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HomeMy WebLinkAboutOrdinance 8120ORDINANCE NO ~1~-~ BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS, PROVIDING FOR THE ISSUANCE OF $2,000,000 CITY OF FORT WORTH, TEXAS, TAX AND REVENUE CERTIFICATES OF OBLI- GATION, SERIES 1980 PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID CERTIFICATES OF OBLIGATION AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY PROVIDING THAT SUCH CERTIFICATES OF OBLIGATION tnTILL BE PAYABLE ALSO FROM AND SECURED BY REVENUES PRESCRIBING THE FORM OF SAID CERTIFICATES OF OBLIGATION AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT WHEREAS, on the 3rd day of June, 1980, the City Council of said City passed an ordinance authorizing and directing notice of its intention to issue the Certificates of Obli- gation herein authorized to be issued, to be published in a newspaper as required by Section 8(b) of Article 2368a 1 of V A C S and WHEREAS, said notice was published as required by said Section 8(b) on June 5, 1980 and June 12, 1980 and WHEREAS, no petition, signed by 5~ of the qualified electors of said City as permitted by said Section 8(b) protesting the issuance of such Certificates of Obligation has been filed and WHEREAS, the City of Fort Worth is authorized by Article 1269]-4 1, VAC S to secure and pay bonds by and from the Pledged Revenues as hereinafter defined and WHEREAS, the Certificates of Obligation hereinafter authorized are to be issued and delivered pursuant to Article 2368a 1, VAC S , as amended BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS Section 1 AUTHORIZATION OF CERTIFICATES OF OBLIGA- TION That said City's Certificates of Obligation, to be designated the "City of Fort Worth, Texas, Tax and Revenue Certificates of Obligation, Series 1980", are hereby auth- orized to be issued and delivered in the principal amount of $2,000,000 for the purpose of paying all or any part of the contractual oblictations to be incurred for the construction of a public parking garage [the same being the pedestrian plaza and parking garage referred to in the Fort Worth City Council Resolution adopted July 17, 1979, and being a structure, parking area and facility located in the immediate vicinity of the Tarrant County Convention Center and to be used in connection with such Convention Center for public off-street parking or storage of motor vehicles Section 2 DATE, DENOMINATION, MATURITIES That said Certificates of Obligation shall be dated July 1, 1980, shall be in the denomination of $5,000 each, shall be num- bered consecutively from 1 through 400, and shall mature serially on July 1 in each of the years, and in the amounts, respectively, as set forth in the following schedule YEARS AMOUNTS 1991 $500,000 1992 500,000 1993 500,000 1994 500,000 Section 3 RIGHT OF PRIOR REDEMPTION That said City shall have the right and option to redeem such Certificates of Obligation prior to their scheduled maturities, in whole or in part, on July 1, 1983, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemption At least thirty days before the date fixed for any such redemption, the City shall cause. a written notice of such redemption to be published at least once in a financial publication printed in the City of New York, New York By the date fixed for any such redemption, due provision shall be made with the paying agents for the payment of the prin- cipal amount of the Certificates of Obligation to be so redeemed, plus accrued interest thereon to the date fixed for redemption and any premium as required above If the written notice of redemption is published, and if due pro- vision for such payment is made, all as provided above, the Certificates of Obligation which are to be so redeemed 2 thereby automatically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment Section 4 INTEREST That the Certificates of Obli- gation shall bear interest per annum from their date until maturity or redemption at the following rates Certificates maturing 1991 - 6-1/4~ Certificates maturing 1992 - 6-l/2~S Certificates maturing 1993 - 6-1/2% Certificates maturing 1994 - 6 750 with said interest to be evidenced by interest coupons payable on January 1, 1981, and semiannually thereafter on each July 1 and January 1 Section 5 PLACES OF PAYMENT That the principal of and interest on said Certificates of Obligation shall be payable to bearer, in lawful money of the United States of America, without exchange or collection charges to the bearer, upon presentation and surrender of proper Certif- icate of Obligation or interest coupon, at The Continental National Bank of Fort Worth, Fort Worth, Texas, which place shall be the paying agent for said Certificates of Obliga- tion Section 6 FORM OF CERTIFICATE OF OBLIGATION, COMP- TROLLER'S CERTIFICATE AND INTEREST COUPON That the form of said Certificates of Obligation, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each of said Certificates of Obligation, and the form of the aforesaid interest coupons which shall appertain and be attached initially to each of said Certificates of Obliga- tion shall be, respectively, substantially as follows 3 FORM OF CERTIFICATE OF OBLIGATION NO $5,000 UNITED STATES STATE OF COUNTY OF CITY OF FORT TAX AND REVENUE CERT SERIES OF AMERICA TEXAS TARRANT WORTH, TEXAS, LFICATE OF OBLIGATION 1980 On July 1, 199_, the City of Fort Worth, in the County of Tarrant, State of Texas, promises to pay to bearer the principal amount of FIVE THOUSAND DOLLARS and to pay interest thereon, from the date hereof, at the rate of ~ per annum, evidenced by interest coupons payable January 1, 1981, and semiannually thereafter on each July 1 and January 1 while this Certificate of Obligation is outstanding The principal of this Certificate of Obligation and the interest coupons appertaining hereto shall be paya- ble to bearer, in lawful money of the tTnited States of America, without exchange or collection charges to the bearer, upon presentation and surrender of this Certificate of Obligation or proper interest coupon at The Continental National Bank of Fort Worth, Fort Worth, Texas, which place shall be the paying agent for this series of Certificates of Obligation This Certificate of Obligation is one of a series of Certificates of Obligation dated July 1, 1980, issued in the principal amount of $2,000,000, for the purpose of paying all or any part of the contractual obligations to be incurred for the construction of a public parking garage [the same being the pedestrian plaza and parking garage referred to in the Fort Worth .City Council Resolution adopted July 17, 1979, and being a structure, parking area and facility located in the immediate vicinty of the Tarrant County Convention Center and to be used in connection with such Convention Center for public off-street parking or storage of motor vehicles] The Certificates of Obligation of this series may be redeemed prior to their scheduled maturities, in whole or in a part, at the option of said City, on July 1, 1983, or on any interest payment date thereafter, for the principal amount thereof plus accrued interest to the date fixed for redemp- tion At least thirty days before the date fixed for any I ~Isuch redemption the City shall cause a written notice of such redemption to be published at least once in a financial publication printed 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 prin- cipal amount of the Certificates of Obligation to be redeemed, plus accrued interest thereon to the date fixed for redemp- tion, and any premium as required above If the written notice of redemption is published, and if due provision for such payment is made, all as provided above, the Certificates of Obligation, which are to be so redeemed, thereby automa- tically shall be redeemed prior to maturity, and they shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the purpose of receiving the funds so provided for such payment It is hereby certified, recited and covenanted that this Certificate of Obligation has been duly and validly issued and delivered that all acts, conditions and things required or proper to be performed, exist and be done pre- cedent to or in the authorization, issuance and delivery of this Certificate of Obligation have been performed, existed and been done in accordance with law that this Certificate of Obligation is a general obligation of said City, issued on the full faith and credit thereof and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this Certificate of Obligation, as such interest comes due and such principal matures, have been levied and ordered to be levied against all taxable property in said City, and have been pledged irrevocably for such payment, within the limit prescribed by law and that 5 this Certificate of Obligation is additionally payable from and secured by the Pledged Revenues as described and defined in the ordinance authorizing this series of Certificates of Obligation The City has reserved the right to issue additional Certificates of Obligation payable from and secured by the aforesaid Pledged Revenues In witness whereof, this Certificate of Obligation has been signed by the imprinted or lithographed facsimile sig- nature of the Mayor of said City, attested by the imprinted or facsimile signature of the City Secretary, and approved as to form and legality by the imprinted or lithographed facsimile signature of the City Attorney, and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signatures of the Mayor and City Secretary, and the official seal of said City has been duly affixed to this Certificate of Obligation Citv Secretary, City of Mayor, City of Fort Worth, Fort P~orth, Texas Texas FORM OF REGISTRATION CERTIFICATE COMPTROLLER'S REGISTRATION CERTIFICATE REGISTER NO I hereby certify that this Certificate of Obligation has been examined, certified as to validity, and approved by the Attorney General of the State of Texas, and that this Certificate of Obligation has been registered by the Comp- troller of Public Accounts of the State of Texas Witness my signature and seal this Comptroller of Public Accounts of the State of Texas FORM OF INTEREST COUPON NO $ ON , 19 The City of Fo=r"~'~~Y3or~h :~f the -County `af ~Tarrart~ =Y=-- State of Texas, promises to pay to bearer the amount shown 6 ,~, . on this interest coupon, in lawful money of the United States of America, without exchange or collection charges to the bearer, unless due provision has been made for the re- demption prior to scheduled maturity of the Certificate of Obligation to which this interest coupon appertains, upon presentation and surrender of this interest coupon at The Continental National Bank of Fort Worth, Fort Worth, Texas, said amount being interest due that day on the Certificate of Obligation, bearing the number hereinafter designated, of that issue of City of Fort Worth, Texas, Tax and Revenue Certificates of Obligation, Series 1980, dated July 1, 1980 Certificate No City Secretary Mayor Section 7 DEEIrTITIONS That the terms defined in this Section for all purposes of this Ordinance, except where the context by clear implication shall otherwise re- quire, shall have the respective meanings as follows, to- wit (a) The term "Certificates" shall mean the City of Fort Worth, Texas, Tax and Revenue Certificates of Obliga- tion, Series 198.0 authorized to be issued and delivered by this Ordinance (b) The term "Hotel Occupancy Tax" shall mean the tax levied on the cost of occupancy of every sleeping room furnished by any hotel in the City of Fort Worth pursuant to Article 1269j-4 1 VAC S (c) The term "Pledged Revenues", as used in this Ordinance, shall mean a lien on and pledge of a portion of the revenue derived from the Hotel Occupancy Tax equal to three-fourths of such Occupancy Tax .Section 8 INTEREST AND SINKING FUND The City of Fort Worth, Texas Tax and Revenue Certificates of Obligation, Series 1980 Interest and Sinking Fund, hereinafter called the Interest and Sinking Fund is hereby authorized and 7 shall be established and maintained in a depository bank of the City, so long as the Certificates, or interest thereon, are outstanding and unpaid Section 9 USE OF INTEREST AND SINKING FUND On or before the 5th day of the first month to occur following the date of delivery of the Certificates to the purchasers thereof and on or before the 5th day of each following month thereafter so long as any of the Certificates remains outstanding, there shall be deposited in the Interest and Sinking Fund an equal amount of money from Pledged Revenues, with such deposits totaling, together with other amounts in the Interest and Sinking Fund, not less than the amount of the installment of interest coming due on the Certificates on the next succeeding interest payment date, and the amount of principal, if any, maturing during the succeeding twelve months The Interest and Sinking Fund shall be used to pay the principal of and interest on the Certificates as such principal matures and such interest comes due Section 10 TAX LEVY All ad valorem taxes levied and collected for and on account of said Certificates of Obli- gation shall be deposited, as collected, to the credit of the Interest and Sinking Fund During each year while any of said Certificates of Obligation or interest coupons appertaining thereto are outstanding and unpaid, the City Council of said City shall compute and ascertain a rate and amount of ad valorem tax which will be sufficient to raise and produce the money required to pay the interest on said Certificates of Obligation as such .interest comes due, and to provide and maintain a sinking fund adequate to pay the principal of such Certificates of Obligation as such prin- cipal matures (but never less than 20 of the original principal amount of said Certificates of Obligation as a sinking fund each year) and said tax shall be based on the latest approved tax rolls of said City, with full allowance 8 being made for tax delinquencies and the cost of tax col- lection Said rate and amount of ad valorem tax is hereby levied, and is hereby ordered to be levied, against all taxable property in said City for each year while any of said Certificates of Obligation or interest coupons apper- taining thereto are outstanding and unpaid and said tax shall be .assessed and collected each such year and deposited to the credit of the aforesaid Interest and Sinking Fund Said. ad valorem taxes sufficient to provide for the payment of the interest on and principal of said Certificates of Obligation, as such interest comes due and such principal matures, are hereby pledged irrevocably for such payment, within the limit prescribed by law It is specifically provided that to the extent neces- sary the payments into the Interest and Sinking Fund as hereinabove required shall be made from funds derived from taxation However, to the extent that there are available Pledged Revenues, then the amount of taxes which otherwise would be required to be levied for that year may be reduced by the amount of such Pledged Revenues Section 11 SECURITY In combination with the ad valorem taxes hereinabove levied, the Certificates of Obligation and all interest thereon are and shall be payable from and secured by the Pledged Revenues Section 12 RATES The City covenants and agrees with the holders of the Certificates that it will at all times levy and collect Hotel Occupancy Tax, within the limit prescribed by law, as will be at least sufficient to provide Pledged Revenues which will be, together with the funds to be derived from taxation as hereinabove provided, adequate to pay promptly all of the principal of and interest on the Certificates of Obligation, and to make all deposits now or hereafter required to be made into the Interest and Sinking Fund created and established by this Ordinance 9 Section 13 PLEDGED REVENUES All Pledged Revenues shall be collected and held in the City's depository bank for the uses herein prescribed The Pledged Revenues shall be deposited into the Interest and Sinking Fund to the extent and in the amounts provided hereunder Section 14 EXCESS REVENUES The Pledged Revenues in excess of those required for deposits pursuant to this Ordinance may be used for any lawful purpose Section 15 SECURITY FOR FUNDS All Funds created by this Ordinance shall be secured in the manner and to the fullest extent permitted or required by law for the security of public funds, and such Funds shall be used only for the purposes and in the manner permitted or required by this Ordinance Section 16 ADDITIONAL CERTIFICATES OF OBLIGATION The City reserves the right to issue additional Certificates of Obligation payable from and secured by the Pledged Revenues Section 17 SALE OF CERTIFICATES That the City of Fort Worth, Texas, Tax and Revenue Certificates of Obliga- tion, Series 1980, aggregating $2,000,000, are hereby sold and shall be delivered to The Continental National Bank of Fort Worth, Fort Worth, Texas, for the principal amount thereof and accrued interest thereon to date of delivery Section 18 APPROVAL AND REGISTRATION OF CERTIFICATES That the Mayor of said City is hereby authorized to have control of said Certificates of Obligation and all necessary records and proceedings pertaining to said Certificates of Obligation pending their delivery and their investigation, examination and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas Upan registration of said Certificates of Obligation, said Comptroller of Public Accounts (or a deputy designated in writing to act for said 10 Comptroller) shall manually sign the Comptroller's Regis- tration Certificate printed and endorsed on each of said Certificates of Obligation, and the seal of said Comptroller shall be impressed, or placed in facsimile, on each of said Certificates of Obligation Section 19 ARBITRAGE That the City covenants to and with the purchasers of the Certificates that it will make no use of the proceeds of the Certificates at any time through- out the term of this issue of Certificates which, if such use had been reasonably expected on the date of delivery of the Certificates to and payment for the Certificates by the purchasers, would have caused the Certificates to be arbi- trage bonds within the meaning of Section 103 (c} of the Internal Revenue Code of 1954, as amended, or any regulations, or rulings pertaining thereto and by this covenant the City is obligated to comply with the reQUirements of the aforesaid Section 103(c) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds The City further covenants that the proceeds of the Certif- icates will not otherwise be used directly or indirectly so as to cause all or any part of_ the Certificates to be or become arbitrage bonds within the meaning of the aforesaid Section 103(c), or any regulations or rulings pertaining thereto Section 20 DECLARATION OF EMERGENCY Tt is hereby found and determined that the meeting at which this ordi- nance was passed was open to the public, and public .notice of the time, place and purpose of said meeting wasgiven, all as required by Vernon's Texas Civil Statutes, Article 6252-17 as amended Section 21 REPEAL That all ordinances and resol- utions or parts thereof in conflict herewith are hereby 11 r repealed PASSED AND APPROVED this 24th day of June, 1980 c Mayor, City o Fort Worth, Texas ATTEST ~i y Secretary, City of Fort Worth, Texas PPROVE S T FO ND LEGALITY ~ity Attorney, C ty of Fort Worth, Texas 12 `~~a THE STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH I, Jack W Green, City Secretary of the City of Fort Worth, 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 the foregoing ordinance which was duly passed at said meeting, and that said copy is a true and correct copy of said excerpt and the wole of said ordinance In testimony whereof, I have set my hand and have hereunto affixed the seal of said City of Fort Worth, this day of June, 1980 ~~¢_ ity Secretary, City o Fort Worth, Texas (SEAL) ~.'`• ~~ ~~ ~~~ ~~®~ 1 DATE REFERENCE SUBJECT PAGE NUMBER 6/2480 C-601 Issu,a~.ce of Certificates of ObYigation 1 ~f-~- On dune 3 1980 (M&C G-4571) the Ci~y Council auth®ri~ed publication of "Notice of Intention to issue Certificates of t~bligation" f.~r the purpose of providing funds to complete c~r~st~.uctY.o~n of a public pay°king gauge and playa The notice. has been published ror two consecutive weeks as prodded by law sett2.ng dune 24 1980 ss the date for adopt~.on of the ordinance. authorizing issuance of 'r"he certificates The. City's Financial Advisor has developed the maturity schedule and the other technical provisions that' are. necessary to complete the issuance of the c.ertifica.t.es In accordance with the Notice of Intl~ntion an ordina.ace has been prepared authos~iz~..ng the issuance. of the cert~.ficates in the amount of $2 000 000 kecommendati.on It is recommended th~(t 1) The City Council adopt the ordinance a~xthorizing the iss~.anCe of c.ert~.ficates of obligation f®~ the p~.rpose of providing funds t;o complete ~~rh~~rlkction of a public parking gauge. and plaza ~,~. t~lie amount of $29000 000 2) `I'he firm of I~iCCall Pa~~khurst and'. `~orton be req~sested to issue the pur:haser's opinion on the certificates of obligat~.on and 3) The City's Financial Advisor First Southwest Company be authorized to Complete all transactions that are necessary to effect delivery and finalize the sale of the certificates on behalf of the City DAI J c APPROVED BY CITY CO~INCIL JUN 24 1980 Ci ecretary of the C of Fort north, TaxaR SUBMITTED FOR. THE CITY MANAGER'S DISPOSITION BY COUNCIL. PROCESSED. BY ~ OFFICE BY ^ APPROVED ORIGINATING DEPARTMENT HEAD• ~aVld A gVOry a~~k'~~Fa €'' ^ OTHER (DESCRIBE) ~ ~/~0 CITY SECRETARY FOR ADDITIONAL INFO&MaA~T1Cl A ~V®r EgCt 6123 1J y DATE CONTACT