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HomeMy WebLinkAboutOrdinance 7303 ORDINANCE NO. 71 2 0 35 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NINE MILLION DOLLARS ($9, 000, 000.00) OF GENERAL PUR- POSE BONDS, SERIES 1976A, 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 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 interest of the City of Fort Worth that certain general purpose bonds authorized at elections previously held in said City be com- bined in a single issue and sold at this time, the dates of election, amount of bonds authorized thereat, purpose, amount of bonds previously sold, and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT ELECTION AUTHORIZED PURPOSE SOLD NOW OFFERED Sept, 8, Street 1970 $23, 100,000 Improvement $16,850, 000 $4,000,000 Dec. 9, Street 1975 37, 235,000 Improvement -0- 2, 500,000 Dec. 9, Fire 1975 1, 585, 000 Protection -0- 500,000 April 11, 1972 6,860, 000 Library -0- 2, 000,000 $9,000, 000 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That the bonds of said City to be called "General Pur- pose Bonds, Series 1976A, " be issued under and by virtue of the Constitution and laws of the State of Texas and the Charter of said City for the following purposes, to wit: Six Million, Five Hundred Thousand Dollars ($6, 500,000.00) for the purpose of making permanent city improvements by con- structing, improving and extending the streets, thorough- fares and storm drains of said City, including in such perma- nent public improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor; Five Hundred Thousand Dollars ($500,000.00) for the purpose of making permanent city improvements by constructing, build- ing and equipping city fire stations and training facilities, improving and extending the city fire alarm and communications system and acquiring the necessary lands therefor; and Two Million Dollars ($2,000, 000.00) for the purpose of making permanent city improvements by constructing, building, improv- ing and equipping buildings for the public library system and acquiring the necessary lands therefor, all of which bonds aggregate in principal amount the sum of Nine Million Dollars ($9, 000,000.00) . SECTION 2. That said bonds shall be numbered from one (1) to one thousand, eight hundred (1,800) , both inclusive, of the de- nomination of Five Thousand Dollars ($5, 000.00) each, aggre- gating Nine Million Dollars ($9, 000, 000.00) . SECTION 3. That said bonds shall be dated March 1, 1976, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 1 to 72, both incl. March 1, 1977 $360, 000.00 73 to 144, both incl. March 1, 1978 360,000.00 145 to 216, both incl. March 1, 1979 360,000.00 217 to 288, both incl. March 1, 1980 360,000.00 289 to 360, both incl. March 1, 1981 360,000.00 361 to 432, both incl, March 1, 1982 360,000.00 433 to 504, both incl. March 1, 1983 360,000.00 505 to 576, both incl, March 1, 1984 360, 000.00 577 to 648, both incl. March 1, 1985 360,000.00 649 to 720, both incl. March 1, 1986 360, 000.00 721 to 792, both incl. March 1, 1987 360, 000.00 793 to 864, both incl. March 1, 1988 360, 000.00 865 to 936, both incl. March 1, 1989 360, 000.00 937 to 1,008, both incl. March 1, 1990 360, 000.00 1,009 to 1, 080, both incl. March 1, 1991 360, 000,00 1,081 to 1, 152, both incl. March 1, 1992 360, 000.00 1, 153 to 1, 224, both incl. March 1, 1993 360, 000.00 1, 225 to 1,296, both incl. March 1, 1994 360,000.00 1, 297 to 1, 368, both incl. March 1, 1995 360, 000.00 1, 369 to 1,440, both incl. March 1, 1996 360,000.00 1,441 to 1, 512, both incl. March 1, 1997 360,000,00 1, 513 to 1, 584, both incl. March 1, 1998 360, 000.00 1, 585 to 1, 656, both incl. March 1, 1999 360,000.00 1, 657 to 1, 728, both incl. March 1, 2000 360, 000.00 1, 729 to 1,800, both incl. March 1, 2001 360,000,00 SECTION 4. That the bonds payable subsequent to March 1, 1991, shall be redeemable prior to their respective maturities at the option of the City, on March 1, 1991, or on any interest payment date subsequent to March 1, 1991, upon the following terms and conditions, viz. : (1) The bonds called for redemp- tion on any March 1 must include all of the bonds then out- standing 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. 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 purchase, with any moneys lawfully available for such purpose, any of the outstanding bonds at a price less than the redemption price hereinbefore prescribed. Notice having been given by publica- tion in the manner provided herein, the bonds called for re- demption 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, together with all appurtenant 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. Interest on any bonds to be re- deemed 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 864, both incl. , 6.25% per annum; Bonds Nos. 865 to 936, both incl. , 5,90% per annum; Bonds Nos. 937 to 1, 008, both incl. , 5.35/ per annum; Bonds Nos. 1,009 to 1, 080, both incl. , 5.50% per annum; Bonds Nos. 1, 081 to 1, 152, both incl. , 5.70% per annum; Bonds Nos. 1, 153 to 1, 224, both incl. , 5.80/ per annum; Bonds Nos. 1,225 to 1, 296, both incl. , 5.90/ per annum; Bonds Nos. 1,297 to 1,584, both incl. , 6.00/ per annum; and Bonds Nos. 1, 585 to 1,800, both incl. , 4.25/ per annum, payable September 1, 1976, 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 man- ually by the City Secretary, with the seal of the City thereon duly affixed to, or impressed, or printed, or lithographed, and the interest coupons shall be executed with the litho- graphed 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 8. That the form of said bonds shall be substantially as follows: NO. UNITED STATES OF AMERICA $5,000.00 STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH GENERAL PURPOSE BOND SERIES 1976A The City of Fort Worth, in the County of Tarrant, State of Texas, a municipal corporation duly incorporated under the 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 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 -ray, hand and seal of office at Austin, Texas, this the day of A. D. 1976. 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 in- terest as it accrues and to provide a sinking fund for the pur- pose of paying each installment of principal as it becomes due; that for each year hereafter while any of said bonds, or in- terest 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 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 Treas- urer shall honor warrants against said fund for the purpose of paying the interest maturing and principal of said bonds and for no other purpose. SECTION 10. That to pay the interest scheduled to mature on Septem- ber 1, 1976, there is hereby appropriated the sum of Two Hun- dred Sixty-two Thousand, Six Hundred Twenty and no/100 Dollars ($262, 620.00) 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 Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller' 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, together with the bonds authorized by Ordinance No. 7304, to Fort Worth National Bank and Associates at a price of par and accrued in- terest to date of delivery, plus a premium of $3, 000.00, is here- by 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 the City covenants to and with the purchasers of the bonds that it will make no use of the proceeds of the bonds at any time throughout the term of this issue of bonds which, if such use had been reasonably expected on the date of de- livery of the bonds to and payment for the bonds by the pur- chasers, would have caused the bonds to be arbitrage bonds within the meaning of Section 103 (d) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings per- taining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section 103 (d) and all applicable and pertinent Department of the Treasury regulations relating to arbitrage bonds. That the City further covenants that the proceeds of the bonds will not otherwise be used, directly or indirectly, so as to cause all or any part of the bonds to be or become arbitrage bonds within the meaning of the aforesaid Section 103 (d) or any regulations or rulings pertaining thereto. SECTION 14. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 15. 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 16. 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 Article 6252-17, Vernon' s Texas Civil Statutes, as amended. Mayor of the City of Fort Worth, Texas ATTEST: City Secretary of the City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY: ,5WA City Attorney of the City of Fort Worth, Texas laws of the State of Texas, for value received, hereby promises to pay to the bearer hereof, on the lst day of March, the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, with in- terest thereon from date hereof at• the rate of % per annum, evidenced by coupons payable September 1, 1976, 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 one thousand, eight hundred (1, 800) bonds of like tenor and effect, except as to number, interest rate, maturity, and right of prior redemp- tion, numbered from one (1) to one thousand, eight hundred (1, 800) , both inclusive, of the denomination of Five Thousand Dollars ($5, 000.00) each, aggregating Nine Million Dollars ($9, 000,000.00) , issued for the following purposes, to wit: Six Million, Five Hundred Thousand Dollars ($6, 500, 000.00) for the purpose of making permanent city improvements by con- structing, improving and extending the streets, thoroughfares and storm drains of said City, including in such permanent public improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thorough- fares, and acquiring the necessary lands therefor; Five Hun- dred Thousand Dollars ($500,000.00) for the purpose of mak- ing permanent city improvements by constructing, building and equipping city fire stations and training facilities, improving and extending the city fire alarm and communica- tions system and acquiring the necessary lands therefor; and Two Million Dollars ($2,000,000.00) for the purpose of making permanent city improvements by constructing, building, im- proving and equipping buildings for the public library system and acquiring the necessary lands therefor, under and by vir- tue 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 or- dinance is duly of record in the Minutes of said City Council. The bonds payable subsequent to March 1, 1991, shall be redeemable prior to their respective maturities, at the option of the City, on March 1, 1991, or on any interest pay- ment date subsequent to March 1, 1991, upon the following terms and conditions, viz. : (1) The bonds called for redemp- tion on any March 1 must include all of the bonds then out- standing 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, de- scribing 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, 1976. 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 of the City of Fort Worth, Texas, voting at elections held for that purpose within said City on Septem- ber 8, 1970, April 11, 1972, and December 9, 1975; 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 collec- tion of taxes has been made, which, when collected, shall be appropriated exclusively to the payment of this bond and the series of which it is a part, and to the payment of the inter- est 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 limi- tation. 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 Secre- tary 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 litho- graphed on this bond. CITY OF FORT WORTH, TEXAS BY ATTEST: Mayor 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 redemption and payment thereof made or duly provided for, THE CITY OF FORT WORTH, TEXAS, promises to BOND NO. pay to bearer at the Manufacturers Hanover On the 1st day of Trust Company, in the City of New York, Sept. , New York, the amount specified hereon for March, interest due that day on its General Purpose SERIES 1976A Bond, Series 1976A, dated March 1, 1976. $ COUPON NO. CITY OF FORT WORTH, TEXAS BY Mayor ATTEST: City Secretary That substantially the following certificate shall be printed on the back of each bond: FILE ROBINSON LINE City of' Fort Worth, Texas BAILIFF IN/Ma o!/ and Council nci Comm� nkat ion RA ONAM Mayor NIMES DATE REFERENCE SUBJECT: Sale of $20,000,000 General PAGE NUMBER FISCRER 2/25/76 G-2982 Obligation Bonds 1 1 of Bids for $20,000,000 General Obligation Bonds were received Wednesday, February 25, 1976, at 10:00 A.M. A summary of the average net effective interest rates for the bids received is shown below: 1. Fort Worth National Bank and Republic National Bank of Dallas 5.5853% 2. First National Bank of Dallas 5.59666% 3. First National City Bank of New York 5.6535% 4. Morgan Guaranty Trust 5.6676% 5. Bache, Halsey, Stuart & Co. 5.7006% 6. Chase Manhattan Bank of New York 5.7310% It is recommended that the bonds be sold to the bidder offering the lowest interest cost, Fort Worth National Bank and Republic National Bank of Dallas and Associates at an average net effective rate of 5.5853% and that the City Council adopt Ordinance No. 7303 authorizing the issuance of $6,500,000 Street Improvement Bonds, $500,000 Fire Protection Bonds, $2,000,000 Library Bonds and $11,000,000 Sanitary Sewer System and Sewage Disposal Plant Bonds. RNL:ms i SUBMITTED BY: DISPOSITIOX BY COUNCIL: PROC4SSED)3Y 9 APPROVED OTHER (DESCRIBE) �//7 C A""z� Adopted Ordinance No. 7303 authorizing issuanc CITY SECRETARY of $9,000,000 General Purpose Bonds and Ordina ORTE CITY MANAGER Nu. 7304 authar ' ance of $11,900,000 I Sanitary Sewer System d Sewage Disposal Bonds