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HomeMy WebLinkAboutOrdinance 6625 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF TEN MILLION SEVEN HUNDRED SIXTY FIVE THOUSAND DOLLARS ($10,765,000 .00) OF CITY OF FORT WORTH, TEXAS, REFUNDING BONDS, SERIES 1972B, BEARING INTEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE IN- TEREST ON SAID BONDS AND TO CREATE A SINKING 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, the City Council of the City of Fort Worth, Texas, heretofore passed Ordinances authorizing the issuance of the follow- ing Warrants of said City: City of Fort Worth, Texas, Land Acquisition Warrants, dated July 1, 1969, bearing interest at the rate of 6% per annum, authorized by Ordinance on July 21, 1969, in the amount of $9,000,000.00; City of Fort Worth, Texas, Land Acquisition Warrants, dated June 1, 1970, bearing interest at the rate of 6% per annum, authorized by Ordinance on May 11, 1970, in the amount of $8,500,000.00; City of Fort Worth, Texas, Land Acquisition Warrants, dated December 1, 1970, bearing interest at the rate of 6% per annum, authorized by Ordinance on November 9, 1970, in the amount of $6,000,000.00; and WHEREAS, out of the Warrants authorized by said Ordinances, the following Warrants have been delivered and said City has received full value therefor: Date of Ordinance Warrants Numbers Aggregate Amount July 21, 1969 1 and 2 $500,000 May 11, 1970 1 through 5 231,500 7 and 8 264,000 10 75,000 12 through 18 999,800 20 25,000 23 through 44 1,753,730 46 through 50 136,500 52 through 68 1,163,555 70 and 71 57,100 73 through 76 428,460 81 through 84 503,000 86 42,000 November 9, 1970 5 through 7 793,890 10 and 11 1,673,855 14 and 15 33,250 19 16,000 21 2,500 31 through 38 - 2,066,250 $10,765,390 WHEREAS, said $10,765,390.00 of Warrants are now out- standing; and WHEREAS, it is to the best interest of the City and of its taxpayers to issue the Refunding Bonds as hereafter set out; and WHEREAS, the City will issue these Refunding Bonds pursuant to Article 717k-3 of Vernon's Annotated Texas Civil Statutes; and NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That said City's coupon bonds, to be designated the "City of Fort Worth, Texas, Refunding Bonds, Series 1972B," are hereby authorized to be issued and delivered under and by virtue of the Constitution and laws of the State of Texas and the Charter of said City for the purpose of refunding $10,765,000 of the Warrants de- scribed in the second "Whereas" of the preamble of this Ordinance. SECTION 2. That said bonds shall be numbered from one (1) to two thousand one hundred fifty-three (2,153) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Ten Million Seven Hundred Sixty-Five Thousand Dollars ($10,765,000.00) . SECTION 3. That said bonds shall be dated March 1, 1972, and shall become due and payable serially as follows: Bonds Numbers Maturity Dates Amounts 1 to 87, both incl. March 1, 1973 $435,000.00 88 to 174, both Incl. March 1, 1974 435,000.00 175 to 261, both incl. March 1, 1975 435,000.00 262 to 347, both incl. March 1, 1976 430,000.00 348 to 433, both Incl. March 1, 1977 430,000.00 434 to 519, both Incl. March 1, 1978 430,000.00 520 to 605, both Incl. March 1, 1979 430,000.00 606 to 691, both incl. March 1, 1980 430,000.00 Bonds Numbers Maturity Dates Amounts 692 to 777, both incl. March 1, 1981 $ 430,000.00 778 to 863, both incl. March 1, 1982 430,000.00 864 to 949, both incl. March 1, 1983 430,000.00 950 to 1,035, both Incl. March 1, 1984 430,000.00 1,036 to 1,121, both incl. March 1, 1985 430,000.00 1,122 to 1,207, both inc March 1, 1986 430,000.00 1,208 to 1,293, both incl; March 1, 1987 430,000.00 1,294 to 1,379, both incl. March 1, 1988 430,000.00 1,380 to 1,465, both incl. March 1, 1989 430,000.00 1,466 to 1,551, both incl. March 1, 1990 430,000.00 1,552 to 1,637, both incl. March 1, 1991 430,000.00 1,638 to 1,723, both incl. March 1, 1992 430,000.00 1,724 to 1,809, both Incl. March 1, 1993 430,000.00 1,810 to 1,895, both incl. March 1, 1994 430,000.00 1,896 to 1,981, both incl. March 1, 1995 430,000.00 1,982 to 2,067, both incl. March 1, 1996 430,000.00 2,068 to 2,153, both incl. March 1, 1997 430,000.00 SECTION 4. That the bonds payable subsequent to March 1, 1987, shall be redeemable prior to their respective maturities, at the option of the City, on March 1, 1987, or on any interest payment date subse- quent to March 1, 1987, upon the following terms and conditions, viz. : (1) The bonds called for redemption on any March 1 must include all of the bonds then outstanding or must be the outstand- ing bonds bearing the highest identifying numbers; (2) the redemption price shall be par and accrued interest to date of redemption; 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 financial journal of national circu- lation 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 of Fort Worth. Nothing contained in this ordinance shall be construed to limit or affect the right of the City to purchase, with any moneys lawfully available for such purpose, any of the outstanding bonds at a price less than the redemption price hereinbefore prescribed. Notice having been given by publication in the manner provided herein, the bonds called for redemption shall become due and pay- able on the redemption date designated in the notice at the redemp- tion price determined, as provided herein, and upon presentation and surrender thereof at the place of payment thereof, together with all appurtenant coupons maturing subsequent to the redemption date, such bonds shall be paid at the redemption price aforesaid. All interest installments represented by coupons which shall have matured on or prior to the redemption 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 5. That said bonds shall bear interest at the rates as follows: Bonds Nos. 1 to 1375 , both incl. , J,�' o- % per annum; Bonds Nos. 138e to , both Incl. , 4 9rn % per annum; Bonds Nos. 1L1,, to c)% , both incl. , 4 90 % per annum; Bonds Nos. 18 1 c' to 1961 , both incl. , F, c,c) % per annum; Bonds Nos. 19 8- to --155 , both incl. , 3.oa % per annum; Bonds Nos. to , both incl. , % per annum; Bonds Nos. to , both incl. , % per annum; Bonds Nos. to , both incl. , % per annum; and Bonds Nos. to , both incl. , % per annum, payable September 1, 1972, and semi-annually thereafter on March 1st and September lst of each year. SECTION 6. That the principal of and interest on said bonds shall 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 manually by 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. UNITED STATES OF AMERICA $5,000.00 STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH, TEXAS, REFUNDING BOND SERIES 1972B 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 lst day of March, 19_, the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, with interest -thereon from date hereof at the rate of % per annum, evidenced by coupons payable September 1, 1972, and semi-annually thereafter on March lst and September lst of each year, both principal and interest payable upon presentation and surrender of bond or proper coupon at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of 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 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 two thousand, one hundred and fifty-three (2,153) bonds of like tenor and effect, except as to number, interest rate, maturity and right of prior redemption, numbered from one (1) to two thousand, one hundred and fifty-three (2,153), both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Ten Million, Seven Hundred and Sixty-five Thousand Dollars ($10,765,000,00) , issued for the purpose of refunding outstanding Warrants of said City, under and by virtue of the Constitution and 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. The bonds payable subsequent to March 1, 1987, shall be redeemable prior to their respective maturities, at the option of the City, on March 1, 1987, or on any interest payment date subse- quent to March 1, 1987, upon the following terms and conditions, viz. : (1) The bonds called for redemption on any March 1 must include all of the bonds then outstanding or must be the outstand- ing bonds bearing the highest identifying numbers; (2) the redemption price shall be par and accrued interest to date of redemption; 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, de- scribing the bonds to be redeemed, must be published at least once in a financial journal of national circulation published in the Borough of Manhattan, in the City and State of New York. The date of this bond in conformity with the ordinance above mentioned is March 1, 1972. In addition to all other rights, the holders of this series of bonds shall be subrogated to all pertinent and necessary rights of the holders of the obligations being refunded thereby. AND IT IS HEREBY CERTIFIED that the issuance of this bond, and the series of which it is a part, is duly authorized by law; 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 properly done and performed and have happened in regular and 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 exclusively to the payment of this bond and the series of which it is a part, and to the payment of the interest coupons hereto annexed as the same shall become due; and that the total indebted- ness of said City of Fort Worth, Texas, including the entire series of bonds of which this is one, does not exceed any 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 manual 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 facsimile 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 APPROVED AS TO FORM AND LEGALITY: City Attorney That the form of coupons to be attached to said bonds shall be substantially as follows: 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, promises to BOND NO. pay to bearer at the Manufacturers Hanover On the 1st day of Trust Company, in the City of New York, New Sept. , 19_ York, the amount specified hereon for inter- Mar. , est due that day on its Refunding Bond, Series SERIES 1972B 1972B, dated March 1, 1972. COUPON NO. 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 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 Charter of said City, and that it is a valid and binding obligation upon 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 , A. D. 19_ Comptroller of Public Accounts of the State of Texas 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 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 outstanding 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 suf- ficient fo 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 allowances 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 pro- perty 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 tfe City Treasurer 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. That the proper proportionate part of the Interest and Sinking Fund originally established for the obligations being refunded, together with the proper proportionate part of all taxes heretofore levied and now in the process of collection for the benefit of said obligations being refunded, are hereby appropriated, and shall be transferred immediately, to the Series 1972 Interest and Redemption Fund created herein. SECTION 11. That to pay the interest scheduled to mature on September 1, 1972, there is hereby appropriated the sum of �, d�-5ak t ( -1o �. ui Do llars ollars ($ 2,59 o"�3�, � ) from funds of the City available for such purpose, which, together with the money herein required to be transferred from the Interest and Sinking Fund of the obligations being refunded, shall be used for no other purpose than to pay said interest. SECTION 12. That the Comptroller of Public Accounts of the State of Texas is hereby authorized and directed to deliver said bonds to the holder or holders of the obligations being refunded thereby, in exchange for, and upon surrender and cancellation of, a like prin- cipal amount of said obligations being so refunded. Said exchange may be made in one or in several installment deliveries. The amount of the obligations being refunded hereby in excess of the amount of refunding bonds herein authorized shall be paid by the City of Fort Worth in cash to the holder of the obligations being refunded. SECTION 13. 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 registration; that upon registration of said bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comp- troller) shall manually sign the 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 14. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 15. That this ordinance shall take effect and be in full force and effect from and after the date of its passage, and it is so ordained. SECTION 16. That it is officially found and determined that a case of emergency or urgent public necessity exists which requires the holding of the meeting at which this Ordinance is passed, such emergency or urgent public necessity being that the issuance of the proposed bonds is needed in order to refund the City's out- standing Warrant indebtedness, and it is required that it be done immediately; and that said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Vernon's Annotated Civil Statutes, Article i 6252-17. May6ir of the City of Fort Worth, ATTEST Texas C ty ec etary of the City o Fort Worth, Texas APPROVED AS TO FORM AND LEGALI 1 City ttorney of the City of Fort Worth, Texas THE STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH I, Roy A. Bateman, 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 recessed regular, open, public meeting of the City Council of the City of Fort Worth, Texas, on the 9th day of February A.D. , 1972, and of Ordinance No. 5; _ which was duly adopted at said meeting, appearing in the minutes of said meeting in Minute Book , at pages through , inclusive, 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 hereunto affixed the seal of said City of Fort Worth, this day of February, 1972. City Secretary of the City of Fort Worth, Texas + F +f THE STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH On the 9th day of February, 1972, the City Council the City of Fort Worth, Texas, convened in recessed regular session with the following members present, to-wit: R. M. Stovall, Mayor, Jess M. Johnston, Jr. , , Taylor Gandy, John J. O'Neill, Ted C. Peters, . Councilmen, Leonard E. Briscoe, Pat Reece, W. S. Kemble, Jr. , Margret Rimmer, Rodger N. Line, City Manager, S. G. Johndroe, Jr, , City Attorney, Roy A. Bateman, City Secretary, with absent, with more than a quorum present, at which time the following, among other things, was transacted, to-wit: Councilman introduced an ordinance and moved that it be passed. The motion was seconded by Councilman The ordinance was read by the City Secretary. The motion, carrying with it the passage of the ordinance, prevailed by the following vote: AYES: Mayor R. M. Stovall and Councilmen Johnston, Gandy, O'Neill, Peters, Briscoe, Reece, Kemble and Rimmer, NOES: None. ABSENT: The ordinance, as passed, is as follows: City of Fort Worth, Texas LINE MAT6914 .Mayor and Council Communication 9000% DATE REFERENCE SUBJECT: Sale of $17,790,000 PAGE NUMBER I +M 2/9/72 General Obligation Bonds Iof 1 G-1913 MORPHI9 Bids for $17,790,000 General Obligation Bonds were received Wednesday, February 9, 1972 at 10 A.M. A summary of the average net effective interest rates for bids received is shown below. 1. First National Bank of Chicago 4.6602% 2. First National City Bank &Merrill Lynch, Pierce, Fenner & Smith 4.6953'% 3. Smith Barney & Co. , .Inc. 4.6970% 4. Harris Trust & Savings Bank 4.6990% 5. Morgan Guaranty Trust Co. 4.7681% 6. Halsey, Stuart & Co., Inc. 4.7284% 7. Weeden & Co. , Inc. 4.744%b 8. -Republic National Bank and Fort Worth National Bank 4.7485% 9. Chemical Bank & John Nuveen & Co. 4.7841% It is recommended that the bonds be sold to the bidder offering the lowest interest cost, First National Bank of Chicago and Associates at an average net effective rate of 4.6602%, and that the City Council adopt ordinance number 6624 autho the issuance of, $4,380,000 General Purpose Bonds, ordinance numb 662 authorizing $10,705,000 Refunding fonds and ordinance number 6626 au zing $2,645,000 Sanitary Sewer and Sewage Disposal Bonds. RNL:mhg I SUBMITTED BY: DISPOSITION COUNCIL: PROCESSED BY PROVED ❑ OTHER (DESCRIBE) CITY SECRETARY k4- DATE CITY MANAGER ,