HomeMy WebLinkAboutOrdinance 5933 ORDINANCE NO. 93 3
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SIX
MILLION, EIGHT HUNDRED THOUSAND DOLLARS ($6,-
800,000.00) OF CITY OF FORT WORTH, TEXAS, GEN-
ERAL PURPOSE BONDS, SERIES 1968, BEARING INTEREST
AT THE RATES HEREINAFTER SET FORTH, AND PROVID-
ING 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 RE-
DEMPTION THEREOF AT MATURITY; REPEALING ALL OR-
DINANCES 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 various general purpose
bonds authorized at elections previously held in said City
be combined in a single issue and sold at this time, the
dates of election, amount of bonds authorized thereat, pur-
pose, 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, $22,875,000 Street $20,996,000 $ 187,000
1958 Improvement
Tan, 24, 13,650,000 Street 13,381,000 89,000
1961 Improvement
Oct. 19, 24,900,000 Street 9,833,000 5,004,000
1965 Improvement
Oct. 19, 1,600,000 Fire 980,000 215,000
1965 Protection
Oct. 19, 2,900,000 Park and 110500000 305,000
1965 Recreation
Oct. 19, 5,900,000 Police and 900,000 1,000,000
1965 City Office
Building and
Facilities
$6,800,000
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 "City of
Fort Worth, Texas, General Purpose Bonds, Series 1968, 11 be
issued 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: Five Million, Two Hundred and Eighty
Thousand Dollars ($5,280,000.00) for the purpose of making
permanent city improvements by constructing, improving and
extending the streets, thoroughfares and storm drains of said
City, including in such permanent public improvements the
straightening, widening, paving, grade separation, lighting
and drainage of said streets and thoroughfares, and acquiring
the necessary lands therefor; Two Hundred and Fifteen Thousand
Dollars ($215,000.00) for the purpose of making permanent
city improvements by constructing, building and equipping fire
stations and improving and extending the city fire alarm sys-
tem and acquiring the necessary lands therefor; Three Hundred
and Five Thousand Dollars ($305,000.00) for the purpose of
making permanent city improvements by purchasing, 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 Dollars ($1,-
000,000.00) for the purpose of making permanent city improve-
ments by constructing and building a police and city office,
jail and parking building and facilities and acquiring the
necessary lands therefor, all of which bonds aggregate in prin-
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option of the City, on May 1, 1983, or on may I 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 re-
deemed, 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 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 law-
fully available for such purpose, any of the outstanding bonds
at a price less than the redemption price hereinbefore pre-
scribed. 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 pay-
ment 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 re-
deemed shall cease to accrue from and after the redemption
date specified it such notice unless the City :defaults in the
payment of the redemption price thereof.
SECTION 5.
That aaid"bonds shall bear interest, a I t .ihe kates, as
follows: -
Bonds Nos. 1 to 486, both incl. , 5.00% per annum;
Bonds Nos. 487 to 540, both incl. , 4.20% per annum;
Bonds Nos. 541 to 810, both incl. , 4.00% per annum;
Bonds Nos. 811 to 1,085, both incl. , 4.10% per. annum;
Bonds Nos. 1,086 to 1,305, both incl. , 4.20% per annum; and
Bonds Nos. 1,306 to 1,360, 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 B.
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
GENERAL PURPOSE BOND
SERIES 1968
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 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 inter-
est thereon as it accrues.
This bond is one of a series of one thousand, three
hundred and sixty (1,360) bonds of like tenor and effect, ex-
cept as to number, interest rate, maturity, and right of
prior redemption, numbered from one (1) to one thousand,
three hundred and sixty (1,360) , both inclusive, of the de-
nomination of Five' Thousand Dollars ($5,000.00) each, aggre-
gating Six million, Eight Hundred Thousand Dollars ($6,800,-
000.00) , issued for the following- purposes;, to wit: Five
Million, Two Hundred and Eighty Thousand Dollars ($5,280,000.00)
for the purpose of making permanent city improvements by con-
structing, imp-roving and extending the streets, thoroughfares
and storm drains of said City, including in such permanent
public improvements the straightening, widening, paving, grade
separation, lighting and drainage of said streets and thorough-
fares, and acquiring the necessary lands therefor; Two Hundred
and Fifteen Thousand Dollars ($215,000.00) 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 there-
for; Three Hundred and Five Thousand Dollars ($305,000.00)
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 Mil-
lion Dollars ($1,000,000.00) for the purpose of making perma-
nent city improvements by constructing and building a police
and city office, jail and parking building and facilities 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 ri-spective maturities-, at the option
of the City, on May 1, 1983, or on May 1 of any year subse-
quent to 1983, upon the following terms and conditions, viz. :
(1) The bonds called for redemption on any May 1 must in-
clude 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 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 Man-
hattan, in the City and State of New York.
The data of this bond in conformity with the ordinance
above mentioned' is- May 1, 1968.
AND IT 19 HEREBY CERTIFIED AND RECITLPD`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 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 elections held for that purpose within said
City on November 18, 1958, 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 per-
formed and have happened in regular and due time, form and
manner as required by law; that sufficient and proper provi-
sion 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, including the entire series
of bonds of which this is one, does not exceed any constitu-
tional, 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, orilithographed on
this bond.
CITY OF FORT WORTH, TEXAS
ATTEST:
BY
Mayor
City Secretary
APPROVED AS TO FORM AND LEGALITY:
City Attorney
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 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
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,ar�d 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 One
Hundred Forty-eight Thousand, one Hundred and Forty-five Dol-
lars ($148,145.00) 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
Comptroller of Public Accounts (or a deputy designated in
writing to act' f-or 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 con-
firmed; 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 take effect and be in full
force and effect from and after the date of its passage, and
it is so ordained.
M .y Vf/tZe'C�&y'&f lAort Wo th,
Tex1as
AV
C'ty ecretary of the city of
fort Worth, Texas
APT.JQVED AS _T_Q_LQBM AND LEGAIjfpi�r:
CT 1000-00
City Attorney bf- the, City p.of
Fort Worth,- Tekag.
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 General Purpose Bond, Series 1968, SERIES 1968
dated May 1, 1968. BOND NO.
CITY OF FORT WORTH, TEXAS
ATTEST: BY
Mayor
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 York,
SERIES 1968
New York, for interest due that day on its Gen-
BOND NO.
eral Purpose Bond, Series 1968, 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:
City of Fort Worth, 'Texas
Mayor and Council Communication
WE I EPESEaICE SUSJECT* PAGE
NUMBER Sale of General Obligation
4/10/68 0-1216 Bonds, 1 01
.................
Attached is a detailed tabulation of bids received on the sale of $8,475,000
General Obligation and opened at 10:00 A.M. , Wednesday, April 10, 1968. A
sumnary of the average net effective interest rate for each bid is set forth
below.
Average
Net Effective
Bidders Interest Rate
1. Barris Trust & Savings Bank, Chicago, Illinois
Chase Manhattan Bank, New York, N. Y.
First National Bank and Associates, Fort Worth, Texas 4.10757
2. Smith Barney & Company and Associates 4.11590
3. First National City Bank-and Associates 4.11830,
4. Morgan Guaranty Trust Company and Associates 4.15060
5. Kidder, Peabody & Company, Inc. and Associates 4. 15070
6. Chemical Bank New York Trust and Associates 4.16456
7. First National Bank of Chicago and Associates 4.1670,1
8. Halsey, Stuart & Company and Associates 4.19733
9. Repdblic National Bank o f t allas and Associates 4.20673
It is recommended that the bonds be sold to the bidder offering the lowest
interest cost, Harris Trust & Savings Bank, and Associates, at an average
Der effective interest rate of 4.10757 per cent, and that the City Council
adopt ordinance numbers 5933, 5934, aDd 5935 authorizing the issuance of
the $8,475,000 in General Obligation Bonds.
HU4:fk
OFFICIAL RECORD
Attach. �yl
MY SECRETARY
FT,
..............
........... ........... -------- ....................................... ........
SUBMITTED BY: DISPOSITION O:Y COUNCIL PRO SSE-DAY
11 APVRWED [j OTHER (DESCRIBE) 6—
0;7'�'Y-SSIECRETARY
DATE
..........................
CITY MANAGER
47�
r,� eity of Fort Worth,' -exas
Mayor and Council Communication
DATE REFERENCE SUBJECT'� PACE
NUMBER TabUlation of Bids for I of
P-638 Printil��..B onds
.......... ......
Ilia following bids have been received for printing and lithographing 1,695
wind,g style bonds in $5000 denomina t ions, representing a bond sa,le of
$8,475,000. The approvin opinion of bond counsel. is to be printed on the
bonds and the seals of the City of Fort Worth and the State Comptroller to
be impressed thereon.
Bidders
'Jaie Steck Company, Austin, Texas
Base bid sl ,010.00
15 Interest rate changes (3 series) @ $1.2.00 180.00
$1,190.00
SecUrity-Columbian Banknote Coinpany
ClUcago, Illinois
Base bid $2,0�8,4.85
15 Interest rate changes (3 series) @ 2. .Cib 375.010
4 5 9.8 5
Northern Bank Note Company
Chicago, Illinois
Base bid $2,588.00
15 Interest rate changes (3 series) @ $25.00 37'5.00
$2,963.00
It is recoimiended that t"0 e contract for printing the bonds be awarded to
The Steck Company, Austirt, Texas on its low bid of $1,190.00 net f.o.b.
Signature Company, New 'York, N. Y.
IIDM:irk'
OFFICIAL RECORD
CITY SECRETARY
K Vilf"'111"11,111, TEX.
....................
SUBMITTED BY'. DISPOSITION BY COUNC$L; PROC RED
[I APPROVED OTHER (DESCRIBE)
EC
----------------- ............................ E
44 ARY'
DATE
............
CITY MANAGER