HomeMy WebLinkAboutOrdinance 7843 ij
ORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF FOUR
HUNDRED FIFTEEN THOUSAND DOLLARS ($415,000) OF
CITY OF FORT WORTH REFUNDING BONDS, SERIES 1978,
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 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, the City Council of the City of Fort Worth, Texas,
heretofore passed Ordinances authorizing the issuance of the
following Bonds of said City:
City of Fort Worth General Purpose Bonds, Series 1976A, dated
March 1, 1976, bearing interest at the rates of 6.25%, 5.90%,
5.35%, 5.50%, 5.70%, 5.80%, 5.90%, 6.00% and 4.25% per annum,
authorized by Ordinance No. 7303 on February 23, 1976, in the
principal amount of $9,000,000; and
City of Fort Worth Sanitary Sewer System and Sewage Disposal
Plant Bonds, Series 1976B, dated March 1, 1976, bearing interest
at the rates of 6.25%, 5.90%, 5.35%, 5.50%, 5.70%, 5.80%, 5.90%,
6.00% and 4.25% per annum, authorized by Ordinance No. 7304 on
February 23, 1976, in the principal amount of $11,000,000; and
WHEREAS, the City is authorized to refund said bonds in accord-
ance with the provisions of Vernon's Article 717k-3; and
WHEREAS, the City has determined to refund the following bonds
out of said Series 1976A Bonds and Series 1976B Bonds now out-
standing:
Out of the General Purpose Bonds, Series 1976A:
Bonds Numbers 1645 through 1656, in the principal
amount of $5,000 each, aggregating $60,000, ma-
turing on March 1 in the year 1999;
Out of the Sanitary Sewer System and Sewage Dis-
posal Plant Bonds, Series 1976B:
Bonds Numbers 1937 through 2024, in the principal
amount of $5,000 each, aggregating $440,000, ma-
turing on March 1 in the year 1999; and
WHEREAS, the owner of the above bonds has consented to the
refunding of the bonds to be refunded hereunder and will present
the bonds being refunded in exchange for the bonds herein
authorized; and
WHEREAS, the refunding of said bonds will result in a saving
of both principal and interest.
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
Refunding Bonds,. Series 1978" be issued under and by virtue of the
Constitution and laws of the State of Texas, and the Charter of
said City, for the purpose of refunding $500,000 of the Bonds de-
scribed in the third "WHEREAS" of the preamble of this Ordinance.
SECTION 2.
That said bonds shall be numbered from 1 through 83, of the
denomination of $5,000 each, aggregating $415,000.
SECTION 3.
That said bonds shall be dated October 1, 1978, and shall
become due and payable serially as follows:
BONDS NUMBERS MATURITY DATES AMOUNTS
1 through 13 April 1, 1979 $65,000
14 through 23 April 1, 1980 50,000
24 through 33 April 1, 1981 50,000
34 through 43 April 1, 1982 50,000
44 through 53 April 1, 1983 50,000
54 through 63 April 1, 1984 50,000
64 through 73 April 1, 1985 50,000
74 through 83 April 1, 1986 50,000
SECTION 4.
That said bonds shall bear interest from their date at the
rate of 4.75% per annum, payable April 1, 1979 and semiannually
thereafter on October 1 and April 1 of each year.
SECTION 5.
That the principal of and interest on said bonds shall be
payable upon presentation and surrender of proper bond or interest
coupon at the Manufacturers Hanover Trust Company, in the Borough
of Manhattan, City and State of New York.
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SECTION 6.
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 sig-
nature of the City Attorney, and attested manually by the City
Secretary, with the seal of the City duly affixed to, or im-
pressed, or printed, or lithographed thereon, and the interest
coupons shall be executed with the lithographed or printed fac-
simile 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 7.
That the form of said bonds shall be substantially as follows-
NO. UNITED STATES OF AMERICA $5,000
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
REFUNDING BONDS
SERIES 1978
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 April, 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 4.75% per annum, evidenced
by coupons payable April 1, 1979, and semiannually thereafter on
October I and April 1 of each year, both principal and interest
payable upon presentation and surrender 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 payment of the principal of this bond at maturity and the
interest thereon as it accrues.
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This bond is one of a series of eighty three (83) bonds of
like tenor and effect, except as to number and maturity, numbered
from one (1) to eighty three (83) , both inclusive, of the denomina-
tion of Five Thousand Dollars ($5,000.00) each, aggregating Four
Hundred Fifteen Thousand Dollars ($415,000.00) , issued for the
purpose of refunding outstanding Bonds of said City, under and by
virtue of the Constitution and laws of the State of Texas and the
Charter of said City, and pursuant to an ordinancq 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 date of this bond in conformity with the ordinance above
mentioned is October 1, 1978.
In addition to all other rights, the holders of this series
of bonds shall be subrogated to all pertinent and necessary rights
of the holders of the obligations being refunded thereby.
And it is hereby certified that the issuance of this bond,
and the series of which it is a part, is duly authorized by law;
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 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 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,
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attested by the manual signature of the City Secretary and ap-
proved as to form and legality by the printed or lithographed
facsimile signature of the City Attorney, and the interest cou-
pons attached hereto have been signed by the printed or litho-
graphed facsimile signatures of the Mayor and City Secretary,
and the official seal of said City has been duly affixed to, or
printed, or lithographed on this bond.
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST:
City Secretary
APPROVED AS TO FORM AND LEGALITY:
City Attorney
That the form of coupons to be attached to said bonds shall
be substantially as follows:
NO. $
ON
THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, promises to
pay to bearer the amount shown on this interest coupon, in lawful
money of the United States of America, without exchange or col-
lection charges to the bearer, upon presentation and surrender of
this interest coupon, at the Manufacturers Hanover Trust Company,
in the Borough of Manhattan, City and State of New York, said
amount being interest coming due that day on the bond, bearing
the number hereinafter designated, of that issue of CITY OF FORT
WORTH REFUNDING BONDS, SERIES 1978, DATED OCTOBER 1, 1978. Bond
No.
City Secretary Mayor
That substantially the following certificate shall be printed
on the back of each bond:
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COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this bond has been examined, certified
as to validity and approved by the Attorney General of the State
of Texas, and that this bond has been registered by the Comptroller
of Public Accounts of the State of Texas.
Witness my signature and seal this
Comptroller of Public Accounts of
the State of Texas
SECTION 8.
That the proceeds from all taxes collected for and on account
of this series of bonds shall be credited to a "Series 1978 In-
terest and Redemption Fund" which is hereby created and shall be
established in the City's Official Depository, 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, ther'e '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, which-
ever is greater, full allowances being made for delinquencies and
costs of collection; that a tax at the rate as hereinabove deter-
mined 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 coupons, are outstanding and unpaid;
that the said tax each year shall be assessed and collected and
placed in the Interest and Redemption Fund. Said ad valorem taxes
necessary to pay the interest on and principal of said bonds, as
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such interest comes due, and such principal matures, are hereby
pledged irrevocably for such purpose, within the limit prescribed
by law; and the City Treasurer shall honor checks, drafts or war-
rants against said fund for the purpose of paying the interest
maturing and principal of said bonds and for no other purpose.
SECTION 9.
That the proper proportionate part of the Interest and Re-
demption Fund originally established for the obligations being
refunded, together with the proper proportionate part of all taxes
heretofore levied and now in the process of collection for the
benefit of said obligations being refunded, are hereby appropriated,
and shall be transferred immediately, to the Series 1978 Interest
and Redemption Fund created herein.
SECTION 10.
That for the interest scheduled to come due on the Bonds here-
in authorized on April 1, 1979, there is hereby appropriated from
City funds lawfully available for such purpose a sufficient amount
of money 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 ap-
proval and to the Comptroller of Public Accounts for registration.
Upon registration of said Bonds, the Comptroller of Public Ac-
counts (or a deputy designated in writing to act for the Comp-
troller) shall manually sign the Comptroller's certificate of
registration prescribed herein to be printed on the back of each
Bond, and the seal of the Comptroller shall be impressed, or im-
printed, or lithographed on each of said Bonds.
SECTION 12.
That the Comptroller of Public Accounts of the State of Texas
is hereby authorized and directed to deliver said Bonds to the
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holder of the obligations being refunded thereby, in exchange for,
and upon surrender and cancellation of, the bonds specified in
the third "WHEREAS" of the preamble of this Ordinance, in the
aggregate principal amount of $500,000.00, provided that all cur-
rent and unmatured interest coupons are attached to each of said
obligations surrendered for exchange. Said exchange shall be
made in one delivery,
SECTION 13.
That in addition to all other rights, the holders of
this series of Bonds shall be subrogated to all pertinent and
necessary rights of the holders of the obligations being refunded.
SECTION 14.
That all ordinances and resolutions or parts thereof in
conflict herewith are hereby repealed.
SECTION 15.
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.
SECTION 16.
That it is officially found and determined that a case
of emergency or urgent public necessity exists which requires
the holding of the meeting at which this ordinance is passed,
such emergency or urgent public necessity being that the issuance
of the proposed bonds is needed in order to refund certain
outstanding bonds of said City, and it is required that it be
done immediately; and that said meeting was open to the public,
and public notice of the time, place and purpose of said meeting
was given, all as required by vernon's Annotated Civil Statutes
Article 6252-17.
ATTEST: Mayor of the City of Fort Worth
Texas
City Secretary of the .City of
Fort Worth, Texas
ACPVES FOA,AND LEGALITY:
Viti Attooey qt the City of Fort
Worth, T/exas
RL E w a
utty of Fort rt Worth, Eexas
AKO
S AT H Mayor and C`6ounclil Communtcation
DATE _ FEJW a a�T; Adoption a a�i anc ib- PAGE
WOR NUM Ing for tae Issuance of $415,000 of Cif'
11/7/78 6-3986 1a of Fort, Worth. Refundl Biondg,,_ Series
1,978
By action on M&C G-3945 of September 26, 1978,, the City Council
the negotiated refunding of General a Series 1976A in, the
aggregate principal amount of $60,000 and Sanitary Sever System and
Sewage Disposal Plant Bonds, Series 1 6B in the aggregate principal
amount of $440,000, an he issuance of $415,0100 n refunding bands.
n Ordinance effecting that action n Or i an ;e Wo. 7812) was prepared.
Since that action our Bond Counsel Haan submitted a proposed ordinance
changing the series designation m 1978A to 1978) the maturity
dales (from b 1, of the years 1979 through, 1986 to April 1, of 'tae
samie years) , and semi-annual interest payment dates (from March and
September to April., and c be
Consistent with the Council,ls prior determination and the requests of
Counsel., a new ordinance 'has been prepared.
Recommendation
It is recommended ha the appended Ordinance providing for ae issuance of
$415,000 of City of Fort Worth Refunding Banda, S,eries 1978, be adapted.
RLR:as
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SUBMITTED SYt DC x!1,0 COUNCIL: PROCESSED BY
D OTHER (DESCRIBE)
A CV�SECRETARY
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DAT'S
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