HomeMy WebLinkAboutOrdinance 6246 ORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SIX
MILLION, SEVEN HUNDRED TEN THOUSAND DOLLARS
($6,710,000.00) OF CITY OF FORT WORTH, TEXAS,
GENERAL PURPOSE BONDS, SERIES 1970, 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 ALI, 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 various general purpose 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, amount of bonds authorized thereat, purpose,
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
Nov. 18, Street
1958 $22,875,000 Improvement $21,183,000 $ 50,000
Oct. 19, Street
1965 24,900,000 improvement 14,837,000 4,030,000
Oct. 19, Fire
1965 1,600v000 Protection 1,195,000 195,000
Oct. 19, Park and
1965 2,900,000 Recreation 1,355,000 735,000
Oct. 19, Poli(:,.e and
1965 5,900,000 City Office 1,900,000 1,700,000
Building and
Facilities
$6,710,000
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNTL OF THE CITY OF FORT
WORTH, TEXAS :
SECTION 1.
That the bonds of said City to be called "City of Fort
Worth, Texas, General Purpose Bonds, Series 1970, " 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 fol-
lowing purposes, to wit: Four Million, Eighty Thousand
Dollars ($4,080,000.00) for the purpose of making permanent
city improvements by constructing, improving and extending
the streets, thorooqhfares and storm drains of said City,
including in such permanent public improvements the straighten-
ing, widening, paving, grade separation, lighting and drain-
age of said streets and thoroughfares, and acquiring the
necessary lands therefor; One Hundred and Ninety-five
Thousand Dollars ($195,000.00) for the purpose of making
permanent city improvements by constructing, building and
equipping fire stations and improving and extending the city
fire alarm system and acquiring the necessary lands therefor;
Seven Hundred and "Thirty-five Thousand Dollars ($735,000.00)
for the purpose of making permanent city improvements by pur-
chasing, acquiring, constructing and improving the playgrounds,
recreation parks, and recreation and park facilities of said
City and acquiring the necessary lands therefor; and one
Million, Seven Hundred Thousand Dollars ($1,700,000-00) for
the purpose of making permanent city improvements by construct-
ing and building a police and city office, jai.] and parking
building and facilities and acquiring the necessary lands
therefor, all of which bonds aggregate in principal amount
the sum of Six Million, Seven Hundred Ten Thousand Dollars
($6,710,000.00) .
SECTION 2,
That said bonds shall be numbered from one (1) to one
thousand, three hundred and forty-two (1,342) , both in-
clusive, of the denomination of Five Thousand Dollars
($5,000.00) each, aggregating Six Million, Seven Hundred Ten
Thousand Dollars ($6, 710,000.00) .
SECTION 3.
That said bonds shall be dated March 1, 1970, and shall
become due and payable serially as follows:
Bond Numbers Maturity Dates Amounts
1 to 53, both incl. March 1, 1971 $265,000.00
54 to 106, both incl. March 1, 1972 265,000.00
107 to 159, both incl. March 1, 1973 265,000.00
160 to 212, berth incl. March 1, 1974 265,000A0
213 to 265, both incl. March 1, 1975 265,000.00
266 to 318, both incl. March 1, 1976 265,000.00
319 to 371, both incl. March 1, 1977 265,000A0
372 to 424, both incl. March 1, 1978 265,000.00
425 to 478, both incl. March 1, 1979 270,000.00
479 to 532, both incl. March 1, 1980 270,000,100
533 to 586, both incl. March 1, 1981 270,000.00
587 to 640, both incl. March 1, 1982 270,000.00
641 to 694, both incl. March 1, 1983 270,.000.00
695 to 748, both incl. March 1, 1984 270,000.00
749 to 802, both incl. March 1, 1985 270,000.00
803 to 856, both incl. March 1, 1986 270,000.00
857 to 910, both incl. March 1, 1987 270,000.00
911 to 964, both incl. March 1, 1988 270,000.00
965 to 1,018, both incl. March 1, 1989 270,000.00
1,019 to 1,072, both incl. March 1, 1990 270,000.00
1,073 to 1,126, both incl. March 1, 1991 270,000.00
1,127 to 1,180, both incl. March 1, 1992 270,000.00
1,181 to 1,234, both incl. March 1, 1993 270,000.00
1,235 to 1,288, both incl. March 'L, 1994 270,000.00
1,289 to 1,342, both incl. March 1, 1995 270,000.00
SECTION 4.
That the bonds payable subsequent to March 1, 1985, shall
be redeemable prior to their respecUve maturities, at the
option of the City, on March 1, 1985, or on March 1 of any
year subsequent to 1985, upon the following terms and con-
ditions, viz. : (1) The bonds called for redemption on any
March 1 must incli.!ide a2l of the bonds then outstanding or
must be the outstanding bonds bearing the highest identify-
ing numbers, (2) the redemption price shall be par and ac-
crued interest to dale 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. Such option may be exerc,ised by ordinance or resolu-
tion duly adopted by the City Coux,)(.Al of the City of Fort
Worth. Nothing contained in this or(linance shall be con-
strued 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 re-
dempLi.on 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 a),,)purtenant coupons maturing subsequent to
the redemption date, such bonds shall be paid at Lhe redemp-
tion price aforesaid. All interest installments represented
by coupons which shall have matured on or prior to the re-
demption 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 bands shall bear interest at the rates as
follows:
Bonds Nos. 1 to 748, both incl., 7.00'/. per annum;
Bonds Nos. 749 to 802, both Incl., 6.501/o per annum;
Bonds Nos. 803 to 910, both incl., 6.00% per annum;
Bonds Nos. 911 to 1,018, both incl., 6.100% per annum;
Bonds Nos. 1,019 to 1,072, both incl.,, 6.20% per annum; and
Bonds Nos. 1,073 to 1,342, both incl.,, 5.0(31/ per annum,
payable September.. 1, 1970, and semi-annually thereafter on
March 1st and September 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 be-
half of the City of Fort worth, Texas, by the facsimile s .g-
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 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 and coupons .
SECTION B.
That the form of said bonds shall be substantially
as follows:
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 ex-
amined 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 Fland 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 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 suf-
ficient 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 10.
That to pay the interest scheduled to mature on Septem-
ber 1. 1970, there is hereby appropriated the sum of Two
Hundred Fourteen Thousand, Four Hundred and Sixty-five Dollars
($214,465 .00) from funds of the City available for such pur-
pose; 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
Comptroller of Public Accour'jts (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
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 Lake effect and be in full
force and effect from and after the date of its passage, and
it is so ordained.
SECTION 15.
It is hereby officially found and determined that the
meeting at which this ordinance was passed was open to the
public as required by law; and that public notice of the
time, place and purpose of said meeting was given as re-
quired by Chapter. 227, Acts of t}ie 61st Legislature, Regular
Session, 1.969.
_.f
May'br of the City of Fort 'Worth,
Texas
ATTE
S,,
Yt Secretary of the City of
Fort "Worth, 1.1exas
APPROVED AS TO FORM AND EGALITY:
-7...........
m
City Attorney of tl e City of
Fort Worth, Texas
NO. UNITED STATES OF AMERICA $5,000.00
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
GENERAL PURPOSE BOND
SERIES 1970
The City of Fort Worth, in the County of Tarrant, State
of Texas, a municipal corporation duly incorporated under
L.he laws of Lhe 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 inter-
est thereon from date hereof aL the rate of ___ % per
annum, evidenced by coupons payable September 1, 1970, and
semi-annually thereafter on March 1st. and September 1st of
each year, both principal and interest payable upon presen-
tation and surrender of bond or proper coupon at the Manu-
facturers 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 one thousand, three
hundred and forty-Lwo (1,342) bonds of like tenor and ef-
fect, except as to number, interest rate, maturity, and
right of prior redemption, numbered from one (1) to one
thousand, three hundred and forty-two (1,342) , both in-
clusive, of the denomination of Five Thousand Dollars
($5,000.00) each, aggregating Six Million, Seven Hundred
Ten Thousand Dollars ($6,710,000.00) , issued for the follow-
ing purposes, to wit: Four million, Eighty Thousand Dollars
($4,080,000.00) for the purpose of making permanent city
improvements by constructing, improving and extending the
streets, thoroughfares and storm drains of said City, in-
cluding in such permanent public improvements the straighten-
ing, widening, paving, grade sel'Jaration, lighting and drain-
age of said streets and thoroughfares, and acquiring the
necessary lands therefor; One Hundred and Ninety-five Thou-
sand Dollars ($195,000.00) for the purpose of making perma-
nent city improvements by constructing, building and equip-
ping fire stations and improving and extending the city fire
alarm system and acquiring the necessary lands therefor;
Seven Hundred and Thi.rty-five Thousand Dollars ($735,000.00)
for the purpose of making permanent city improvements by
purchasing, acquiring, constructing and improving the play-
grounds, recreation parks, and recreation and park facili-
ties of said City and acquiring the necessary lands therefor;
and One Million, Seven Hundred Thousand Dollars ($1,700,-
000.00) for the purpose of making permanent city improvements
by constructing and buildinq a police and city office, jail
and parking building and facilities and acquiring the neces-
sary 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 ordinance is duly of
record in the Minutes of said City Council.
The bonds payable subsequent to March 1. 1985, shall
be redeemable prior to their respective maturities, at the
option of the City, on March 1, 1985, or on March 1 of any
year subsequent to 1985, upon the following terms and con-
ditions, viz.: (1) The bonds called for redemption on any
March 1 must include all of the bonds then outstanding or
must be the outstanding bonds bearing the highest identyfy-
ing numbers; (2) the redemption price shall be par and ac-
crued 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 redemp-
tion, describing the bonds to be redeemed, must be published
at least once in a financial journal of national circulation
published ia 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, 1970.
AND IT IS HEREBY CERTIFIED AND RECITED that the issu-
ance of this bond, and the series of which it is a part, is
duly authorized by law and by a vote of the resident quali-
fied 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
within said City on November 18, 1958, 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
tine levy and collection of taxes has been made-, which,
when. collected, sba_ll 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 shal')'_ become due; and that the total indebted-
ness of said City of Fort Worth, Texas, including the en-
tire series of bonds of which this is one, does not exceed
any constitutional, statutory or charter limitation.
IN WITNESS V,111EREOF, 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 sig-
natures of the Mayor and City Secretary, and the official
seal of said Cii,�y, 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 NNM LEGALIFY:
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 rr'alled for previous re-
demption and payment thereof made or duly
On the
provided for, the City of Fort North, in first day of
the State of Texas, promises to pay to Sept.,, 19_
March,
bearer at the Manufacturers Hanover Trust
NO. - $
Company, in the City of New York, New
SERIES 1970
York, the amount specified herein, for
BOND NO.
interest due that day on its General
Purpose Bond, Series 1970, dated March 1,
1970.
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST:
City Secretary
City ill" Fort VArth, 7 exass
Mayor and Council Cominunication
DATE REFERENCE SUBIEC'n PAGE
UMBER
2/18/70 G-1510 Sale of General Obligation Bonds I
Attached is a detailed tabulation of bids received on the sale of $9,620,000
General Obligation Bonds opened at 10:00 A,M,, Wednesday, February 18, 1970, A
summary of the average net effective interest rate for each bid is set forth
below-
Average
Net Effective
Bidders Interts; Ratite
1. Harris Trust and Savings Bank, Chicago, Illinois
First National Bank, Dallas, Texas
First National Bank of Fort Worth and Associates 60011000
2� First National City bank, New York, New York
Merrill Lynch, Pierce, Fenner & Smith, Loc,, New
York, New York and Associates 6,061100
3. Morgan Guaranty Trust Ccoapany of New York,
Kuhn, Loeb & Company
Bear, Stearns & Company and Associates 6..108100
4, Chemical Bank, New York, New York
John Nuveen & Company, New York, New York and Associates 6.121573
5. Smith, Barney & Co, & Associates 6,122900
6, The First National Bank of Chicago and Associates 6123360
7, Republic National Bank of Dallas
Fort Worth National Bank and Associates V159560
8, Halsey, Stuart & Co�, Lne., Chicago, Illinois
Phelps, Fenn & Co,, Chicago, Illinois and Associates 6,218300
It is recommended that the bonds be sold to the bidder offering the lowest
interest cost, Harris Trust and Savings Bank, and Associates, at an average
net effective interest rate of 6.011000 per cent, and that the City Council
adopt ordinance numbers 6246, 6241 and 6248 authorizing the issuance of
$9,620,000 in General Obligation Bonds,
HDM°11111'g
Attach.,
SUBMITTED BY: DISPOSITIO Y COUNCIL: PROCESSED BY
: "-PIROVED D OTHER (DESCRIBE)
C TY SIECARY
CITY MANAGER 12 —11�-"70