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HomeMy WebLinkAboutOrdinance 5340 ORDINANCE NO. 5340 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SEVEN MILLION DOLLARS ($7,000,000.00) OF CITY OF FORT WORTH, TEXAS, GENERAL PURPOSE BONDS, SERIES 1965, 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 various purpose bonds au- thorized 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: AMOUNT DATE OF AMOUNT PREVIOUSLY AMOUNT ELECTION AUTHORIZED PURPOSE SOLD NOW OFFERED Nov. 18, $22,875,000 Street $18,133,000 $1,801,000 1958 Improvement Jan. 24, 13,650,000 Street 8,142,000 5,099,000 1961 Improvement Jan. 24, 1,250,000 Library 775,000 100,000 1961 $7,000,000 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 1965, " 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 purposes, to wit: Six Million, Nine Hundred Thousand Dol- lars ($6, 900,000.00) for the purpose of making permanent city improvements by constructing, improving and extending the streets, thoroughfares and storm sewers of said City, including in such permanent public improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquir- ing the necessary lands therefor; and One Hundred Thousand Dollars ($100,000.00) for the purpose of making permanent city improvements by constructing, building, improving and equipping buildings for the public library system, and acquir- ing the necessary lands therefor, all of which bonds aggre- gate in principal amount the sum of Seven Million Dollars ($7,000,000.00) . SECTION 2. That said bonds shall be numbered from one (1) to fourteen hundred (1,400) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Seven Million Dollars ($7,000,000.00) . SECTION 3. That said bonds shall be dated May 1, 1965, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 1 to 56, both incl. May 1, 1966 $280,000.00 57 to 112, both incl. May 1, 1967 280,000.00 113 to 168, both incl. May 1, 1968 280,000.00 169 to 224, both incl. May 1, 1969 280,000.00 225 to 280, both incl. May 1, 1970 280,000.00 281 to 336, both incl. May 1, 1971 280,000.00 337 to 392, both incl. May 1, 1972 280,000.00 393 to 448, both incl. May 1, 1973 280,000.00 449 to 504, both incl. May 1, 1974 280,000.00 505 to 560, both incl. May 1, 1975 280,000.00 561 to 616, both incl. May 1, 1976 280,000.00 617 to 672, both incl. May 1, 1977 280,000.00 673 to 728, both incl. May 1, 1978 280,000.00 729 to 784, both incl. May 1, 1979 280,000.00 785 to 840, both incl. May 1, 1980 280,000.00 841 to 896, both incl. May 1, 1981 280,000.00 897 to 952, both incl. May 1, 1982 280,000-00 953 to 1,008, both incl. May 1, 1983 280,000.00 1,009 to 1,064, both incl. May 1, 1984 280,000.00 1,065 to 1,120, both incl. May 1, 1985 280,000.00 1,121 to 1,176, both incl. May 1, 1986 280,000.00 1,177 to 1,232, both incl. May 1, 1987 280,000.00 1,233 to 1,288, both incl. May 1, 1988 280,000.00 1,289 to 1,344, both incl. May 1, 1989 280,000.00 1,345 to 1,400, both incl. May 1, 1990 280,000.00 SECTION 4. That said bonds shall bear interest at the rates as follows: Bonds Nos. 1 to 112, both incl. , 5 % per annum; Bonds Nos. 113 to 168, both incl. , 4-1/4% per annum; Bonds Nos. 169 to 784, both incl. , 3 % per annum; Bonds Nos. 785 to 1,008, both incl. , 3.10 % per annum; Bonds Nos. 1,009 to 1,232, both incl., 3.20 % per annum; and Bonds Nos. 1,233 to 1,400, both incl. , 3-1/4% per annum, payable November 1, 1965, and semi-annually thereafter on May lst and November lst of each year. SECTION 5. 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 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 signature of the City Attorney, and attested manually by the City Secretary, with the seal of the City thereon duly printed or lithographed, 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 7. That the form of said bonds shall be substantially as follows: NO. $5,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH GENERAL PURPOSE BOND SERIES 1965 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, forlvalue received, hereby promises to pay to the bearer hereof, on the lst day of May, 19 —1 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, 1965, and semi- annually thereafter on May lst and November lst 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. This bond is one of a series of fourteen hundred (1,400) bonds of like tenor and effect, except as to number, inter- est rate and maturity, numbered from one (1) to fourteen hundred (1,400) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Seven Million Dollars ($7,000,000.00) , issued for the following purposes, to wit: Six Million, Nine Hundred Thousand Dollars ($6, 900,000.00) for the purpose of making permanent city improvements by con- structing, improving and extending the streets, thoroughfares and storm sewers 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; and One Hundred Thousand Dollars ($100,000.00) for the purpose of making permanent city improvements by constructing, building, improving and equipping buildings for the public library sys- tem, 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 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 May 1, 1965. 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 with- in said City on November 18, 1958, and January 24, 1961; 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 col- lection 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 imprinted 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 imprinted or lithographed facsimile signature of the City Attorney, and the interest coupons attached hereto have been signed by the imprinted or lithographed facsimile signatures of the Mayor and City Secretary, and the official seal of said City has been duly 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 coupon shall be substantially as fol- lows: 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 1965, SERIES 1965 dated May 1, 1965. BOND NO. CITY OF FORT WORTH, TEXAS BY ATTEST: 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 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 I A. D. 19 Comptroller of Public Accounts of the State of Texas SECTION B. 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 in- terest 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 al- lowances 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 9. That to pay the interest scheduled to mature on Novem- ber 1, 1965, there is hereby appropriated the sum of One Hun- dred Fifteen Thousand, Eighty and no/100 Dollars ($115,080.00) from funds of the city available for such purpose; and that the money thus appropriated shall be used for no other pur- pose than to pay said interest. SECTION 10. 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 writ- ing to act for the Comptroller) shall manually sign the Comp- troller's certificate of registration prescribed herein to be printed on the back of each bond; and that the seal of the Comptroller shall be impressed, or printed, or lithographed on each of said bonds. SECTION 11. That the sale of the bonds herein authorized to 11arris Trust and Savings Bank and Associates, at a price of par and accrued interest to date of delivery, plus a premium of $202.00, 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 ac- cordance with the terms of sale. SECTION 12. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 13. 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. Mayor of the City of Fort Worth, Texas ATTEST: City Secretary of the City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALI o"7(I 21 City Attorney of the City of Fort Worth, Texas