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HomeMy WebLinkAboutOrdinance 15657ORDINANCE NO.: ~ ~'~~ ORDIti.A!CE PROVIDING FOR THE ISSUANCE OF THIRTY SEVEN MILLION THREE HE.I~NDRED SILTY-FIG~E THOUSl~i`~ID DOLLARS {37,365,000) OF THE GENERAL PURPOSE REFUNDING AND I~IPRO~`EME`v~T BONDS, SERIES 2003, OF THE CITY OF FORT l~'ORTH, TE~.~S, BEARING I~'TEREST AT THE R<~TES HEREINAFTER SET FORTH, Al'~'D PRO~'ZDING FOR THE LEti'Y, ASSESSMENT 1~.~?D COLLECTION OF A TAB SUFFICIE~?T TO PAY THE INTEREST ON SAID BONDS A1ND TO CREATE A SINKING FUND FOR THE REDE?~IPTION THEREOF AT MATURITY; REPE~%~L,ING ALL ORDINA+~'~CES Ili CO'~~FLICT HERE~=~ITH; A1'`v'D PROS,%IDING TH~~T THIS ORDII~AIvCE SHs~I,L BE Iti FORCE AND EFFECT FROM A:'vD AFTER THE DATE OF ITS PASSAGE. WHEREAS, it is deemed advisable and in the best interest of the Cit~t of Fort 1X'orth (the "City" or the "Issuer") that certain 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, purpose, amount of bonds previously sold, and the amount now to be sold being as follows: DATE OF A:'Y10UN`?' AMOUNT AMOUNT ELECTIGN AUTHORIZED PJRPCSE PREVIQUSL':' SOLD NOW OFFERED May 22, 1982 S 7?, 285,G00 Stree* Improvements $77,05C,OG0 S -G- March 22, 1986 5,75G,OOG Public Safety Improvements 5, 11 G,GCG 64 G,OGO March 22, 1986 16,65G,6GG Park ~ Rec. impro~cements 15, 497,^GC Q56,000 February 7, 1998 80,OOG,GCG Street Imprcvements 74,38G,GG6* 5, 620,G00 February 7, 1998 2G,7GO,GG^v Conv. Ctr. Improvements 2v,70C,00G* -G- February 7, 1998 li,BOd,GGG Park S Rec. Imprcvements 10,'°; "^0* 1,~,15,OvG February 7, 1998 4,;:;G,OOG Fire Safety Smprovements ~,76`1,~-0* 9G,GOG February ?, 1998 ?L~" Library Imprcvements _ - _,~_ S L'_9,-:-:-. S2i1, S8,3a5,CG!J * includes cc:nmerci a2 paper a s farther describ ~ l~~-IEREAS, +,r7 `~t:.~ 26, I99S, t}le ~".'£,' C~,un{.11 ~ ,?: Or i.n { ~~: No I3=I~7 ("Or' ' ~ln :e h1o _ . . . : ~ . 3 _. ........ .~` .... .. ~:. ... ,.. .. ~~~.-. :.:..: ~. '~........., ..-... i .. i'i~.t~~:CtS ~r ~,z~ Cc3.L:li [.Cilti '.. -.,... ... ... , ~-- 1 ~ rJ. : :i;l G~r~-IEREr~S, the proceedings relating to the February 7, 1998 bond election were submitted to the Public Finance Division of the Office of the Attorney General in connection u=ith that office's approval of Ordinance No. 13457 and the issuance of Commercial Paper Notes thereunder; and 1~'FIEREAS, the City heretofore has issued and there are currently outstanding X29,000,000 in principal amount of the Commercial Paper Notes (the "Outstanding Commercial Paper motes'");and ~~7-IEItEAS, the Citcr deems it appropriate to issue the hereinafter authorized bonds in part for the purpose of retiring all of the Outstanding Commercial Paper Notes; and ~jHEREAS, the bonds hereinafter authorized to refund the Outstanding Commercial Paper Notes are to be issued and delivered pursuant to the laws of the State of Texas, including specifically Chapters 1207 and 1371, Texas Government Code; and ~jI-IEREAS, the Outstanding Commercial Paper !v otes were issued for the following purposes, to-wit, Street and Storm Sewer Improvements ($21,300,000); Convention Center Improvements 01,700,000); Park and Recreation Improvements ($4,000,000); Fire Safety Improvements 01,500,000) and Library Improvements 0500,000); all under authority of the election held February 7, 1998; and ~IHEREAS, in accordance with the terms of Ordinance ~Io. 13457, the amount of authorized but unissued bonds for Street Improvements that may be issued under authority of the election held February 7, 1998 is X5,620,000; the amount of authorized but unissued bonds for Park and Recreation Improvements that may be issued under authority of the election held February 7, 1998 is X1,415,000; and the amount of authorized but unissued bonds for F~ ~ a;; I.~;,,r ~~. c:nent~ ~ .:r n,ay be issued ... ... - ~t,_ -,~ ~i ~„ 1,. l~~I 1~...., C~. _ .. f~..._ .._. _~~ pursuant to the aforesaid elections be sold at this time, pursuant to the laws of the State of Te:~as. NOL~r', THEREFORE, BH IT ORDAINED BY THE CITE' COliI~CIL OF THE CITY OF FORT G~'ORTH, TEkAS: 1. That the bond or bonds of the City of Fort Forth, Texas (the "City>" or the "Issuer"} to be called "CTeneral Purpose Refunding and Improvement Bonds, Series 2003" (the "Bonds" or the "Series 2003 Bonds"}, be issued under and by virtue of the Constitution and Laws of the State ofTexas and the Charter of said City in the aggregate principal amount ofThirty Seven Million 'T'hree Hundred Sixty~- Five Thousand Dollars 037,365,000} for the purpose of (i} constructing permanent improvements, to- wn: Six Hundred Forty Thousand Dollars 0640,000} for the purpose of constructing public safety improvements, to-wit, building and equipping new police and fire facilities, and renovating existing police and fire facilities (1986 election};Six Hundred Fifty Thousand Dollars 0650,000} for the purpose of making permanent city improvements by constructing new improvements to the City's park and recreation system facilities, renovating existing facilities and enlarging other facilities (2986 election}; Five Million Sirx Hundred Twentyy Thousand Dollars 05,620,000} for the purpose of constructing permanent street and storm sewer improvements (1998 election}; One iUfillion Four Hundred Fifteen Thousand Dollars 01,415,000} for the purpose of constructing new improvements to the City's parks and community services system facilities, purchase and improve land, renovate and enlarge facilities for park and recreation purposes (1998 election}; and Forty Thousand Dollars 040,000} for the making permanent fire safety improvements {1998 election}, (ii} refunding the Outstanding Commercial Paper ?dotes. ~:n~~ .r~_ rho .-. ;r ~ ,. .._~:ce _ . ~. ~ .a -. °ith the , _.... __ , .7 ~ ~~.~_~, ?~~~~ 1~„,.~_ ~. ~~ ~ ~ ._ ._ .... .. ...., ,n i~ , _ .. _~_ l~L~.TliRIT~' DATE: ?~L~RCH 1 YEARS A~IC~LF~~TS ~; YEARS AMC~La~TS (` 2004 1,865,000 201 ~ 1,870,000 2005 1,865,000 2015 1,870,000 2006 1,865,000 2016 1,870,000 2007 1,865,000 2017 1,870,000 2008 1,865,000 2018 1,870,000 2009 1,865,000 2019 1,870,000 2010 1,865,000 2020 1,870,000 2011 1,870,000 2021 1,870,000 2012 1,870,000 2022 1,870,000 2013 1,870,000 2023 1,870,000 3. (a) That the City reserves the right to redeem the Series 2003 Bonds maturing on or after March 1, 2014, in whole or in part, on March 1, 2013, or on any date thereafter, for the principal amount thereof plus accrued interest thereon to the date fi.~ed for redemption. The years of maturity of the Series 2003 Bonds called for redemption at the option of the City prior to stated maturity shall be selected by the City. The Series 2003 Bonds or portions thereof redeemed within a maturity shall be selected by lot or other method by the Paying AgentjRegistrar (hereinafter defined); provided, that during any period in which ownership of the Bonds is determined only by a book entry at a securities depository for the Series 2003 Bonds, if fewer than all of the Series 2003 Bonds of the same maturity and bearing the same interest rate are to be redeemed, the particular Series 2003 Bonds of such maturity and bearing such interest rate shall be selected in accordance with the arrangements between the City and the securities depository. ~'_ .,. defined} of the Paying Agent/Registrar and (ii} notice of such redemption either to be published one (1} time in or posted electronically on the website of a financial journal or publication of general circulation in the United States of America or the State of Texas carrying as a regular feature notices of municipal bonds called far redemption; provided however, that the failure to send, mail, or receive such notice described in (i} above, or any defect therein or in the sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings for the redemption of any Series 2003 Bond, and it is hereby specifically provided that the provision of native described in {ii} above shall be the only notice actually required in connection with or as a prerequisite to the redemption of any Series 2003 Band. By the date fixed for any such redemption, due provision shall be made with the Paying Agent/Registrar for the payment of the required redemption price for the Series 2003 Bands or the portions thereof which are to be so redeemed, plus accrued interest thereon to the date filed for redemption. If such notice of redemption is given, and if due provision for such payment is made, all as provided above, the Series 2003 Bonds or the portions thereofwhich are to be so redeemed, thereby automatically shall be redeemed prior to their scheduled maturities, and sha1I not bear interest after the date fixed for their redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price plus accrued interest to the date fLxed for redemption from the Paying AgentJRegistrar out of the funds provided for such payment. The Paying Agent/Registrar shall record in the registration baalis all such redemptions of principal of the Series 2003 Bonds ar any portion thereof. If a portion of any Series 2003 Bond shall ';1~~ -c~i: cored a . ~. ... . .. _ ,, _ . ..~. ~. _... ,_ ,~_. - ~ .__. ,_, .. .~... ._. ._ ~-~ _ _.._.. ~,.~_ ~~e _~_ expense of the City, all as provided in this Ordinance. In addition to the foregoing, the City sha11 cause the Paying Agent/Registrar to give notice of any such redemption in the manner set forth in Section 5{h} hereof. The failure to cause such notice to be given, however, or anv defect therein, shall not affect the validity or effectiveness of such redemption. ~. That the Series 2003 Bonds scheduled to mature during the years, respectively, set forth below shall bear interest at the foIlo~ving rates per annum: maturities 200, ~, Op °'o maturities 2005, ~ 0 ~+ °, o maturities 2006, ~~,~°,!o maturities 2007, ~.QO ~° maturities 2008, , ~,f °,%° maturities 2009, ~„~°,.%° maturities 2010, u. UU o'° maturities 2021, , BV °j° maturities 2012, N.~rs maturities 2013, y~y,~°lo maturities 2024, ~, °% maturities 2015, L( 37S °lo maturities 2016, ~}, 3'~',~°~° maturities 2017,1{. nj °fo maturities 2018, ~/• 625°,l0 maturities 2019, ~; ~"~°,/o maturities 2020, y~.~°;° maturities 2021, ~°lo nnn~ t° maturities 2023, ~° ~ Said interest shall be payable to the registered owner of any such Series 2003 Bond in the manner provided and an the dates stated in the FORiVI OF BOND. 5. (a) The City shall keep or cause to be kept at the designated corporate trust office in Fort l~'orth, Texas (the "Designated Trust Office"} of Bank One, National Association (the "Paying Agentf Registrar'"}, or such other bank, trust company, financial institution, or other agency named in accordance with the provisions of {g} below, books or records of the registration and transfer of the Scrics ?003 Bonds {tl:c "Rc:bnstration Books"},and the City hereby appoints ~,> 1'::nn ~ ~.~;.~: ~ ,/R~~~~;sti ar to -~s- Boobs the address of such registered owner of each band to which payments with respect to the Series 2003 Bands shall be mailed, as herein provided. The City or its designee shall have the right to inspect the Registration Books during regular business hours ofthe PatJingAgentf Registrar, but otherwise the Paying Agent/Registrar shall keep the Registration Books confidential and, unless otherwise reciuired bylaw, shall not permit their inspection by any other entity. Registration of each Series 2003 Bond may be transferred in the Registration Books only upon presentation and surrender of such bond to the Paying Agent/Registrar far transfer of registration and cancellation, together with proper written instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying AgentjRegistrar, evidencing the assignment of such bond, or any portion thereof in any integral multiple of $x,000, to the assignee or assignees thereof, and the right of such assignee or assignees to have such bond or any such portion thereof registered in the name of such assignee or assignees. Upon the assignment and transfer of any Series 2003 Bond or any portion thereof, a ne~v substitute bond ar bonds shall be issued in exchange therefor in the manner herein provided. {b) The entity in whose name any Series 2003 $ond shall be registered in the Registration Books at any time shall be treated as the absolute owner thereof for all purposes of this Ordinance, whether or not such bond shall be overdue, and the City and the Paying Agent/Registrar shall not be affected by any notice to the contrary; and payment of, or on account of, the principal of, premium, if any, and interest on any such bond shall be made only to such registered owner. All such payments shall be valid anal e~ =ccr~al r ~ s.ui~ ~~- .ind discharge the liability upon such bond to r'-;c ~-<re;lt of the sum .. ~ ~or _: ~ .... .. _ ~ ~ ar ~~ proper records of all payments made by the City= and the Paying Agent; Registrar with respect to the Series 2003 Bonds, and of all exchanges thereof, and all replacements thereof, as provided in this Ordinance. {d} Each Series 2003 Bond may be exchanged for fully registered bonds in the manner set forth herein. Each bond issued and delivered pursuant to this Ordinance, to the extent of the unredeemed principal amount thereof, may, upon surrender thereof at the Designated Trust Office of the Paying AgentJRegistrar, togetherwith awritten request therefor duly executed by the registered owner ar the assignee or assignees thereof, or its or their duly authorized attorneys or representatives, with guarantee of signatures satisfactory to the Paying AgentJRegistrar, at the option of the registered owner or such assignee or assignees, as appropriate, be exchanged for fully registered bonds, tivithout interest coupons, in the form prescribed in the FORt~1 OF BOND, in the denomination of $x,000, or any integral multiple thereof {subject to the requirement hereinafter stated that each substitute bond shall have a single stated maturity date), as requested in writing by such registered owner or such assignee or assignees, in an aggregate principal amount equal to the unredeemed principal amount of any Series 2003 Bond or Series 2003 Bonds so surrendered, and payable to the appropriate registered owner, assignee, or assignees, as the case ma~J be. If a portion of any Series 2003 Bond shall be redeemed prior to its scheduled maturity as provided herein, a substitute bond or bonds having the same maturity date, bearing interest at the same rate, in the denomination or denominations of any integral multiple of `~,O~~Q at the request of tt~e r~ r: r~r;~d c~~.~ ~ -. ;:nd in _~~ z__,e principal amount equal to the t;,,. ~ ,; ;... __ distinguish it Pram each other band. The Paying Agent{Registrar shall exchange or replace Series 2443 Bonds as provided herein, and each fully registered band or bonds delivered in exchange far ar re- placement ofany Series 2443 Bond or portion thereof as permitted or required by anv provision of this Ordinance shall constitute one of the Series 2443 Bands far all purposes of this Ordinance, and may again be exchanged or replaced. It is specifically provided, however, that any Series 2443 Bond delivered in exchange far or replacement of another Series 2443 Band prior to the first scheduled interest payment date on the Series 2443 Bonds (as stated on the face therea~ shall be dated the same date as such Series 2443 Band, but each substitute band so delivered on or after such first scheduled interest payment date shall be dated as of the interest payment date preceding the date on Gvhich such substitute bond is delivered, unless such substitute band is delivered on an interest payment date, in which case it shall be dated as of such date of delivery; provided, however, that if at the time of delivery of any substitute bond the interest on the bond for which it is being exchanged has not been paid, then such substitute bond shall be dated as of the date to which such interest has been paid in full. On each substitute bond issued in exchange for or replacement of any Series 2443 Bond or Series 2443 Bonds issued under this Ordinance there shall be printed thereon a Paying Agent{Registrar's Authentication Certificate, in the farm hereinafter set forth in the FORz~i OF BOND. An authorized representative of the Paying Agent/Registrar shall, before the delivery of any such substitute bond, date such substi- tute bond in the manner set Earth above, and manually sign and date such Certificate, and no such ~u1 `~;rute bond shall be deemed to be issued or outstanding unless such Certificate is so e~ecutecl. The ~ ... , . „- ., . ,... ~ of .. ~..~-?ni~~? l; ... ~~ - ...~. _ ..._ .. ~ .: I _. _ w~ ~_~ ~~.:~t~ng s ._ execution, and delis>ery of the substitute bonds in the manner prescribed herein. Pursuant to Chapter 1206, Texas Government Code, the duty of exchange or replacement of anv Series 2003 Bond as aforesaid is hereby imposed upon the Paying Agent%Registrar, and, upon the execution of said Paying Agent% Registrar's Authentication Certificate, the exchanged or replaced bond shall be valid, incontestable, and enforceable in the same manner and with the same effect as the Series 2003 Bonds which originally were delivered pursuant to this C)rdinance, approved by the Attorne~~ General, and registered by the Comptroller of Public Accounts. neither the City nor the Paying Agent/Registrar shall be required {1} to issue, transfer, or exchange any bond during a period beginning at the opening of business 30 dad=s before the day of the first mailing of a notice of redemption of bonds and ending at the close of business on the day of such mailing, or {2} to transfer or exchange any bond so selected for redemption in whale when such redemption is scheduled to occur within 30 calendar days. {e} All Series 2003 Bonds issued in exchange or replacement of any other Series 2003 Bond or portion thereof, {i} shall be issued in fully registered form, without interest coupons, with the principal of and interest on such Series 2003 Bonds to be payable only to the registered owners thereof, (ii} may be redeemed prior to their scheduled maturities, {iii} may be transferred and assigned, (iv} may be ex- changed for other Series 2003 Bonds, {v} shall have the characteristics, {vi} shall be signed and sealed, and {vii} the principal of and interest on the Series 2003 Bonds shall be payable, all as provided, and in the manner required or indicated, in the FC-R~1 QF' BCJ~?D. (f} The City shall ~ ti;e P,~~. ~~cn?'R~ ~tr;r` ,.~. ...~' .. ? customa 2~ ..;d charges i~ ~ ~~ '- ~ ,.. . ,~ ~ . _~~~_ or portion thereof, together with any taxes or governmental charges required to be paid with respect thereto, all as a condition precedent to the exercise of such privilege ofexchange, except, however, that in the case of the exchange of an assigned and transferred bond or bonds or any portion or portions thereof in any integral multiple of X3,444, and in the case of the exchange of the unredeemed portion of a Series 2003 Bond which has been redeemed in part prior to maturitE=, as provided in this Clydinance, such fees and charges will be paid by the City=. In addition, the ~inr hereby covenants with the registered owners of the Series 2443 Bonds that it will (i) pay the reasonable and standard or customary fees and charges of the Paying AgentJRegistrar for its services with respect to the payment of the` principal of and interest on the Series 2443 Bonds, when due, and (ii} pay the fees and charges of the Paying AgentjRegistrar for services with respect to the transfer or registration of Series 2443 Bonds solely to the extent above provided, and with respect to the exchange of Series 2443 Bonds solely to the extent above provided. (g) The City covenants with the registered owners of the Series 2043 Bonds that at aIi times while the Series 2043 Bonds are outstanding the City will provide a competent and legally qualified bank, trust company, financial institution, or other agency to act as and perform the services of Paying Agent/Registrar for the Series 2043 Bonds under this C}rdinance, and that the Paying Agent/Registrar tivill be one entity. The City reserves the right to, and may, at its option, change the Paying Agent/Registrar upon not less than 64 days written notice to the Paying AgentJRegistrar. In the event that the entity= at any time a.~,:;~ ,i:, P~ ~•~~~ _~ ,~,:,~ 'Registrar {or its successor by r~.{ , - ,...quisition, ear ~.: ...: _. •. ._ ~. _ ... .. fanv ~'.,_ i . .. _.. _...~~. ~_ :. ~ _._ _. _ ._ , ~ _.... .._... ~. ~y _~~_ federal or state authority, and whose qualifications substantially are similar to the previous Paying Agent% Registrar to act as Paying AgentjRegistrar under this Ordinance. Upon any change in the Paring Agent/Registrar, the previous Paying Agent,/Registrar promptly shall transfer and deliver the Registration Books {or a copy thereon, along with aII other pertinent books and records relating to the Series 2003 Bonds, to the new Paying Agentf Registrar designated and appointed by the City=. upon any change in the Paying Agent/Registrar, the City promptly will cause a written notice thereof to be sent by the new Paying Agent/Registrar to each registered owner of the Series 2003 Bonds, by United States ~1ail, postage prepaid, which notice also shall give the address of the new Paying Agent/Regis- trar. By accepting the position and performing as such, each Paying AgentJRegistrar shall be deemed to have agreed to the provisions of this Ordinance, and a certified copy of this Ordinance shall be delivered to each Pa~Ting AgentjRegistrar. {h) {i) In addition to the manner of providing notice of redemption of Series 2003 Bonds as set forth in this Ordinance, the Paying Agent/Registrar shall give native of redemption of Series 2003 Bands by United States Mail, first-class postage prepaid, at least thirty {30) days prior to a redemption date to each NR.1ffSIR {as defined in Section 14 hereof} and the SID {as defined in Section 14 hereon. In addition, in the event of a redemption caused by an advance refunding of the Series 2003 Bands, the Paying AgentJRegistrar shall send a second notice of redemption to the persons specified in the immediately preceding sentence at least thirty {30} da~•s but not mare than ninety (90) days prior to the actual redemption date. Any notice sent to tine \R~i,~IRs or the SID shall he sent .__. ._.:1 *~r: a ,_.~ , ~~_ (ii) Eaeh redemption notice, whether required in the FOR~~2 OF BOi~'D or otherwise by this Ordinance, shall contain a description of the Series 2043 Bonds to be redeemed, including the complete name of the Series 2003 Bonds, the series, the date of issue, the interest rate, the maturity date, the CliSIP number, if any, the amounts called ofeach certificate, the publication and mailing date for the notice, the date of redemption, the redemption price, the name of the Paying AgentjRegistrar and the address at which the Series 2003 Bond may be redeemed, including a contact person and telephone number. (iii) All redemption payments made by the PayingAgentjRegistrar to the registered owners of the Series 2003 Bonds shall include CUSIP numbers relating to each amount paid to such registered owner. 6. The form of all Series 2003 Bonds, including the form of the Comptroller's Registration Certificate to accompany the Series 2003 Bonds on the initial delivery thereof, the form of Paying AgentjRegistrar's .Authentication Certificate, and the Form of Assignment to be printed on each of the Series 2003 Bonds, shall be, respectively, substantially as set forth in Exhibit A to this Ordinance, with such appropriate variations, omissions, or insertions as are permitted or required by this Ordinance. 7. (a) That a special fund or account, to be designated the "Cit-~r of Fort ~~'orth, Texas Series 2003 General Purpose Refunding and Improvement Bonds Interest ^nd Redemption Fund" (the "'Int rc~~ and Re~'f rni,~r:~.~r,: Fund"~ is hereby created and shall be c~r.~ :~?~::.d and maintained by said `~ T 1 ~ ! .. ., , . . ., .. ~. LL~ Series 2003 Bonds is outstanding and unpaid, the City Council of said City shall campute and ascertain the rate and amount of ad valarem tax, based on the latest approved tax rolls of said Cit~r, with full allawances being made far tax delinquencies and casts of tax. colleetians, which will be sufficient to raise and praduce the money required to pay the interest on the Series 2003 Bonds as such interest carves due, and to provide a sinking fund to pay the principal {including mandatory sinking fund redemption payments, if any} of the Series 2003 Bonds as such principal matures, but never less than 2°,'0 of the outstanding principal amaunt of the Series 2003 Bonds as a sinking fund each year. Said rate and amaunt of ad valorem tax is hereby ordered to be levied and is hereby levied against all taxable property in the City for each year while any of the Series 2003 Bonds is outstanding and unpaid, and said ad valorem tax shall be assessed and callected each such year and deposited to the credit of the aforesaid Interest and Redemption Fund. Said ad valorem taxes necessary to pay the interest on and principal of the Series 2003 Bonds, as such interest comes due, and such principal matures ar comes due through operation of the mandatory sinking fund redemption, if any, as provided in the FORZ~1 OF BOND, are hereby pledged for such purpose, within the limit prescribed by law. {b} Chapter 1208, Texas Government Cade, applies to the issuance of the Series 2003 Bonds and the pledge of ad valorem taxes made under Section 7{a} of this Ordinance, and such pledge is therefore valid, effective, and perfected. If Texas law is amended at any time while the Series 2003 Bands are outstanding and unpaid such that the pledge of ad valarem taxes made by the CitF under Section 7{a} of this Ordinance is to be subject to the filing requirements of Chapter 9, Te.~_.~s ~3,.,<r~css ~,~ , 1 ._.. f3,,..... ~~ ,....._.,:_ ~ _ :.-... .___ _ i.~ti to _t:~_ OCCt2r. 8. {a) In the event any outstanding Series 2443 $ond is damaged, mutilated, lost, stolen, or destroyed, the Paying AgentjRegistrar shall cause to be printed, executed, and delivered, a new bond of the same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or destroyed Series 2443 Bond, in replacement for such Series 2403 Bond in the manner hereinafter pro- vided. {b) Application for replacement of damaged, mutilated, lost, stolen, or destroyed Series 2443 Bonds shall be made to the Paying AgentjRegistrar. In every case of loss, theft, or destruction of a Series'2443 Bond, the applicant for a replacement bond shall furnish to the City and to the Paying AgentJRegistrar such security or indemnity as may be required by them to save each of them harmless from any loss or damage with respect thereto. Also, in every case of loss, theft, or destruction of a Series 2443 Bond, the applicant shall furnish to the City and to the Paying AgentjRegistrar evidence to their satisfaction of the loss, theft, or destruction of such Series 2443 $ond, as the case may be. In every case of damage or mutilation of a Series 2443 Bond, the applicant shall surrender to the Paying AgentjRegistrar for cancellation the Series 2043 Bond so damaged or mutilated. {c) Notwithstanding the foregoing provisions ofthis Section, in the event any such Series 2043 Bond shall have matured, and no default has occurred which is then continuing in the payment of the principal of, redemption premium, if any, or interest on the Series 2043 Bond, the City may authorize t~.e ,~.~-mcnt of the same {without sur. cnc~~•° *l~creofexcept in the case of a dammed or mutilated Series i .. ~ ... ~ ~:. i ;. , . -fie _~~_ Even= replacement bond issued pursuant to the provisions of this Section by virtue of the fact that any Series 2003 Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the City= whether or not the lost, stolen, or destroyed Series 2003 Bond shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and proportionately with any and all other Series 2003 Bonds duly issued under this Ordinance. (ej In accordance with Chapter 2206, Texas Government Code, this Section of this Ordinance shall constitute authority for the issuance of any such replacement bond without necessity of further action by the goy erning body of the City or any other body or person, and the duty of the replacement of such bonds is hereby authorized and imposed upon the Paying Agent/Registrar, subject to the conditions imposed by this Section 8 of this Ordinance, and the Paying AgentJRegistrar shall authenticate and deliver such bonds in the form and manner and with the effect, as provided in Section 5(d} of this Ordinance for Series 2003 Bonds issued in exchange for other Series 2003 Bonds. 9. That the Mayor, the City Secretan=, the City Manager, any Assistant City Manager or the Director of Finance of the City, and all other officers, employees, and agents of the City=, and each of them, shall be and they are hereby expressly authorized, empowered, and directed from time to time and at any time to da and perform all such acts and things and to execute, acknowledge, and deliver in the name and under the seal and on behalf of the City atl such instruments, whether or not herein mentioned, as may be necessary or d~~i:~,?~le in order to carry out the terms and provisions of this Ordinance, the Series 2003 Bonds, the offering documents prepared in connet'ir~, ,,, i-h the sale of the i _ _..~ ._ .. ,._.._ _., ,, ..,., ,..t if he __' ..... . ..... . . ..:. _.. t delivery. The City Manager of the City or the designee thereof is hereby authorized to have control of the Series 2003 Bonds and all necessary records and proceedings pertaining to the Series 2003 Bonds pending their delivery and their investigation, examination and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas. Lpon registration of the Series 2003 Bonds, said Comptroller of Public Accounts {or a deputy designated in writing to act for said Comptroller) sha11 manually sign the Comptroller's Registration Certificate accompanying the Series 2003 Bonds, and the seal of said Comptroller shall be impressed, or placed in facsimile, on each such certificate. 10. (a} That the sale of the Series 2003 Bonds to purchasers named in Exhibit B to this Ordinance (the "Purchaser"), at the purchase price set forth in Exhibit B, is hereby authorized, ratified and confirmed. It is hereby officially found, determined and declared that the Series 2003 Bonds were sold to the highest bidder at terms that were the most advantageous reasonably obtained. (b) The Bonds were sold pursuant to the terms of a "Notice of Sale and Bidding Instructions", "Official $id Farrn" and "Official Statement", the use of which documents, a true and correct copy of each such document is attached hereto, is hereby approved. The use of the "Preliminary Official Statement" prepared in connection with the sale of the Bonds is hereby ratified. 11. That the Issuer covenants to take any action to assure, or refrain from any action which would adversely affect, the treatment of the Series 2003 Bonds as obligations described in section 103 of the Internal Revenue Code of 1')~~(~ (the "Code"~, the interest on which is not ir.t~~:,';~,irle in the _t~_ fund, if any} are used for any "private business use,"" as defined in section 1=~1(b}(6) ofthe Code or, if more than 10 percent of the proceeds are sa used, that amounts, whether or not received by the Issuer, with respect to such private business use, da not, under the terms of this Ordinance or any underlying arrangement, directly or indirectly, secure ar provide for the payment of more than 10 percent of the debt service an the Series 20{}3 Bonds, in contra- vention of section 141(b)(2) of the Code; (b} to take any action to assure that in the event that the "private business use" described in subsection (a} hereof exceeds 5 percent of the proceeds of the Series 2003 Bonds or the projects financed therewith (less amounts deposited into a reserve fund, if any} then the amount in excess of ~ percent is used fora "private business use" which is "related" and not "disproportionate,"' within the meaning of section 141(b}(3} of the Code, to the governmental use; (c} to take any action to assure that no amount which is greater than the lesser of $x,000,000, or 5 percent of the proceeds of the Series 2003 Bands (less amounts deposited into a reserve fund, if any} is directly or indirectly used to finance loans to persons, other than state or local governmental units, in contravention of section 1~1(c) of the Code; (d} to refrain Pram taking any action which would otherwise result in the Series 2003 Bonds being treated as "private activity bonds" within the meaning of section 1-II(b) of the Code; ~,~ . acquire Investment property {as defined in section 1~S{b}{?} of the Code} which produces a materially higher yield over the term afthe Series 2003 Sands, other than investment property= acquired with -- {1} proceeds of the Series 2003 Bonds invested for a reasonable temporartJ period of 3 years or less , or in the case of refunding bonds, 90 days or Iess until such proceeds are needed for the purpose for which the bonds are issued, {2} amounts invested in a bona fide debt service fund, within the meaning of section 1.18-1{b} of the Treasury Regulations, and (3} amounts deposited in any reasonably required reser~-e or replacement fund to the extent such amounts do not exceed 10 percent of the proceeds of the Series 2003 Bonds; {g} to otherwise restrict the use of the proceeds of the Series 2003 Bonds or amounts treated as proceeds of the Series 2003 Sands, as may be necessary, so that the Series 2003 Bonds do not otherwise contravene the requirements of section 1=~8 afthe Code {relating to arbitrage} and, to the extent applicable, section 149{d} of the Code {relating to advance refundings}; and {h} to pay to the United States of America at Least once during each five-year period {beginning an the date of delivery of the Series 2003 Bonds} an amount that is at least equal to 90 percent of the "Excess Earnings", within the meaning of section 1 ~8{f} of the Code and to p ~ ~ :the .: .._. _ ... _. .. .. 1 ... ..... .. .... . .._ __.,.. _t_ "proceeds'" includes "disposition proceeds" as deFned in the Treasury Regulations and, in the case of a refunding bond, transferred proceeds {if any; and proceeds of the refunded bonds expended prior to the date of the issuance of the Bonds. It is the understanding of the Issuer that the covenants contained herein are intended to assure compliance with the Code and any regulations or rulings promulgated by the L.S. Department of the Treasurer pursuant thereto. In the event that regulations or rulings are hereafter promulgated which modify or expand prot-isions of the Code, as applicable to the Bonds, the Issuer will not be required to comply with any covenant contained herein to the extent that such failure to comply, in the opinion of nationally-recognized bond counsel, will not adverseleT affect'the exemption from federal income taxation of interest on the Bonds under section 103 of the Code. In the event that regulations or rulings are hereafter promulgated which impose additional requirements which are applicable to the Bonds, the Issuer agrees to comply with the additional requirements to the extent necessary, in the opinion ofnationally-recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Bonds under section 103 of the Code. In furtherance of the foregoing, the Mayor, the City Manager, any Assistant City Itilanager, and the Director of Finance may execute any certificates or other reports required by the Code and to make such elections, on behalf of the Cit~r, which may be permitted by the Cade as are consistent with the purpose for the issuance of the Bonds. In order to facilitate compliance with the above clause (h), a "Rebate Fund"' is hereby established by the Cit~r for the sole bens°`t {;f the United States of America, and such Rebate Fund shall .. _ ~ ~ of f, ~~. 1... ~_ ._. ~. ..._ _:oLi:: _. .. _ .. ~ . Series 2003 Bonds and any investment earnings thereon to be used for the purposes described in clause {i} of Section 1 of this Ordinance (each such purpose referred to herein and Section 23 hereof as a "Project"} on its books and records by allocating proceeds to expenditures within 18 months of the Later of the date that (a} the expenditure on a Project is made ar (b} each such Project is completed. The foregoing notwithstanding, the Issuer shall nat expend such proceeds or investment earnings more than 60 days after the later of {a) the fifth anniversary of the date of delivery of the Series 2003 Bands or (b} the date the Series 2003 Bonds are retired, unless the Issuer obtains an opinion of natianally- recognized bond counsel substantially to the effect that such expenditure will not adversely affect the tax-exempt status of the Series 2003 Bonds. 13. That the Issuer covenants that the property constituting a Project will not be sold or otherwise disposed in a transaction resulting in the receipt by the Issuer of cash ar other compensation, unless the Issuer obtains an opinion ofnationally-recognized bond counsel substantially to the effect that such sale or other disposition will not adversely affect the tax-exempt status of the Series 2003 Bonds. For purposes of this Section, the portion of the property comprising personal property and disposed of in the ordinary course of business shall not be treated as a transaction resulting in the receipt of cash ar other compensation. For purposes of this Section, the Issuer shall not be obligated to comply with this covenant if it obtains an opinion of nationally-recognized bond counsel to the effect that such failure to comply will not adversely affect the excludability for federal income tax hurp~~scs from grass income of t1:e i:~r~~c>t. to such t~2.iF~s .. ... -:. 1 :... __ .. _ ...._ _.. l~ ..,~ ,_~,; ... _.. -.._ ~1. _ .,. ~, .. - .. _~~_ time to tzme. '"Rule" means SEC Rule 13c2-I2, as amended from time to time. "S'EC' means the United States Securities and Exchange Commission. "SID" means any person designated by the State ofTexas ar an authorized department, officer, or agency thereof as, and determined by the SEC or its staff to be, a state information depository within the meaning of the Rule from time to time. {b} .Annual Reports. {i) The Cite. shaII provide annually to each ~1Rt~ISIR and any SID, within six months after the end of each fiscal year ending in or after 2003, financial information and operating data with respect to the City of the general type included in the final Official Statement authorized by Section 10 of this Ordinance, being the information described in Exhibit C hereto. t`~nv financial statements sa to be provided shall be {1) prepared in accordance with the accounting principles described in Exhibit C hereto, ar such other accounting principles as the City may be required to employ from time to time pursuant to state Iaw or regulation, and {2) audited, if the City commissions an audit of such statements and the audit is completed within the period during which they must be provided. If the audit of such financial statements is not complete within such period, then the Cite shaII provide unaudited financial statements by the required time, and shall provide audited financial statements for the applicable fiscal year to each NR~'4ISIR and any SID, when and if the audit report on such statements becomes available. {ii) If the City changes its fiscal year, it will notify each ?`~~R.MSIR and any SID of the change {and of the date of the new fiscal year end} prior to the next date by which the City ot3-~:~:-.. isc ,would ~ ? ,. ,., ,. ~l _., ,._. ., .._ i, ~1 .__..... ..~... ._ .. ,.. ,I~i~l~ .. .. _. ?.. _,,. ~~ _~~_ in a timely manner, afany of the following events with respect to the Series 2443 Bonds, if such event is material within the meaning of the federal securities laws: 1. Principal and interest payment delinquencies; 2. Non-payment related defaults; 3. Unscheduled draws on debt service reserves reflecting financial difficulties; =1. Unscheduled draws on credit enhancements reflecting financial difficulties; 5. Substitution of credit or liquidit~T providers, or their failure to perform: G. ~~ldverse tax opinions or events affecting the tax-exempt status of the Series 2443 Bonds; i. Modifications to rights of holders of the Series 2443 Bonds; 8. Series 2443 Band calls; 9. Defeasances; 14. Release, substitution, or sale ofproperty securing repayment ofthe Series 2443 Bonds; and 12. Rating changes. The City sha}1 notify any SID and either each NR'~ISIR or the MSRB, in a timely manner, ofany failure by the City to provide financial information or operating data in accordance with subsection {b) of this Section by the time required by such subsection. {d} Limitations, Disclaimers, and Amendments. {i~ The City shall be obligated to observe and perform the covenants specified in this Section for so long as, but only for so Lang as, the City remains an "obligated person" with respect to the Series 2443 Bonds within the meaning of the Rule, except that the City in any event will give notice of any deposit made in accordance with this Ordinance or applicable law that causes any Series 2443 Bonds no longer to be outstanding. {ii} The provisions of this Section are for the sole benefit of the holders and beneficial owners of the Series 2443 Bonds, and nothing in this Section, express or implied, shall give any benefit or any le~l or scut*~ble r ~-rme~'_ or c'ai:~~'~,r,.....'~~ t~ .. `~ - - . _. ,~~,, ... The Cite ~~.~; _:~.:~i-:~_. to _~~_ warranty concerning such information or its usefulness to a decision to invest in or sell Series 2003 Bonds at any future date. (iii} UNDER NO CIRC U~IST~~ CES SI-Z~~L.L TI-IE CITY BE LI<~BLE TO THE HOLDER OR BENEFICI ~I. C~~~~ER CAF ANY SERIES 2003 BO_`~TD OR AMY OTHER PERSO'~~, I\~ CO~?TRACT OR TORT, FOR D~~~'~1 DOES RESULTING Iw ~~r~-3OLE OR IN PI~RT FRO~~I ~~'~ BREACH BY THE CITY, ~~'HETHER NEGLIGENT OR ~rITHOUT FAULT ON ITS PART, OF r1rNY CO~~ENA~~iT SPECIFIED IN THIS SECTION, BUT EVERY RIGHT AND RE~'1~iEDY OF AivY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCI-I BREACH SHALL- BE LIiti1ITED TO Ai`t1 ACTION FOR ~L~,'~~D14~l~IUS OR SPECIFIC PERFORZ~IANCE. (iv} No default by the City in observing or performing its obligations under this Section shall comprise a breach of or default under the Ordinance for purposes of any other provision of this Ordinance. Nothing in this Section is intended or shall act to disclaim, waive, or other<,vise limit the duties of the City under federal and state securities laws. (v} The provisions of this Section maybe amended by the City from time to time to adapt to changed circumstances that arise from a change in legal requirements, a change in law, or a change in the identity, nature, status, or type of operations of the City, but only if {1} the provisions of this Section, as so amended, would have permitted an underwriter to purchase or sell Series 2003 Bonds in the primanT offering of the Series 2003 Bonds in com;~i;;_; G~_ with the Rule, taking into account any ~. .. ~.... _ . ~ . •_ . ,e _~~_ City {such as nationally recognized bond counsel} determines that such amendment ~x,-i11 not materially impair the interest of the holders and beneFicial owners of the Series 2443 Bonds. If the CitF. so amends the provisions of this Section, it shall include with any amended financial information or operating data next provided in accordance with subsection (b} of this Section an explanation, in narrative form, of the reason for the amendment and of the impact of any change in the type of financial information or operating data so provided. The City may also amend or repeal the provisions of this continuing disclosure agreement if the SEC amends or repeals the applicable provision of the Rule or a court of final jurisdiction enters judgment that such provisions of the Rule are invalid, but only if and to the extent that the provisions of this sentence would not prevent an undertivriter from lawfully purchasing or selling Series 2443 Bonds in the primary offering of the Series 2443 Bonds. 25. That interest earnings derived from the investment of proceeds from the sale of the Series 2443 Bonds may be used along with other available band proceeds for the construction of the permanent improvements set forth in clause (i} of Section 1 hereof for which a portion of the Series 2443 Bonds are issued or for the payment of debt service on the Series 2443 Bonds; provided that after completion of such permanent improvements, if any of such interest earnings remain on hand, such interest earnings shall be deposited in the Interest and Redemption Fund. It is further provided, however, that any interest earnings on bond proceeds which are required to be rebated to the United States of ~rnerica pursuant to Section I2 hereof in order to prevent they Series 2443 Bonds from being arbitrage bonds K :.1? b~ so rebated and not ~ ~ ~:~~~~«d as inr~~r ; : ~~,~-: i:~:~ for the purp~_~,t; ,_,i i.~ l~r \~.. 1 ~_.. .. .. ~ _ ~ .._. ~~_ DTC has represented that it is a limited purpose trust company incorporated under the laws of the State of New ~rork, a member of the Federal ResertTe System, a ""clearing corporation'" within the meaning ofthe New Yark >/niform Commercial Code, and a'"clearing agency"'registered under Section 17_'1 of the Securities Exchange ~c;t of 1934, as amended, and the Cite accepts, but in no tivay verifies, such representations. The definitive Series 2003 Bonds delivered to the Purchaser shall be registered in the name of CEDE & CQ., the nominee of DTC. It is expected that DTC will hold the Series 2003 Bonds on behalf of the Purchaser and their participants. So long as each Series 2003 Bonds is registered in the name of CEDE R CC>., the PayingAgent/Registrar shall treat and deal with DTC the same in all respects as if it were the actual and beneficial owner thereof. It is expected that DTC will maintain a book-entry s~Tstem which will identify ownership of the Series 2003 Bands in integral amounts of X3,000, with transfers of ownership being effected an the records of DTC and its participants pursuant to rules and regulations established by them, and that the Series 2003 Bonds initially deposited with DTC shall be immobilized and not be further exchanged for substitute Series 2003 Bonds except as hereinafter provided. The City is not responsible or liable for any functions of DTC, will not be responsible for paying any fees or charges with respect to its services, will not be responsible or liable for maintaining, supervising, or reviewing the records of DTC or its participants, ar protecting any interests or rights of the beneficial owners of the Series 2003 Bonds. It shall be the duty at the DTC Participants, as defined in the C)fficial Statement herein approved, to make ail a:-r~~ ~ ~ ;r,~~nts with DTC t e,,<r ,ir'ah this baoh-entry system, the beneficial own -, . ~ ° the Series 20t)~ i" _ '.. .. .. ': 1[ . _, .. ~ ~' ~~ '_ r ,. ..~.. ~ __... .... ~.. i ..__.. .... uie. Y~ ~r~ I AgentjRegistrar with proper request for transfer and substitution, as provided for in this Ordinance, substitute Series 2003 Bonds will be duly delivered as provided in this Ordinance, and there will be no assurance or representation that any book-entry system will be maintained for such Series 2003 Bonds. In connection with the initial establishment of the foregoing book-entry system with DTC, the City heretofore has executed a "Blanket Letter of Representations" prepared by DTC in order to implement the book-entry system described above. 17. (a} Defeased Bonds. That any Series 2003 Bond and the interest thereon shall be deemed to be paid, retired and no longer outstanding (a "Defeased Bond"} within the meaning of this Ordinance, except to the extent provided in subsection {d} of this Section, when payment of the principal of such Bond, plus interest thereon to the due date (whether such due date be by reason of maturity or otherwise} either {i} shall have been made or caused to be made in accordance with the terms thereof, or (ii} shall have been provided for on or before such due date by irrevocably depositingwith or making available to the Paying AgentJRegistrar in accordance with an escrow agreement or other instrument {the "Future Escrow Agreement"} for such payment (1} lawful money of the United States ofAmerica sufficient to make such payment or {2} Defeasance Securitr`es that mature as to principal and interest in such amounts and at such times as will insure the avaiIabilit~r, without reinvestment, of sufficient money to provide for such payment, and when proper arrangements have been made by the Issuer with the Paying Agent~Registrar for the payment of its services until all Defeased Bonds shall have become due and c~.i~.-<.I ale. At such time as a Series 2003 Bond shall be deemed to be a Defeased Bond ' _ ~ .. c:~ I. _ .._ ._~ , _ ,. A -. ~.... -, . _'~ I a hereby provided that any determination not to redeem Defeased Bonds that is made in conjunction with the payment arrangements specified in subsection 17{a}{i} or {ii} shall not be irrevocable, provided that: {I} in the proceedings providing for such payment arrangements, the Issuer expressly reserves the right to call the Defeased Bonds for redemption; {2} gives notice of the reservation of that right to the owners of the Defeased Bonds immediately following the mal~ing of the payment arrangements; and {3} directs that notice of the reservation be included in any redemption notices that it authorizes. {b} Investment in Z?~easance Securities. Any moneys so deposited with the Paying Agent/Registrar may at the written direction of the Issuer be invested in Defeasance Securities, maturing in the amounts and times as hereinbefore set forth, and all income from such Defeasance Securities received by the Paying Agentf Registrar that is not required for the payment of the Bonds and interest thereon, with respect to which such money has been so deposited, shall be turned over to the_ Issuer, or deposited as directed in writing by the Issuer. Any Future Escrow Agreement pursuant to which the money andJor Defeasance Securities are held for the payment of Defeased Bonds may contain provisions permitting the investment or reinvestment of such monevs in Defeasance Securities or the substitution of other Defeasance Securities upon the satisfaction of the requirements specified in subsection 17{a}{i} or {ii}. A11 income from such Defeasance Securities received by the Paying Agent/Registrar which is not required for the payment of the Defeased Bonds, with respect to which such money has been so deposited, shall be remitted to the Issuer or deposited as directed in writing by the Issuer. °. to _~_ investment quality by a nationally recognized investment rating fsrm not less than ~~~~ or its equivalent, and (iii} noncallable obligations of a state or an agency or a county, municipality=, or other political subdivision of a state that have been refunded and that, on the date on the date the governing body of the Issuer adopts or approves the proceedings authorizing the financial arrangements are rated as to investment qualit~° by a nationally recognized investment rating firm not Less than A.~~ or its equivalent. (d} Paying Agentf R~ga3trar Serzrzces. Until all Defeased Bonds shall have became due and payable, the Paying Agentf Registrar shall perform the services of Paying AgentjRegistrar for such Defeased Bonds the same as if they had not been defeased, and the Issuer shall make proper arrangements to provide and pay for such services as required by this ordinance. {e} Selection of Bonds forDefeasance. In the event that the Issuer elects to defease less than all of the principal amount of Bonds of a maturity, the Paying Agentf Registrar shall select, or cause to be selected, such amount of Bonds by such random method as it deems fair and appropriate. 18. That the refunding of the Outstanding Commercial Paper I~TOtes will enable the City to effect the conversion of interim financing for the permanent improvements to the City to permanent financing. The Series 2003 Bonds and the Outstanding Commercial Paper Notes each constitute "obligations" as such term is defined in Chapter 13?1, Texas Government Code, and the manner in which the refunding of the Outstanding Commercial Paper Notes is to be executed does not make it practicable to make the Endings set forth in Section 1207.008{b}, Texas Government Code. In _. .. '-i'. ,_ ., .r;? .. ~.. .: Cj; ill! ~)~. _Si.l ld~'?; t. ..., . .,..~ 1~ _. '\ _. ~, ~.. ,..1 '. ~. be . ,.. . _~ . _..._. _ . ,. 1 ' .._: .. .... ._ ..' . , .. _.. i . ~ _.._ ' ~ t` .. - _7~_ 19. That the proceeds from the sale of the Series 2003 Bonds shall be deposited with the City= depository bank and used to fund the permanent improvements described in clause {i; of Section 1 of this Ordinance. The foregoing notwithstanding, {i) proceeds representing accrued interest and premium on the Series 2003 Bonds shall be deposited to the credit of the Interest and Sinking Fund; and (ii) proceeds from the sale of the Series 2003 Bands to be used to refund the Outstanding Commercial Paper dotes shall be deposited to the credit of the "dote Payment Fund" held by the issuing and paying agent far the Outstanding Commercial Paper motes in accordance with the letter of instructions executed an behalf of the City b~T the Director of Finance. 20. That for aII purposes of this Ordinance, unless the context requires ather~vise, all references to designated Sections and other subdivisions are to the Sections and other subdivisions of this Ordinance. The wards "herein", "hereof' and "hereunder" and other words of similar import refer to this Ordinance as a whole and not to any particular Section or other subdivision. Except where the context otherwise requires, terms defined in this Ordinance to impart the singular number shall be considered to include the plural number and vice versa. References to any named person means that parnr and its successors and assigns. References to any constitutional, statutory or regulatory provision means such provision as it exists on the date this Ordinance is adapted by the CitS~ and any future amendments thereto or successor provisions thereof. Any reference to the payment ofprincipai in this Ordinance shall be deemed to include the payment of any mandator~l sinking fund redemption payments as described herein. Anv reference to "FORA OF I~~J\ D" shall refer to the farm of the .. ,, ~ funds disbursement Ietter prepared by or on behalf of the City. The foregoing notwithstanding, (i) proceeds representing accrued interest and premium on the Bonds shall be deposited to the credit of the Interest and Redemption Fund. 22. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. 23. That in accordance with the provisions of Section 1201.028, Texas Gott ernment Cade, this Ordinance shall be effective immediately upon its adoption by the City Council. 2~. That it is hereby officially found and determined that the meeting at which this Ordinance was passed was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Chapter 5~1, Texas Government Code, as amended. ADOPTED this August 26, 2003. I~layor, City of Fort worth, Texas A Ltty secretary, City of Fort 'orth, Texas AP O~~ED AS TO FORs~I A1`v'D LEG AZITY: ~~ '. - .... F~..`~l ' _~~a ~'ity of ~'a~t Worth, Texas ~1~1~c~~~+r ~-n~ ~; c~u~rci~. ~; a~nr~~nr~un~ca-~ric~r~ DATE REFERENCE Nt1MBER LC~G NAME PAGE 8126103 ~-~~,~~~ 13CERTS 1 of 2 SUBJECT SALE OF $37,365,000 GENERAL PURPOSE REFUNDING AND IMPROVEMENT BONDS, SERIES 2003 RECOMMENDATION: It is recommended that the City Council: 1. Adopt an ordinance providing for the issuance of $37,365,000 General Purpose Refunding and Improvement Bonds, Series 2003, and approving the use of the "Notice of Sale and Bidding Instruction," "Official Bid Farm," and "Official Statement" prepared in connection with the issuance of the above stated bonds; and 2. Authorize the $37,365,000 General Purpose Refunding and Improvement Bonds, Series 2003, be sold to UBS Financial Services, the bidder offering the lowest true interest rate of 4.459006°l0. DISCUSSION: Bids far the $37,365,000 General Purpose Refunding and Improvement Bonds, Series 2003, were received today (Tuesday, August 26, 2003} at 10:00 a.m. A summary of the true interest rates for the bids is shown below: BIDDER RATE (To be attached at 10:00 a.m. on Tuesday, August 26, 2003} Proceeds from this sale will be used as follows: $29,000,000 - Convert outstanding commercial paper notes to long term debt (1998}; specifically, Streets and Storm Sewers {$21.3 million}, Public Events {$1.7 million}, Parks and Community Services {$4.0 million}, Fire Services {$1.5 million} and Library Services {$.5 million} $ 5,620,000 - Street and Storm Sewer Improvements {1998} $ 1,415,000 - Parks and Community Services Improvements {1998} $ 40.000 - Fire Services Improvements {1998} $ 640.000 - Public Safety (1986) ~' ,1~~n - t-'irk ~ncj R:-'~r~~~~?!or~ !rid„C~vr~,>>F.,,ts ~ ' .~`~ X37,365,000 Total , s City of T'o~t T{Tla~th, Texas ~~1~~~~~ c~nd ~;aunc~( ~; c~mn~unycc~~~ian DATE REFERENCE NUMBER ~C~G NAME PRGE 8126143 G-'14t}fi7 fi 3CERTS 2 of 2 suB~ECT SALE 4F $37,366,444 GENERAL PURPQSE REFUNDING AND IMPROVEMENT BONDS, SERIES 2443 FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that funds will be available to make the debt service payments an these bonds. RZ: r ~ul,niin~~~~ t... < ~i, ~Lnr~~~i~ . t h i_ui;i~in~_ I)c~mrtmrnt ilca~i_~ g \_ir~~ ~ ~; , ~, .r,.. ~ i Il ~I~ ~i i ul ~I ~ I ~I! ft ~~l~~t ~I £.111 ~I~ {ll i VIll`~ _ ~__ ~ _ ~ - ~ _ --- - ~ - - { _` f - ~~;~- ~_i~~ Rr r~~J I ~ ~A fir, r t s ._ ~ ~ -~ ~__ i TIIE STATE QF TE~.AS COlitiTIES OF Tt~RR<~'vTT A\~D DEI`,1TQ CITY OF FORT ~~'ORTH On the 26th day of August, 2003, the City Council of the City of Fort Worth, Teas, met in regular, open, public meeting in the City Council Chamber in the City Hall with the following members present, to-wtt: Mike Moncrief, Mayor Jim Lane, Chuck Silcox, Becky Raskin, . Frank Ntoss, Clyde Picht, Councilmembers John Stevenson, , Ralph McCloud, Wendy Davis, Gary Jackson, City Manager, David Yeti, City Attorney, Gloria Pearson, City Secretary, Jim Keyes, Director of Finance thus constituting more than a quorum present; and after the City Council had transacted certain business, the following business was transacted, to-wit: Councilmember introduced an ordinance and moved its passage. The motion was seconded by Councilmember .The Ordinance was read by the City Secretary. The motion, carrying with it the passage of the ordinance prevailed by a vote of ~ YEAS, ~ ~~AYS. The ~r;. ~~,.~._ r ._;~,~~ 1s . .. .._.