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HomeMy WebLinkAboutOrdinance 5534 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF FOUR HUNDRED THOUSAND DOLLARS ($400,000.00) OF SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BONDS, SERIES 96, 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 SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; RE- PEALING 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 improvement bonds authorized at an election previously held in said City be issued and sold at this time, the date of election, the amount of bonds authorized thereat, purpose, the amount of bonds previously sold and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT NOW ELECTION AUTHORIZED PURPOSE SOLD OFFERED Jan. 24, $19,000,000 Sanitary $13,455,000 $400,000 1961 Sewer Sys- tem and Sewage Disposal Plant 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 "Sanitary Sewer System and Sewage Disposal Plant Bonds, Series 96," be is- sued under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said City, for the follow- ing purpose, to wit: for the purpose of making permanent city improvements by improving, extending and enlarging the sani- tary sewer system and sewage disposal plant of said City, and acquiring the necessary lands therefor, said bonds amount- ing in the aggregate to the sum of Four Hundred Thousand Dol- lars ($400,000.00) . SECTION 2. That said bonds shall be numbered from forty-six hundred and sixty-eight (4,668) to forty-seven hundred and forty-seven (4,747) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Four Hundred Thousand Dollars ($400,000.00) . SECTION 3. That said bonds shall be dated March 1, 1966, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 4,668 to 4,670, both incl. March 1, 1967 $15,000.00 4,671 to 4,673, both incl. March 1, 1968 15,000.00 4,674 to 4,676, both incl. March 1, 1969 15,000.00 4,677 to 4,679, both incl. March 1, 1970 15,000.00 4,680 to 4,682, both incl. March 1, 1971 15,000.00 4,683 to 4,685, both incl. March 1, 1972 15,000.00 4,686 to 4,688, both incl. March 1, 1973 15,000.00 4,689 to 4,691, both incl. March 1, 1974 15,000.00 4,692 to 4,694, both incl. March 1, 1975 15,000.00 4,695 to 4,697, both incl. March 1, 1976 15,000.00 4,698 to 4,700, both incl. March 1, 1977 15,000.00 4,701 to 4,703, both incl. March 1, 1978 15,000.00 4,704 to 4,706, both incl. March 1, 1979 15,000.00 4,707 to 4,709, both incl. March 1, 1980 15,000.00 4,710 to 4,712, both incl. March 1, 1981 15,000.00 4,713 to 4,715, both incl. March 1, 1982 15,000.00 4,716 to 4,718, both incl. March 1, 1983 15,000.00 4,719 to 4,721, both incl. March 1, 1984 15,000.00 4,722 to 4,724, both incl. March 1, 1985 15,000.00 4,725 to 4,727, both incl. March 1, 1986 15,000.00 (font'd.) Bond Numbers Maturity Dates Amounts 4,728 to 4,731, both incl. March 1, 1987 $20,000.00 4,732 to 4,735, both incl. March 1, 1988 20,000.00 4,736 to 4,739, both incl. March 1, 1989 20,000.00 4,740 to 4,743, both incl. March 1, 1990 20,000.00 4,744 to 4,747, both incl. March 1, 1991 20,000.00 SECTION 4. That said bonds shall bear interest at the rates as follows: Bonds Nos. 4,668 to 4,682, both incl., 5 % per annum; Bonds Nos. 4,683 to 4,685, both incl., 4.30 % per annum; Bonds Nos. 4,686 to 4,712, both incl., 3-3/4% per annum; Bonds Nos. 4,713 to 4,731, both incl., 3.90 % per annum; and Bonds Nos. 4,732 to 4,747, both incl. , 4 % per annum, payable September 1, 1966, and semi-annually thereafter on March 1st and September 1st of each year. SECTION 5. 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 6. 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 litho- graphed, 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. SECTION 7. 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 SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BOND SERIES 96 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, 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, 1966, and semi- annually thereafter on March 1st and September 1st 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 here- by 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 eighty (80) bonds of like tenor and effect, except as to number, interest rate and ma- turity, numbered from forty-six hundred and sixty-eight (4,668) to forty-seven hundred and forty-seven (4,747) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Four Hundred Thousand Dollars ($400,000.00) , is- sued for the purpose of making permanent city improvements by improving, extending and enlarging the sanitary sewer system and sewage disposal plant of said City, and acquiring the necessary lands therefor, under and by virtue of the Constitu- tion 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 date of this bond in conformity with the ordinance above mentioned is March 1, 1966. AND IT IS HEREBY CERTIFIED AND RECITED that the issuance of this bond, and the series of which it is a part, is duly authorized by law and by a vote of the resident, qualified electors who own taxable property in said City and who had duly rendered the same for taxation in the City of Fort Worth, Texas, voting at an election held for that purpose within said City on January 24, 1961; 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 indebtedness of said City of Fort Worth, Texas, includ- ing the entire series of bonds of which this is one, does not exceed any constitutional, statutory or charter limi- tation. IN WITNESS WHEREOF, this bond has been signed by the printed or lithographed facsimile signature of the Mayor of said City, countersigned 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 O ;O`RTT/WORTH, TES ATTEST: BY Mayor City Secretary APPROVED AS TO FORM AND LEGALITY: City Attorney That the form of coupon shall be substantially as follows: The City of Fort Worth, in the State of On the first day of Texas, promises to pay to bearer at the Manu- Sept. , 19_ facturers Hanover Trust Company, in the City March, of New York, New York, for interest due that NO. - $ day on its Sanitary Sewer System and Sewage SERIES 96 Disposal Plant Bond, Series 96, dated BOND NO. March 1, 1966. CITY OF FORT WORTH, TEXAS ATTEST: BY Z��� ! Mayor 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 8. That the proceeds from all taxes collected for and on account of this series of bonds shall be credited to an In- terest and Redemption Fund for the purpose of paying the in- terest 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 thereafter 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 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 suffi- cient 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 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 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 9. That to pay the interest scheduled to mature on September 1, 1966, there is hereby appropriated the sum of Eight Thou- sand, One Hundred Eighty-one and 25/100 Dollars ($8,181.25) from funds of the City available for such purpose; and that the money thus appropriated shall be used for no other pur- pose than to pay said interest. SECTION 10. 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 Comptroller) shall manually sign the Comptrollers 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 11. That the sale of the bonds herein authorized to Harris Trust and Savings Bank and The First National Bank of Fort Worth and Associates at a price of par and accrued interest to date of delivery 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 12. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 13. 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. ATTEST: Mayor of the City of Fort Worth, Texas Ci y cretary of the City of Fort Worth, Texas APPRO AS TO FORM AND LEGALITY- City Attorney of the City of Fort Worth, Texas City of Dort Worth, Texas Mayor and Council Communication DATE NUFMBERCE suBJEcr: SALE OF GENERAL PAGE 3-2-66 G-913 OBLIGATION BONDS lof I_ Attached is a detailed tabulation of bids received on the sale of $8,255,000 general obligation bonds opened at 10:00 A.M., Wednesday, March 2, 1966. A summary of the bidders and effective interest rates is listed below: Bidder Effective Interest Rate 1 . Harris Trust and Savings Bank and Associates 3.92065% 2. Halsey, Stuart & Co. , Inc. and Associates 3.94002% 3. Chemical Bank New York Trust Co. and Associates 3.96126 4. Smith, Barney & Co. , Inc. and Associates 3.9739 5. First National City Bank and Associates 3.9790 6. Republic National Bank and Associates 3.98456 7. The First National Bank of Chicago and Associates 3.99316 8. Kidder, Peabody & Co., Inc. and Associates 4.0622 9. Morgan Guaranty Trust Co. of New York and Associates 4.0660 It is recommended that the bonds be sold to the low bidder, Harris Trust and Savings Bank of Chicago, Illinois, the First National Bank of Fort Worth and associates, at a net interest rate of 3.92065 per cent. JLB:fk Attachment J I SUBMITTED BY: DISPOSITION BY COUNCIL: PROCESSED BY ❑ APPROVED ❑ OTHER (DESCRIBE) n ie ITY SECRETARY DATE MANAGER �j CITY OF FORT WORTH TABULATION OF BIDS SALE OF $8,255,000.00 GENERAL OBLIGATION BONDS OFFERED MARCH 2, 1966 Coupon Gross Net Effective Bidders Rate Interest Premium Interest Rate I Harris Trust and Savings 1967-1971 5 Bank and Associates 1972 4.30 The First National Bank 1973-1981 3.75 $ 4.520,315.00 -0- $ 4,520,315.00 3.92065 Fort Worth 1982-1987 3.90 1988-1991 4 2.Halsey, Stuart & Co. Inc,. 1967-1972 5 Phelps, Fenn 6 Co. and 1973-1974 3.80 Associates 1975-1980 3.75 $ 4,542,740.00 $ 82.55 $ 4,542,657.45 3.94002 1981-1982 3.80 1983-1986 3.90 1987-1991 4.00 3.Chemical Bank New York 1967-1972 5.00 Trust Co. 1973 4.50 John Nuveen & Co. 1974-1979 3.75 $ 4,567,220.00 $ 85.00 $ 4,567,135.00 3.96126 1980-1981 3.80 1982-1986 3.90 1987-1991 4.00 4.Smith, Barney & Co. , Inc, 1967-1973 5.00 and Associates 1974-1981 3.75 1982-1985 3.90 $ 4,581 ,800.00 $ 90.81 $ 4.581 ,709.19 3.9739 1986-1991 4.00 S.,First National City Bank 1967-1970 5.00 and Associates 1971 4.10 1972-1977 3.75 1978-1991 4.00 $ 4,587,650.00 $ -0- $ 4,587,650.00 3.9790 6.Republic National Bank, 1967-1973 4.50 Manager 1974-1979 3.75 The Fort Worth National 1980-1991 4 $ 4,594,100.00 $ 100.00 $ 4,594,000.00 3.98456 and Associates 7.The First National Bank 1967-1978 5 of Chicago 1979 4.10 and Associates 1980-1989 4 $ 4,606,205.00 $2,281.00 $ 4,603,924.00 3.99316 1990-1991 2.50 OFFICI11 RECORD CITY SECRETARY FT. WORTH, TEX- CITY OF FORT WORTH TABULATION OF BIDS SALE OF $8,255,000.00 GENERAL OBLIGATION BONDS OFFERED ARCH 2, 1966 Coupon Gross Net Effective Bidders Rate Interest Premium Interest Rate 3.Kidder, Peabody Co. , Inc. 1967-1973 5 Associates 1974 4.25 1975-1976 3.75 $ 4,684,435.00 $ 850.00 $ 4,683,585.00 4.0622 1977-1978 3.80 1979-1982 3.90 1983-1986 4 1987-1991 4.10 ).Morgan Guaranty Trust Co. 1967-1972 5 of New York and 1973 4.50 Associates 1974-1975 3.75 $ 4,688, 180.00 $ 206.00 $ 4,687,974.00 4.0660 1976-1988 4.0o 1989-1991 4. 10 OFFIcI L P,FCORD CITY SECRFTaY FT. .., _ -