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Home My WebLink AboutResolution 4362-09-2014 I i I r � THE STATE OF TEXAS i COUNTIES OF TARRANT, DENTON,PARKER,WISE AND JOHNSON CITY OF FORT WORTH On the 23rd day of September, 2014, the City Council of the City of Fort Worth,Texas, met i in regular, open, public meeting in the City Council Chamber in the City Hall, and roll was called of the duly constituted members of the City Council, to-wit: Betsy Price (absent), Mayor i Salvador Espino, W.B. "Zim" Zimmerman f Danny Scarth, Gyna Bivens, Jungus Jordan, Councilmembers, i Dennis Shingleton, I Kelly Allen Gray, t Ann Zadeh, � David Cooke, City Manager, Sarah J. Fullenwider, City Attorney, j Mary J. Kayser, City Secretary, Aaron Bovos, Chief Financial Officer I thus constituting a quorum present; and after the City Council had transacted certain business, the i following business was transacted, to-wit: i Councilmember Espino introduced a resolution and moved its passage. The motion was seconded by Councilmember Scarth. The resolution was read by the City Secretary. The motion, F f carrying with it the passage of the resolution prevailed by a vote of 8 YEAS, 0 NAYS. The resolution as passed is as follows: I I f I i i I I I i i t i A Resolution NO. 4362-09-2014 I i i AUTHORIZING DEFEASANCE OF BONDS I I f WHEREAS, the City of Fort Worth, Texas (the "City") has outstanding the following obligations: City of Fort Worth, Texas General Purpose Refunding Bonds, Series 2004 (the "Bonds"); and WHEREAS, the proceedings adopted by the City Council authorizing the issuance of the Bonds provide that the City may effect a defeasance of the Bonds prior to their scheduled maturities; and WHEREAS, City staff has determined and recommended to the City Council that effecting the defeasance of the Bonds will result in the reduction of debt service payable I on the outstanding Bonds. f I i NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. That the City Council hereby authorizes the use of available balances in the interest and sinking fund of the City for the purpose of effecting the defeasance of F the Bonds maturing on March 1 in each of the years 2016 through 2020, aggregating $9,600,000 in principal amount, as shown in the following table (the "Defeased Obligations"): Maturity Principal Amount ($) I 2016 3,500,000 2017 2,105,000 ! 2018 1,345,000 2019 1,330,000 _. 2020 1,320,000 Section 2. That the City Manager M is hereby directed to cause the Defeased g Y Obligations to be redeemed prior to their scheduled maturities. The City Manager is f hereby directed to cause the Bonds to be redeemed prior to their maturities on November i 5, 2014. Notice of the redemption of the Defeased Obligations shall be in substantially the form attached to this Resolution as Exhibit A, and shall be given in the manner provided in the proceedings authorizing the issuance of the Bonds. i I I 4 bn WORT l L i Resolution No.4362-09-2014 I I Section 3. That the City Manager is hereby directed to fund the defeasance of the Defeased Obligations from available balances in the interest and sinking fund in an amount equal to the principal amount of the Defeased Obligations to be redeemed,, plus accrued interest on the Defeased Obligations to the date fixed for redemption. j Section 4. That this Resolution shall become effective immediately upon its adoption, in accordance with the provisions of Section 1201.028, Texas Government Code. Section 5. That this City Council officially finds and determines that the meeting at which this Resolution is adopted was open to the public, and that public notice of the time, place, and purpose of such meeting was given, all as required by Chapter 551, Texas Government Code. PASSED AND APPROVED the 23r4City ber, II f a r orth, Texas APPROVED AS TO FORM AND LEGALITY: I Sarah J.y enwider City Attorney City of Fort Worth, Texas ATTEST: ®� pw °OYO ° ° ary J. K s , ' e retary O O City of Fo orth, Texas °°„° i I i V ORT WORT i k EXHIBIT A 4 4 NOTICE OF REDEMPTION CITY OF FORT WORTH,TEXAS Notice is hereby given that the following obligations issued by the City of Fort Worth, Texas (the "City") are called for redemption prior to their scheduled maturities on the dates and at the redemption price of par plus accrued interest to the redemption date: CITY OF FORT WORTH,TEXAS GENERAL PURPOSE REFUNDING BONDS,SERIES 2004, all obligations maturing on March 1 in each of the years 2016 through 2020, aggregating $9,600,000 in principal amount;REDEMPTION DATE:November 5,2014. Maturity Date Original Principal Interest Rate Original CUSIP Redeemed Principal Redeemed CUSIP Outstanding Principal*Outstanding CUSIP 03/01/2016 $4,410,000 5.00% 349425WZ7 $3,500,000 3494255BO $910,000 3494255G9 03/01/2017 $3,065,000 5.00% 349425XAl $2,105,000 3494255C8 $960,000 3494255117 03/01/2018 $2,360,000 5.00% 349425XB9 $1,345,000 3494255D6 $1,015,000 3494255J3 03/01/2019 $2,400,000 5.00% 349425XC7 $1,330,000 3494255E4 $1,070,000 3494255KO 03/01/2020 $2,445,000 5.00% 349425XD5 $1,320,000 3494255F1 $1,125,000 3494255L8 *Outstanding Principal after Redemption Due provision for the payment of the above-described obligations has been made with BOKF, NA, dba Bank of Texas ('Bank of Texas"), the paying agent for said obligations, and said obligations shall be presented for payment either in person or by mail,at the following addresses: i First Class/Registered/Certified Overnight DelivM l BOKF,NA,dba Bank of Texas BOKF,NA dba Bank of Texas R P.O.Box 64106 Corporate Trust Services St.Paul,MN 55164-0106 111 Fillmore Avenue E St.Paul,MN 55017 Interest on the redeemed obligations shall cease to accrue thereon after the redemption date. I CUSIP numbers have been assigned to this issue by the CUSIP Service Bureau and are included solely for the convenience of the Bondholder. Neither the City nor Bank of Texas shall be responsible for the selection or correctness of the CUSIP numbers on the obligations or as indicated in any redemption notice. 1 IMPORTANT NOTICE: Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"),paying agents making payments of interest or principal on municipal securities may be obligated to withhold a 28% tax from remittance to individuals who have failed to furnish the paying agent with a valid taxpayer identification number. j Owners of the Bonds who wish to avoid the imposition of the tax should submit certified taxpayer identification numbers when presenting the Bonds for payment. THIS NOTICE is given under authority of a resolution adopted by the City Council of the City on September 23, 2014. E k I f i I i d 9 THE STATE OF TEXAS COUNTIES OF TARRANT, DENTON, WISE, PARKER AND JOHNSON CITY OF FORT WORTH I, Mary Kayser, City Secretary of the City of Fort Worth, in the State of Texas, do hereby certify that I have compared the attached and foregoing excerpt from the minutes of the regular, open, public meeting of the City Council of the City of Fort Worth, Texas held on September 23, 2014, and the Resolution Authorizing Defeasance of Bonds, which was duly passed at said meeting, and that said copy i is a true and correct copy of said excerpt and the whole of said resolution. II� I In testimony whereof, I have set my hand and have hereunto affixed the seal of said City of Fort Worth, this 23rd day of September, 2014. 4 / I City Se o the °°® City of Fort Worth, Texas O°°°°°°°° I I II f i i i r E