HomeMy WebLinkAboutOrdinance 6288 ORDINANCE NO.
AN ORDINANCE by the City Council of the
City of Fort Worth, Texas, authorizing
the issuance of $8,500,000 "CITY OF
FORT WORTH, TEXAS, AIRPORT LAND ACQUISITION
WARP-ANTS," dated June 1, 1970, for airport
purposes, to-wit: the acquisition of land
and interests in land, by purchase 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 pro-
visions incident and relating to the pur-
pose and subject of this ordinance; and
declaring an emergency.
WHEREAS, heretofore, to-wit: on the 20th day of April,
1970, the City Council of the City of Fort Worth, Texas, by
resolution duly adopted and entered of record, officially
ascertained and determined that it is necessary and to the
best interests of the City and its inhabitants that land and
interests 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 interests
in land and defraying expenses incidental thereto would be in
the amount of approximately $8,500,000; and
WHEREAS, in said resolution the City Council designated
the lIth day of May, 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
$8,500,000 for airport purposes, to-wit: the acquisition of
land and interests in land, by purchase or condemnation, which
the CityCouncil shall approve as necessary in providing the
I ZD
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 6% per annum,
and to mature not later than June 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 intentions
aforementioned was duly given by the City Secretary in accord-
ance with law and the directions of said resolution by publi-
cation thereof in the City's official newspaper on the 21st and
28th days of April, 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 10% in number of the qualified
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 petition
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
prerequisites 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:
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 prir-
cipal sum of not to exceed Eight Million Five Hundred Thousand
Dollars ($8,500,000) ,shall be and are hereby authorized to be is-
sued and the same are hereby issued for airport purposes,to-wit: the
acquisition of land and interests in land, by purchase or condemm -
tion, 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 delivered 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
particular expenditure for which they shall evidence the
indebtedness of the City.
Section 3. That said warrants shall be dated June 1, 1970,
and become due and payable (subject to the City's option of
prior redemption hereinafter provided for) on June 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
redeemed, 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 interest
from and of er the date so fixed for redemption and shall no
longer be considered outstanding for any purpose except 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 (61)
per annum, such interest to be payable on the June I next
succeeding the delivery date but not prior to June 1, 1971, and
annually thereafter on June I 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 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 1st day of June, 1985, with interest thereon from the
date of delivery hereof (which date is noted on the Certificate
of Delivery appearing hereon) until paid at the rate of Six
per centum (6%) per annum, payable on the June I next succeeding
the date of delivery of this warrant, but not prior to the
Ist day of June, 1971, and annually thereafter on the 1st day
of June 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 collection charges to
the owner or holder, the principal to be paid upon presentation
and surrender of this warrant and interest to be paid upon
presentation hereof for interest payment endorsement by said
Bank.
This Warrant is one of a series of warrants dated June 1,
1970, of like tenor and effect, except as to denomination and num:)er,
aggregating a sum not exceeding Eight Million Five Hundred Thousa-id
Dollars ($8,500,000) ,isstied for airport purposesto-wit: the
acquisition of land and interests in land by purchase 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 Ilth
day of May, 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, specifying
those warrants which are to be redeemed and the amount thereof,
shall be filed with the paying agent above named; and if by the
date fixed for redemption the City shall have made available
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 HEREBY CERTIFIED and recited that all acts, con-
ditions and things required to be done precedent to and in the
issuance of this fwarrant, 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
installment of principal as the same matures; that the City has
received 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 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:
Director of Finance City Attorney
City of Fort Worth, Texas 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.
Worth,
Director of Finance, City of Fr t
Texas
(FORM OF SCHEDULE OF INTEREST PAYMENTS
TO BE PRINTED ON THE BACK OF EACH
WARRANT)
Paying Agent
Interest Amount Amount officer
Due June 1 Due _Paid Date Paid _LiZqLattir ,.
1971 $
1972
1973
1974
1975
1976 $
1977 $
1978 $
1979
1980 $
1981 $ $
1982 $ $
1983
1984 $ $
1985
Section 9. The provisions herein authorized for the
issuance of "City of Fort Worth, Texas, Airport Land Acquisition
Warrants" are not to be construed as precluding the City of Fort
Worth from purchasing lands for airport purposes in any other
lawful manner.
Section 10. That a special fund to be designated "City of
Fort Worth, Texas, Airport Land Acquisition Warrants Interest and
Sinking Fund," is hereby created and the proceeds from all taxes
collected for and on account of this series of Warrants shall be
credited to said fund for the purpose of paying the interest as
it accrues and to provide a sinking fund for the purpose of pay-
ing any installment of principal as it becomes due, 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 outstand-
ing there shall be computed and ascertained, at the time other
'
taxes are levied, the raLe 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 delinquaicies and costs of collection. A tax at the
rate as he^c~na~~`e determined is `^~^re~ to be ^``ie~ and is
hereby levied against all of the taxable property in said City
for the current 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 Treasurer
i placed in the Fund hereby '
~~^^^ ~~^~^ ^~^^-~^~ ---^~ against� said ^ --- for the p~-r~~`
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 immediately
upon and after its passage, it is accordingly so ordained.
PASSED AND APPROVED this llth day of May, 19770.
Mayor
;ATTEST
4City Secretary
Cify Attorney
(CITY SEAL)
U ' �
U !
C of Dort Worth, T%wocas 6vz,Oe 'J,
�
NNE Mayor and Council Communication
MORPHIS
DATE REFERENCE SUBJECT: Ordinance Authorizing Issuance PAGE
R.f B. NUMBER
of Airport Land Acquisition Warrants lof 1
GRAHAM 5/11/70 G-1554
JOHNOROE
On April 20, 1970, the City Council approved a resolution announcing the
City's intention to finance additional land acquisitions for the Regional
Airport by issuance of $8,500,000 in time warrants_ The resolution also
provided for publication of notice of intention to issue the warrants
(M&C G-1542) . Notice of intention to issue the warrants has been adver-
tised, 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 $8,500,000 in City of Fort Worth Airport Land
Acquisition Warrants, prescribes the form of the warrants and the endorse-
ments to appear thereon, and 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 author-
izing the issuance of $8,500,000 in airport land acquisition warrants.
HDM:mhg
SUBMITTED BY: DISPOSI IO COUNCIL: PROCESSED BY
APPR VED ❑ OTHER (DESCRIBE)
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DATE
CITY MANAGER /?�