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HomeMy WebLinkAboutOrdinance 6248 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF TWO MILLION, SEVEN HUNDRED THOUSAND DOLLARS ($2,- 700,000.00) OF SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BONDS, SERIES 1970A, OF THE CITY OF FORT WORTH, TEXAS, 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 SINXING 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 in- terest of the City of Fort Worth that certain improvement bonds authorized at elections previously held in said City be combined in a single issue and sold at this time, the dates 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 Jan. 24, 1961 $19,000,000 Sanitary $16,355,000 $ 815,000 Sewer System and Sewage Disposal Plant Oct. 19, 1965 6,500,000 Sanitary 300,000 1,885,000 Sewer System and Sewage Disposal Plant $2,700,000 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 "Sanitary Sewer System and Sewage Disposal Plant Bonds, Series 1970A, " 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 purpose, to wit: for the purpose of making perma- nent city improvements by improving, extending and enlarging the sanitary sewer system and sewage disposal plants of said City, and acquiring the necessary lands therefor, all of which bonds aggregate in principal amount the sum of Two Million, Seven Hundred Thousand Dollars ($2,700,000.00) . SECTION 2. That said bonds shall be numbered from one (1) to five hundred and forty (540) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Two Million, Seven Hundred Thousand Dollars ($2,700,000.00) . 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 1 to 21, both incl. March 1, 1971 $105,000.00 22 to 42, both incl. March 1, 1972 105,000.00 43 to 63, both incl. March 1, 1973 105,000.00 64 to 84, both incl. March 1, 1974 105,000.00 85 to 105, both incl. March 1, 1975 105,000.00 106 to 126, both incl. March 1, 1976 105,000.00 127 to 147, both incl. March 1, 1977 105,000.00 148 to 168, both incl. March 1, 1978 105,000.00 169 to 189, both incl. March 1, 1979 105,000.00 190 to 210, both incl. March 1, 1980 105,000.00 211 to 232, both incl. March 1, 1981 110,000.00 233 to 2541 both incl. March 1, 1982 110,000.00 255 to 276, both incl. March 1, 1983 110,000.00 277 to 298, both incl. March 1, 1984 110,000.00 299 to 320, both incl. March 1, 1985 110,000.00 lawfully available for such purpose, any of the outstanding bonds at a price less than the redemption price hereinbe- fore prescribed. Notice having been given by publication in the manner provided herein, the bonds called for redemp- tion 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 there- of at the place of payment thereof, together with all appur- tenant coupons maturing subsequent to the redemption date, such bonds shall be paid at the redemption price aforesaid. All interest installments represented by coupons which shall have matured on or prior to the redemption date shall continue to be payable to the bearers of such coupons. In- terest 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. 1 to 298, both incl., 7.001% per annum; Bonds Nos. 299 to 320, both incl., 6.50% per annum; Bonds Nos. 321 to 364, both incl., 6.001/. per annum; Bonds Nos. 365 to 408, both incl., 6.lCP/. per annum; Bonds Nos. 409 to 430, both incl., 6.201% per annum; and Bonds Nos. 431 to 540, both incl., 5.001% per annum, payable September 1, 1970, and semi-annually thereafter on March lst and September 1st 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 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 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: 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 —, A. D. 19 Comptroller of Public Accounts of the State of Texas SECTION 9. 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 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 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, whichever is greater, full allowances 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 there- on, 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 in- terest maturing and principal of said bonds and for no other purpose. SECTION 10. That to pay the interest scheduled to mature on Septem- ber 1, 1970, there is hereby appropriated the sum of Eighty-six Thousand, One Hundred and Ninety-five Dollars ($86,195.00) 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 writing 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 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 & Associates at_,,,A­,,pride,,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 pay- ment 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 required by Chapter 227, Acts of the 61st Legislature, Regular Session, 1969. ATTEST' May-or of the City of Fort Worth, �1'i Texas c4ty—l' ecretary of the City i Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: City Attorney of the City of Fott Worth, Texas NO. UNITED STATES OF AMERICA $5,000.00 STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH SANITARY SEWER SYSTEM AND SEWAGE DISPOSAL PLANT BOND SERIES 1970A 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 inter- est thereon from date hereof at the rate of % per annum, evidenced by coupons payable September 1, 19708 and semi-annually thereafter on March lst and September lst of each year, both principal and interest payable upon presenta- tion and surrender of bond or proper coupon at the Manufac- turers 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 five hundred and forty (540) bonds of like tenor and effect, except as to number, interest rate, maturity, and right of prior redemption, num- bered from one (1) to five hundred and forty (540) 8 both in- clusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggregating Two Million, Seven Hundred Thousand Dollars ($2,700,000.00) , issued for the purpose of making permanent city improvements by improving, extending and enlarging the sanitary sewer system and sewage disposal plants of said City, 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 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 condi- tions, viz.: (1) The bonds called for redemption on any March I 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 ordi- nance above mentioned is March 1, 1970. 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 within said City on January 24, 1961, and October 19, 1965 ; 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 pay- ment 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 constitu- tional, 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 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: Unless the bond hereinafter mentioned shall have been called for previous re- dentption and payment thereof made or duly provided for, the City of Fort Worth, On the first day of in the State of Texas, promises to pay Sept., 19 to bearer at the Manufacturers Hanover March, Trust Company, in the City of New York, NO. - $ New York, the amount specified hereon SERIES 1970A for interest due that day on its BOND NO. Sanitary Sewer System and Sewage Disposal Plant Bond, Series 1970A, dated March 1, 1970. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary I City of Fort Worth, Texas MaIN (Ind Council C6minunication DATE RE ERENCE SUBJEM PAGE 2/18/70 G-1510 Sale of General Obligation Bonds I of I Attached is a detailed tabulation of bids received an the sale of $9,620,000 General Obligation Bonds opened at 10:00 A.M. , Wednesday, February 18, 1970, A summAry of the average net effective interest rate for each bid is set forth below: Average Net Effective jiAders Interest Rate L Harris Trust and Savings Bank, Chicago, Illinois First National Bank, Dallas, Texas First National Bank of Fort UOrth and Associates 6,011000 L First National City Bank, Now York, New York Merrill Iynch, Pierce, Fenner & Smith, Inc. , New York, New York aDd Associates 6,061100 3. Morgan Guaranty Trust Company of New York Kuhn, Loeb & Compan Ily Bear, Stearns & Company and Associates 6.108100 4. Chemical Bank, Now York, New York John Nuveen & Company, New York, New York and Associates 6.121573 5. %ith, Barney & Co. & Associates 6.122900 6. The First National Bank of Chicago and Associates 6.123360 7. Republic National Bank of Dallas Fort Worth, National Bank and Associates 6.159560 S. Halsey, Stuart & Co. , Inc. , Chicago, L11inois Phelps, Fenn & Co. , Chicago, Illinois and Associates 6.218300 it is reconviended 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 6.011000 per cent, and that the City Council adopt ordinance numbers 6246, 6247 and 6248 authorizing the issuance of $9,620,000 in General Obligation Bonds. IMT as g Attach. SUBMDISPOSITION BY: DISPOSITION Y COUNOL. PROCESSED By "Ur ROVED El OTHER (DESCRIBE) AMY ;SECRETARY DATE MY MANAGER