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HomeMy WebLinkAboutOrdinance 6340 ORDINANCE NO. AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS, AUTHORIZING THE ISSUANCE OF $1,265,000 "CITY OF FORT WORTH, TEXAS, MUNICIPAL OFFICE BUILDING CONSTRUCTION WARRANTS, " DATED SEPTEMBER 1, 1970, FOR MUNICIPAL OFFICE BUILDING PURPOSES, TO WIT, THE CONSTRUCTION OF AN ADDI- TIONAL FLOOR ON THE NEW MUNICIPAL OFFICE BUILDING CURRENTLY UNDER CONSTRUCTION; PRESCRIBING THE FORM OF WARRANTS AND THE FORM OF ENDORSEMENTS TO APPEAR THEREON, LEVYING A CONTINUING, DIRECT, ANNUAL AD VALOREM TAX ON ALL TAXABLE PROPERTY WITHIN THE LIMITS OF SAID CITY TO PAY THE IN-'`r TEREST ON SAID WARRANTS AND TO CREATE A SINKING FUND FOR THE PAYMENT THEREOF, AND PROVIDING FOR THE ASSESSMENT AND COLLECTION OF SUCH TAXES; ENACTING PROVISIONS INCIDENT AND RELATING TO THE PURPOSE AND SUBJECT OF THIS ORDINANCE; AND DE- CLARING AN EMERGENCY. WHEREAS, heretofore, to wit, on the 6th day of July, 1970, the City Council of the City of Fort Worth, Texas, by resolution duly adopted and entered of record, officially ascertained and determined that it is necessary and to the best interests of the City and its inhabitants that changes in the plans and specifications be made and that the quantity of work to be performed and the materials, equipment and sup- plies to be furnished in connection with the design and con- struction of the New Municipal Office Building heretofore com- menced and currently in the process of construction be in- creased by the execution of change orders so that an additional floor may be designed, constructed and incorporated into the original project, and that the cost of such additional con- struction and defraying expenses incidental thereto would be in the amount of approximately $1,265,000; and, WHEREAS, in said resolution the City Council designated the 27th day of July, 1970, as the date on which it intended to adopt an ordinance authorizing the issuance of interest- bearing time warrants of the City in an amount not to exceed $1,265,000 for additional municipal office building construc- tion purposes, to wit: to design and construct an additional floor on the New Municipal Office Building presently under construction and to defray all expenses incidental thereto, said warrants to bear interest at a rate or rates not to ex- ceed 6% per annum and to mature not later than September 1, 1985, issued upon the faith and credit of the City and payable from ad valorem taxes; and, WHEREAS, official notice of the City Council's intentions aforementioned was duly given by the City Secretary in ac- cordance with law and the directions of said resolution by publication thereof in the City's official newspaper on the 8th and 15th days of July, 1970, the first date of publica- tion being at least 14 days before the date designated for passage of the within ordinance; and, WHEREAS, no petition has been filed in the office of the City Secretary by as many as 10% in number of the quali- fied voters of the City whose names appear on the last ap- proved tax rolls as property taxpayers of the City, praying this City Council to submit to a referendum vote the question of the issuance of bonds for the purposes for which the City Council has evidenced its intention to issue interest-bearing time warrants, and further this city council finds that no petition of any kind or character with respect to the proposed warrants has been filed either with said City Secretary or any member of this Council or any other officer of the City of Fort Worth; and, WHEREAS, it appearing to the City Council that all pre- requisites to the valid authorization of the intended warrants for their stated purposes have been accomplished in accordance with law, including Article 2368a, V.A.T.C.S., and that this Council may therefore proceed with this ordinance authorizing the issuance of said warrants; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That the interest-bearing time warrants of the City of Fort Worth, to be known and designated as "CITY OF FORT WORTH, TEXAS, MUNICIPAL OFFICE BUILDING CONSTRUCTION WARRANTS, " in the principal sum of not to exceed One Million, Two Hundred and Sixty-five Thousand Dollars ($1,265,000) , shall be and are hereby authorized to be issued, and the same are hereby issued for additional municipal office building construction purposes, to wit: the design and construction of an additional floor on the New Municipal Office Building presently under construction and to defray all expenses incidental thereto; and the City's Director of Finance shall have control of said warrants for the purpose of delivering the same to the proper persons pursuant to further resolutions of this Council ap- proving expenditures for which specific warrants will be given and specifying the amount and other details appropriate there- to at the time of the adoption of such resolutions. SECTION 2. That said warrants shall be numbdred consecutively from one (1) upward in chronological order of issuance and shall be in denomination equal to the amount of the particular ex- penditure for which they shall evidence the indebtedness of the City. -2- SECTION 3. That said warrants shall be dated September 1, 1970, and become due and payable (subject to the City's option of prior redemption hereinafter provided for) on September 1, 1985. SECTION 4. That the City of Fort Worth reserves the right to redeem all the warrants herein authorized, in whole or in part, at any time at par and accrued interest to the date of redemp- tion; provided, however, that at least ten (10) days prior to any date upon which any such warrants are to be redeemed, notice of intention signed by the Director of Finance, speci- fying those warrants which are to be redeemed and the amount thereof, shall be filed with The First National Bank, Fort Worth, Texas (the paying agent named in each of said warrants) ; and if by the date fixed for redemption the City shall have made available to the paying agent bank funds sufficient to pay the warrants thus called for redemption and interest ac- crued thereon to the redemption date, then the warrants thus called for redemption shall cease to bear interest from and after the date so fixed for redemption and shall no longer be considered outstanding for any purpose except for the pur- pose of obtaining the payment thereof from such funds. SECTION 5. That said warrants shall bear interest from date of de- livery until paid at the rate of Six Per Centum (6%) per an- num, such interest to be payable on the September 1 next suc- ceeding the delivery date but not prior to September 1, 1971, and annually thereafter on September 1 in each year. An en- dorsement by the City Director of Finance indicating the date of delivery shall be placed on each warrant. SECTION 6. That both principal of and interest on said warrants shall be payable in lawful money of the United States of America, without exchange or collection charges to the owner or holder, at The First National Bank, Fort Worth, Texas, the principal to be paid upon presentation and surrender of such warrants for payment, and the interest thereon to be paid upon presentation of such warrants for interest payment en- dorsement by the Bank aforementioned. SECTION 7. That each of said warrants shall be signed by the fac- simile signatures of the Mayor and City Secretary of the City, respectively, and countersigned manually by the Director of Finance of the City, and approved as to form and legality by the City Attorney, to be evidenced by his facsimile signature -3- on each warrant. Additionally, the corporate seal of the City of Fort Worth, Texas, shall be impressed, printed or litho- graphed upon each of said warrants. SECTION 8. That the form of said warrants, the form of certificate of delivery and the form of schedule for interest payments shall be, respectively, substantially as follows: NO. $ UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH, TEXAS, MUNICIPAL OFFICE BUILDING CONSTRUCTION WARRANT The City of Fort Worth, a municipal corporation of the State of Texas, acknowledges itself indebted to, and for value received hereby promises to pay to bearer the sum of DOLLARS ($ in lawful money of the United States of America, on the 1st day of September, 1985, with interest thereon from the date of delivery hereof (which date is noted on the Certificate of Delivery appearing hereon) until paid at the rate of Six per centum (&/.) per annum, payable on the September 1 next succeeding the date of delivery of this war- rant, but not prior to the 1st day of September, 1971, and annually thereafter on the lst day of September in each year. Both principal of and interest on this warrant are here- by made payable at The First National Bank, Fort Worth, Texas, paying agent herefor, without exchange or collection charges to the owner or holder, the principal to be paid upon presen- tation and surrender of this warrant and interest to be paid upon presentation hereof for interest payment endorsement by said Bank. This warrant is one of a series of warrants dated Septem- ber 1, 1970, of like tenor and effect, except as to denomina- tion and number, aggregating a sum not exceeding One Million, Two Hundred and Sixty-five Thousand Dollars ($1,265,000) , is- sued for additional municipal office building construction purposes, to wit: the design and construction of an additional floor on the New Municipal office Building presently under construction and to defray all expenses incidental thereto, pursuant to notice of intention duly issued and published in the time and manner prescribed by law and in accordance with an authorizing ordinance passed and adopted by the City Coun- cil of the City of Fort Worth, Texas, on the 27th day of July, 1970, and duly recorded in the Minutes of said City Council. -4- As specified in the ordinance above referred to, the City reserves the right to redeem the warrants of this series, in whole or any part thereof, at any time prior to the stated maturity, at par and accrued interest to date of redemption; provided, however, that at least ten (10) days prior to any date upon which any of such warrants are to be redeemed, notice of intention signed by the City's Director of Finance, specifying those warrants which are to be redeemed and the amount thereof, shall be filed with the paying agent above named; and if by the date fixed for redemption the City shall have made available to the paying agent funds sufficient to pay the warrants thus called for redemption and interest ac- crued thereon to the redemption date, then the warrants thus called for redemption shall cease to bear interest from and after the date so fixed for redemption and shall no longer be considered outstanding for any purpose except for the purpose of obtaining payment thereof from such funds . IT IS HEREBY CERTIFIED and recited that all acts, condi- tions and things required to be done precedent to and in the issuance of this warrant, and of the series of which it is a part, to render the same legal and valid have been properly done, have happened and have been performed in regular and due time, form and manner as required by law; that due and proper provision has been made for the levy of a direct and continuing annual ad valorem tax against all taxable property within the City sufficient to pay the interest on this series of warrants as due and to provide for the payment of each installment of principal as the same matures; that the City has received full value and consideration for this warrant and that the total indebtedness of the City of Fort Worth, including this warrant and the series of which it is one, does not exceed any consti- tutional, statutory or charter limitation. IN TESTIMONY WHEREOF, the City Council has caused the seal of said City to be placed hereon and this warrant to be signed by the facsimile signatures of its Mayor and City Secretary and countersigned by the manual signature of its Director of Finance, and tPis warrant has been approved as to form and legality by the City Attorney as evidenced by his facsimile signature appearing hereon. City Secretary Mayor City of Fort Worth, Texas City of Fort Worth, Texas COUNTERSIGNED: APPROVED AS TO FORM AND LEGALITY: Director of Finance City Attorney City of Fort Worth, Texas City of Fort Worth, Texas -5- . . . (room OF cEnrzFzcAzE or oEoznEnY TO BE eazmrED ON THE BACK OF EACH WARRANT) FULL oomSzoERazIom therefor being hereby acknowledged, this warrant was delivered to ^ the original holder(s) on this date, to wit: , pursuant to resolution of the City c0000iI passed authorizing its execution and deIivezy' Director of Finance City of Fort Worth, Texas (FORM OF ocsEoncE OF INTEREST PAYMENTS To BE PRINTED ON THE BACK OF EACH WARRANT) Interest Paying Agent Due Amount Amount officer Sept.-1_ _Due _--__- Paid Date Paid Signature I97I $ $ 1e72 $ $ 1973 $ $ 1974 $ $ 1975 $ _--__----- $ ----------- I976 $ $ 1977 $ 1e78 $ $ 197e $ $ 1980 $ $ 1981 $ $ 1e82 ¢ ¢ 1983 $ $ 1984 ¢ $ 1985 � ¢ -6- SECTION 9. The provisions herein authorized for the issuance of "City of Fort Worth, Texas, Municipal Office Building Con- struction Warrants" are not to be construed as precluding the City of Fort Worth from providing for the payment of ad- ditional design and construction on its New Municipal Office Building in any other lawful manner. SECTION 10. That a special fund to be designated "City of Fort Worth, Texas, Municipal Office Building Construction Warrants Inter- est and Sinking Fund" is hereby created, and the proceeds from all taxes collected for and on account of this series of War- rants shall be credited to said fund for the purpose of pay- ing the interest as it accrues and to provide a sinking fund for the purpose of paying any installment of principal as it becomes due, and said fund shall be used for no other purpose. For each year while any of said warrants or interest thereon shall be unpaid and outstanding, 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 as it accrues and to pay the principal as it matures, or to provide at least two (2%) per cent of the principal as a sinking fund, whichever is greater, with full allowance being made for delinquencies and costs of collection. A tax at the rate as hereinabove determined is ordered to be levied and is hereby levied against all of the taxable property in said City for the current year and for each year hereafter while said Warrants or any install- ments thereof shall be outstanding and unpaid, and said tax each year shall be assessed and collected and placed in the Fund hereby created and the City Treasurer shall honor warrants drawn against said Fund for the purpose of paying the inter- est on and principal of said warrants and for no other purpose. SECTION 11. The fact that the City of Fort Worth is in urgent need of funds with which to design and construct an additional floor on the New Municipal Office Building presently under construc- tion and to defray all expenses incidental thereto creates an emergency and an urgent public necessity for the immediate preservation of the public health, peace and safety, requiring that this ordinance shall take effect and be in force immediate- ly upon and after its passage, and it is accordingly so ordained. PASSED AND APPROVED this 27th day_9 y, 1970. ATTEST*. Mayor ity Secretary APPROVED AS TO FORM AND LEGJITY: 4r,111� City Attorney of Fort Worth, T:!Ilas moMAHAN Mayor and Council Communication LINE, DATE REFERENCE SUBJECT: Adoption of the Ordinance PAGE NUMBER Authorizing the Delivery of Warrants 1 7/27/70 G-16'07 for the Additional floor on the New I of -- GRA41AM cipal Office Building On July 6, 1970, the City Council adopted a resolution making findings that it is necessary that changes in the plans and specifications be made and that the (quantity of work to be performed and the materials , equipment and supplies to be furnished in connection with the design and construction of the 'dew Municipal Office Building currently in the process of construction 'be increased by the execution of change orders so that an additional floor may be designed, constructed and incor- porated into the original project. The City Council also declared its intention to adopt an ordinance on the 27th day of July, 1970, authorizing the issuance of interest-bearing time warrants in an amount not to exceed the principal sum of $1,,265,000 for such addi- tional Municipal Office Building purposes. The notice of intention to issue such time warrants was published in the newspaper on July 8, 1970, and on July 15 , 1970, as required by Article 2368a, f"Rvised Civil Statutes. It is recoimaended that the ordinance authorizing the issuance of $1,265,000 `City of fort Worth, Texas, Municipal Office Building Construction Warrants," dated September 1, 1970, for Municipal Office Building additional construction be adopted, HDM SUBMITTED BY: DISPOSITION BY CDllMCPhaMmm � PRDCE SED BY.... RC1�/ED CJ OTHER (DESCRIBE) CITY SECRETARY DATE CITY MANAGER