HomeMy WebLinkAboutOrdinance 7918 i
ORDINANCE NO. 7918
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF THIRTY-
EIGHT MILLION, NINE HUNDRED SEVENTY FIVE THOUSAND
DOLLARS ($38,975,000.00) OF GENERAL PURPOSE BONDS,
SERIES 1979, OF THE CITY OF FORT WORTH, TEXAS,
BEARING INTEREST AT THE RATES HEREINAFTER SET
FORTH, AND. PROVIDING FOR THE LEVY, ASSESSMENT AND
COLLECTION OF A TAX SUFFICIENT--TO PAY THE INTEREST
ON SAID BONDS AND TO CREATE A SINY..ING FUND FOR THE
REDEMPTION THEREOF AT MATURITY; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING THAT
THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM
AND AFTER THE DATE OF ITS PASSAGE.
WHEREAS, it is deemed advisable and to the best interest
of the City of Fort Worth that certain general purpose bonds
authorized at elections previously y held in said City be com-
bined in a single issue and sold at this time, the dates of
election, amount of bonds authorized thereat, purpose,
amount of bonds previously sold, and the amount now to be
sold being as follows:
dl DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT
ELECTION AUTHORIZED PURPOSE SOLD NOW OFFERED
Dec. 9, Street
1975 $37,235,000 Impr. $ 6,580,000 $ 10,000,000
Dec. 9, Fire
1975 1,585,000 Protec. 1,310,000 2751000
Dec. 9, Sanitary
1975 27,500,000 Sewer 16,700,000 3,000,000
Feb. 7, Street
1978 56,350,000 Impr. - 5,000,000
Feb. 7, Pub.Evts.
1976 1,200,000 Impr. - 1,200,000
Feb. 7, Park & Rec.
1978 13,700,000 Impr. - 3,500,000
Feb. 7, Police
1978 14,000,000 Impr. - 14,000,000
Feb. 7, Fire
1978 4,750,000 Impr. 2,000,000
$ 38,975,000
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
SECTION 1
That the bonds of said City to be called "General
Purpose Bonds, Series 1979", be issued under and by virtue
of the Constitution and laws of the State of Texas and the
Q Charter of said City for the following purposes, to-wit:
Fifteen Million Dollars ($15,000,000.00) for the purpose of
making permanent city improvements by constructing, improv-
ing and extending the streets, thoroughfares and storm
drains of said city, including in such permanent public
improvements the straightening,g g, widening, paving, grade
separation, lighting and drainage of said streets and thor-
oughfares, and acquiring the necessary lands therefor; Two
Million Two Hundred Seventy-Five Thousand Dollars
($2,275,000.00) for the purpose of making permanent city
improvements by constructing, building and equipping city
fire stations and training facilities, improving and extend-
ing the city fire alarm and communications system and ac-
auiring the necessary lands therefor; Three Million Dollars
($3,000,000.00) for the purpose of making permanent city
improvements by improving, extending and enlarging the
sanitary sewer system and sewage disposal plants of said
city and acquiring the necessary lands therefor; One Million
Two Hundred Thousand Dollars ($1,200,000.00) for the purpose
of making permanent city improvements by constructing, im-
proving and extending the public events facilities of said
city and acquiring the necessary lands therefor; Three
Million Five Hundred Thousand Dollars ($3,500,000.00) for
the purpose of making permanent city improvements by con-
structing, building and equipping parks and recreation
facilities of said city and acquiring the necessary lands
therefor; and Fourteen Million Dollars ($14,000,000.00) for
the purpose of making permanent city improvements by con-
structing, building and equipping city police stations and
acquiring the necessary lands therefor, all of which bonds
f�
aggregate in principal amount the sum of Thirty-Eight
Million Nine Hundred Seventy-Five Thousand Dollars
($38,975,000.00) .
SECTION 2
That said bonds shall be numbered from one (1) to seven
thousand, seven hundred ninety-.five (7,795) , both inclusive,
of the denomination of Five Thousand Dollars ($5,000.00)
q
each, aggregating Thirty-Eight Million Nine Hundred Seventy-
Five Thousand Dollars
SECTION 3
That said bonds shall be dated July 1, 1979, and shall
become due and payable serially as follows:
YEAR AMOUNT YEAR AMOUNT
1982 $ 525,000 1992 $1,850,000 I
1983 525,000 1993 1,950,000
1984 525,000 1994 2,050,000
1985 1,250,000 1995 2,150,000
1986 1,325,000 1996 2,300,000
1987 1,400,000 1997 2,400,000
1988 1,475,000 1998 2,550,000
1989 1,550,000 1999 2,700,000
1990 1,650,000 2000 2,850,000
1991 1,750,000 2001 3,000,000
2002 3,200,000 p
SECTION 4
On March 1, 1990, or on any interest payment date
thereafter, any outstanding bonds of the series of which
this bond is a part may be redeemed prior to their sched-
uled maturities, at the option of said City
, in whole or in
part, for the principal amount thereof and accrued interest
thereon to the date fixed for redemption. At least thirty
i
days 'ricer to the date fixed for._:any such redemption said
City shall cause a written notice of such redemption to be
published at least once in a financial publication published
in the City of New York, New York. By the date fixed for
any such redemption due provision shall be made with the
paying agent for the payment of the principal amount of the
I
bonds which are to be so redeemed and accrued interest
thereon to the date fixed for redemption. If such written
i
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notice of redemption is published and if due provision for
such payment is made, all as provided above, the bonds which
are to be so redeemed thereby automatically shall be redeemed
prior to their scheduled maturities, and they shall not bear
I� interest after the date fixed for redemption, and they shall
9.
not be regarded as being outstanding except for the right of
the bearer to receive the redemption price from the paying
agent out of the funds provided for such a p yment.
SECTION 5
i�
That said bonds shall bear interest at the rates per
annum as follows:
maturities 1982 through 1990, 6 1/2 %
maturities 1991 through 5 1/2 %
maturities 1992 through 5.20 o
maturities 1993 through 1994, 5.25
maturities 1995 through 5.30 %
maturities 1996 through 1997, 5.40 %
maturities 1998 through 2001, 5 1/2
maturities through 2002r 4 1/2 %
maturities through %
maturities through %
maturities through %
maturities through %
maturities through ,
maturities through %
maturities through %
maturities through , %
evidenced by coupons appertaining to each of the Bonds, pay-
able March 1, 1980, and semiannually thereafter on September
1 and March 1 of each year until the principal amount thereof
shall be paid.
SECTION 6
That the principal of and interest on said bonds shall
ii be payable upon presentation and surrender of bond or proper
coupons at the Manufacturers Hanover Trust Company, in the
Borough of Manhattan, City and State of New York.
SECTION 7
That each of said bonds shall be executed for and on
behalf of the City of Fort Worth, Texas, by the facsimile
signature of the Mayor, approved as_ to form and legality
by the facsimile signature of the City Attorney, and attested
by the facsimile signature of the City Secretary, with the
seal of the City thereon duly affixed to, or impressed, or
printed, or lithographed, and the interest coupons shall be
executed with the lithographed or printed facsimile signatures
of the Mayor and City Secretary of the City of Fort Worth,
Texas, and such facsimile signatures shall have the same
effect as if manually placed on said bonds and coupons.
SECTION 8
That the form of said bonds shall be substantially as
follows;
NO. $5,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
GENERAL PURPOSE BOND
SERIES 1979
The City of Fort Worth, in the County of Tarrant, State
of Texas, a municipal corporation duly incorporated under
the laws of the State of Texas, for value received, hereby
promises to pay to the bearer hereof, on the 1st day of
March, the sum of FIVE THOUSAND DOLLARS
in lawful money of the United States of America, with in-
terest thereon from date hereof at the rate of % per
annum, evidenced by coupons payable March 1, 1980, and semi-
annually thereafter on September 1st and March 1st of each
year, both principal and interest payable upon presentation
and surrender of bond or proper coupon at the Manufacturers
Hanover Trust Company, New York, New York, and the City of
Fort Worth, Texas is hereby held and firmly bound, and its
faith and credit and all taxable property in said City are
V
hereby pledged for the prompt payment of the principal of
this bond at maturity and the interest thereon as it accrues.
This bond is one of a series of seven thousand, seven
hundred ninety-five (7,795) bonds of like tenor and effect,
except as to number, interest rate, maturity and right of
prior redemption, numbered from one (1) to seven thousand,
seven hundred ninety-five (7,795) , -both inclusive, of the
denomination of Five Thousand Dollars ($5,000.00) each,
aggregating Thirty-Eight Million, Nine Hundred Seventy-Five
Dollars ($38,975,000.00) , issued for the following purposes,
to-wit: Fifteen Million Dollars ($15,000,000. 00) for the
Purpose of making permanent city improvements by constructing,
improving and extending the streets, thoroughfares and storm
drains of said city, including in such permanent public
improvements the straightening, widening, paving, grade
separation, lighting and drainage of said streets and thor-
oughfares, and acquiring the necessary lands therefor; Two
Million Two Hundred Seventy-Five Thousand Dollars
($2,275,000.00) for the purpose of making permanent city
improvements by constrructing, building and equipping city
fire stations and training facilities, improving and extend-
ing the city fire alarm and communications system and ac-
quiring the necessary lands therefor; Three Million Dollars
($3,000,000.00) for the purpose of making permanent city
improvements by improving, extending and enlarging the
sanitary sewer system and sewage disposal plants of said
city and acquiring the necessary lands therefor; One Million
Two Hundred Thousand Dollars ($1,200,000.00) for the purpose
of making permanent city improvements by constructing, im-
proving and extending the public events facilities of said
city and acquiring the necessary lands therefor; Three
Million Five Hundred Thousand Dollars ($3,500,000.00) for
the purpose of making permanent city improvements by con-
structing, building and equipping parks and recreation
facilities of said city and acquiring the necessary lands
therefor; and Fourteen Million Dollars ($14,000,000.00) for
�i the purpose of making permanent city improvements by con-
structing, building and equipping city police stations and
acquiring the necessary lands therefor, under and by virtue
of the Constitution ad laws of the State of Texas and the
Charter of said City, and pursuant to an ordinance passed
by the City Council of the City of Fort Worth, Texas, which
ordinance is duly of record in the Minutes of said City
Council.
On March 1, 1990, or on any interest payment date
thereafter, any outstanding bonds of the series of which
this bond is a part may be redeemed prior to their scheduled
maturities, at the option of said City, in whole or in part,
for the principal amount thereof and accrued interest thereon
to the date fixed for redemption. At least thirty days
1
prior to the date fixed for any such redemption said City
'I
shall cause a written notice of such redemption to be pub-
lished at least once in a financial publication
P published in �
the City of New York, New York. By the date fixed for any
such redemption due provision shall be made with the paying
agent for the payment of the principal amount of the bonds
which are to be so redeemed and accrued interest thereon
to the date fixed for redemption. If such written notice of
redemption is published and if due provision for such pay-
ment is made, all as provided above, the bonds which are to
be so redeemed thereby automatically shall be redeemed prior PP
to their scheduled maturities, and they shall not bear i
interest after the date fixed for redemption, and they shall
not be regarded as being outstanding except for the right of
the bearer to receive the redemption price from the paying
b agent out of the funds provided for such payment.
The date of this bond in conformity with the ordinance
above mentioned is July 1, 1979.
i
It is hereby certified and recited that the- issuance
of this bond, and the series of which it is a part, is duly
6
II
authorized by law and by a vote of the resident, qualified
electors of the City of Fort Worth, Texas, voting at elec-
tions held for that purpose within said City on December 9,
1975 and February 7, 1978; that all acts, conditions and
things required to be done precedent to and in the issuance
of this series of bonds, and of this bond, have been pro-
perly done and performed and have happened in regular and
I� due time, form and manner as required by law; that sufficient !
and proper provision for the levy and collection of taxes
has been made, which, when collected, shall be appropriated
riated
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exclusively to the payment of this bond and the series of
which it is a part, and to the payment of the interest coupons
i
hereto annexed as the same shall become due; and that the
total indebtedness of said City of Fort Worth, Texas, in-
cluding the entire series of bonds of which this is one,
does not exceed an_y constitutional, statutory or charter
limitation.
In witness whereof_, this bond has been signed by the
printed or lithographed .facsimile signature of the Mayor of
�! said City, attested by the printed or lithographed facsimile
signature of the City Secretary and approved as to form and
legality by the printed or lithographed facsimile signature
of the City Attorney, and the interest coupons attached
hereto have been signed by the printed or lithographed fac-
simile signatures of the Mayor and City Secretary, and the
official seal of said City has been duly affixed to, or
impressed, or printed, or lithographed on this bond.
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST:
City Secretary
SECTION 9
That the proceeds from all taxes collected for and on
account of this series of bonds shall be credited to an
Interest and Redemption Fund for the purpose of paying the
interest as it accrues and to provide a sinking fund for the
s
purpose of paying each installment of principal as it becomes
due; that for each year hereafter while any of said bonds, or
interest thereon, are outstandinq and unpaid, there shall be !!�
computed and ascertained, at the time other taxes are levied,
the rate of tax based on the latest approved rolls of said
City as will be requisite and sufficient to make, raise and
produce in each of said years a fund to pay the interest on
said bonds and to provide a sinking fund sufficient to pay
the principal as it matures, or at least 2% of the principal
as a sinking fund, whichever is greater, full allowance being
made for delinquencies and costs of collection; that a tax
at the rate as hereinabove determined is hereby ordered to
be levied and is hereby levied against all of the taxable
property in said City for each year while any of said bonds,
or interest thereon, are outstanding and unpaid; that the
said tax each year shall be assessed and collected and placed
in the Interest and Redemption Fund; and that the City Treas-
urer shall honor warrants against said fund for the purpose
of paying the interest maturing and principal of said bonds
and for no other purpose.
SECTION 10
s
That the bonds herein authorized shall be presented to
the Attorney General of the State of Texas for examination
and approval and to the Comptroller of Public Accounts for
f,
registration; that upon registration of said bonds, the
i Comptroller of Public Accounts (or a deputy designated in di
writing to act for the Comptroller) shall manually sign the
II
Comptroller's certificate of registration prescribed herein
to be printed on the back of each bond; and that the seal of
the Comptroller shall be affixed to, or impressed, or printed,
or lithographed on each of said bonds.
SECTION 12
That the sale of the bonds herein authorized, to Republic
National Bank of Dallas, The Fort Worth National Bank,
Merrill Lynch White Weld Capital Mkts , and Associates
at a price of par and accrued interest to date of delivery,
I
plus a premium of $ 500,00 is hereby confirmed; and that
delivery of such bonds shall be made to such purchasers as
soon as may be after the passage of this ordinance upon
! payment therefor in accordance with the terms of sale.
SECTION 13
That the City covenants to and with the purchasers of
the bonds that it will make no use of the proceeds of the
bonds at anv time throughout the term of this issue of bonds
which, if such use had been reasonably expected on the date of
delivery of the bonds to and payment for the bonds by the
purchasers, would have caused the bonds to be arbitrage bonds
within the meaning of Section 103 (c) of the Internal Revenue
Code of 1954, as amended, or any regulations or rulings per-
taining thereto; and by this covenant the City is obligated
to comply with the requirements of the aforesaid Section
103 (c) and all applicable and pertinent Department of the
Treasury regulations relating to arbitrage bonds. That the
City further covenants that the proceeds of the bonds will
not otherwise be used, directly or indirectly, so as to
cause all or any part of the bonds to be or become arbitrage
bonds within the meaning of the aforesaid Section 103 (c) or
any regulations or rulings pertaining thereto.
A� SECTION 14
That all ordinances and resolutions or parts thereof
in conflict herewith are hereby repealed.
i
SECTION 15
That this ordinance shall take effect and be in full
I
force and effect from and after the date of its passage, 4
and it is so ordained.
. e
SECTION 16
It is hereby officially found and determined that the
meeting at which this ordinance was passed was open to the
public, and public notice of the time, place and purl
se of
said meeting was given, all as required by Article 6252-17,
Vernon's Texas Civil Statutes, as amended.
i
Mayor of the City o.f_ Fort Worth,
Texas
ATTEST:
WtSo�-trearyort Worth, Texas
A R�QZ AS TO F RM AND LEGALITY:
City Atto ney of the City of
Fort Worth, Texas
9
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
I, Jack W. Green, City Secretary of the City of Fort
Worth, in the State of Texas, do hereby certify that I have
compared the attached and foregoing excerpt from the minutes
of the regular, open, public meeting of the City Council of
the City of Fort Worth, Texas, and of Ordinance No. 7918
which was duly passed at said meeting, and that said copy is
a true and correct copy of said excerpt and the whole
of said ordinance.
In testimony whereof, I have set my hand and have here-
unto affixed the seal of said City of Fort Worth, this
P
day of June, 1979.
City Secretary of the City of
Fort Worth, Texas
(SEAL)
E
f
SIGNATURE IDENTIFICATION NND NO-LITIGATION CERTIFICATE
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
We, the undersigned, hereby certify as follows:
(a) That this certificate is executed and delivered with reference to that issue of
CITY OF FORT TA70RTH GENERAL PURPOSE BONDS,
Series 1979, dated July 1, 1979 in the principal amount of$3 8,9 7 5,000.
(b) That we officially executed and signed said Bonds and the interest coupons attached thereto by
causing facsimiles of our manual signatures to be imprinted or lithographed on each of said Bonds and
interest coupons,and we hereby adopt said facsimile signatures as our own, respectively, and declare
that said facsimile signatures constitute our signatures the same as if we had manually signed each of
said Bonds and interest coupons.
(c) That said Bonds and interest coupons are substantially in the form, and have been duly ex-
ecuted and signed in the manner, prescribed in the order, resolution, or ordinance authorizing the issu-
ance of said Bonds and interest coupons.
(d) That at the time we so executed and signed said Bonds and interest coupons we were, and at
the time of executing this certificate we are, the duly chosen, qualified, and acting officers indicated
therein, and authorized to execute the same.
(e) That no litigation of any nature has been filed or is now pending to restrain or enjoin the issu-
ance or delivery of said Bonds or interest coupons, or which would affect the provision made for their
payment or security, or in any manner questioning the proceedings or authority concerning the issu-
ance of said Bonds and interest coupons, and that so far as we know and believe no such litigation is
threatened.
(f) That neither the corporate existence nor boundaries of said issuer is being contested, that no
litigation has been filed or is now pending which would affect the authority of the officers of said issuer
to issue, execute, and deliver said Bonds and interest coupons,and that no authority or proceedings for
the issuance of said Bonds and interest coupons have been repealed, revoked, or rescinded.
(g) That we have caused the official seal of said issuer to be impressed,or printed,or lithographed
on each of said Bonds;and said seal on said Bonds has been duly adopted as, and is hereby declared to
be,the official seal of said issuer.
EXECUTED and delivered this
MANUAL SIGNATURES OFFICIAI, TITLES
ov�--- M..ayor�...C?.t�..ofFert,.F7o. th_.--.Tq.Xm's
�� T XCity
aSecretart',.._Cit� fFrt_.o • o _4QTth,' City Attorney, City of Fort Worth,
Texas
The signatures of the officers subscribed above
are hereby certified to be true and genuine.
(BANK SEAL) ..................•----•---.................................-
Bank
By.........................................................
Authorized Officer
LAW OFFICES
McCall, Parkhurnt&Ho:ton
1400 Mercantile Bank Building
D.11-,Texas 75201
APPROVED AS TO FORM AND LEGALITY:
City Attorney
That the form of coupons to be attached to said bonds
shall be substantially as follows:
NO. $
I
On the lst day of unless the Bond
hereinafter mentioned shall have been called for previous
redemption and payment thereof made or duly provided for,
the City of Fort Worth, Texas, will pay to bearer, solely
from those certain revenues referred to in the Bond herein- 1
after mentioned, at the principal office of the Manufacturers '
Hanover Trust Company, in the City of New York, New York,
the amount specified hereon, being interest then due on its II
General Purpose Bonds, Series 1979, dated July 1, 1979. t
CITY OF FORT WORTH, TEXAS
BY
Mayor
{
ATTEST:
City Secretary
That substantially the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER OF j
THE STATE OF TEXAS REGISTER NO.
I hereby certify that there is on file and of record in
my office a certificate of the Attorney General of the State E
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
I
issued in conformity with the Constitution and laws of the
State of Texas and the Charter of said City, and that it is
a valid and binding obligation of said City of Fort Worth,
Texas, and said bond has this day been registered by me.
Witness my hand and seal of office at Austin, Texas
this the day of , 1979.
Comptroller of Public Accounts of
the State of Texas [
6
s
3 �r.E
bERC,HERT Cary of Fort Worth, Eexas
BAILIFF Mayor
7) or �AYnILtV Council Coin i(LiIV 0 lV W�L/�L t((i® 2
SMITH V11 LN/(�[�//
MATSON DATE REFERENCE SUBJECT: Sale of $38,975,000 General PAGE
NUMBER
BLACKWLL-L Purpose Bonds
6/13/79 G-4202 zof 2
Bids for $38,975,000 General Purpose Bonds were received Wednesday, June 13,
1979, at 11:00 A.M. A summary of the average annual effective interest rates
for the bids received is shown below:
Gross Less Net Effective
Bidder Interest Cost Premium Interest Cost Interest Rat
Republic National Bank of
Dallas The Fort Worth
National Bank Merrill
Lynch White Weld Capital
Markets and Associates $32,137,349.99 $ 500.00 $32,136,849.99 5.4477%
First National Bank in
Dallas and Associates 32,325,375.50 4,469.50 32,320,906.00 5.47897
Bache Halsey Stuart
Shield, Inc. 32,527,966.67 3,118.00 32,524,848.67 5.5135%
Salomon Brothers and
Associates 32,544,066.67 6,386.50 32,537,680.17 5.5157%
Citibank, N.A. and
Associates Chemical Bank
and Associates 33,040,950.30 -0- 33,040,959.30 5.6010%
DATE REFERENCE SUBJECT: Sale Of $38,975,000 General PAGE
NUMBER
6 13 79 G-4202 Purpose Bonds 2 or 2
Recommendations
It is recommended that:
1. The City Council adopt the attached resolution approving the "Notice of
Sale and Bidding Instructions", 'Official Bid Form" and Official Statement"
prepared in connection with the issuance of the $6,500,000 and the
$38,975,000 General Purpose Bonds;
2. The bonds be sold to the bidder offering the lowest interest cost, Republic
National Bank of Dallas, The Fort Worth National Bank, Merrill Lynch White
Weld Capital Markets and Associates, at an average net effective rate of
5.4477% and that the City Council adopt the attached Ordinance authorizing
the issuance and sale of $38,975,000 General Purpose Bonds.
MCM:plg
SUBMITTED FOR TH
CITY MANAGER'S /Q DISPOSITIO Y COUNCIL: PROCESSED BY
OFFICE BY: �` ffT'APPROVED
ORIGINATING OTHER (DESCRIBE) IV)
DEPARTMENT HEAD: '�� �
M.C. Matson
CITY SECRETARY
FOR ADDITIONAL INFORMATION (.6
CONTACT: M-C, Matson. E 2 DATE 3/7