
That said bonds shall be dated June 1 1981 and shall
become due and payable serially on March 1 of each year as
follows
YEAR AMOUNT YEAR AMOUNT
1984 $ 500 000 1994 $ 2 500 000
1985 500 000 1995 2 500 000
1986 1 000 000 1996 2 500 000
1987 1 500 000 1997 2 500 000
1988 2 500 000 1998 2 500 000
1989 2 000 000 1999 2 500 000
1990 2 500 000 2000 2 500 000
1991 2 500 000 2001 2 500 000
1992 2 500 000 2002 2 000 000
1993 2 500 000
2
~,-
SECTION 4
On March 1 1992 or on any interest payment date
thereafter .any outstanding bonds of the series of which
II 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 pub-
lished. 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 1984 through 1990 11 00
maturities 1991 through 9 75
maturities 1992 through 9 60
maturities 1993 through 9 80
maturities 1994 through 9 90
0
maturities 1995 through 10 00
maturities 1996 through 10 20
maturities 1997 through 10 30
maturities 1998 through 10 40
maturities 1999 through 2001 10 50
0
3
maturities 2002 through 9 00
0
maturities through
maturities through
maturities through
maturities through
evidenced by coupons appertaining to each of the Bonds pay-
able March 1 1982 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 signatures
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 1981
The City of Fort Worth in the County of Tarrant State
of Texas a municipal corporation duly incorporated under
4
the laws of the State of Texas for value received hereby
promises to pay to the bearer hereof on the 1st 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 % per
annum evidenced by coupons payable March 1 1982 and
semiannually thereafter on September 1st and March lst of
each year both principal and interest payable upon presenta-
tion and surrender of bond or proper coupon at the Manufactur-
ers 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
j for the following purposes to-wit Thirty-Three Million
Dollars ($33 000 000 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 straight-
ening widening paving grade separation lighting 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 improving extending and enlarging the
sanitary sewer system and sewage disposal plants of said
city and acquiring the necessary lands therefor Three
Million Two Hundred Thousand Dollars ($3 200 000 00) for the
purpose of making permanent city improvements by constructing
5
building and equipping parks and recreation facilities of
said city and acquiring the necessary lands therefor and
One Million Eight Hundred Thousand Dollars ($1 800 000 00)
for the purpose of making permanent city improvements by
establishing developing constructing enlarging improving
.and equipping its airports and air navigation facilities
including buildings and other facilities incident to the
operation thereof and the acquisition or elimination of
airport hazards 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 pub-
lished 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 pay-
ment 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
6
The date of this bond in conformity with the ordinance
above mentioned is June 1 1981
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
1975 and February 7 1978 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 pro-
perly 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
CITY OF FORT WORTH TEXAS
BY
Mayor
7
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 S
On the 1st day of unless the Bond
hereinafter mentioned shall have been called for previous
redemption and payment thereof made or duly provided for
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 Purpose
Bonds Series 1981 dated June 1 1981
CITY OF FORT WORTH TEXAS
BY
ATTEST
Mayor
City Secretary
That substantially the following certificate shall be
printed on the back of each bond
OFFICE OF COMPTROLLER OF
THE STATE OF TEXAS
REGISTER NO
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
a valid and binding obligation of said City of Fort Worth
Texas and said bond has this day been registered by me
8
Witness my hand and seal of office at Austin Texas
thi s
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 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
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
9
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 Republic
National Bank of Dallas Fort Worth National Bank Merrill Lynch White
Weld Capital Market Markets Group Joint Manager Joint Manager and Associates
at a price of par and accrued interest to date of delivery
plus a premium of $ 1,187 50 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
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
10
SECTrGN 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
Mayor of the City of Fort Worth
Texas
ATTEST
~- _ ~~~~~
Ci Secretary of the City of
Fort Worth Texas
APPR ED AS TO FORM AND LEGALITY
..:2~..._._~'
~~ City Attorney of the City of
Eort Worth Texas
11
i ~
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
with more than a quorum present and after the City Council
had transacted certain business the following business was
transacted to-wit
On the 6th day of May 1981 the City Council of the
City of Fort Worth Texas met in special open public
meeting in the City Council Chamber in the City Hall with
the following members present to-wit
Woodie W Woods Mayor
Richard C Newkirk Mayor Pro-Tem
Louis J Zapata
Russell Lancaster
Bert C Williams
Bob Bolen Councilmen
Jim A Bagsby
Herman Stute
Dwaine Johnson
Robert L Herchert City Manager
Paul C Isham City Attorney
Jack W Green City Secretary
Councilman introduced an ordinance and
moved its passage The motion was seconded by Councilman.
The ordinance was read by the City Secretary
The motion carrying with it the passage .of the ordinance
prevailed unanimously The ordinance as passed is as
follows
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 May 1981
Ci y Secretary of the City of-
Fort Worth Texas
(SEAL)
12
n~ _._
(y'
f: City ~f ' ~®~~-~ ~®~~~.., ~Ce.~~~
fTERCHF_RT J~/~~®~ ~~~ ~®4/W~~~IV ~~~U~V/IV~~4~'litV~~®~
YkAlKER JL ~J
SdiPlYHRRS
IVORY,
DATE
5%06/81 REFERENCE
Nu~aeIER
G-498f~ 5U8JECT
Sale of $40 000,000 General
Obligation Bonds PAGE
Lor 1
Bids for $40 000 000 General Obligation Bonds were received Wednesday May
6, 1981, at 11 00 A.M A summary of the average annual effective interest
rates for the bids received is shown below
1 Republic National Bank of Dallas
Fort Warth National Bank
Merrill Lynch White Weld Capital Markets Group l0 211583%
2 Morgan Guaranty Trust Company
of New York and Associates 10 2939%
3 First National Bank in Dallas
and Associates 10 3000%
4 Bache ~Ialsey Stuart Shields, Inc
and Associates 10 390722%
It is recommended that the bonds bE: sold to the bidder offering the lowest
interest cost Republic National Bank of Dallas and As~~ociates at an
average net effective rate of 10 21.1583 and that the City Council adapt
OrdinarLCe No 8340 authorizing the issuance of $33 000 000 Street Improvement
Bonds $2 000,000 Sanitary Sewer System and Sewage Disposal Bonds $1,800,000
Aviation Improvement Bonds and $3,000,000 Park and Recreation Improvement
Bonds
AP~R~vE~ ~
~~„
~~ ` ~~~~
MGM j c V
~
~
MAY ~'
K
~
th' ~~
o
cx
Ci of ~ot
C
$UBAAITTEt~ FOR 7iiE
CITY WlANAOER'8 OI$POSITION $Y COUNCIL.: `~j-PROCESSED BY
AFFICE 8Y: ^ APPROVED
vu.s'
s-
?
r -
ORIa1NATiN4 ^ OTMER iDESCR113E)
OEPARTRAENT HEAD: MO iS C Ma~ ~ E ~ ~ ~ CITY SECRETARY
.+......~...~...-.n-M....
FOR ADDITIONAL INFORM TI
~iatson Ext 6124
r~
M
or
s
coNTACT: DATE