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HomeMy WebLinkAboutOrdinance 6385 ORDINANCE NO. /-?!/x AN ORDINANCE by the City Council of the City of Fort Worth, Texas, authorizing the issuance of $6,000,000 "CITY OF FORT WORTH, TEXAS, AIRPORT LAND ACQUISITION WARRANTS, " dated December 1, 1970, for airport purposes, to wit: the acqui- sition of land and interests in land, by pur- chase or condemnation; prescribing the form of warrants and the form of endorsements to appear thereon; levying a continuing direct annual ad valorem tax on all taxable property within the limits of said City to pay the interest on said warrants and to create a sinking fund for the payment thereof, and providing for the assessment and collection of such taxes; enacting provisions incident and relating to the purpose and subject of this ordinance; and declaring an emergency. WHEREAS, heretofore, to wit, on the 19th day of October, 1970, the City Council of the City of Fort Worth, Texas, by resolution duly adopted and entered of record, officially as- certained and determined that it is necessary and to the best interests of the City and its inhabitants that land and in- terests in land be acquired in connection with providing the City's share of the site for the Dallas-Fort Worth Regional Airport, and that the costs of acquiring such land and inter- ests in land and defraying expenses incidental thereto would be in the amount of approximately $6,000,000; and WHEREAS, in said resolution the City Council designated the 9th day of November, 1970, as the date on which it intended to adopt an ordinance authorizing the issuance of interest- bearing time warrants of the City in an amount not to exceed $6,000,000 for airport purposes, to-wit: the acquisition of land and interests in land, by purchase or condemnation, which the City Council shall approve as necessary in providing the City's share of the site for the Dallas-Fort Worth Regional Airport and to defray all expenses incidental thereto, said warrants to bear interest at a rate not to exceed 61/. per annum and to mature not later than December 1, 1985, issued upon the faith and credit of the City and payable from ad valorem taxes; and WHEREAS, official notice of the City Council's inten- tions aforementioned was duly given by the City Secretary in accordance with law and the directions of said resolution by publication thereof in the City's official newspaper on the 21st and 28th days of October, 1970, the first said date of publication being at least 14 days before the date designated for passage of the within ordinance; and WHEREAS, no petition has been filed in the office of the City Secretary by as many as 101% in number of the quali- fied voters of the City whose names appear on the last approved tax rolls as property taxpayers of the City praying this City Council to submit to a referendum vote the question of the issuance of bonds for the purposes for which the City Council has evidenced its intention to issue interest-bearing time warrants; and, further, this City Council finds that no peti- tion of any kind or character with respect to the proposed warrants has been filed either with said City Secretary or any member of this Council or any other officer of the City of Fort Worth; and WHEREAS, it appearing to the City Council that all pre- requisites to the valid authorization of the intended warrants for their stated purposes have been accomplished in accordance with law, including Article 2368a, V.A.T.C.S., and that this Council may therefore proceed with this ordinance authorizing the issuance of said warrants; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. That the interest-bearing time warrants of the City of Fort Worth, to be known and designated as "CITY OF FORT WORTH, TEXAS, AIRPORT LAND ACQUISITION WARRANTS, " in the principal sum of not to exceed Six Million Dollars ($6,000,000) , shall be and are hereby authorized to be issued and the same are hereby issued for airport purposes, to-wit: the acquisition of land and interests in land, by purchase or condemnation, which the City Council shall approve as necessary in providing the City's share of the site for the Dallas-Fort Worth Regional Airport and to defray all expenses incidental thereto, and the City's Director of Finance shall have control of said warrants for the purpose of delivering the same to the proper persons pursuant to further resolutions of this Council approving expenditures for which specific warrants will be de- livered and specifying the amount and other details appropriate thereto at the time of the adoption of such resolutions. Section 2. That said warrants shall be numbered consecu- tively from One (1) upward in chronological order of issuance and shall be in denomination equal to the amount of the par- ticular expenditure for which they shall evidence the indebted- ness of the City. Section 3. That said warrants shall be dated December 1, 1970, and become due and payable (subject to the City's option of .prior redemption hereinafter provided for) on December 1, 1985. Section 4. That the City of Fort Worth reserves the right to redeem all the warrants herein authorized, in whole or in part, at any time at par and accrued interest to the date of redemption; provided, however, that at least ten (10) days prior to any date upon which any such warrants are to be re- deemed, notice of intention signed by the Director of Finance, specifying those warrants which are to be redeemed and the amount thereof, shall be filed with The Fort Worth National Bank, Fort Worth, Texas (the paying agent named in each of said warrants) ; and if by the date fixed for redemption the City shall have made available to the paying agent bank funds sufficient to pay the warrants thus called for redemption and interest accrued thereon to the redemption date, then the warrants thus called for redemption shall cease to bear in- terest from and after the date so fixed for redemption and shall no longer be considered outstanding for any purpose ex- cept for the purpose of obtaining the payment thereof from such funds. Section 5. That said warrants shall bear interest from date of delivery, until paid at the rate of Six Per Centum (6°/a) per annum, such interest to be payable on the December 1 next succeeding the delivery date but not prior to December 1, 1971, and annually thereafter on December 1 in each year. An endorsement by the City Director of Finance indicating the date of delivery shall be placed on each warrant. Section 6. That both principal of and interest on said warrants shall be payable in lawful money of the United States of America, without exchange or collection charges to the owner or holder, at The Fort Worth National Bank, Fort Worth, Texas, the principal to be paid upon presentation and surrender of such warrants for payment, and the interest thereon to be paid upon presentation of such warrants for interest payment endorsement by the Bank aforementioned. Section 7. That each of said warrants shall be signed by the facsimile signatures of the Mayor and City Secretary of the City, respectively, and countersigned manually by the Director of Finance of the City, and approved as to form and legality by the City Attorney, to be evidenced by his facsimile signature on each warrant. Additionally, the corporate seal of the City of Fort Worth, Texas, shall be impressed, printed or lithographed upon each of said warrants. Section 8 . That the form of said warrants, the form of certificate of delivery and the form of schedule for interest payments shall be, respectively, substantially as follows: NO. $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH, TEXAS, AIRPORT LAND ACQUISITION WARRANT The CITY OF FORT WORTH, a municipal corporation of the State of Texas, acknowledges itself indebted to and for value received hereby promises to .pay to bearer the sum of DOLLARS ($ ) , in lawful money of the United States of America, on the lst day of December, 1985, with interest thereon from the date of delivery hereof (which date is noted on the Cer- tificate of Delivery, appearing hereon) until paid at the rate of Six per centum (6%) per annum, payable on the Decem- ber I next succeeding the date of delivery of this warrant, but not prior to the lst day of December, 1971, and annually thereafter on the lst day of December in each year. Both principal of and interest on this warrant are hereby made payable at The Fort Worth National Bank, Fort Worth, Texas, paying agent herefor, without exchange or col- lection charges to the owner or holder, the principal to be paid upon presentation and surrender of this warrant and in- terest to be paid upon presentation hereof for interest pay- ment endorsement by said Bank. This Warrant is one of a series of warrants dated December 1, 1970, of like tenor and effect, except as to denomination and number, aggregating a sum not exceeding Six Million Dollars ($6,000,000) , issued for airport purposes, to-wit: the acquisition of land and interests in land by pur- chase or condemnation, which the City Council of the City shall approve as necessary in providing the City's share of the site for the Dallas-Fort Worth Regional Airport and to defray all expenses incidental thereto, pursuant to notice of intention duly issued and published in the time and manner prescribed by law and in accordance with an authorizing ordinance passed and adopted by the City Council of Fort Worth, Texas, on the 9th day of November, 1970, and duly recorded in the minutes of said City Council. As specified in the ordinance above referred to, the City reserves the right to redeem the warrants of this series, in whole or any part thereof, at any time prior to the stated maturity, at par and accrued interest to date of redemption; provided, however, that at least ten (10) days prior to any date upon which any of such warrants are to be redeemed, notice of intention signed by the City's Director of Finance, specify- ing those warrants which are to be redeemed and the amount there- of, shall be filed with the paying agent above named; and if by, the date fixed for redemption the City shall have made avail- able to the paying agent funds sufficient to pay the warrants thus called for redemption and interest accrued thereon to the redemption date, then the warrants thus called for redemption shall cease to bear interest from and after the date so fixed for redemption and shall no longer be considered outstanding for any purpose except for the purpose of obtaining payment thereof from such funds. IT IS BEREBY CERTIFIED and recited that all acts, con- ditions and things required to be done precedent to and in the issuance of this warrant, and of the series of which it is a part, to render the same legal and valid have been properly done, have happened and have been performed in regular and due time, form and manner as required by law; that due and proper provision has been made for the levy of a direct and continuing annual ad valorem tax against all taxable property within the City sufficient to pay the interest on this series of warrants as due and to provide for the payment of each install- ment of principal as the same matures; that the City has re- ceived full value and consideration for this warrant and that the total indebtedness of the City of Fort Worth, includ- ing this warrant and the series of which it is one, does not exceed any constitutional or statutory limitation. IN TESTIMONY WHEREOF, the City Council has caused the seal of said City to be placed hereon and this warrant to be signed by the facsimile signatures of its Mayor and City Secretary and countersigned by the manual signature of its Director of Finance, and this warrant has been approved as to form and legality by the City Attorney as evidenced by his facsimile signature appearing hereon. City Secretary Mayor City of Fort Worth, Texas City of Fort Worth, Texas COUNTERSIGNED: APPROVED AS TO FORM AND LEGALITY: Director of Finance City Attorney City of Fort Worth, Texas (FORM OF CERTIFICATE OF DELIVERY TO BE PRINTED ON THE BACK OF EACH WARRANT) FULL CONSIDERATION therefor being hereby acknowledged, this warrant was delivered to the original holder(s) , on this date, to wit, , pursuant to resolution of the City Council ,passed authorizing its execution and delivery. Director of Finance City of Fort Worth, Texas (FORM OF SCHEDULE OF zmTEaEaz rAYmoNza JD BE nnzNroo ON THE BACK OF EACH WARRANT) Paying agent Interest one Amount Amount Officer December 1 _Due_ _Paid Date Paid SignatL]re 1971 � $ ______ 1972 $ $ 1973 ¢ $ 1974 $ $ ______ 1975 $ $ 1976 $ $ 1977 $ ¢ ______ 1978 $ $ 1979 $ $ ______ 1980 $ $ I98I ¢ $ 1982 $ ¢ 1983 ¢ $ _____ I984 $ $ I985 $ ¢ Section 9. The provisions herein authorized for the issuance of "City of Fort Worth, Texas, Airport Land Acqoioi- tioo�Warraota^ are not to be construed as precluding the City of Fort Worth from purchasing lands for airport purposes in any other lawful manner. Section lO. That a special fund to be designated "city of Fort Worth, Texas, Airport Land Acquisition warrants In- terest and Sinking Fnod, " is hereby created and the proceeds from all taxes collected for and on account of this series of War- rants shall be credited to said fund for the purpose of paying the interest as it accrues and to provide a sinking food for the purpose of paying any installment of principal as it becomes doe, and said fund shall be used for no other purpose. For each year while any of said Warrants or interest thereon shall be unpaid and outstanding there shall be computed and ascer- tained, 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 as it accrues and to pay the principal as it matures, or to provide at least two (2/) per cent of the principal as a sinking fund, whichever is greater, with full allowance being made for delinquencies and costs of collection. A tax at the rate as hereinabove determined is ordered to be levied and is hereby levied against all of the taxable property in said City for the cur- rent year and for each year hereafter while said Warrants or any installments thereof shall be outstanding and unpaid, and said tax each year shall be assessed and collected and placed in the Fund hereby created and the City Treasurer shall honor warrants drawn against said Fund for the purpose of paying the interest on and principal of said Warrants and for no other purpose. Section 11. The fact that the City of Fort Worth is in urgent need of funds with which to acquire land and interests in land for airport purposes as herein contemplated creates an emergency and an urgent public necessity for the immediate preservation of the public health, peace and safety', requiring that this ordinance shall take effect and be in force im- mediately upon and after its passage, and it is accordingly so ordained. PASSED AND APPROVED this 9th day of November, 1970. Mayor ATTEST: City Secretary APP VED S1r,TO�FORMEG�: City Attorney (CITY SEAL) City of Fort Worth, Texas W LINE Mayor and Council Communication d�unicat Lon LINE ,DATE REFERENCE SUBJECT: Ordinance Authorizing Issuance PAGE GRAHAM 1/9/70 G-1655 of Airport Land Acquisition Warrants Iof 1 WILlfM On October 19, 1970, the City Council approved a resolution announcing the City's intention to finance additional land acquisitions for the Regional Airport by issuance of $6,000,000 in time warrants. The reso- lution also provided for publication of notice of intention to issue the warrants (M&C G-1648) . Notice of intention to issue the warrants has been advertised, as required, and the waiting period specified by State Law has elapsed. No petition has been filed requesting that the issuance of such warrants be put to a vote of the people. An ordinance has been prepared for the City Council's consideration which authorizes the issuance of $6,000,000 in City of Fort Worth Air- port Land Acquisition Warrants, prescribes the form of the warrants and the endorsements to appear thereon, tend requires provision for their repayment as full faith and credit obligations of the City. Recommendation: It is recommended that an ordinance be adopted by the City Council authorizing the issuance of $6,000,000 in airport land acquisition warrants. HDM:mhg SUBMITTED BY: DISPOSITION UNCIL: PROCESSED BY G-APPROVED ❑ OTHER (DESCRIBE) S E Y DATE CITY MANAGER ,i -).A