HomeMy WebLinkAboutOrdinance 4463 WORTHI
ORDINANCE NO. 4463 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF REVENUE BONDS OF
THE CITY OF FORT WORTH IN THE AGGREGATE PRINCIPAL AMOUNT OF
ONE MILLION, SIX HUNDRED THOUSAND DOLLARS ($1,600,000.00),
IN ADDITION TO FOUR INSTALLMENTS OF REVENUE BOND AGGREGAT-
ING TEN MILLION, SEVEN HUNDRED THOUSAND DOLLARS ($10,700,000.00)
HERETOFORE ISSUED AND SOLD OUT OF AN AUTHORIZED ISSUE OF
EIGHTEEN MILLION DOLLARS ($18,000,000.00), IN ADDITION TO
FIFTEEN MILLION DOLLARS ($15,000,000.00) OF REVENUE BOND
PREVIOUSLY AUTHORIZED AND ISSUED, AND IN ADDITION TO EIGHTEEN
MILLION DOLLARS ($181000,000.00) OF REVENUE BONDS PREVIOUSLY
AUTHORIZED AND ISSUED, TO FINANCE THE IMPROVEMENT AND EXTEN-
SION OF THE CITY'S WATER SYSTEM; PROVIDING FOR THE PAYMENT OF
SUCH BOND SOLELY FROM THE REVENUES OF THE CITY'S WATER AND
SEWER SYSTEMS; PLEDGIN& A PORTION OF SUCH REVENUES TO SUCH
PAYMENT; ENTERING INTO CERTAIN COVENANTS AND AGREEMENTS WITH
RESPECT TO THE OPERATION OF SUCH SYSTEMS AND THE APPLICATION
OF THE REVENUES DERIVED THEREFROM; AND REPEALING ALL ORDINANCES
IN CONFLICT HEREWITH.
WHEREAS, the City of Fort Worth (hereinafter referred to as City)
has established, and for many years has maintained and operated, and is
now maintaining and operating a system (hereinafter referred to as the
City Water System) used or useful to obtain a supply of water for said City
and its inhabitants and to conserve, treat and dispose of such water, and
also a system (hereinafter referred to as the City Sever System) used or
used for the collection, treatment and disposal of sewage and waste; and,
WHEREAS, at an election duly called and held in the City on January
25, 1949, a majority of the qualified voters of the City voted in favor
of each of the following propositions:
PROPOSITION NO. 1
Shall the City of Fort Worth, Texas, through its City Coun-
cil, issue its negotiable coupon bonds in the principal sum of
Twelve Million, Four Hundred Thousand Dollars ($12,4o0,00o.o0)
for the purpose of improving, extending and enlarging the Water-
works System of said City, said bonds to be issued at one time
or in installments from time to time as the City Council shall
determine, the bonds of each installment being payable serially
as may be determined by the City Council, so that the last ma-
turing bonds shall become payable within forty (40) years from
the date thereof, and bearing interest at a rate not to exceed
four per cent 0%) per annum from the date thereof, payable semi-
annually, and to provide for the payment of principal and inter-
est on said bonds by pledging the net revenues from the opera-
tion of the Waterworks System of said City, or in the event that
the City Council be authorized to issue Sewer System revenue
bonds as submitted in Proposition No. 2, to be secured addi-
tionally by a pledge of the net revenues from the operation of
said Sewer System?
PROPOSITION NO. 2
Shall the City of Fort Worth, Texas, through its City Coun-
cil, issue its negotiable coupon bonds in the principal sum of
Five Million, Six Hundred Thousand Dollars ($5,60o,000.00) for
the purpose of improving, extending and enlarging the existing
Sever System of said City, said bonds to be issued at one time
or in installments from time to time as the City Council shall
determine, the bonds of each installment being payable serially
as may be determined by the City Council, so that the last ma-
turing bonds shall become payable within forty (40) years from
the date thereof, and bearing interest at a rate not to exceed
four per cent (4¢) per annum from the date thereof, payable semi-
annually, and to provide for the payment of principal and inter-
est on said bonds by pledging the net revenues from the operation
of the Sever System of said City, or in the event that the City
Council be authorized to issue Waterworks System revenue bonds
as submitted in Proposition No. 1, to be secured additionally
by a pledge of the net revenues from the operation of said Water-
works System?;
and,
WHEREAS, the ordinance calling said election provided that if both
propositions were duly approved at said election, the City Council could,
at its option, combine the Twelve Million, Four Hundred Thousand Dollars
($12,400,000.00) Waterworks System Revenue Bonds and the Five Million, Six
Hundred Thousand Dollars ($5,600,000.o0) Sever System Revenue Bonds into
one issue and pledge the Net Revenues from the operation of both the Water-
works System and the Sever System to the payment of the principal of and
the interest on said entire issue of bonds; and,
WHEREAS, a majority of the resident, qualified electors of the City
owning taxable property in the City, and who had duly rendered same for
taxation, voting at an election held for that purpose on January 26, 1954,
voted in favor of each of the two following propositions:
PROPOSITION NO. 1
Shall the City of Fort Worth, Texas, through its City Coun-
cil, issue its negotiable coupon bonds in the principal sum
of Ten Million Dollars ($10,000,000.00), in addition to bonds
of the aggregate principal amount of Twelve Million, Four Hun-
dred Thousand Dollars ($12,400,000.00) heretofore issued by
the City pursuant to a proposition adopted by a majority vote
of the qualified electors of the City at a special election
held on January 25, 1949, for the purpose of improving, ex-
tending and enlarging the Waterworks System of said City, said
bonds to be issued at one time or in installments from time to
time as the City Council shall determine, the bonds of each in-
stallment being payable serially as may be determined by the
City Council, so that the last maturing bonds shall become pay-
able within forty (40) years from the date thereof, and bearing
interest at a rate not to exceed four and one-half per cent
(4-1/2%) per annum from the date thereof, payable semi-annually,
and to provide for the payment of principal and interest
on said bonds by pledging the net revenues from the opera-
tion of the Waterworks System of said City, or in the event
that the City Council be authorized to issue Sewer System
revenue bonds as submitted in Proposition No. 2, to be se-
cured additionally by a pledge of the net revenues from the
operation of said Sewer System?
PROPOSTTION NO. 2
Shall the City of Fort Worth, Texas, through its City Coun-
cil, issue its negotiable coupon bonds in the principal sum of
Five Million Dollars ($5,000,000.00), in addition to bonds of
the aggregate principal amount of Five Million, Six Hundred
Thousand Dollars ($5,600,000.00) heretofore issued by the City
pursuant to a proposition adopted by a majority vote of the
qualified electors of the City at a special election held on
January 25, 1949, for the purpose of improving, extending and
enlarging the existing Sewer System of said City, said bonds
to be issued at one time or in installments from time to time
as the City Council shall determine, the bonds of each install-
ment being payable serially as may be determined by the City
Council, so that the last maturing bonds shall became payable
within forty (40) years from the date thereof, and bearing in-
terest at a rate not to exceed four and one-half per cent (4-1/2%)
per annum from the date thereof, payable semi-annually, and to
provide for the payment of principal and interest on said bonds
by pledging the net revenues from the operation of the Sewer Sys-
tem of said City, or in the event that the City Council be au-
thorized to issue Waterworks System revenue bonds as submitted in
Proposition No. 1, to be secured additionally by a pledge of the
net revenues from the operation of said Waterworks System?;
and,
WHEREAS, the ordinance calling said election provided that if both
propositions were duly approved at said election, the City Council could,
at its option, combine the Ten Million Dollars ($10,000,000.00) Waterworks
System Revenue Bonds and the Five Million Dollars ($5,000,000.00) Sewer
System Revenue Bonds into one issue and pledge the Net Revenues from the
operation of both the Waterworks System and the Sewer System to the pay-
ment of the principal of and the interest on said entire issue of bonds;
and,
WHEREAS, a majority of the resident, qualified electors of the City
owning taxable property in the City, and who had duly rendered same for
taxation, voting at an election held for that purpose on January 31, 195b,
voted in favor of each of the two following propositions:
PROPOSITION NO. 1
Shall the City of Fort Worth, Texas, through its City Coun-
cil, issue its negotiable coupon bonds in the principal sum of
Seventeen Million Dollars ($17,000,000.00), in addition to bonds
of the aggregate principal amount of Twenty-two Million, Four
Hundred Thousand Dollars ($22,400,000.00) heretofore authorized
by the City pursuant to propositions adopted by a majority vote
of the qualified electors of the City at special elections held
on January 25, 1949, and January 26, 1954, respectively, for the
purpose of improving and extending the Waterworks System of said
City, said bonds to be issued at one time or in installments from
time to time as the City Council shall determine, the bonds of
each installment being payable serially as may be determined by
the City Council, so that the last maturing bonds shall become
payable within forty (40) years from the date thereof,, and bear-
ing interest at a rate not to exceed four and one-half per cent
(4-1/2%) per annum frcm the date thereof, payable semi-annually,
and to provide for the payment of principal and interest on
said bonds by pledging the net revenues from the operation of
the Waterworks System of said City, or in the event that the
City Council be authorized to issue Sever System revenue bonds
as submitted in Proposition No. 2, to be secured additionally
by a pledge of the net revenues from the operation of said Sewer
System?
PROPOSITION NO. 2
Shall the City of Fort Worth, Texas, through its City Coun-
cil, issue its negotiable coupon bonds in the principal sum of
One Million Dollars ($1,000,000.00), in addition to bonds of
the aggregate principal amount of Ten Mullion, Six Hundred Thou-
sand Dollars ($10,600,000.00) heretofore authorized by the City
pursuant to propositions adopted by a majority vote of the quali-
fied electors of the City at special elections held on January 25,
1949, and January 26, 1954, respectively, for the purpose of im-
proving and extending the existing Sewer System of said City,
said bonds to be issued at one time or in installments from time
to time as the City Council shall determine, the bonds of each
installment being payable serially as may be determined by the
City Council, so that the last maturing bonds shall become pay-
able within forty (40) years from the date thereof, and bearing
interest at a rate not to exceed four and one-half per cent
(4-1/2%) per annum from the date thereof, payable semi-annually,
and to provide for the payment of principal and interest on said
bonds by pledging the net revenues from the operation of the
Sewer System of said City, or in the event that the City Council
be authorized to issue Waterworks System revenue bonds as sub-
mitted in Proposition No. 1, to be secured additionally by a
pledge of the net revenues from the operation of said Waterworks
System?;
and,
WfMEAS, the ordinance calling said election provided that if both
propositions were duly approved at said election, the City Council,could,
at its option, combine the Seventeen Million Dollars ($17,000,000.00)
Waterworks System Revenue Bonds and the One Million Dollars ($1,000,000.00)
Sewer System Revenue Bonds into one issue and pledge the Net Revenues from
the operation of both the Waterworks System and the Sewer System to the pay-
ment of the principal of and the interest on said entire issue of bonds;
and,
WHEREAS, the City has heretofore issued all of the bonds authorized
by the two propositions submitted at said election held on January 25, 1949,
and said bonds were issued pursuant to (1) an ordinance adopted on April
20, 1949, which is herein referred to as "First Issue Bond Ordinance,"
and (2) an ordinance adopted on September 14, 1949, and (3) an ordinance
adopted on February 28, 1951, as amended by an ordinance adopted on
March 7, 1951, and (4) an ordinance adopted on February 27, 1952, and (5)
an ordinance adapted on February 18, 1953; and,
WHEREAS, the City has heretofore issued all of the bonds authorized
by the two propositions submitted at said election held on January 26,
1954, and said bonds were issued pursuant to (1) an ordinance adopted on
March 10, 1954, and (2) an ordinance adopted on February 23, 1955, and (3)
an ordinance adopted on February 29, 1956, and (4) an ordinance adopted on
February 27, 1957, and (5) an ordinance adopted on February 28, 1958, and
(6) an ordinance adopted on February 27, 1959; and,
WHEREAS, the City has heretofore issued bonds of the aggregate prin-
cipal amount of Ten Million, Seven Hundred Thousand Dollars ($10,700,U00.00)
authorized by the two propositions submitted at said election held on Jan-
uary 31, 1956, and said bonds were issued pursuant to (1) an ordinance
adapted on February 27, 1957, and (2) an ordinance adopted on February 28,
1958, and (3) an ordinance adopted on February 2'(, 1959, and (4) an ordi-
nance adapted on April 22, 1960, and the bonds so issued comprise Nine
Million, Seven Hundred Thousand Dollars ($9,700,000.00) of the bonds re-
ferred to in Proposition No. 1 and all of the One Million Dollars ($1,000,-
000.00) of bonds referred to in Proposition No. 2 submitted at said elec-
tion, and the remainder of the bonds referred to in said Proposition No. 1
have not as yet been issued; and,
WHEREAS, it was provided in all of said ordinances authorizing the
issuance of said bonds pursuant to the authority granted by a majority of
the resident, qualified electors of the City owning taxable property in
the City, and who had duly rendered same for taxation, voting at said elec-
tions held for that purpose on January 25, 1949, January 26, 1954, and Jan-
uary 31, 1956, that the City of Fort Worth might issue additional bonds
payable from the Debt Service Fund created by the First Issue Bond Ordi-
nance and secured, equally and ratably with the bonds authorized by said
ordinances, by a pledge of the Revenues of the Systems in the event the
City shall have been authorized by law to issue them and conditioned
(a) That the additional bonds shall be issued for the
purpose of improving, extending or enlarging the Systems;
(b) That at the time the additional bonds are issued, the
City shall not be in default in making any payment required
by Section 404, 405 or 4o6 of each of said ordinances;
(c) That the amount of the average annual Net Revenues
of the Systems computed by dividing by two the Net Revenues
for the two fiscal years immediately preceding the time of
issuance of the additional bonds shall be not less than 150,%
of the maximum aggregate amount of principal and interest pay-
able in any future fiscal year with respect to the bonds and
additional bonds then outstanding (Including issued bonds as
hereinafter defined) and the additional bonds about to be is-
sued; and
(d) That the principal of the additional bonds shall be
made payable on March 1st of the years in which such principal
is payable, and that the interest on the additional bonds shall
be made payable semi-annually on September 1st and March lst;
and,
WMEAS, the City Council has found and determined that (1) the Water
and Sewer Revenue Bonds authorized by this ordinance shall be for the pur-
pose of improving or extending such City Water System; and (2) the City is
not now and has not been in default in the making of any payment required
by any of said ordinances; and (3) the amount of the average annual Net
Revenues of the City Water System and the City Sewer System computed by
dividing by two the Net Revenues for the two fiscal years imm diately pre-
ceding the time of issuance of the additional bonds now proposed to be is-
sued is far in excess of 150% of the maximum aggregate amount of principal
and interest payable in any future fiscal year with respect to the bonds
now outstanding and the additional bonds now proposed to be issued; and
(4) the principal of the additional bonds authorized by this ordinance
shall be made payable on March lst of the years in which such principal
is payable, and the interest on such additional bonds shall be made pay-
able semi-annually on September lst and March lst of each year, respective-
ly; and,
WHEREAS, it is deemed wise and expedient by the City Council of said
City, in the exercise of the discretion reposed in it by law, that One
Million, Six Hundred Thousand Dollars ($1,600,000.00) of the bonds authorized
by Proposition No. 1 submitted at said election held on January 31, 1956,
be issued, in addition to the bonds heretofore issued and sold, for the pur-
pose of improving and extending the City Water System, and that said bonds
shall be issued as provided by this ordinance; and,
WHEREAS, the following terms, where used in this ordinance, unless
the context shall indicate another or different meaning or intention, are
to be construed and used and are intended to have meanings as follows:
(1) "City Water System" and "City Sewer System" mean the
systems described in the first paragraph of this ordinance.
(2) "Bonds" shall mean the bonds described in Section 101
of this ordinance.
(3) "Additional Bonds" shall mean the bonds hereafter is-
sued as provided in Section 109 of this ordinance.
(4) "Issued Bonds" shall mean the Issued Bonds described
in Section 401 of this ordinance.
(5) "Operating Expenses" shall mean Operating Expenses as
defined in Section 401 of this ordinance.
(6) "Revenues" and "Net Revenues" shall mean, respectively,
Revenues and Net Revenues as defined in Section 401 of this
ordinance.
(7) "First Issue Bond Ordinance" shall mean the ordinance
hereinbefore described, adopted by the City Council on April
20, 1949.
(8) "Operating Fund" shall mean the fund described in Sec-
tion 402 of this ordinance.
(9) "Debt Service Fund" and "Current Account" and "Reserve
Account" shall mean the Debt Service Fund, the Current Account
and the Reserve Account described in Section 405 of this ordinance.
(10) "Operation Reserve Account" shall mean the operation
Reserve Account described in Section 406 of this ordinance.
(11) "Issuance Date" shall mean the first day on which any
of the Bonds are delivered.
(12) "Year" or "Fiscal Year" shall mean the yearly period
beginning October 1 in each year.
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS:
ARTICLE I.
AUTHORIZATION AND DESCRIPTION OF BONUS
Section 101. Bonds of the City, being a part of the bonds referred
to in Proposition No. 1 submitted at said election held on January 31,
1956, set forth in the preamble of this ordinance, shall be issued at this
time in the aggregate principal amount of One Million,Six Hundred Thousand
Dollars ($1,6o0,00o.o0) for the purpose of improving and extending the Water-
works System of said City. All of such bonds (hereinafter referred to as
the Bonds) shall constitute a single issue to be known as Water and Sever
Revenue Bonds, Series 90. The Bonds shall be payable solely from the Net
Revenues of the City's Water and Sever Systems, as defined in Section 401
of this ordinance. The credit of the City shall not be pledged for the pay-
ment of the Bonds. The holder or holders of the Bonds shall never have
the right to demand payment thereof out of any funds raised or to be raised
by taxation.
Section 102. The Bonds are hereby authorized and shall be issued
pursuant to the Constitution and statutes of the State of Texas, including
particularly Articles 1111 to 1118, inclusive, of the 1925 Revised Civil
Statutes of Texas, as amended.
Section 103. The Bonds shall be sixteen hundred (1,600) in number,
numbered from ten thousand, seven hundred and one (10,701) to twelve thou-
sand, three hundred (12,300), inclusive, and of the denomination of One
Thousand Dollars ($1,000.00) each, shall be dated March 1, 1961, and shall
mature serially in numerical order on March 1st of each year, as follows;
Year Amount Bond Numbers
1962 $6o,000.00 lo,7ol to lo,76o
1963 6o,000.00 1o,761 to 1o,820
1964 6o,000.00 lo,821 to 1o,88o
1965 6o,000.00 1o,881 to 1o,94o
1966 6o,000.00 10,941 to 11,000
1967 65,000.00 ll,00l to ll,o65
1968 65,000.00 11,o66 to u,13o
1969 65,000.00 11,131 to 11,195
1970 65,000.00 11,196 to u,26o
1971 65,000.00 11,261 to 11,325
1972 65,000.00 11,326 to u,390
1973 65,000.00 11,391 to 11,455
1974 65,000.00 11,456 to 11,520
1975 65,000.00 11,521 to 11,585
(Continued)
Year Amount Bond Numbers
1976 $65,000.00 11,586 to 11,650
1977 65,000.00 11,651 to 11,715
1978 65,000.00 11,716 to 11,780
1979 65,000.00 11,781 to li,845
1980 65,000.00 11,846 to 11,910
1981 65,000.00 11,911 to 11,975
1982 65,000.00 11,976 to 12,040
1983 65,000.00 12,o41 to 12,105
1984 65,000.00 12,106 to 12,17o
1985 65,000.00 12,171 to 12,235
1986 65,000.00 12,236 to 12,300
The interest on each Bond shall be payable semi-annually on September 1st
and March lst of each year until the Cityts obligation with respect to the
payment of the principal sum thereof shall be discharged. The Bonds shall
be payable, with respect to both principal and interest, at the principal
office of The Hanover Bank, in the Borough of Manhattan, City and State of
New York, in such coin or currency of the United States of America as at
the time of payment shall be legal tender for the payment of public and
private debts. The Bonds which mature subsequent to March 1, 1972, shall
be redeemable prior to their respective maturities, as provided in Article
II of this ordinance.
Section 104. The Bonds numbered from ten thousand, seven hundred and
one (10,701) to eleven thousand, three hundred and ninety (11,390), in-
clusive, shall bear interest at the rate of four and one-half per centum
(4-1/2%) per annum; the Bonds numbered from eleven thousand, three hundred
and ninety-one (11,391) to eleven thousand, five hundred and twenty (11,520),
inclusive, shall bear interest at the rate of three and seventy-hundredths
per centum (3.70%) per annum; the Bonds numbered from eleven thousand,
five hundred and twenty-one (11,521) to eleven thousand, nine hundred and
seventy-five (11,975), inclusive, shall bear interest at the rate of three
and sixty-hundredths per centum 0.60%) per annum; the Bonds numbered from
eleven thousand, nine hundred and seventy-six (" 976) to twelve thousand,
two hundred and thirty-five (12,235), inclusive, shall bear interest at the
rate of three and seventy-hundredths per centum (3.70%) per annum; and the
Bonds numbered from twelve thousand, two hundred and thirty-six (12,236)
to twelve thousand, three hundred (12,300), inclusive, shall bear interest
at the rate of one-quarter per centum (1/4%) per annum.
Section 105. The Bonds shall be payable to bearer, without privi-
lege of registration. Each of the Bonds shall be signed by the facsimile
signature of the Mayor, approved as to form and legality by the facsimile
signature of the City Attorney and attested manually by the City Secre-
tary, and the corporate seal of the City of Fort Worth, Texas, shall be
affixed to or impressed upon each of them. The facsimile signatures of
the Mayor and City Secretary shall be lithographed or printed upon the
coupons attached to said Bonds, and such facsimile signatures shall have
the same effect as if manually placed on said Bonds and coupons. Each suc-
cessive holder of each Bond, and each successive holder of each of the
coupons attached to the Bonds, is conclusively presumed to forego and re-
nounce his equities in favor of subsequent holders for value without notice,
and to agree that such Bond and each of such coupons may be negotiated by
delivery by any person having possession thereof, howsoever such possession
may have been acquired, and that any holder who shall have taken such Bond
or any of such coupons from any person for value and without notice there-
by has acquired absolute title thereto, free from any defenses enforceable
against any prior holder and free from all equities and claims of ownership
of any such prior holder.
Section 106. The Bonds, the interest coupons to be attached to the
Bonds, and the certificate of the Comptroller of Public Accounts of the
State of Texas, and the certificate of the City Attorney to be endorsed
on the Bonds shall be in substantially the following forms, respectively,
with the proper insertions, substitutions and variations as in this ordi-
nance provided or permitted:
Section 107. After the Bonds have been executed by the Mayor and
City Secretary in accordance with their terms, they shall be presented
to the Attorney General of the State of Texas for examination and approval.
After the Bonds have been approved by the Attorney General, they shall be
registered by the Comptroller of Public Accounts of the State of Texas in
the manner provided by law. The Bonds shall not be issued until they have
been so approved and so registered.
Section 108. The Mayor and City Secretary are hereby authorized to
execute said Bonds and to impress thereon the corporate seal of the City.
The City Treasurer is hereby authorized to deliver said Bonds to the pur-
chaser or purchasers to whom they may be sold by the City Council upon re-
ceipt of the purchase price to be paid by sucn purchaser or purchasers.
Section 109. In addition to the Bonds authorized by this ordinance,
the City may issue bonds (hereinafter referred to as Additional Bonds)
payable from the Debt Service Fund hereinafter referred to and secured,
equally and ratably with the Bonds authorized by this ordinance, by a pledge
of the Revenues of the Systems, but only upon the following conditions:
(a) That the Additional Bonds shall be issued for the purpose
of improving or extending the Systems;
(b) That at the time the Additional Bonds are issued, the City
shall not be in default in making any payment required by Section 404, 405
or 406 of this ordinance;
(c) That the amount of the average annual Net Revenues of the
Systems computed by dividing by two the Net Revenues for the two fiscal
years immediately preceding the time of issuance of the Additional Bonds
shall be not less than 150%, of the maximum aggregate amount of principal
and interest payable in any future fiscal year with respect to the Bonds
and Additional Bonds then outstanding (including Issued Bonds as hereinafter
defined) and the Additional Bonds about to be issued; and
(d) That the principal of the Additional Bonds shall be made pay-
able on March 1 of the years in which such principal is payable, and that
the interest on the Additional Bonds shall be made payable semi-annually
on September 1 and March 1.
All Bonds issued in accordance with the provisions of this Section
109 and pursuant to the propositions set forth in the preamble of this
ordinance, as well as all of those issued pursuant to propositions hereto-
fore or hereafter adopted by a majority of the resident, qualified electors
of the City owning taxable property in the City, and who have duly rendered
the same for taxation, voting at an election held for that purpose, whether
issued by virtue of this ordinance or by virtue of earlier or subsequent
ordinances or resolutions, and whether issued at one time or from time to
time, shall be deemed and treated as a single issue of bonds and as repre-
senting parts of the same indebtedness, within the meaning of Article 1113
of the 1925 Revised Statutes of Texas, as amended.
ARTICLE II.
REDEMPTION OF BONDS BEFORE MATURITY
Section 201. The Bonds payable subsequent to March 1, 1972, shall
be redeemable prior to their respective maturities, at the option of the
City, on March 1, 1972, or on March 1 of any year subsequent to 1972, upon
the following terms and conditions, viz.: (1) The Bonds called for re-
demption on any March 1 must include all of the Bonds then outstanding or
must be the outstanding Bonds bearing the highest identifying numbers;
(2) the redemption price shall be par and accrued interest to date of re-
demption, plus a premium for each bond redeemed, of the following respective
amounts in the following respective years: 19721 $25.00; 1973, $22.50;
1974, $20.00; 1975, $17.50; 1976, $15.00; 1977, $12.50; 1978, $10.00;
1979, $7.50; 1980, $5.00; 1981, $2.50; and without premium if redeemed
after 1981; and (3) at least thirty days prior to the date upon which such
redemption is to be made, a notice of intention to make such redemption,
describing the Bonds to be redeemed, must be published at least once in a
newspaper printed in the English language and published and of general cir-
culation in the City of Fort Worth, in the State of Texas, and must be pub-
lished at least once in a financial journal published in the Borough of
Manhattan, in the City and State of New York. Such option may be exercised
by ordinance or resolution duly adopted by the City Council of the City.
Section 202. Nothing contained in this ordinance shall be construed
to limit or affect the right of the City to purchase, with any moneys law-
fully available for such purpose, any of the outstanding Bonds at a price
less than the reder2ption price hereinbefore prescribed.
Section 203. Notice having been given by publication in the manner
provided in Section 201, the Bonds called for redemption shall become due
and payable on the redemption date designated in the notice at the redemp-
tion price determined, as provided in Section 201, and upon presentation
and surrender thereof at the place of payment thereof, together with all
appurtenant coupons maturing subsequent to the redemption date, such finds
shall be paid at the redemption price aforesaid. All interest installments
represented by coupons which shall have matured on or prior to the re-
demption date shall continue to be payable to the bearers of such coupons.
Interest on any Bonds to be redeemed shall cease to accrue from and after
the redemption date specified in such notice unless the City defaults in
the payment of the redemption price thereof.
Section 204. All Bonds redeemed prior to maturity under the provi-
sions of this ordinance, together with the unmatured coupons, if any,
shall be cancelled and incinerated by the City Treasurer forthwith, and
a certificate showing the destruction of such Bonds or coupons shall be
filed in the office of the City Treasurer.
ARTICLE III.
APPLICATION OF PROCEEDS OF BONDS
Section 301. All moneys received by the City in payment for the
Bonds, exclusive of accrued interest, shall be credited to a special fund,
which is hereby created and which shall be Down as the "Water and Sewer
System Construction Fund" (hereinafter referred to as the Construction
Fund). All moneys credited to the Construction Fund shall be deposited
with the City's depositary or depositaries and shall be subject to a lien
and charge in favor of the holders of the Bonds, and shall be held for the
further security of such holders until paid out as hereinafter provided.
Section 302. From the moneys credited to the Construction Fund the
City shall apply the sum of $1,600,000.00 to the payment of the cost of
improving and extending the City Water System.
Section 303. The amount received by the City from the purchasers
of the Bonds as accrued interest, if any, shall be paid by the City into
the Current Account of the Debt Service Fund hereinafter described.
ARTICLE Iv.
APPLICATION OF REVENUES
Section 401. Where used in this ordinance (1) the term "Systems"
shall be deemed to include all properties of every nature owned or used
by the City and used or useful in the operation of the City Water System
or the City Sever System, including real estate, personal and intangible
properties, whether lying within or without the boundaries of the City,
and shall include all improvements, additions and extensions which may
hereafter be made to said properties or Systems; (2) the term "Operating
Expenses" shall mean the reasonable and proper expenses of operating and
maintaining the Systems, including, without limiting the generality of the
foregoing, expenditures for salaries, labor, materials, interest, repairs
and extensions necessary to enable the Systems to render efficient service,
and every proper item of expense, but such repairs and extensions shall be
limited to those which in the judgment of the City Council are necessary
to keep the Systems in operation aa4 to render adequate service to the City
and the inhabitants thereof, or necessary to meet some physical accident
or condition which would otherwise impair such Systems and the Revenues
thereof; (3) the term "Revenues" shall mean the gross revenue and income
derived by the City from the operation of the Systems; (4) the term "Net
Revenues" shall mean the amount by which the aggregate of the Revenues re-
ceived by the City in any year shall exceed the amount required to pay the
Operating Expenses of such year; (5) the term "Issued Bonds" shall mean
the Forty-three Million, Two Hundred and Sixty Thousand Dollars ($43,26o,000.00)
Water and Sewer Revenue Bonds which have been heretofore issued pursuant to
the authority given by the propositions adopted at said elections held in
the City on January 25, 1949, January 26, 1954, and January 31, 1956, and
pursuant to the ordinances referred to in the preamble of this ordinance;
and (6) the term "First Issue Bond Ordinance" shall mean the ordinance
adopted by the City Council on April 20, 1949.
Section 402. All Revenues (as defined in Section 401 of this ordi-
nance) received or collected by the City or any of its officers or agencies
shall be deposited by the City Treasurer, as promptly as possible after
their receipt, in a bank or banks authorized to act as depositary or de-
positaries of the City, and shall be held by such bank or banks in a
special fund or account to be known as the "Water and Sewer Operating Fund"
(hereinafter referred to as the Operating Fund), established by the First
Issue Bond Ordinance.
Section 403. Subject only (1) to the right of the City to pay from
the Operating Fund moneys required for Operating Expenses as provided in
Section 404 of this ordinance and (2) to the right of the City to expend
moneys in the Operating Fund in accordance with Section 406 of this ordi-
nance, all moneys paid or required by Section 402 to be paid into the
Operating Fund are hereby pledged to secure the payment of the principal
of, the redemption premium, if any, and interest on the Bonds (including
Issued Bonds and Additional Bonds issued in accordance with Section 109
of this ordinance), and this pledge shall be valid and binding from and
after the earliest date (hereinafter referred to as the Issuance Date) upon
which any Bonds are issued pursuant to this ordinance. Revenues, as re-
ceived by the City, shall immediately be subject to the lien of this pledge
without any physical delivery thereof or further act, and the lien of this
pledge shall be valid and binding as against all parties having claimsof
any kind in tort, or contract, or otherwise against the City, irrespective
of whether such parties have notice of such lien.
Section 404. From the Operating Fund the City shall first pay Operat-
ing Expenses as such expenses became due and payable.
Section 405. (1) The Special Fund known as the "Water and Sewer Debt
Service Fund" (hereinafter referred to as "Debt Service Fund") established
by the First Issue Bond Ordinance shall be continued and maintained, and
such Special Fund shall be divided into a "Current Account" and a "Reserve
Account" as provided in the First Issue Bond Ordinance. All moneys paid
into such accounts as hereinafter provided and as provided in the First Is-
sue Bond Ordinance shall be deposited in one or more depositaries of the
City as a Special Fund and shall be kept separate from all other moneys of
the City.
(2) 0n or before the last day of the first month end-
ing subsequent to the Issuance Late, and on or before the fifteenth day
of each month thereafter, the City shall, out of the moneys remaining in
the operating Fund after payment of operating Expenses then due and pay-
able, pay
(a) Into the Current Account of the Debt Service Fund:
(1) An amount equal to one-sixth (1/6) of the inter-
est payable on the Bonds (including Issued Bonds
and Additional Bonds) then outstanding on the
interest payment date next ensuing, less the
amount, if any, received as accrued interest
from the purchasers of the Bonds and deposited
to the credit of the Current Account and avail-
able for the purpose of paying said interest;
and
(2) An amount equal to one-twelfth (1/12) of the prin-
cipal of the Bonds (including Issued Bonds and Ad-
ditional Bonds) then outstanding that will mature
on the March first next ensuing; and
(b) Into the Reserve Account of the Debt Service Fund:
An amount equal to twenty per cent (20%) of said
payments into the Current Account; provided, how-
ever, that whenever and for so long as the amount
in the Reserve Account shall be as much as the ag-
gregate amount of principal and interest that will
become due and payable in the twelve months' period
beginning on the March 2 next ensuing on the Bonds
(including Issued Bonds and Additional Bonds) then
outstanding, no payment need be made into the Re-
serve Account; and provided, further, that no greater
payment need be made into the Reserve Account than
shall be necessary to make the amount in the Reserve
Account equal to said aggregate amount of principal
and interest.
(3) In addition to the amount required by the foregoing
provisions of this section to be paid into the Current Account of the Debt
Service Fund on or before the last day of the month in which any Bonds or
Additional Bonds are delivered, the City shall pay into said account, on
or before said day, out of moneys remaining in the operating Fund after
the payment of Operating Expenses then due and payable, an amount equal to
the amounts, if any, which would have been theretofore paid, pursuant to
said foregoing provisions, into the Current Account with respect to said
Bonds or Additional Bonds (a) on account of interest, if said Bonds or Ad-
ditional Bonds had been delivered six months before the interest payment
date next ensuing, and (b) on account of principal, if said Bonds or Addi-
tional Bonds had been delivered one year before the principal payment date
next ensuing.
(4) If for any reason the moneys in the Current Account
or the Reserve Account of the Debt Service Fund, and actually available
for the purpose of paying the principal of or interest on the Bonds or
the Issued Bonds or the Additional Bonds, shall at any time be less than
the total amount required by the foregoing provisions of this section to be
paid into such account up to such time, after deducting, in the case of the
Current Account, moneys previously applied to, or set aside and held by the
City for, the payment of matured Bonds or Issued Bonds or Additional Bonds
and matured coupons appurtenant to Bonds or the Issued Bonds or Additional
Bonds, the amount of the deficiency shall be added to the amount otherwise
required to be paid from the Operating Fund into such deficient account in
each month thereafter until all such deficiencies shall have been made up.
(5) Whenever and for so long as the moneys in the Debt
Service Fund are at least equal to the aggregate principal amount of the
Bonds and Issued Bonds and Additional Bonds issued and unpaid, plus the
amount of interest then due and thereafter to become due on the Bonds and
Issued Bonds and Additional Bonds issued and unppdrd, no further payment
need be made into the Debt Service Fund.
Section 406. The special account in the Operating Fund known as the
"Operation Reserve Account" created by the First Issue Bond Ordinance shall
be continued and maintained. The City Council has ascertained and hereby
determines that cash and investments amounting in the aggregate to
$646,000.00 have been set aside in accordance with the provisions of the
First Issue Bond Ordinance and are now held in said account and that said
sum is more than twenty-five percentum of the total amount of the Operating
Expenses of the System for the twelve months' period ending on September 30,
1960. In the event that the moneys held in said account shall hereafter be
less than twenty-five percentum of the total amount of the Operating Expenses
of the Systems for any twelve months' period ending on the next preceding
September 30th, the City shall, on or before the last days of December,
March, June and September in each year, after making the payments for
Operating Expenses required by Section 404 and the payments into the Cur-
rent Account and Reserve Account of the Debt Service Fund required by
Section 405, set aside and pay into the Operating Reserve Account, out
of any balance of the revenues remaining in the Operating Fund, the sum
of $16,000.00, or such larger suns as may hereafter be prescribed by the
City Council, until the moneys held in the Operating Reserve Account shall
be equal to twenty-five percentum of the total amount of the Operating
Expenses of the Systems for the twelve months' period ending on the next
preceding September 30th, after which no further payment need be made into
such account unless the moneys therein shall became less than such total
amount, in which event such further payments shall be made from time to
time into said account as may be necessary in order to make the moneys
therein equal to said total amount. Moneys in said account may be used
by the City for the purpose of making any payments required by either Sec-
tion 404 or Section 405 of this ordinance. Any surplus remaining in the
Operating Fund, after making the payments for Operating Expenses required
by Section 404 and the payments into the Current Account and Reserve Ac-
count of the Debt Service Fund required by Section 405 and the payments
into the Operation Reserve Account required by this section, may be used
by the City for any lawful purpose.
Section 407. Moneys in the Current Account of the Debt Service Fund
shall be used by the City for the purpose of paying or making provision
for paying the principal of and interest on the Bonds or Issued Bonds or
Additional Bonds as such principal and interest fall due. Moneys in the
Reserve Account of the Debt Service Fund shall also be used by the City
for said purpose whenever and to the extent that the moneys in the Current
Account shall be insufficient for said purpose. All moneys in the Debt
Service Fund shall be held by the City in trust, and they are hereby pledged
to and charged with the payments mentioned in this section.
Section 408. Moneys on deposit to the credit of the Reserve Account
of the Debt Service Fund or the Operation Reserve A"b'W_t of the Operating
Fund may, in the discretion of the City Council of the City, be invested
in direct obligations of, or obligations the principal and interest of
which are unconditionally guaranteed by, the United States Government.
Obligations so purchased as an investment of moneys in either of such ac-
counts shall be deemed at all times to be a part of such account, and the
interest accruing thereon and any profit realized from such investment
shall be credited to such account, and any loss resulting from such in-
vestment shall be charged to such account. The City shall sell at the
best price obtainable any obligations so purchased whenever it may be neces-
sary so to do in order to provide moneys to meet any payment or transfer
from such account.
ARTICLE V.
PARTICULAR COVENANTS OF THE CITY
Section 501. The City covenants and agrees that it will duly and
punctually pay, or cause to be paid, the principal of all Bonds issued
under this ordinance and the interest thereon, on the dates, at the place
and in the manner set forth in such Bonds and in the coupons thereto ap-
pertaining, and that it will faithfully do and perform and at all times
fully observe any and all covenants, undertakings, stipulations and provi-
sions contained herein or in the Bonds at any time outstanding hereunder.
Except as in this ordinance otherwise provided, such principal and interest
are payable solely from the Revenues derived from the Systems, which Reve-
nues are hereby pledged to the payment thereof in the manner and to the ex-
tent hereinabove particularly specified, and nothing in the Bonds or cou-
pons or in this ordinance shall be construed as pledging the credit of the
City or as obligating the City, directly or indirectly, or contingently,
to levy a tax therefor.
Section 502. The City covenants that it will at all times maintain
the Systems in good working order and condition and will continuously
operate the same, and will, from time to time, make all proper repairs,
renewals and replacements.
Section 503. The City covenants that it will at all times fix, es-
tablish and collect adequate rates and charges for the services furnished
by the Systems, so that the Revenues derived therefrom will at all times
be sufficient to provide funds for paying Operating Expenses as they be-
come due and payable and for making the payments required by Section 405
to be made to the Debt Service Fund and the payments required by Section
W6 to be made to the Operation Reserve Account, and to pay any other in-
debtedness which may become a change upon the Revenues of the Systems.
Section 504. The City covenants that it will at all times carry in-
surance in a responsible insurance company or companies authorized and quali-
fied under the laws of Texas to assume the risk thereof, covering such prop-
erties belonging to the Systems as are customarily insured, and against
loss or damage from such causes as are customarily insured against, by com-
panies engaged in the operation of water or sewer systems. The proceeds
of any and all such insurance shall, to the extent necessary, be applied
to the repair and replacement of the damaged property.
Section 505. The City covenants that, so long as the Bonds or any
of them shall be outstanding and except as in this ordinance otherwise
expressly permitted, it will not sell, lease or otherwise dispose of or
encumber the Systems or any part thereof, and will not create or permit
to be created any charge or lien on the Revenues of the Systems ranking
equally with or prior to the charge or lien on such Revenues of the Bonds
issued under and secured by this ordinance. The City may, however, from
time to time, sell any machinery, fixtures, apparatus, tools, instruments
or other movable property acquired by it in connection with the Systems,
or any materials used in connection therewith, if the City shall by reso-
lution of its City Council determine that such articles are no longer needed
or are no longer useful in connection with the construction or operation
and maintenance of the Systems, and the proceeds thereof shall be applied
to the replacement of the properties so sold or disposed of, or shall be
deposited to the credit of the Operating Fund. The City may from time to
time sell or lease such other property forming part of the Systems as it may
determine is not needed or serves no useful purpose in connection with the
maintenance and operation of the Systems. The proceeds of any such sale
shall be deposited to the credit of the Debt Service Fund, and the rentals
from any such lease shall be deposited to the credit of the Operating Fund.
Section 506. So far as it legally may, the City covenants and agrees
that, so long as the Bonds or any of them are outstanding, it will not
grant a franchise for the operation of any competing water system or sewer
system.
Section 507, The City covenants and agrees that, so long as the
Bonds or any of them are outstanding, the rates charged for services fur-
nished by the Systems shall be equal and uniform, and no free service shall
be allowed except for City public schools or buildings and institutions
operated by the City.
Section 508. The City covenants and agrees that, so long as the
Bonds or any of them are outstanding, it will not issue Additional Bonds,
payable from the Debt Service Fund, except in the manner and subject to
the limitations prescribed by Section 109 of this ordinance.
Section 509. Nothing contained in this ordinance shall be construed
to require the City to make any payment except from the Revenues of the
Systems or from the moneys raised by the issuance of the Bonds.
Section 510. The City covenants that it will keep proper books of
account (separate from all other records and accounts) in which full and
correct entries shall be made of all transactions relating to the Systems.
Such books shall be open to the inspection of all interested persons. The
City further covenants that not later than three months after the close of
each fiscal year, the City will cause to be prepared a statement, certified
by a competent and independent certified public accountant, shoving in rea-
sonable detail the revenues and expenses of the Systems during such fiscal
year, the assets and liabilities of the Systems at the beginning and close
of such fiscal year, the amounts on deposit at the close of such fiscal
year in each of the separate funds or accounts mentioned in this ordinance,
and such other information as may be necessary to enable the holders of the
Bonds and the Additional Bonds to be fully informed as to all matters per-
taining to the financial operation and condition of the Systems during such
riscal year. The City further covenants that it will cause a copy of such
statement to be mailed to each of the original purchasers of the Bonds or
the Additional Bonds and also to each holder of any of the Bonds or the Ad-
ditional Bonds who shall have requested it.
Section 511. The City covenants that, so long as the Bonds or any
of them shall be outstanding, all deposits of money held in either the
Con*truction Fund or the Debt Service Fund or the Operating Fund (other than
money invested as hereinbefore provided) shall be adequately secured by
United States Government bonds or other marketable securities eligible as
security for the deposit of trust funds under regulations of the Board of
Governors of the Federal Reserve System, or by indemnity bonds of indemnity
companies qualified as security for United States Government deposits, or
as may be required by the applicable laws of the State of Texas.
ARTICLE VI.
MISCELLANEOUS PROVISIONS
Section 601. If a coupon appertaining to any of the Bonds shall
in any way, before, at or after maturity, be transferred or pledged sepa-
rate and apart from the Bond to which it appertains, such coupon shall
not, unless accompanied by such Bond, be entitled, in case of default
hereunder, to any benefit of or from this ordinance, except after prior
payment in full of the principal of all Bonds and of all coupons not so
transferred or pledged. If the time for the payment of any coupon apper-
taining to any of the Bonds shall be directly or indirectly extended, or
the extension thereof shall be assented to by the City, or the City shall
be a party to or approve of any arrangement for such extension by purchasing
such coupons or in any other manner, then, anything in this ordinance con-
tained to the contrary notwithstanding, such coupon so extended shall not be
entitled, in case of default hereunder, to any benefit of or from this ordi-
nance, except after prior payment in full of all Bonds outstanding hereunder
and of all such coupons as shall not have been so extended.
Section 602. In consideration of the purchase and acceptance of the
Bonds authorized to be issued hereunder by those who shall hold the same
from time to time, this ordinance shall be deemed to be and shall consti-
tute a contract between the City and the holders from time to time of such
Bonds; and the covenants and agreements herein set forth to be performed
on behalf of the City shall be for the equal benefit, protection and se-
curity of the holders of any and all such Bonds and coupons, all of which,
regardless of the time or times of their issue or maturity, shall be of
equal rank without preference, priority or distinction of any of the Bonds
or coupons over any other thereof except as expressly provided herein.
Section 603. Except as herein otherwise expressly provided, nothing
in this ordinance is intended or shall be construed to confer upon any per-
son, firm or corporation, other than the holders of the Bonds, any right,
remedy or claim, legal or equitable, under or by reason of this ordinance,
or any covenant, condition or stipulation herein, this ordinance and all of
its covenants, conditions and stipulations being intended to be for the
sole and exclusive benefit of the holders from time to time of the Bonds.
Section 604. In the event that any one or more of the provisions of
this ordinance shall for any reason be held to be illegal or invalid, such
illegality or invalidity shall not affect any other provision of this ordi-
nance, and this ordinance and the Bonds issued pursuant thereto shall be
construed and enforced as if such illegal or invalid provision or provi-
sions had not been contained in this ordinance.
Section 605. All ordinances and resolutions in conflict herewith are
hereby repealed in so far as they conflict herewith.
Section 606. This ordinance shall take effect and be in full force
and effect from and after the date of its passage.
y of of Fort rt , Texas
v
C ty ecr tary of the City of
ort Worth, Texas
APPROVED AS TO FORM AND LMALITY:
City Attorney of the City of
Fort Worth, Texas
(Form of Bond)
No. No.
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
WATER AND SEWER REVENUE BOND
SERIES 90
$1,000 $1,000
The City of Fort Worth (hereinafter called the City), a municipal
corporation of the State of Texas, for value received, hereby promises
to pay, solely from the revenues hereinafter referred to, to the bearer
on March 1, 19 , the principal sum of ONE THOUSAND DOLLARS ($1,000),
and to pay, solely from said revenues, interest on said principal sum
from the date of this Bond, at the rate of per centum
( %) per annum, semi-annually, the first interest payment date be-
ing September 1, 1961, and each year thereafter on March 1 and September 1,
until the City's obligation with respect to the payment of said principal
sum shall be discharged. So much of said interest as shall be payable
at or before the date of maturity of this Bond expressed herein will be
paid only upon presentation and surrender of the annexed interest coupons
as they severally mature. Payment of the principal of and interest on this
Bond will be made at the principal office of The Hanover Bank, in the
Borough of Manhattan, City and State of New York, in such coin or currency
of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts.
This Bond is one of a duly authorized issue of coupon bonds of the
City, known as its Water and Sewer Revenue Bonds, Series 90 (hereinafter
ca3,led the Bonds), limited to the aggregate principal amount of One Mil-
lion, Six Hundred Thousand Dollars ($1,600,000.00), dated March 1, 1961,
maturing serially of March 1 in various years, and numbered from 10,701
to 12,300, in the order of their maturity. The Bonds are issued or to be
issued for the improvement and extension of the City's Water System, and
the Bonds are payable from the Net' Revenues derived by the City from the
operation of the City's Water and Sewer Systems. The credit of the City is
not pledged to the payment of the Bonds, and the holder hereof shall never
have the right to demand payment of this obligation out of any funds raised
or to be raised by taxation. The Bonds are issued or to be issued from
time to time under and pursuant to and equally and ratably secured by an
ordinance entitled "An ordinance providing for the issuance of revenue
bonds of the City of Fort Worth in the aggregate principal amount of One
Million, Six Hundred Thousand Dollars ($1,600,000.00), in addition to four
installments of revenue bonds aggregating Ten Million, Seven Hundred Thou-
sand Dollars ($10,700,000.00) heretofore issued and sold out of an au-
thorized issue of Eighteen Million Dollars ($18,000,000.00), in addition
to Fifteen Million Dollars ($15,000,000.00) of revenue bonds previously
authorized and issued, and in addition to Eighteen Million Dollars ($18,-
000,000,00) of revenue bonds previously authorized and issued, to finance
the improvement and extension of the City's Water System; providing for
the payment of such bonds solely from the revenues of the City's Water
and Sewer Systems; pledging a portion of such revenues to such payment;
entering into certain covenants and agreements with respect to the opera-
tion of such Systems and the application of the revenues derived therefrom;
and repealing all ordinances in conflict herewith," adopted by the City
Council of the City on June 2, 1961, to which ordinance reference is hereby
made for a more specific description of the revenues charged with and pledged
to the payment of the principal of and interest on the Bonds, and for a
statement of the nature and extent of such security, of the rights of the
bearers of the Bonds and of the annexed interest coupons with respect to
such security, and of the agreements of the City with respect thereto, and
for a statement of the conditions upon which obligations on a parity with
this Bond may be issued. The bonds of this issue and also the $43,260,000.00
of bonds previously issued, all issued to finance the improvement and ex-
tension of the City's Water and Sewer Systems, are secured equally and rata-
bly by a pledge of the net revenues of such Systems.
The Bonds payable subsequent to March 1, 1972, shall be redeemable
prior to their respective maturities, at the option of the City, on March
1, 1972, or on March 1 of any year subsequent to 1972, upon the following
terms and conditions, viz.: (1) The Bonds called for redemption on any
March 1 must include all of the Bands then outstanding or must be the
outstanding Bonds bearing the highest identifying numbers; (2) the re-
demption price shall be par and accrued interest to date of redemption,
plus a premium for each Bond redeemed, of the following respective amounts
in the following respective years: 1972, $25.00; 1973, $22.50; 1974, $20.00;
1975, $17.50; 1976, $15.00; 1977, $12.50; 1978, $10.00; 1979, $7.50; 1980,
$5.00; 1981, $2.50; and without premium if redeemed after 1981; and (3) at
least thirty days prior to the date upon which such redemption is to be
made, a notice of intention to make such redemption, describing the Bonds
to be redeemed, must be published at least once in a newspaper printed in
the English language and published and of general circulation in the City
of Fort Worth, in the State of Texas, and must be published at least once
in a financial ,journal published in the Borough of Manhattan, in the City
and State of New York.
Each successive holder of this Bond, and each successive holder of
each of the coupons hereto attached, is conclusively presumed to forego
and renounce his equities in favor of subsequent holders for value with-
out notice, and to agree that this Bond and each of the coupons hereto at-
tached may be negotiated by delivery by any person having possession there-
of, howsoever such possession may have been acquired, and that any holder
who shall have taken this Bond or any of the coupons from any person for
value and without notice thereby has acquired absolute title thereto, free
from any defenses enforceable against any prior holder and free from all
equities and claims of ownership of any such prior holder.
This Bond is issued pursuant to the Constitution and statutes of the
State of Texas, including particularly Articles 1111 to 1118, inclusive,
of the 1925 Revised Civil Statutes of Texas, as amended, Chapter 249, Acts
51st Legislature (1949); Chapter 250, Acts 51st Legislature (1949), as
amended by Chapter 23, Acts 52nd Legislature (1951), and pursuant to propo-
sitions authorizing the encumbering of the income derived by the City from
the operation of the City's Water System and the City's Sewer System to
provide for the payment of the $18,000,000.00 principal amount of bonds
(of which the $1,600,000.00 principal amount of Series 90 above described
are a part), adopted by a majority of the resident, qualified electors of
the City owning taxable property in the City, and who had duly rendered
the same for taxation, voting at an election held for that purpose on Jan-
uary 31, 1956, and pursuant to the above mentioned ordinance. All acts,
conditions and things required by the Constitution or statutes of the State
of Texas to exist, be performed or happen precedent to or in the issuance
of this Bond exist, have been performed and have happened, and the amount
of this Bond, together with all other indebtedness of the City, does not
exceed any limit prescribed by the Constitution or statutes of said State.
IN TESTIMONY WHEREOF, the City of Fort Worth, in the State of Texas,
has executed this Bond by causing it to be signed by the facsimile signa-
ture of the Mayor of the City and attested manually by the City Secretary
and approved as to form and legality by the facsimile signature of the
City Attorney, with the seal of the City thereunto duly affixed or impressed,
and has caused the annexed interest coupons to be executed with the fac-
simile signatures of the Mayor and City Secretary, and has caused this Bond
to be dated the first day of March, A. D. 1961.
CITY OF FORT WORTH, TEKAS
BY
Mayor
ATTEST:
City Secretary
(Form of coupons representing interest payable
on or before March 1, 1972)
The City of Fort Worth, Texas, will pay to bearer,
solely from those certain revenues referred to in the
On the
Bond hereinafter mentioned, at the principal office of first day of
The Hanover Bank, in the City of New York, New York, Sept., 19
March,
the stun of Dollars
N0. - $
($ ), being interest then due on its Water and
SERIES 90
Sewer Revenue Bond, Series 90, dated March 1, 1961.
BOND NO.
The holder hereof shall never have the right to demand
payment of this obligation out of any funds raised or
to be raised by taxation.
yor
ATTEST: "
City Secretary
(Form of coupons representing interest payable
subsequent to March 1, 1972)
Unless the Bond hereinafter mentioned shall have
been called for previous redemption and payment there-
of made or duly provided for, the City of Fort Worth,
On the
Texas, will pay to bearer, solely from those certain first day of
revenues referred to in the Bond hereinafter mentioned, Sept., 19 _
March,
at the principal office of The Hanover bank, in the
NO. - $
City of New York, New York, the sum of
SERIES 90
Dollars 4 ), being inter-
BOND NO.
est then due on its Water and Sewer Revenue Bond,
Series 90, dated March 1, 1961. The holder hereof shall
never have the right to demand payment of this obligation
out of any funds raised or to be raised by taxation.
Mayor
ATTEST:
City Secretary
(Form of Comptroller's Certificate)
OFFICE OF COMPTROLLER §
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 and laws
of the State of Texas and the Chaster of said City, and that it is a valid
and binding special obligation of said City of Fort Worth, Texas, payable
from the revenues pledged to its payment by and in the ordinance authoriz-
ing same, and said bond has this day been registered by me.
WITNESS my hand and seal of office at Austin, Texas, this the
day of , A. D. 19
Comptroller of Public Accounts
of the State of Texas
(Form of City Attorney's Certificate)
The within bond is hereby approved as to form and legality.
city Atydim6y
ORDINANCE
Title
Adopted .
Final Adoptio
Publishe
t
Filed—'�—' Day of _
City Secretary
1'• o.No.29793-A