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HomeMy WebLinkAboutOrdinance 5935 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF ONE MILLION, THREE HUNDRED THOUSAND DOLLARS ($1,- 300,000.00) OF SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BONDS, SERIES 1968A, 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; 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 inter- est of the City of Fort Worth that certain improvement bonds authorized at elections previously held in said City be com- bined in a single issue and sold at this time, the dates 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, 1961 $19,000,000 Sanitary $15,155,000 $1,200,000 Sewer Sys- tem and Sewage Disposal Plant Oct. 19, 1965 6,500,000 Sanitary 200,000 100,000 Sewer Sys- tem and Sewage Disposal Plant $1,300,000 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 "Sanitary Sewer System and Sewage Disposal Plant Bonds, Series 1968A, " be issued under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said City, for the following purpose, to wit: for the purpose of making perma- nent city improvements by improving, extending and enlarging the sanitary sewer system and sewage disposal plants of said City, and acquiring the necessary lands therefor, all of which bonds aggregate in principal amount the sum of One Mil- lion, Three Hundred Thousand Dollars ($1,300,000.00) . SECTION 2. That said bonds shall be numbered from one (1) to two hundred and sixty (260) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating One Million, Three Hundred Thousand Dollars ($1,300,000.00) . 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 1 to 10, both incl. May 1, 1969 $50,000.00 11 to 20, both incl. May 1, 1970 50,000.00 21 to 30, both incl. May 1, 1971 50,000.00 31 to 40, both incl. May 1, 1972 50,000.00 41 to 50, both incl. May 1, 1973 50,000.00 51 to 60, both incl. May 1, 1974 50,000.00 61 to 70, both incl. May 1, 1975 50,000.00 71 to 80, both incl. May 1, 1976 50,000.00 81 to 90, both incl. May 1, 1977 50,000.00 91 to 100, both incl. May 1, 1978 50,000.00 101 to 110, both incl. May 1, 1979 50,000.00 111 to 120, both incl. May 1, 1980 50,000.00 121 to 130, both incl. May 1, 1981 50,000.00 131 to 140, both incl. May 1, 1982 50,000.00 (Cont'd.) Bond Numbers Maturity Dates Amounts 141 to 150, both incl. May 1, 1983 $50,000.00 151 to 161, both incl. May 1, 1984 55,000.00 162 to 172, both incl. May 1, 1985 55,000.00 173 to 183, both incl. May 1, 1986 55,000.00 184 to 194, both incl. May 1, 1987 55,000.00 195 to 205, both incl. May 1, 1988 55,000.00 206 to 216, both incl. May 1, 1989 55,000.00 217 to 227, both incl. May 1, 1990 55,000.00 228 to 238, both incl. May 1, 1991 55,000.00 239 to 249, both incl. May 1, 1992 55,000.00 250 to 260, both incl. May 1, 1993 55,000.00 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 fi- nancial 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 of Fort Worth. Nothing contained in this ordi- nance 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 payable on the redemption date designated in the notice at the redemption price determined, as provided herein, and upon presentation and surrender thereof at the place of payment thereof, to- gether 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 cou- pons. Interest on any bonds to be redeemed shall cease to ac- crue from and after the redemption date specified in such notice unless the City defaults in the payment of the redemp- tion price thereof. SECTION 5. That said bonds shall bear interest at the rates as follows: Bonds Nos. 1 to 90, both incl., 5.,00% per annum; Bonds Nos. 91 to 100, both incl., 4.20% per annum; Bonds Nos. 101 to 150, both incl., 4.00% per annum; Bonds Nos. 151 to 205, both incl., 4.10% per annum; Bonds Nos. 206 to 249, both incl., 4.20% per annum; and Bonds Nos. 250 to 260, 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 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 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 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 sufficient to pay the principal as it matures, or at least 2/ of the principal as a sinking fund, whichever is greater, full allowances be- ing 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 pay- ing 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 Twenty- eight Thousand, Two Hundred and Forty-five Dollars ($28,245.00) from funds of the City available for such purpose; and that the money thus appropriated shall be used for no other purpose 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 Comp- troller 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 purchasers as soon as may be after the passage of this ordinance upon pay- ment 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. M o o e y of Fort rth, Texas ;ATTEST Ci y cretary of the City Kt�of Fort Worth, Texas APPjQVED AS TO FORM AND LEGALITY: ;�r' 7, 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 SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BOND SERIES 1968A 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, here- by promises to pay to the bearer hereof, on the lst 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 lst and November lst 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 two hundred and sixty (260) bonds of like tenor and effect, except as to number, in- terest rate, maturity, and right of prior redemption, numbered from one (1) to two hundred and sixty (260) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating One Million, Three Hundred Thousand Dollars ($l,- 300,000.00) , issued for the purpose of making permanent city improvements by improving, extending and enlarging the sani- tary sewer system and sewage disposal plants of said City, and acquiring the necessary lands therefor, under and by vir- tue 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 Coun- cil. 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 sub- sequent 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 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 fol- lowing 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, 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. 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 elections held for that purpose with- in said City on January 24, 1961, and October 19, 1965; 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 collec- tion 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 in- terest coupons hereto annexed as the same shall become due; and that the total indebtedness 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 lithographed on this bond. CITY OF FORT WORTH, TEXAS BY ATTEST: 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 Sanitary Sewer System and Sewage SERIES 1968A Disposal Plant Bond, Series 1968A, dated BOND NO. May 1, 1968. 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 redemption On the and payment thereof made or duly provided for, first day of the City of Fort Worth, in the State of Texas, Nov. , 19 _ May, promises to pay to bearer at the Manufacturers NO. - $ Hanover Trust Company, in the City of New SERIES 1968A York, New York, for interest due that day on BOND NO. its Sanitary Sewer System and Sewage Disposal Plant Bond, Series 1968A, dated May 1, 1968. CITY OF FORT WORTH, TEXAS ATTEST: BY 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. ORDINANCE Titloal 3 Adopted (b Final Adoption Published Filed nay 0—� f , lg City Secretary