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HomeMy WebLinkAboutOrdinance 6247 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF TWO HUNDRED TEN THOUSAND DOLLARS ($210,000.00) OF AIRPORT BONDS, SERIES 105A, OF THE CITY OF FORT WORTH, TEXAS, BEARING INTEREST AT THE RATES HERE- INAFTER 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 MA- TURITY, 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 interest of the City of Fort Worth that certain improvement bonds au- thorized at an election previously held in said City be is- sued and sold at this time, the date of election, the amount of bonds authorized thereat, purpose, the amount of bonds previously sold and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT NOW ELECTION AUTHORIZED PURPOSE SOLD OFFERED Oct. 19, $9,000,000 Airport $1,290,000 $210,000 1965 (Series 105A) and $7,500,000 (Series 105B) 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 "Airport Bonds, Series 105A, " be issued under and by virtue of the Constitu- tion and laws of the State of Texas, and the Charter of said City, for the following purpose, to wit: for the purpose of making permanent city improvements by establishing, develop- ing, constructing, enlarging, improving and equipping its airports and air navigation facilities, including buildings and other facilities incidental to the operation thereof and the acquisition or elimination of airport hazards, and acquiring the necessary lands therefor, said bonds amounting in the aggregate to the sum of Two Hundred Ten Thousand Dol- lars ($210,000.00) . SECTION 2. That said bonds shall be numbered from two hundred and fifty-nine (259) to three hundred (300) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Two Hundred Ten Thousand Dollars ($210,000.00) . SECTION 3. That said bonds shall be dated March 1, 1970, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 259 March 1, 1971 $ 5,000.00 260 March 1, 1972 5,000.00 261 March 1, 1973 5,000.00 262 March 1, 1974 5,000.00 263 March 1, 1975 5,000.00 264 March 1, 1976 5,000.00 265 March 1, 1977 5,000.00 266 March 1, 1978 5,000.00 267 to 268, both incl. March 1, 1979 10,000.00 269 to 270, both incl. March 1, 1980 10,000.00 271 to 272, both incl. March 1, 1981 10,000.00 273 to 274, both incl. March 1, 1982 10,000.00 .275 to 276, both incl. March 1, 1983 10,000.00 277 to 278, both incl. March 1, 1984 10,000.00 279 to 280, both incl. March 1, 1985 10,000.00 281 to 282, both incl. March 1, 1986 10,000.00 283 to 284, both incl. March 1, 1987 10,000.00 285 to 286, both incl. March 1, 1988 10,000.00 267 to 288, both incl. March 1, 1989 10,000.00 289 to 290, both incl. March 1, 1990 10,000.00 291 to 292, both incl. March 1, 1991 10'000.00 293 to 294, both incl. March 1, 1992 10,000.00 295 to 296, both incl. March 1, 1993 10,000.00 297 to 298, both incl. March 1, 1994 10,000.00 299 to 300, both incl. March 1, 1995 10,000.00 ............. SECTION 4. That the bonds payable subsequent to March 1, 1985, shall be redeemable prior to their respective maturities, at the option of the City, on March 1, 1985, or on March 1 of any year subsequent to 1985, upon the following terms and conditions, viz. : (1) The bonds called for redemption on any March 1 must include all of the bonds then outstanding or must be the outstanding bonds bearing the highest inden- tifying numbers; (2) the redemption price shall be par and accrued interest to date of redemption; and (3) at least thirty days prior to the date upon which such redemption is to be made, a notice of intention to make such redemption, describing the bonds to be redeemed, must be published at least once in A financial journal of national circulation published in the Borough of Manhattan, in the City and State of New York. Such option may be exercised by ordinance or resolution duly adopted by the City Council of the City of Fort Worth. Nothing contained in this ordinance shall be construed to limit or affect the right of the City to pur- chase, with any moneys lawfully available for such purpose, any of the outstanding bonds at a price less than the re- demption price hereinbefore prescribed. Notice having been given by publication in the manner provided herein, the bonds called for redemption shall become due and payable on the redemption date designated in the notice at the redemption price determined, as provided herein, and upon presentation and surrender thereof at the place of payment thereof, to- gether with all appurtenant coupons maturing subsequent to the redemption date, such bonds shall be paid at the redemp- tion price aforesaid. All interest installments represented by coupons which shall have matured on or prior to the re- demption date shall continue to be payable to the bearers of such coupons. Interest on any bonds to be redeemed shall cease to accrue from and after the redemption date specified in such notice unless the City defaults in the payment of the redemption price thereof. SECTION 5. That said bonds shall bear interest at the rates as follows: Bonds Nos. 259 to 278, both incl., 7.000% per annum; Bonds Nos. 279 to 280, both incl., 6.500/. per annum; Bonds Nos. 281 to 284, both incl., 6.00% per annum; Bonds Nos. 285 to 288, both incl., 6.101% per annum; Bonds Nos. 289 to 290, both incl., 6.20% per annum; and Bonds Nos. 291 to 300, both incl., 5.00% per annum, payable September 1, 1970, and semi-annually thereafter on March lst and September lst of each year. SECTION 6. That the principal of and interest on said bonds shall be payable upon presentation and surrender of bond or proper coupons at the Manufacturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York. SECTION 7. That each of said bonds shall be executed for and on be- half of the City of Fort Worth, Texas, by the facsimile sig- nature of the Mayor, approved as to form and legality by the facsimile signature of the City Attorney, and attested manually by the City Secretary, with the seal of the City thereon duly affixed to, or impressed, or printed, or litho- graphed, and the interest coupons shall be executed with the lithographed or printed facsimile signatures of the Mayor and City Secretary of the City of Fort Worth, Texas, and such facsimile signatures shall have the same effect as if manually placed on said bonds and coupons. SECTION B. That the form of said bonds shall be substantially as follows- 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 an election held for that purpose within said City on October 19, 1965; that all acts, condi- tions 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 regu- lar 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 ap- propriated exclusively to the payment of this bond and the series of which it is a part, and to the payment of the in- terest 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, attested by the manual signature of the City Secretary, and approved as to form and legality by the printed or lithographed facsimile signature of the City Attorney, and the interest coupons attached hereto have been signed by the printed or lithographed facsimile signatures of the Mayor and City Secretary, and the official seal of said City has been duly affixed to, or impressed, or printed, or lithographed on this bond. CITY OF FORT WORTH, TEXAS ATTEST: BY City Secretary Mayor APPROVED AS TO FORM AND LEGALITY: City Attorney 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 examined 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 9. That the proceeds from all taxes collectdd for and on account of this series of bonds shall be credited to an Interest and Redemption Fund 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, there shall he computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest approved rolls of said City as will be requisite and sufficient to make, raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund sufficient to pay the principal as it matures, or at least 2% of the principal as a sinking fund, whichever is greater, full 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 pur- pose of paying the interest maturing and principal of said bonds and for no other purpose. SECTION 10. That to pay the interest scheduled to mature on September 1, 1970, there is hereby appropriated the sum of Six Thousand, Five Hundred and Ninety-five Dollars ($6,595.00) from funds of the City available for such purpose; and that the money thus appropriated shall be used for no other purpose than to pay said interest. SECTION 11. That the bonds herein authorized shall be presented to the Attorney General of the State of Texas for examination and approval and to the Comptroller of Public Accounts for registration; that upon registration of said bonds, the Comp- troller of Public Accounts (or a deputy designated in writ- ing to act for the Comptroller) shall manually sign the Comptroller's certificate of registration prescribed here- in to be printed on the back of each bond; and that the seal of the Comptroller shall be affixed to, or impressed, or printed, or lithographed on each of said bonds. SECTION 12. That the sale of the bonds herein authorized to Harris Trust and Savings Bank &,Associatesat a -price, of par and accrued interest to date of delivery is hereby confirmed; and that delivery of such bonds shall be made to such purchasers as soon as may be after the passage of this ordinance upon payment therefor in accordance with the terms of sale. SECTION 13. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 14. That this ordinance shall take effect and be in full force and effect from and after the date of its passage, and it is so ordained. SECTION 15. It is hereby officially found and determined that the meeting at which this ordinance was passed was open to the public as required by law; and that public notice of the time, place and purpose of said meeting was given as re- quired by Chapter 227, Acts of tbf,_-,_6,,1s,t,Legislature, Regular Session, 1969. ATTEST NTayir of the City of Fort W'0_��' Texas C$tyA ecretary of the City V' Fort Worth, Texas APPROVE AS TO FPRM AND LEGALITY. City Attorney of the City of Fort Worth, Texas NO. UNITED STATES OF AMERICA $5,000.00 STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH AIRPORT BOND SERIES 105A. The City of Fort Worth, in the County of Tarrant, State Of Texas, a municipal corporation duly incorporated under the laws of the State of Texas, for value received, hereby promises to ,pay to the bearer hereof, on the lst day of March, 19 _, the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon from date hereof at the rate of % per annum, evidenced by coupons payable September 1, 1970, and semi- annually thereafter on March lst and September 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 here- by 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 forty-two (42) bonds of like tenor and effect, except as to number, interest rate, maturity, and right of prior redemption, numbered from two hundred and fifty-nine (259) to three hundred (300) , both in- clusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Two Hundred Ten Thousand Dollars ($210,000.00) , issued for the purpose of making permanent city improvements by establishing, developing, constructing, enlarging, im- proving and equipping its airports and air navigation facil- ities, including buildings and other facilities incidental to the operation thereof and the acquisition or elimination of airport hazards, and acquiring the necessary lands there- for, 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 bonds payable subsequent to March 1, 1985, shall be redeemable prior to their respective maturities, at the option of the City, on March 1, 1985, or on March 1 of any year subsequent to 1985, upon the following terms and con- ditions, viz. : (1) The bonds called for redemption on any March 1 must include all of the bonds then outstanding or must be the outstanding bonds bearing the highest identifying numbers, (2) the redemption price shall be par and accrued interest to date of redemption; and (3) at least thirty days prior to the date upon which such redemption is to be made, a notice of intention to make such redemption, describing the bonds to be redeemed, must be published at least once in a financial journal of national circulation published in the Borough of Manhattan, in the City and State of New York. The date of this bond in conformity with the ordinance above mentioned is March 1, 1970. That the form of coupons to be attached to said bonds shall be substantially as follows: Unless the bond hereinafter mentioned shall have been called for previous re- demption and payment thereof made or duly On the first day of provided for, the City of Fort Worth, in Sept., 19 the State of Texas, promises to pay to March, bearer at the Manufacturers Hanover Trust NO. - $ Company, in the City of New York, New SERIES 105A York, the amount specified hereon for BOND NO. interest due that day on its Airport Bond, Series 105A, dated March 1, 1970. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary City of Fort Worth, Texas Mayor and Council Co'Minunicaton DATE 0,111REN PAGE MBER Tab 2/18/70 G 10 Sale of General Obligation Bonds I Of I Attached .is a detailed tabulation of bids received on the Sale of $9,620,000 Geaeral Obligation Roads opened at 10:00 A.M, , Wednesday', February 18,, 1970, A Summary of the average net effecti e interest rate for each bid is set forth belaw�., Average Net, Effective Bidders Interest Rate 1. Harris Trust and Savings Bank, Chicago, Illinois Fi,rst National Batik, Dallas, Texas First National. Bank of Fort Worth and Associates 6.011000 2. First Nationa"J, City Bank., New York, New YorR, Merrill Lynch, Pterce, Fenner & Smi,th, lttc. , New York, New York and Associates, 6.061100 3. Morgan Guaranty Trust Company of New York, Kuhn, Loeb & Couipany, Bear, Stearns & Company and Associates 6.1,08100 4. Chemical Bank, New York, New 'York John Nuveen, & Company, New York, 'New York and Associates 6.121573 5. Smith., Barney & Co. & Associates 6J229OO 6o, The First Nat�ional, Bank of Chicago and Associates 6,123360 7. Republic National Bank of Dallas Fort 'Worth National, Bank and Associates 6.159560 8. Halsey, Stuart Co. , Inc. , Ali ftago, 1111inois Phelps, Fear & Co., Chicago, Illinois and Associates 6.218300 It is recd ended that the bonds be sold to the 'bidder offering the lowest interest cost, Harris Trust and Savings Bank, and Associates, at an average net effective interest rate of 6.01,1000 per cent, and that the City Council adopt ordinance nAunbers 6246, 6247 and 6248 authorizing the issuance of $9,620,,000 in General Obligatioa Bands,, liDM:mhg Attach. SUSIMITTE BY. DISPOSITION Y COUNCIL: PROCESSED BY N �APF ROVED F3 OTHER (DESCRIBE) �,Zzf 44�AECRCYAIRY Y DATE CITY MANAGER 0