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HomeMy WebLinkAboutOrdinance 5934 ------------------ ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF THREE HUNDRED AND SEVENTY-FIVE THOUSAND DOLLARS ($375,- 000.00) OF AIRPORT BONDS, SERIES 105A, 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 THERE- OF AT MATURITY; REPEALING ALL ORDINANCES IN CON- FLICT 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 in- terest 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 Oct. 19, $9,000,000 Airport $915,000 $375,000 1965 (Series 105A) and $7,500,000 (Series 105B) 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 "Airport Bonds, Series 105A, " be issued under and by virtue of the constitu- tion and laws of the State of Texas, and the Charter of said City, for the following purpose, to wit: for the purpose of making permanent city improvements by establishing, develop- ing, constructing, enlarging, improving and equipping its air- ports and air navigation facilities, including buildings and other facilities incidental to the operation thereof and the acquisition or elimination of airport hazards, and acquiring the necessary lands therefor, said bonds amounting in the aggregate to the sum of Three Hundred and Seventy-five Thou- sand Dollars ($375,000.00) . SECTION 2. That said bonds shall be numbered from one hundred and eighty-four (184) to two hundred and fifty-eight (258) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Three Hundred and Seventy-five Thousand Dollars ($375,000.00) . SECTION 3. That said bonds shall be dated May 1, 1968, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 184 to 186, both incl. May 1, 1969 $15,000.00 187 to 189, both incl. May 1, 1970 15,000.00 190 to 192, both incl. May 1, 1971 15,000.00 193 to 195, both incl. May 1, 1972 15,000.00 196 to 198, both incl. May 1, 1973 15,000.00 199 to 201, both incl. May 1, 1974 15,000.00 202 to 204, both incl. May 1, 1975 15,000.00 205 to 207, both incl. May 1, 1976 15,000.00 208 to 210, both incl. May 1, 1977 15,000.00 211 to 213, both incl. May 1, 1978 15,000.00 214 to 216, both incl. May 1, 1979 15,000.00 217 to 219, both incl. May 1, 1980 15,000.00 220 to 222, both incl. May 1, 1981 15,000.00 223 to 225, both incl. May 1, 1982 15,000.00 226 to 228, both incl. May 1, 1983 15,000.00 229 to 231, both incl. May 1, 1984 15,000.00 232 to 234, both incl. May 1, 1985 15,000.00 235 to 237, both incl. :,May 1, 1986 15,000.00 (Cont'd.) Bond Numbers Maturity Dates Amounts 238 to 240, both incl. May 1, 1987 $15,000.00 241 to 243, both incl. May 1, 1988 15,000.00 244 to 246, both incl. May 1, 1989 15,000.00 247 to 249, both incl. May 1, 1990 15,000.00 250 to 252, both incl. May 1, 1991 15,000.00 253 to 255, both incl. May 1, 1992 15,000.00 256 to 258, both incl. May 1, 1993 15,000.00 SECTION 4. That the bonds payable subsequent to May 1, 1983, shall be redeemable prior to their respective maturities, at the option of the City, on May 1, 1983, or on May 1 of any year subsequent to 1983, upon the following terms and condi- tions, viz. : (1) The bonds called for redemption on any May 1 must include all of the bonds then outstanding or must be the outstanding bonds bearing the highest identifying num- bers; (2) the redemption price shall be par and accrued inter- est to date of redemption, plus a premium for each bond re- deemed, of the following respective amounts in the following respective years: 1983, $125.00; 1984, $112.50; 1985, $100.00; 1986, $87.50; 1987, $75.00; 1988, $62.50; 1989, $50.00; 1990, $37.50; 1991, $25.00; and 1992, $12.50; 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, describ- ing 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 finan- cial journal published in the Borough of Manhattan, in the City and State of New York. Such option may be exercised by ordi- nance 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 pur- pose, 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 payable on the re- demption date designated in the notice at the redemption price determined, as provided herein, and upon presentation and sur- render 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 afore- said. 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. 184 to 210, both incl., 5.00% per annum; Bonds Nos. 211 to 213, both incl., 4.20% per annum; Bonds Nos. 214 to 228, both incl., 4.00% per annum; Bonds Nos. 229 to 243, both incl., 4.10% per annum; Bonds Nos. 244 to 255, both incl., 4.20% per annum; and Bonds Nos. 256 to 258, both incl., 2.50% per annum, payable November 1, 1968, and semi-annually thereafter on May 1st and November 1st 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 sig- nature 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 Secre- tary of the City of Fort Worth, Texas, and such facsimile sig- natures shall have the same effect as if manually placed on said bonds. SECTION 8. That the form of said bonds shall be substantially as follows: 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 Inter- est 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 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 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 delinquen- cies and costs of collection; that a tax at the rate as herein- above 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 10. That to pay the interest scheduled to mature on Novem- ber 1, 1968, there is hereby appropriated the sum of Eight Thousand, One Hundred and Seventy-five Dollars ($8,175.00) 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 11. 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 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 Harris Trust and Savings Bank 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 pur- chasers as soon as may be after the passage of this ordinance upon payment therefor in accordance with the terms of sale. SECTION 13. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 14. 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. Ma r o ty f Worth ex ATTEST: Citj S retary of the City of Mrt Worth, Texas APPEaVEDDAS TO FORM AND LEGAL J: City Attorney of the City of Fort Worth, Texas NO. UNITED STATES OF AMERICA $5,000.00 STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH AIRPORT BOND SERIES 105A 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 May, 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 November 1, 1968, and semi- annually thereafter on May 1st and November 1st of each year, both principal and interest payable upon presentation and sur- render 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 pay- ment of the principal of this bond at maturity and the interest thereon as it accrues. This bond is one of a series of seventy-five (75) bonds of like tenor and effect, except as to number, interest rate, maturity, and right of prior redemption, numbered from one hundred and eighty-four (184) to two hundred and fifty-eight (258) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Three Hundred and Seventy- five Thousand Dollars ($375,000.00) , issued for the purpose of making permanent city improvements by establishing, de- veloping, constructing, enlarging, improving and equipping its airports and air navigation facilities, including build- ings and other facilities incidental to the operation thereof and the acquisition or elimination of airport hazards, and acquiring the necessary lands therefor, 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 ordi- nance is duly of record in the Minutes of said City Council. The bonds payable subsequent to May 1, 1983, shall be redeemable prior to their respective maturities, at the op- tion of the City, on May 1, 1983, or on May 1 of any year subsequent to 1983, upon the following terms and conditions, viz. : (1) The bonds called for redemption on any May 1 must include all of the bonds then outstanding or must be the out- standing bonds bearing the highest identifying numbers; (2) the redemption 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: 1983, $125.00; 1984, $112.50; 1985, $100.00; 1986, $87.50; 1987, $75.00; 1988, $62.50; 1989, $50.00; 1990, $37.50; 1991, $25.00; and 1992, $12.50; and (3) at least thirty days prior to the date upon which such redemption is to be made, a notice of in- tention 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 circula- tion in the City of Fort Worth, in the State of Texas, and must be published at least once in a financial journal pub- lished 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 May 1, 1968. AND IT IS HEREBY CERTIFIED AND RECITED that the is- suance of this bond, and the series of which it is a part, is duly authorized by law and by a vote of the resident, qual- ified 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 October 19, 1965; that all acts, condi- tions 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 ex- clusively 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 in- debtedness 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, 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 litho- graphed on this bond. CITY OF FORT WORTH, TEXAS ATTEST: BY Mayor City Secretary APPROVED AS TO FORM AND LEGALITY: City Attorney That the form of coupons representing interest payable on or before May 1, 1983, 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- Nov. , 19 facturers Hanover Trust Company, in the City May, of New York, New York, for interest due that NO. - $ day on its Airport Bond, Series 105A, dated SERIES 105A May 1, 1968. BOND NO. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary That the form of coupons representing interest payable subsequent to May 1, 1983, shall be substantially as follows: Unless the bond hereinafter mentioned shall have been called for previous redemp- On the first day of tion and payment thereof made or duly pro- Nov. , 19 _ vided for, the City of Fort Worth, in the May, State of Texas, promises to pay to bearer at NO. _ - $ the Manufacturers Hanover Trust Company, in SERIES 105A the City of New York, New York, for interest BOND NO. due that day on its Airport Bond, Series 105A, dated May 1, 1968. 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. ORDINANCE Title Adopted Final Adoption Published Filed nay of , Zg City secretary