HomeMy WebLinkAboutOrdinance 16523-07-2005ORDINANCE NO IGrS~3 -d7--ads
BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS,
PROVIDING FOR THE ISSUANCE OF $15,100,000 CITY OF FORT
WORTH, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES
OF OBLIGATION SERIES 2005A PROVIDING FOR THE LEVY
ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE
INTEREST ON SAID CERTIFICATES OF OBLIGATION AND TO CREATE
A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY
PLEDGING CERTAIN REVENUES IN SUPPORT OF SAID
CERTIFICATES, PRESCRIBING THE FORM OF SAID CERTIFICATES OF
OBLIGATION AND ORDAINING OTHER MATTERS RELATING TO THE
SUBJECT
WHEREAS on the 5th day of July 2005 the City Council of the Crty of Fort Worth (the
'City" or the 'Issuer") passed an ordinance authorizing and directing notice of its intention to issue
the Certificates of Obligation herein authonzed to be issued, to be published in a newspaper as
required by Section 271 049 of the Texas Local Government Code, in an amount not to exceed
$16 000 000• and
WHEREAS the Crty Council detenrined that the Fort Worth Commercial-Recorder is a
newspaper of general circulation within the City having more than a de minimus subscribership, that
said newspaper has a diverse subscribership and that said newspaper publishes some items of general
interest to the commumty• and
WHEREAS the City caused said notice of intention to be published in the Fort Worth
Commercial-Recorder on July 8 2005 and July 15 2005 and
WHEREAS no petition, signed by 5% of the qualified electors of the Issuer as penmtted by
Section 271 049 of the Texas Local Government Code protesting the issuance of such Certificates
of Obligation, has been filed, and
WHEREAS the Certificates of Obligation hereinafter authonzed are to be issued and
delivered pursuant to Subchapter C of Chapter 271 of the Texas Local Government Code,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS
Section 1 DEFINITIONS That as used in this Ordinance, unless a different meaning clearly
appears from the context, the capitalized terms set forth in this Ordinance shall have the meaning set
forth below Any reference in this Ordinance to 'FORM OF CERTIFICATE shall refer to the form
of the Certificates set forth in Exhibit A to this Ordinance
The term Authentication Certificate shall have the meaning given said term in Section 6(d)
hereof.
The term Authorized Denomination" shall have the meaning given said term in Section 3
hereof.
The term Business Day" shall mean a day that is not a Saturday Sunday or legal holiday on
which banking institutnons nn the States of Texas or New York are authorized or required bylaw or
executive order to remain closed or the New York Stock Exchange or DTC ns closed.
The terms Certificates" and Certificates of Obligation" shall mean and include collectively
the Initial Certificate and all substitute Certificates of Obligation exchanged therefor as well as all
other substitute Certificates of Obligation and replacement Certificates of Obligation issued pursuant
hereto and the term Certificate" shall mean any of the Certificates
The terms City" and Issuer" shall mean the City of Fort Worth, Texas.
The term Code" shall mean the Internal Revenue Code of 1986 as amended.
The term DTC" shall have the meamng given said term in Section 17 hereof.
The term DTCParticipants" shall mean the direct and indirect participants in the DTC book
entry system, determnned in accordance with the rules and procedures of DTC
The term Defeasance Securities" shall mean (i) direct, noncallable obligations of the United
States of America, nncludnng obligations that are unconditionally guaranteed by the United States of
America, (ii) noncallable obligations of an agency or instrumentality of the United States of America,
mcludmg obligations that are unconditionally guaranteed or insured by the agency or instrumentality
and that, on the date of the purchase thereof are rated as to investment quality by a nationally
recognized investment rating firm not less than AAA 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 quality by a
nationally recognized investment rating firm not less than AAA or its equivalent.
The term Defeased Certificate shall have the meaning given said term nn Section 22(a)
hereof.
The term Designated Trust Office" shall have the meamng given sand term in Sectnon 6(a)
hereof.
The term Eligible Investments" shall mean those Investments in wlinch the City is now or
hereafter authorized by law (including, but not lI mnted to Chapter 2256 Texas Government Code)
and its investment policy to purchase, sell and invest nts funds and funds under its control.
The term Fiscal Year" shall mean the regular fiscal year used by the City which currently
runs from October 1 through September 30 or any twelve consecutive months period established by
the Crty
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The term Initial Certificate" shall have the meaning given said teen in Section 3 hereof.
The term Interest and Redemption Fund' shall have the meaning given said term in Section
8 hereof.
The teen MAC" means the Municipal Advisory Council of Texas.
The term MSRB" shall mean the Municipal Securities Rulemaking Board.
The term NRMSIR" shall mean each person whom the SEC or its staffhas determined to be
a nationally recognized municipal secunties information repository within the meaning of the Rule
from time to time
hereof.
The teen Paying Agent/Registrar" shall have the meaning given said term in Section 6(a)
The term Purchase Agreement" shall mean the letter agreement between the City and the
Purchaser relating to the sale and purchase of the Certificates.
The term Purchaser" shall mean JPMorgan Chase Bank, N A.
The term Registered Owner" shall have the meamng given said term in Section 3 hereof.
The teen Registration Books" shall have the meaning given said term in Section 6(a) hereof.
The term Regulations" shall have the meamng given said term in Section 13 hereof.
The term Rule" shall mean SEC Rule 15c2 12, as amended from time to time
The term SEC" shall mean the United States Secunties and Exchange Commission.
The term Surplus Revenues" shall mean those revenues from the operation of the City's
combined water and sewer system remaining after payment of all operation and maintenance expenses
thereof and other obligations heretofore or hereafter incurred to which such revenues have been or
shall be encumbered by a lien on and pledge of such revenues superior to the lien on and pledge of
such revenues to the Certificates.
Section 2 AUTHORIZATION OF CERTIFICATES OF OBLIGATION That the
Issuer's Certificates of Obligation, to be designated the 'City of Fort Worth, Texas Combination Tax
and Revenue Certificates of Obligation, Senes 2005A are hereby authonzed to be issued and
delivered in the principal amount of $15 100 000 for the purpose of providing part of the funds for
paying contractual obligations to be incurred by the Issuer to-wit. the construction of improvements
to the Fort Worth Water Gardens, located in the vicinity of the Fort Worth Convention Center the
construction of streets and other improvements located within and outside the City of Fort Worth,
in connection with the use by the City of the Southeast landfill owned by the City located at 699 Dick
Price Road, the construction and equipping ofthe Evans Rosedale Redevelopment Project, including,
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without hrritation, the acquisition of land, the construction of buildmgs and the acquisition of
equipment for such buildmgs, to be located in the vicinity of the intersection of Evans Avenue and
Verbena Street for use as a library and public health department offices, the construction and
equipping of libraries throughout the City' and the payment of fiscal, engineering and legal fees
incurred in connection therewith.
Section 3 DATE, DENOMINATIONS, NUMBERS AND MATURITIES That the
Certificates shall initially be issued, sold and delivered hereunder as fully registered certificates,
without interest coupons, dated July 15 2005 in the respective denominations and pnncipal amounts
hereinafter stated, numbered consecutively from R 1 upward, payable to the respective initial
registered owners thereof, or to the registered assignee or assignees of the Certificates or any portion
or portions thereof (in each ease, the 'Registered Owner"), and the Certificates shall mature and be
payable on March 1 in each of the years and in the principal amounts as follows
PRINCIPAL PRINCIPAL
YEAR AMOUNT ($1 YEAR AMOUNT ($)
2006 385 000 2016 820 000
2007 385 000 2017 820 000
2008 385 000 2018 820 000
2009 825 000 2019 820 000
2010 820 000 2020 820 000
2011 820 000 2021 820 000
2012 820 000 2022 820 000
2013 820 000 2023 820 000
2014 820 000 2024 820 000
2015 820 000 2025 820 000
The Certificates shall be issued in denominations of $5 000 or any integral multiple thereof (an
Authorized Denomination') An initial Certificate of Obligation m the denomination and aggregate
principal amount of the Certificates, containing the principal amounts, redemption features and
interest rates as provided for in Sections 3 4 and 5 of this Ordinance (the 'Initial Certificate'), may
be submitted to the Attorney General for review and approval. The Initial Certificate shall be
numbered T 1 and shall be canceled upon receipt of payment for the Certificates by the Underwriters,
and substitute Certificates shall be delivered in exchange therefor as provided in Section 6 hereof.
The Initial Certificate shall be m the form as provided for m the FORM OF CERTIFICATE
Section 4 REDEMPTION (a) Optional Redemption That the Issuer reserves the right
to redeem the Certificates maturing on or after March 1 2016 in whole or in part in an Authorized
Denomination, on March 1 2015 or on any date thereafter at the redemption pace of par plus
accrued interest to the date fixed for redemption. If less than all of the Certificates are to be
redeemed by the Issuer the Issuer shall determine the maturity or maturities and the amounts thereof
to be redeemed and shall direct the Paying Agent/Registrar to call by lot Certificates, or portions
thereof, within such matunty or maturities and in such pnncipal amounts, for redemption.
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(b) Notice At least thirty (30) days prior to the date any Certificates are to be redeemed, (i)
a written notice of redemption shall be given by the Paying Agent/Registrar to the Registered Owner
of each Certificate, or a portion thereof, being called for redemption by deposrting such notice m the
United States mail, first-class, postage prepaid, addressed to each such Registered Owner at the ad
dress thereof as shown on the Registration Books of the Paying Agent/Registrar and (ii) a notice of
such redemption either shall be published one (1) time m or posted electronically on the websrte of
a financial journal or publication of general circulation m the Umted States of Amenca or the State
of Texas carrying as a regular feature notices of mumcipal bonds called for redemption, provided,
however that the failure to send, mail or receive such notice described m clause (i) above, or any
defect therein or m the sending or mailing thereof, shall not affect the validity or effectiveness of the
proceedings for the redemption of any Certificate, and the publication of notice as described m clause
(ii) above shall be the only notice actually required m connection with or as a prerequisite to the
redemption of any Certificates By the date fixed for any such redemption due provision shall be
made by the Issuer with the Paying AgentlRegistrarfnr the payment of the required redemption pace
for the Certificates or the portions thereofwluch are to be so redeemed, plus accrued interest thereon
to the date fixed for redemption. If such notice of redemption is given, and if due provision for such
payment is made, all as provided above, the Certificates, or the portions thereof, which are to be so
redeemed, thereby automatically shall be redeemed prior to their scheduled matunties, and shall 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 pace plus accrued interest to
the date fixed for redemption from the Paying Agent/Registrar out of the funds provided for such
payment. The Pa}nng Agent/Registrar shall record m the Registration Books all such redemptions
of principal of the Certificates, or any portion thereof. If a portion of any Certificate shall be
redeemed, a substitute Certificate or Certificates having the same maturity date, beanng interest at
the same rate, m any Authorized Denonunation, at the wntten request of the Registered Owner and
m an aggregate principal amount equal to the unredeemed portion thereof, will be issued to the
Registered Owner upon the surrender thereof for cancellation, at the expense of the Issuer all as
provided m this Ordinance In addition, notice of such redemption shall be provided m the manner
described in Section 6(h) hereof, but the failure to provide such notice as described in Section 6(h)
hereof shall not affect the validity or effectiveness of the proceedings for the redemption of the
Certificates.
Section 5 INTEREST That the Certificates shall bear interest at the rate of 4 OS% per
annum. Said interest shall be payable to the Registered Owner of any such Certificate m the manner
provided and on the dates stated m the FORM OF CERTIFICATE
Section 6 CHARACTERISTICS OF THE CERTIFICATES- (a) Registration and
Transfer That the Crty shall keep or cause to be kept at the designated corporate trust office of
Wells Fargo Bank, National Association, or such other bank, trust company financial institution, or
other agency named in accordance with the provisions of subsection (g) below (the 'Paying
Agent/Registrar") books or records for the registration and transfer of the Certificates (the 'Regis-
tration Books"), and the Issuer hereby appoints the Paying Agent/Registrar as its registrar and
transfer agent to keep such books or records and make such transfers and registrations under such
reasonable regulations as the Issuer and Paying Agent/Registrar may prescribe, and the Paying
Agent/Registrar shall make such transfers and registrations as herein provided. It shall be the duty
of the Paying Agent/Registrar to obtain from the Registered Owner and record m the Registration
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Books the address of the Registered Owner of each Certificate to which payments wrth respect to the
Certificates shall be mailed, as herein provided. The Issuer or its designee shall have the right to
inspect the Registration Books during regular business hours of the Paying Agent/Registrar at its
Designated Trust Office, but otherwise the Pa}nng Agent/Registrar shall keep the Registration Books
confidential and, unless otherwise required by law shall not penmt their inspection by any other
entity Registration of each Certificate may be transferred m the Registration Books only upon
presentation and surrender thereof to the Paying Agent/Registrar at its Designated Trust Office for
transfer of registration and cancellation, together wrth proper written instruments of assignment, m
form and wrth guarantee of signatures satisfactory to the Paying Agent/Registrar evidencing the
assignment of such Certificate, or any portion thereof m any Authorized Denorrunation, to the
assignee or assignees thereof, and the right of such assignee or assignees to have such Certificate or
any such portion thereof registered in the name of such assignee or assignees. Upon the assignment
and transfer of any Certificate or any portion thereof, a new substitute Certificate or Certificates shall
be issued in exchange therefor m the manner herein provided. As of the date this Ordinance is
approved by the City the 'Designated Trust Office of the Paying Agent/Registrar istheMinneapolis,
Minnesota corporate trust office of Wells Fargo Bank, National Association.
(b) Ownership Registration Books The entity m whose name any Certificate shall be regis-
tered mthe Registration Books at any time shall be treated as the absolute owner thereof for all
purposes of this Ordinance, whether or not such Certificate shall be overdue, and the Issuer 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, prerruum, if any and interest on any such Certificate shall be made only
to such Registered Owner All such payments shall be valid and effectual to satisfy and discharge the
liability upon such Certificate to the extent of the sum or sums so paid.
(c) Paying Agent The Issuer hereby further appoints the Paying Agent/Registrar to act as
the paying agent for paying the principal of and interest on the Certificates, and to act as its agent to
exchange or replace Certificates, all as provided m this Ordinance. The Paying Agent/Registrar shall
keep proper records of all payments made by the Issuer and the Paying Agent/Registrar wrth respect
to the Certificates, and of all exchanges thereof, and all replacements thereof, as provided m this Ordi
nance.
(d) Exchange of Certificates Each Certificate may be exchanged for fully registered
certificates m the manner set forth herein. Each Certificate issued and delivered pursuant to this
Ordinance may upon surrender thereof at the Designated Trust Office of the Paying Agent/Registrar
together wrth a written request therefor duly executed by the Registered Owner or the assignee or
assignees thereof, or its or their duly authorized attorneys or representatives, wrth guarantee of
signatures satisfactory to the Paying Agent/Registrar at the option of the Registered Owner or such
assignee or assignees, as appropriate, be exchanged for fully registered Certificates, without interest
coupons, m the form prescribed m the FORM OF CERTIFICATE, m any Authorized Denomination
(subject to the requirement hereinafter stated that each substitute Certificate shall have a single stated
maturity date), as requested m writing by such Registered Owner or such assignee or assignees, in
an aggregate principal amount equal to the principal amount of any Certificate or Certificates so sur
rendered, and payable to the appropriate Registered Owner assignee, or assignees, as the case may
be If any Certificate or portion thereof is assigned and transferred, each Certificate issued in
exchange therefor shall have the same principal maturity date and bear interest at the same rate as the
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Certificate for which rt is being exchanged. Each substitute Certificate shall bear a letter and/or
number to distinguish rt from each other Certificate The Paying Agent/Registrar shall exchange or
replace Certificates as provided herein, and each fully registered Certificate or Certificates delivered
m exchange for or replacement of any Certificate or portion thereof as permitted or required by any
provision ofthns Ordinance shall constitute one ofthe Certificates for all purposes oftlus Ordinance,
and may again be exchanged or replaced. It is specifically provided, however that any Certificate
delivered m exchange for or replacement of another Certificate prior to the first scheduled interest
payment date on the Certificates (as stated on the face thereof) shall be dated the same date as such
Certificate, but each substitute Certificate so delivered on or after such first scheduled interest
payment date shall be dated as of the interest payment date preceding the date on which such
substitute Certificate is delivered, unless such substitute Certificate is delivered on an mterestpayment
date, m which case rt shall be dated as of such date of delivery provided, however that if at the time
of delivery of any substitute Certificate the interest on the Certificate for which rt is being exchanged
has not been paid, then such substitute Certificate shall be dated as of the date to which such interest
has been paid in full. On each substitute Certificate issued nn exchange for or replacement of any
Certificate or Certificates issued under this Ordinance there shall be panted thereon a Paying
Agent/Registrar's Authentication Certificate, m the form hereinafter set forth in the FORM OF
CERTIFICATE (the Authentication Certificate') An authorized representative of the Paying
Agent/Registrar shall, before the delivery of any such substitute Certificate, date such substitute
Certificate in the manner set forth above, and manually sign and date the Authentication Certificate,
and no such substitute Certificate shall be deemed to be issued or outstanding unless the
Authentication Certificate is so executed. The Pa}nng Agent/Registrar promptly shall cancel all
Certificates surrendered for exchange or replacement. No additional ordinances, orders, or
resolutions need be passed or adopted by the Crty Council or any other body or person so as to
accomplish the foregoing exchange or replacement of any Certificates or portion thereof, and the
Paying Agent/Registrar shall provide for the printing, execution, and delivery of the substitute
Certificates m the manner prescribed herein. Pursuant to Chapter 1206 Texas Government Code,
the duty of exchange or replacement of any Certificates as aforesaid ns hereby imposed upon the
Paying Agent/Regnstrar and, upon the execution of the Authentication Certificate, the exchanged or
replaced Certificate shall be valid, incontestable, and enforceable m the same manner and with the
same effect as the Certificates which ongnnally were delivered pursuant to this Ordinance, approved
by the Attorney General, and registered by the Comptroller of Public Accounts The Imt~al
Certificate, to the extent of the unpaid or unredeemed principal balance thereof, may be assigned and
transferred by the initial Registered Owner thereof once only and to one or more assignees
designated m writing by the initial Registered Owner thereof. If the Initial Certificate or any portion
thereof is assigned and transferred or converted the Initial Certificate must be surrendered to the
Paying AgentlRegistrarfnr cancellation, and each Certificate of Obligation issued m exchange for any
portion of the Initial Certificate shall have a single stated principal maturity date, and shall not be
payable m installments; and each such Certificate of Obligation shall have a principal maturity date
corresponding to the due date of the installment of principal or portion thereof for which the
substitute Certificate of Obligation is being exchanged, and each such Certificate of Obligation shall
bear interest at the single rate applicable to and borne by such installment of principal or portion
thereof for which it is being exchanged. If only a portion of the Initial Certificate is assigned and
transferred, there shall be delivered to and registered m the name of the initial Registered Owner
substitute Certificates of Obligation m exchange for the unassigned balance of the Initial Certificate
in the same manner as if the initial Registered Owner were the assignee thereof. If any Certificate of
Obligation or portion thereof other than the Initial Certificate is assigned and transferred or converted
each Certificate of Obligation issued m exchange therefor shall have the same principal maturity date
and bear interest at the same rate as the Certificate of Obligation for which rt is exchanged. A form
of assignment shall be printed or endorsed on each Certificate of Obligation, excepting the Initial
Certificate, which shall be executed by the Registered Owner or rts duly authonzed attorney or
representative to evidence an assignment thereof.
(e) General Characteristics All Certificates issued in exchange or replacement of any other
Certificate or portion thereof, (i) shall be issued m fully registered form, without interest coupons,
with the principal of and interest on such Certificates 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 exchanged for other Certificates, (v) shall have the characteristics, (vi) shall be signed and
sealed, and (vii) the principal of and interest on the Certificates shall be payable, all as provided, and
m the manner required or mdncated, m the FORM OF CERTIFICATE
(f) Fees The Issuer shall pay the Paying Agent/Registrar'sneasonable and customary fees and
charges for malting transfers of Certificates, but the Registered Owner of any Certificates requesting
such transfer shall pay any taxes or other governmental charges required to be paid with respect
thereto The Registered Owner of any Certificates requesting any exchange shall pay the Paying
Agent/Registrar's reasonable and standard or customary fees and charges for exchanging any such
Certificate or portion thereof, together v~nth any taxes or governmental charges required to be paid
with respect thereto all as a condition precedent to the exercise of such privilege of exchange, except,
however that m the case of the exchange of an assigned and transferred Certificate or Certificates
or any portion or portions thereof in any Authorized Denomination, as provided in this Ordinance,
such fees and charges will be paid by the Issuer In addition, the Issuer hereby covenants with the
Registered Owners of the Certificates that it will (i) pay the reasonable and standard or customary
fees and charges of the Paying Agent/Registrar for rts services with respect to the payment of the
principal of and interest on Certificates, when due, and (ii) pay the fees and charges of the Paying
Agent/Registrar for services with respect to the transfer or registration of Certificates solely to the
extent above provided, and with respect to the exchange of Certificates solely to the extent above
provided.
(g) SuccessorPayingAgent/Registrar The Issuer covenants with the Registered Owners of
the Certificates that at all times while the Certificates are outstanding the Issuer will provide a compe-
tent and legally qualified bank, trust company financial institution, or other agency to act as and
perform the services ofPaying Agent/Registrarfon the Certificates under this Ordinance, and that the
Paying Agent/Registrar will be one entity The Issuer reserves the right to and may at its option,
change the Paying Agent/Registrar upon not less than 60 days written notice to the Paying
Agent/Registrar In the event that the entity at any time acting as Paying Agent/Registrar (or rts suc-
cessor by merger acquisition, or other method) should resign or otherwise cease to act as such, the
Issuer covenants that promptly it will appoint a competent and legally qualified national or state
banking institution which shall be a corporation organized and doing business under the laws of the
United States of America or of any state, authonzed under such laws to exercise trust powers, subject
to supervision or examination by federal or state authority and whose qualifications substantially are
similar to the previous Paying Agent/Registrar toact asPaying Agent/Registrarurider this Ordinance.
Upon any change in the Paying Agent/Registrar the previous Paying Agent/Registrarpnomptly shall
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transfer and deliver the Registration Books (or a copy thereof), along with all other pertinent books
and records relating to the Certificates, to the new Paying Agent/Registrardeslgnated and appointed
by the Issuer Upon any change m the Paying Agent/Registrar the Issuer promptly will cause a
written notice thereof to be sent by the new Paying Agent/Registrar to each Registered Owner of the
Certificates, by United States mail, first-class, postage prepaid, which notice also shall give the
address of the new Paying Agent/Registrar By accepting the position and perforrrung as such, each
Paying Agent/Registrar shall be deemed to have agreed to the provisions of this Ordinance, and a
certified copy of this Ordinance shall be delivered to each Paying Agent/Registrar
(h) Additional Redemption Notice (i) In addition to the manner of providing notice of
redemption of Certificates as set forth m Section 4 hereof, the Paying Agent/Registrar shall give
notice of redemption of Certificates by United States mail, first-class, postage prepaid, at least thirty
(30) days prior to a redemption date to the SID and each NRMSIR. In addition, m the event of a
redemption caused by an advance refunding of the Certificates, the Paying Agent/Registrarsliall send
a second notice of redemption to the persons specified m the immediately preceding sentence at least
thirty (30) days but not more than ninety (90) days prior to the actual redemption date Any notice
sent to the SID and a NRMSIR shall be sent so that such notice is received at least two (2) days pnor
to the general mailing or publication date of such notice. The Paying Agent/Registrar shall also send
a notice of redemption to the Registered Owner of any Certificates who has not sent the Certificates
m for redemption sixty (60) days after the redemption date The failure to send, mail or receive any
such notice described m this clause (i), or any defect therein or m the sending or mailing thereof, shall
not affect the validity or effectiveness of the proceedings for the redemption of any Certificate.
(ii) Each redemption notice, whether required m the FORM OF CERTIFICATE or otherwise
by this Ordinance, shall contain a description of the Certificates to be redeemed including the
complete name ofthe Certificates, the senes, the date of issue, the interest rate, the maturity date, the
CUSIP number the amounts called of each Certificate, the publication and mailing date for the notice,
the date of redemption, the redemption pace, the name of the Paying Agent/Registrar and the address
at which the Certificate may be redeemed mcludmg a contact person and telephone number
(iii) All redemption payments made by the Paying Agent/Registrar to the Registered Owners
of the Certificates shall include a CUSIP number relating to each amount paid to such Registered
Owner
(i) Reporting Requirements With respect to the Certificates, to the extent required by the
Code and the regulations promulgated thereunder the Paying Agent/Registrar shall report to the
Registered Owners and the Internal Revenue Service (i) the amount of 'reportable payments ifany
subject to backup withholding during each year and the amount of tax withheld, if any with respect
to payments of the Certificates, and (ii) the amount of interest or amount treated as interest on the
Certificates and required to be included m the gross income of the Registered Owner thereof.
Section 7 FORM OF CERTIFICATES That the form of the Certificates, mcludmg the
form of the Authentication Certificate, the form of Assignment and the form of Registration
Certificate of the Comptroller of Public Accounts of the State of Texas to be attached to the
Certificates initially issued and delivered pursuant to this Ordinance, respectively shall be m
substantially the form as set forth in Exhibit A attached hereto with such appropnate variations,
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omissions, or insertions as are permitted or required by this Ordinance The punter of the Certificates
is hereby authorized to pant on the Certificates (i) the form of bond counsel's opinion relating to the
Certificates, and (ii) an appropriate statement of insurance furnished by a municipal bond insurance
company providing municipal bond insurance, if any covering all or any part of the Certificates
Section 8 INTEREST AND REDEMPTION FUND That a special fund or account, to
be designated the 'City of Fort Worth, Texas Series 2005ACertificate of Obligation Interest and
Redemption Fund (the 'Interest and Redemption Fund') is hereby created and shall be established
and maintained by the Issuer The Interest and Redemption Fund shall be kept separate and apart
from all other funds and accounts of the Issuer and shall be used only for paying the interest on and
principal of the Certificates All ad valorem taxes leveed and collected for and on account of the
Certificates shall be deposited, as collected, to the credit of the Interest and Redemption Fund.
During each year while any of the Certificates are outstanding and unpaid, the governing body of the
'Issuer shall compute and ascertain the rate and amount of ad valorem tax, based on the latest
approved tax rolls of the Issuer with full allowances being made for tax delinquencies and the cost
of tax collections, which will be sufficient to raise and produce the money required to pay the interest
on the Certificates as such interest comes due, and to provide a sinking fund to pay the principal of
the Certificates as such principal matures, but never less than 2% of the original amount of the
Certificates as a sinking fund each year Sand rate and amount of ad valorem tax is hereby ordered
to be levied against all taxable property in the Issuer for each year while any of the Certificates are
outstanding and unpaid, and said ad valorem tax shall be assessed and collected each such year and
deposited to the credit of the Interest and Redemption Fund. Said ad valorem taxes necessary to pay
the interest on and principal ofthe Certificates, as such interest comes due and such principal matures,
are hereby pledged for such payment, within the limit prescribed by law Notwithstanding the
foregoing, if the City deposits or budgets to be deposited in the Interest and Redemption Fund any
other revenues, income or resources, including, without limitation, Surplus Revenues (the Available
Revenues'), in advance of the time when ad valorem taxes are scheduled to be levied for any year
then the amount of taxes which otherwise would have been required to be levied may be reduced to
the extent and by the amount of the Available Revenues then on deposit or budgeted to be deposited
in the Interest and Redemption Fund.
Section 9 REVENUES That the Certificates of Obligation are additionally secured by and
shall be payable from the Surplus Revenues The Surplus Revenues are pledged by the City pursuant
to authority of Chapter 1502, Texas Government Code, specifically Section 1502 058 thereof. The
City shall promptly deposit the Surplus Revenues upon their receipt to the credit of the Interest and
Redemption Fund created pursuant to Section 8 to pay the principal and interest on the Certificates
of Obligation. The amount of Surplus Revenues pledged to the payment of the Certificates of
Obligation shall not exceed $1 000
Section 10 TRANSFER. That the Issuer shall do any and all things necessary to accomplish
the transfer of moneys to the Interest and Redemption Fund of this issue in ample time to pay such
items of principal and interest due on the Certificates as shall become due and mature on any interest
payment date, at maturity or by redemption prior to maturity The Paying Agent/Registrar shall
destroy all paid Certificates and furnish the City with an appropriate certificate of cancellation or
destruction.
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Section 11 SECURITY FOR FUNDS, INVESTMENTS (a) Security Application of
Chapter 1208 Government Code That the Funds and Accounts created by this Ordinance shall be
secured nn the manner and to the fullest extent permitted or required by law for the security of public
funds. The Interest and Redemption Fund shall be used only for the purposes and nn the manner
permitted or required by this Ordinance Chapter 1208 Texas Government Code, applies to the
issuance ofthe Certificates and the pledge of ad valorem taxes and the Surplus Revenues granted by
the City under Sections 8 and 9 and such pledge ns therefore valid, effective, and perfected. If Texas
lawns amended at any time while the Certificates are outstanding and unpaid such that the pledge of
the ad valorem taxes and Surplus Revenues granted by the Crty ns to be subject to the filing
requirements of Chapter 9 Texas Business & Commerce Code, then nn order to preserve to the
Registered Owners of the Certificates the perfection of the security interest nn said pledge, the Crty
agrees to take such measures as nt determnnes are reasonable and necessary under Texas law to
comply with the applicable provisions of Chapter 9 Texas Business & Commerce Code and enable
a filing to perfect the secunty interest nn said pledge to occur
(b) Investments That money nn any Fund or Account established by this Ordinance may at
the option of the City be invested nn Eligible Investments, provided that all such deposits and
investments shall have a par value (or market value when less than par) exclusive of accrued interest
at all times at least equal to the amount of money credited to such Funds or Accounts, and shall be
made nn such manner that the money required to be expended from any Fund or Account will be
available at the proper time or times, and provided, further that the investment of such moneys shall
be governed by and consistent with the City's investment policy Such investments shall be valued
nn terms of current market value as of the last day of each Fiscal Year except that direct obligations
of the United States (State and Local Government Serves) nn book-entry form shall be continuously
valued at their par or face principal amount. Such investments shall be sold promptly when necessary
to prevent any default nn connection with any Certificates.
Section 12 DAMAGED, MUTILATED LOST STOLEN OR DESTROYED
CERTIFICATES (a) Replacement Certificates That in the event any outstanding Certificate is
damaged, mutilated, lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be panted,
executed, and delivered, a new Certificate of the same principal amount, matunty and interest rate,
as the damaged, mutilated, lost, stolen, or destroyed Certificate, nn replacement for such Certificate
in the manner hereinafter provided.
(b) Application for Replacement Certificates That application for replacement of damaged,
mutilated, lost, stolen, or destroyed Certificates shall be made by the Registered Owner thereof to the
Paying Agent/Regnstrar In every case of loss, theft, or destruction of a Certificate, the Registered
Owner applying for a replacement Certificate shall funush to the Issuer and to the Paying
Agent/Regnstrar such secunty or mdemmty 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
Certificate, the Registered Owner shall furnish to the Issuer and to the Paying Agent/Regnstrar
evidence to their satisfaction of the loss, theft, or destruction of such Certificate, as the case maybe.
In every case of damage or mutilation of a Certnficate, the Registered Owner shall surrender to the
Paying Agent/Registrar for cancellation the Certificate so damaged or mutilated.
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(c) No Default Occurred. That notwnthstandnng the foregoing provisions of this Section, nn
the event any such Certificate shall have matured, and no default has occurred which ns then
continuing nn the payment of the principal of, redemption premnum, of any or interest on the
Certificate, the Issuer may authorize the payment of the same (without surrender thereof except nn
the case of a damaged or mutilated Certificate) instead of issuing a replacement Certificate, provided
security or mdemmty ns furnished as above provided m this Section.
(d) Charge for Issuing Replacement Certificates That prnor to the nssuance of any
replacement Certnficate, the Paynng Agent/Regnstrar shall charge the Registered Owner of such
Certificate wrath all legal, pnntnng, and other expenses nn connectnon therewith. Every replacement
Certnficate nssued pursuant to the provisions of thus Sectnon by virtue of the fact that any Certnficate
ns lost, stolen, or destroyed shall constntute a contractual obingatnon of the Issuer whether or not the
lost, stolen, or destroyed Certnficate shall be found at any tame, or be enforceable by anyone, and shall
be entntled to all the benefits of this Ordinance equally and proportnonately wrath any and all other
Certnficates duly nssued under thus Ordinance
(e) Authority for Issuing Replacement Certificates That nn accordance wrath Chapter 1206
Texas Government Code, this Sectnon of this Ordinance shall constntute authority for the nssuance of
any such replacement Certnficate without necessity of further actnon by the Issuer or any other body
or person, and the duty of the replacement of such Certnficates ns hereby authorized and nmposed upon
the Paynng Agent/Registrar and the Paynng Agent/Regnstrar shall authentncate and deliver such
Certnficates in the form and manner and with the effect, as provided m Sectnon 6(a) of this Ordinance
for Certnficates nssued nn conversnon and exchange of other Certnficates.
Sectnon 13 COVENANTS REGARDING TAX EXEMPTION That the Cnty covenants
to refrann from any actnon wlnnch would adversely affect, or to take such actnon as to ensure, the
treatment of the Certnficates of Obligatnon as obingatnons described in Sectnon 103 of the Code, the
nterest on wlinch ns not nncludable in the gross nncome of the holder for purposes of federal nncome
taxatnon. In furtherance thereof, the Cnty covenants as follows
(a) to take any actnon to assure that no more than 10 percent,of the proceeds of
the Certnficates of Obligatnon (less amounts deposited to a reserve fund, if any) are used for
any 'private busnness use, as defined nn Sectnon 141(b)(6) of the Code or of more than 10
percent of the proceeds are so used, that amounts, whether or not recenved by the City wrath
respect to such private busnness use, do not, under the terms of thus Ordinance or any
underlynng arrangement, dnrectly or nndnrectly secure or provide for the payment of more than
10 percent of the debt senvnce on the Certnficates of Obingatnon, nn contravention of Sectnon
141(b)(2) of the Code,
(b) to take any actnon to assure that nn the event that the 'prnvate busnness use
described in subsectnon (a) hereof exceeds 5 percent of the proceeds of the Certnficates of
Obingation (less amounts deposnted unto a reserve fund, of any) then the amount nn excess of
5 percent is used fora 'prnvate busnness use which ns 'related and not dnsproportnonate
wnthnn the meamng of Sectnon 141(b)(3) of the Code, to the governmental use,
12
(c) to take any action to assure that no amount which is greater than the lesser of
$5 000 000 or five percent of the proceeds of the Certificates of Obligation (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 umts, m contravention of Section 141(c) of the Code,
(d) to refrain from taking any action which would otherwise result m the
Certificates of Obligation being treated as specified private activity bonds wrtlun the
meamng of Section 141(b) of the Code;
(e) to refrain from taking any action that would result m the Certificates of
Obligation being 'federally guaranteed within the meamng of section 149(b) of the Code,
(f) to refrain from using any portion of the proceeds of the Certificates of
Obligation, directly or indirectly to acquire or to replace funds which were used, directly or
indirectly to acquire investment property (as defined in Section 148(b)(2) of the Code) which
produces a materially higher yield over the term of the Certificates of Obligation, other than
investment property acquired with -
(1) proceeds of the Certificates of Obligation invested for a reasonable
temporary period ofthree years or less until such proceeds are needed for the purpose
for which the Certificates of Obligation are issued,
(2) amounts invested m a bona fide debt service fund, wrtlin the meamng
of Section 1 148-1(b) of the Treasury Regulations, and
(3) amounts deposited m any reasonably required reserve or replacement
fund to the extent such amounts do not exceed 10 percent of the proceeds of the
Certificates of Obligation,
(g) to otherwise restnct the use of the proceeds of the Certificates of Obligation
or amounts treated as proceeds of the Certificates of Obligation, as may be necessary so that
the Certificates of Obligation do not otherwise contravene the requirements of Section 148
of the Code (relating to arbitrage) and, to the extent applicable, Section 149(d) of the Code
(relating to advance refizndmgs) and
(h) to pay to the Umted States of Amenca at least once dunng each five-year
period (beginning on the date of delivery of the Certificates of Obligation) an amount that is
at least equal to 90 percent of the 'Excess Eanungs, wrtlun the meamng of Section 148(f)
of the Code and to pay to the Umted States of America, not later than 60 days after the
Certificates of Obligation have been paid m full, 100 percent of the amount then required to
be paid as a result of Excess Eanungs under Section 148(f) of the Code
For purposes of the foregoing (a) and (b), the Issuer understands that the term 'proceeds includes
disposition proceeds as defined in the Treasury Regulations and, m the case of refunding bonds;
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transferred proceeds (if any) and proceeds of the refunded bonds expended pnor to the date of
issuance of the Certificates of Obligation. It is the understanding of the City that the covenants con-
tained herein are intended to assure compliance with the Code and any regulations or rulings
promulgated by the U S Department of the Treasury pursuant thereto In the event that regulations
or ruling are hereafter promulgated which modify or expand provisions of the Code, as applicable to
the Certificates of Obligation, the City will not be required to comply wrth any covenant contained
herein to the extent that such failure to comply in the opinion ofnationally-recognized bond counsel,
will not adversely affect the exemption from federal income taxatnon of interest on the Certificates
of Obligation under Section 103 of the Code In the event that regulations or rulnngs are hereafter
promulgated which impose additional requirements which are applicable to the Certnficates of
Obligation, the City agrees to comply wrth the additional requirements to the extent necessary in the
opinion of nationally-recogmzed bond counsel, to preserve the exemptnon from federal nncome
taxatnon of nnterest on the Certnficates of Obligation under Section 103 of the Code. In furtherance
of such intention, the City hereby authorizes and directs the Mayor the Cnty Manager and the
Dnrector of Finance to execute any documents, certificates or reports required by the Code, and to
make such electrons on behalf of the Cnty which may be pernitted by the Code as are consistent wrath
the purpose for the issuance of the Certnficates of Obligation.
In order to facilitate compliance wrth clause (h) above, a 'Rebate Fund ns hereby established
by the City for the sole benefit of the United States of Amenca, and such Fund shall not be subject
to the claim of any other person, including without limitation the bondholders. The Rebate Fund is
established for the additional purpose of compliance with Section 148 of the Code.
Section 14 ALLOCATION OF AND LIMITATION ON EXPENDITURES FOR THE
PROJECT That the City covenants to account for the expendnture of proceeds from the sale of the
Certificates and any investment earnings thereon to be used for the purposes described nn Sectnon 2
of this Ordinance (such purpose referred to herein and Section 15 hereof as a 'Project") on its books
and records by allocatnng proceeds to expenditures within 18 months of the later of the date that (a)
the expendnture on a Project is made or (b) such Project ns completed. The foregoing
notwithstanding, the Cnty shall not expend such proceeds or investment earnings more than 60 days
after the earlier of (a) the fifth anniversary of the date of delivery of the Certificates or (b) the date
the Certificates are retired, unless the City obtains an opinion ofnationally-recognized bond counsel
substantially to the effect that such expenditure will not adversely affect the tax-exempt status of the
Certificates. For purposes hereof, the City shall not be obligated to comply with this covenant if it
obtains an opinion that such failure to comply will not adversely affect the excludability for federal
income tax purposes from gross income of the interest.
Sectnon 15 DISPOSITION OF PROJECT That the City covenants that the property
constntuting a Project will not be sold or othenwnse disposed in a transaction resulting in the receipt
by the City of cash or other compensation, unless the City obtains an opinion ofnatnonally-recognized
bond counsel substantially to the effect that such sale or other disposition will not adversely affect
the tax-exempt status of the Certificates. For purposes of the foregoing, the portion of the property
compnsing personal property and disposed in the ordinary course shall not be treated as a transaction
resulting rn the receipt of cash or other compensation. For purposes hereof, the City shall not be
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obligated to comply with this covenant if it obtains an opinion that such failure to comply will not
adversely affect the excludability for federal income tax purposes from gross income of the interest.
Section 16 CONTINUING DISCLOSURE OBLIGATION (a) Annual Reports. (i)
That the City shall provide annually to each NRMSIR and any SID within six months after the end
of each Fiscal Year ending in or after 2005 financial information and operating data with respect to
the City of the general type described in Exhibit B hereto Any financial statements so to be provided
shall be (1) prepared in accordance with the accounting principles described in Exhibit B hereto, or
such other accounting principles as the City maybe required to employ from time to time pursuant
to state law 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 City shall provide unaudited financial
statements by the required time, and shall provide audited financial statements for the applicable
Fiscal Year to each NRMSIR and any SID when and if the audit report on such statements become
available
(ii) Ifthe City changes its Fiscal Year it will notify each NRMSIR and any SID ofthe change
(and of the date of the new Fiscal Year end) prior to the next date by which the City otherwise would
be required to provide financial information and operating data pursuant to this Section. The financial
information and operating data to be provided pursuant to this Section maybe set forth in full in one
or more documents or may be included by specific reference to any document (including an official
statement or other offering document, if it is available from the MSRB) that theretofore has been
provided to each NRMSIR and any SID or filed with the SEC
(b) Material Event Notices. The City shall notify any SID and either each NRMSIR or the
MSRB in a timely manner of any of the following events with respect to the Certificates of
Obligation, 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,
4 Unscheduled draws on credit enhancements reflecting financial difficulties,
5 Substitution of credit or liquidity providers, or their failure to perform,
6 Adverse tax opinions or events affecting the tax-exempt status of the
Certificates,
7 Modifications to rights of holders of the Certificates,
8 Certificate calls,
9 Defeasances;
10 Release, substitution, or sale of property securing repayment of the
Certificates, and
11 Rating changes.
The City shall notify any SID and either each NRMSIR or the MSRB in a timely manner of any
failure by the City to provide financial information or operating data in accordance with subsection
(a) of this Section by the time required by such subsection. Any filing under this Section may be
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made solely by transmnttnng such filing to the MAC as provided at httn.//www.disclosureusa.org,
unless the SEC has withdrawn the interpretive advice stated nn its letter to the MAC dated September
7 2004
(c) Limitations, Disclaimers, and Amendments. (i) The City shall be obligated to observe
and perform the covenants specified nn this Section for so long as, but only for so long as, the City
remains an obligated person with respect to the Certificates wntlun the meaning of the Rule, except
that the Cnty nn any event will gave notnce of any deposnt made nn accordance with thus Ordinance or
applicable law that causes Certificates no longer to be outstanding.
(ii) The provnsnons of this Sectnon are for the sole benefit of the Registered Owners and
beneficnal owners of the Certnficates, and nothnng nn this Sectnon, express or nmplned, shall give any
benefit or any legal or equntable rnght, remedy or clanm hereunder to any other person. The Cnty
undertakes to provnde only the financnal nnformatnon, operatnng data, financnal statements, and notnces
wlnnch rat has expressly agreed to provnde pursuant to thus Sectnon and does not hereby undertake to
provnde any other nnformatnon that may be relevant or matenal to a complete presentatnon of the Cnty's
financnal results, condntnon, or prospects or hereby undertake to update any nnformatnon provided nn
accordance wrath thus Sectnon or otherwnse, except as expressly provided herenn. The City does not
make any representatnon or warranty concenung such nnfonnatnon or rats usefulness to a decnsnon to
nnvest nn or sell Certnficates at any future date
(ini) UNDER NO CIRCUMSTANCES SHALL THE CITY BE LIABLE TO THE
REGISTERED OWNER OR BENEFICIAL OWNER OF ANY CERTIFICATE OR ANY OTHER
PERSON IN CONTRACT OR TORT FOR DAMAGES RESULTING IN WHOLE OR IN PART
FROM ANY BREACH BY THE CITY WHETHER NEGLIGENT OR WITHOUT FAULT ON
ITS PART OF ANY COVENANT SPECIFIED IN THIS SECTION BUT EVERY RIGHT AND
REMEDY OF ANY SUCH PERSON IN CONTRACT OR TORT FOR OR ON ACCOUNT OF
ANY SUCH BREACH SHALL BE LIlVIITED TO AN ACTION FOR MANDAMUS OR SPECIFIC
PERFORMANCE
(iv) No default by the Cnty nn observnng or performnng rats obingatnons under thus Sectnon shall
comprise a breach of or default under thus Ordinance for purposes of any other provnsnon of thus
Ordinance Nothing nn this Sectnon is untended or shall act to dnsclanm, waive, or otherwise limit the
dutnes of the Cnty under federal and state secuntnes laws
(v) The provnsnons of thus Sectnon maybe amended by the Cnty from tame to tame to adapt to
changed cnrcumstances that arse from a change rn legal requnrements, a change nn law or a change
in the rdentnty nature, status, or type of operations of the Cnty but only of (1) the provnsnons of thus
Sectnon, as so amended, would have permntted an undenwrrter to purchase or sell Certnficates in the
primary offering ofthe Certnficates in compliance wrath the Rule, taking unto account any amendments
or inteipretations of the Rule since such offenng as well as such changed cnrcumstances and (2) either
(a) the Registered Owners of a ma~ornty in aggregate principal amount (or any greater amount
requnred by any other provnsnon of thus Ordinance that authorizes such an amendment) of the
outstanding Certnficates consent to such amendment or (b) a person that ns unaffilnated wrath the Cnty
(such as nationally recognized bond counsel) determined that such amendment will not maternally
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impair the interest of the Registered Owners and beneficial owners of the Certificates. If the City so
amends the provisions of this Section, rat shall include with any amended financial information or
operating data next provided nn accordance with subsection (a) of this Section an explanation, nn
narrative form, of the reason for the amendment and of the impact of any change m the type of
financial information or operating data so provided. The City may also amend or repeal the
provisions of this continuing disclosure agreement of the SEC amends or repeals the applicable
provision of the Rule or a court of final ~uasdnctnon enters judgment that such provisions of the Rule
are nnvalnd, but only of and to the extent that the provisions of this sentence would not prevent an
underwater from lawfully purchasing or selling Certificates nn the primary offering of the Certificates.
Section 17 DTC REGISTRATION That the Certificates nmtnally shall be issued and
delivered nn such manner that no physical distribution of the Certificates will be made to the public,
and The Depository Trust Company ("DTC"), New York, New York, nmtnally will act as depository
for the Certificates DTC has represented that rat ns a lnnrited purpose trust company incorporated
under the laws of the State of New York, a member of the Federal Reserve System, a cleating
corporation within the .meaning of the New York Uniform Commercial Code, and a clearing
agency" registered under Section 17A of the Secuatnes Exchange Act of 1934 as amended, and the
Issuer accepts, but nn no way verifies, such representatnons. The defimtnve Certificates delnvered to
the Purchaser shall be regnstered nn the name of CEDE & CO the nomnnee of DTC It ns expected
that DTC will hold the Certnficates on behalf of the Purchaser So long as each Certnficate ns
regnstered nn the name of CEDE & CO the Paying Agent/Regnstrar shall treat and deal wrath DTC
the same nn all respects as of rat were the actual and beneficial owner thereof. It ns expected that DTC
will maintain abook-entry system whnich will identify ownership of the Certnficates nn nntegral amounts
of $5 000 wrath transfers of ownership being effected on the records of DTC and rats particnpants
pursuant to rules and regulatnons established by them, and that the Certnficates imtially deposnted wrath
DTC shall be immobilized and not be further exchanged for substitute Certnficates except as
herennafter provided. The Issuer is not responsible or liable for any fiinctions of DTC will not be
responsible for paying any fees or charges wrath respect to rats services, will not be responsible or lnable
for maintaining, supervising, or reviewing the records of DTC or its partncnpants, or protecting any
interests or rights of the beneficial owners of the Certnficates. It shall be the duty of the DTC
partncnpants to make all arrangements wrath DTC to establish this book-entry system, the beneficial
ownership of the Certificates, and the method of paying the fees and charges of DTC The Issuer
does not represent, nor does rat in any way covenant that the nmtialbook-entry system established wrath
DTC will be maintained in the future Notwithstanding the initial establishment of the foregoing
book-entry system wrath DTC if for any reason any of the originally delnvered Certificates is duly filed
with the paynng Agent/Registrar wrath proper request for transfer and substitution, as provided for in
this Ordinance, substitute Certificates will be duly delnvered as provided in thus Ordinance, and there
will be no assurance or representation that any book-entry system will be maintained for such
Certnficates In connection wrath the imtial establishment of the foregonng book-entry system wrath
DTC, the Issuer heretofore has executed a 'Blanket Letter of Representations prepared by DTC in
order to implement the book-entry system described above
Section 18 SALE That the Certnficates shall be sold to the Purchaser nn accordance wrath
the terms of the Purchase Agreement. The Purchase Agreement, in substantially the form attached
to this Ordinance and made a part hereof, is hereby approved, and the City Manager City Secretary
17
and Cnty Attorney are hereby authonzed on behalf of the Crty to execute and deliver the Purchase
Agreement on behalf of the City It is hereby officially found, determined and declared that the
Certificates were sold to the Purchaser at terms that were the most advantageous to the Crty Any
accrued interest received from the sale of the Certificates shall be deposited to the Interest and
Redemption Fund.
Section 19 CUSTODY APPROVAL, AND REGISTRATION OF CERTIFICATES
That the Crty Manager or the designee thereof is hereby authonzed to have control of the Certificates
initially issued and delivered hereunder and all necessary records and proceedings pertaimng to the
Certificates pending their delivery and them nnvestngatnon, 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. Upon registration of the Certificates sand Comptroller of Public Accounts (or a
deputy designated nn wasting to act for said Comptroller) shall manually sngn the Comptroller's
Regnstration Certnficate attached to such Certificates, and the seal of said Comptroller shall be
nmpressed, or placed nn facsimile, thereon.
Section 20 OFFICIALS AUTHORIZED TO ACT ON BEHALF OF THE CITY That
the Mayor the City Secretary the Crty Manager any Assistant City Manager or the Dnrector of
Finance of the Cnty and all other officers, employees, and agents of the City and each of them, shall
be and they are hereby expressly authonzed, empowered, and directed from tame to tame and at any
time to do 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 Crty all such instruments, whether or not herenn mentnoned,
as may be necessary or desirable in order to carry out the terms and provisions of this Ordinance, the
Certnficates, the offering documents prepared in connection wrath the sale of the Certnficates, or the
Paynng AgentlRegistrar Agreement. In case any officer whose sngnature appears on any Certificate
shall cease to be such officer before the delivery of such Certnficate, such sngnature shall nevertheless
be valid and sufficient for all purposes the same as if he or she had remanned nn office until such
delivery
Sectnon 21 INTEREST EARNINGS That the interest earmngs denved from the nnvestment
of proceeds from the sale of the Certificates may be used along wrath other proceeds for the
construction of the permanent improvements set forth in Section 2 hereof for which the Certificates
are issued, provided that after completion of such permanent improvements, if any of such interest
earnings remain on hand, such interest earrings shall be deposited in the Interest and Redemption
Fund. It is further provided, however that any interest earnings on proceeds which are required to
be rebated to the United States of Amenca pursuant to this Ordinance hereof nn order to prevent the
Certificates from being arbitrage bonds shall be so rebated and not considered as interest earrings for
the purposes of this Section.
Section 22 DEFEASANCE (a) Defeased Certificates. That any Certificate and the
merest thereon shall be deemed to be pand, retried and no longer outstanding (a 'Defeased
Certnficate') within the meamng of this Ordinance, except to the extent provided nn subsectnon (c) of
this Section, when payment of the pnncipal of such Certificate, 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 nn accordance with the terms thereof, or (ii) shall have been provided for on or
18-
before such due date by irrevocably depositing with or making available to the Paying
Agent/Registrar maccordance with an escrow agreement or other instrument (the 'Future Escrow
Agreement") for such payment (1) lawful money of the United States of America sufficient to make
such payment or (2) Defeasance Securities that mature as to principal and interest in such amounts
and at such times as will insure the availability 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 Certificates shall have become due
and payable At such time as a Certificate shall be deemed to be a Defeased Certificate hereunder
as aforesaid, such Certificate and the interest thereon shall no longer be secured by payable from, or
entitled to the benefits of, the ad valorem taxes or revenues herein levied and pledged as provided m
this Ordinance, and such principal and interest shall be payable solely from such money or Defeasance
Securities. Notwithstanding any other provision of this Ordinance to the contrary it is hereby
provided that any determination not to redeem Defeased Certificates that is made m conjunction with
the payment arrangements specified m subsection 22(a)(i) or (ii) shall not be irrevocable, provided
that m the proceedings providing for such payment arrangements, the Issuer expressly (1) reserves
the right to call the Defeased Certificates for redemption, (2) gives notice of the reservation of that
right to the owners of the Defeased Certificates immediately following the malcmg of the payment
arrangements, and (3) directs that notice ofthe reservation be included m any redemption notices that
rt authorizes.
(b) Investment in Defeasance Securities. Any moneys so deposited with the Paying
Agent/Registrar may at the written direction of the Issuer be invested m Defeasance Securities,
maturing m the amounts and times as herembefore set forth, and all income from such Defeasance
Securities received by the Paying Agent/Registrar that is not required for the payment of the
Certificates. and interest thereon, with respect to which such money has been so deposited, shall be
turned over to the Issuer or deposited as directed m writing by the Issuer Any Future Escrow
Agreement pursuant to which the money and/or Defeasance Securities are held for the payment of
Defeased Certificates may contain provisions perrruttmg the investment or reinvestment of such
moneys m Defeasance Securities or the substitution of other Defeasance Securities upon the
satisfaction of the requirements specified in subsection 22(a)(i) or (ii) All income from such
Defeasance Securities received by the Paying Agent/Registrar which isnot required for the payment
of the Defeased Certificates, with respect to which such money has been so deposited, shall be
rermtted to the Issuer or deposited as directed m wasting by the Issuer
(c) Paying Agent/Registrar Services Until all Defeased Certificates shall have become
due and payable, the Paying Agent/Registrarshali perform the services of Paying Agent/Registrarfnr
such Defeased Certificates the same as ifthey had not been defeased, and the Issuer shall make proper
arrangements to provide and pay for such services as required by this Ordinance.
(d) Selection of Certificates for Defeasance. In the event that the Issuer elects to defease
less than all of the principal amount of Certificates of a maturity the Paying Agent/Registrar shall
select, or cause to be selected, such amount of Certificates by such random method as rt deems fair
and appropriate
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Section 23.PREAMBLE That the findings set forth m the preamble to this Ordinance are
hereby incorporated into the body of this Ordinance and made a part hereof for all purposes.
Section 24 RULES OF CONSTRUCTION That for all purposes oftlus Ordinance, unless
the context requires otherwise, all references to designated Sections and other subdivisions are to the
Sections and other subdivisions of this Ordinance The words '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, tenns defined m 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 party and rts successors and assigns. References to any
constitutional, statutory or regulatory provision means such provision as rt exists on the date this
Ordinance is adopted by the City and any future amendments thereto or successor provisions thereof.
Any reference to the payment of principal in this Ordinance shall be deemed to include the payment
of any mandatory sinking fund redemption payments as described herein. The titles and headings
of the Sections and subsections of this Ordinance have been inserted for convemence of reference
only and are not to be considered a part hereof and shall not in any way modify or restnct any of the
teens or provisions hereof.
Section 25 IMMEDIATE EFFECT That m accordance with the provisions of Section
1201 028 Texas Government Code, this Ordinance shall be effective immediately upon rts adoption
by the City Council.
Section 26 OPEN MEETING That rt 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 551 Texas Government
Code, as amended.
ADOPTED this 26th day of July 2005
Mayor City of Fort W~i, Texas
ATTEST
~~
City Secretary
City of Fort Worth, Texas (SEAL)
APP VED AS TO FORM AND LEGALITY
City Attorney
City of Fort Worth, T as
20-
Ezhibit A
to
Ordinance
FORM OF CERTIFICATE
NO $
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
CITY OF FORT WORTH, TEXAS COMBINATION TAX
AND REVENUE CERTIFICATES OF OBLIGATION
SERIES 2005A
MATURITY DATE INTEREST RATE DATE OF DELIVERY CUSIP
AUGUST 30 2005
ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF FORT WORTH,
TEXAS (the 'City" or the- 'Issuer"), being a political subdivision of the State of Texas, hereby
promises to pay to or to the
registered assignee hereof (either being hereinafter called the 'registered owner")the principal amount
of
DOLLARS
and to pay interest thereon, from the Date of Delivery specified above, to the Maturity Date specified
above, or the date of its redemption pnor to scheduled maturity at the interest rate per annum
specified above, with said interest payable on March 1 2006 and semiannually on each September
1 and March I thereafter except that if this Certificate is required to be authenticated and the date
of its authentication is later than March 1 2006 such interest is payable serruannually on each
September 1 and March 1 following such date
THE PRINCIl'AL OF AND INTEREST ON this Certificate are payable m lawful money of
the United States of Amenca, without exchange or collection charges. At matunty or redemption
prior to maturity the pnncipal of this Certificate shall be paid to the registered owner hereof upon
presentation and surrender of this Certificate at the designated corporate trust office in Minneapolis,
Minnesota (the 'Designated Trust Office'), of Wells Fargo Bank, National Association, which is the
'Paying Agent/Registrar" for this Certificate. The payment of interest on this Certificate shall be
made by the Paying Agent/Registrar to the registered owner hereof on each interest payment date by
check, dated as of such interest payment date, drawn by the Paying Agent/Registrar on, and payable
solely from, funds of the Issuer required by the ordinance authorizing the issuance of this Certificate
(the Certificate Ordinance') to be on deposit with the Paying Agent/Registrar for such purpose as
hereinafter provided, and such check shall be sent by the Paying Agent/Registrar by Umted States
mail, first-class, postage prepaid, on each such interest payment date, to the registered owner hereof,
at its address as it appeared on the last Business Day (as defined m the Certificate Ordinance) of the
month preceding each such date (the 'Record Date') on the Registration Books kept by the Paying
Agent/Registrar as hereinafter described. Any accrued interest due at maturity or redemption as
provided herein shall be paid to the registered owner upon presentation and surrender of this
Certificate for payment at the Designated Trust Office of the Paying Agent/Regnstrar The Issuer
covenants with the registered owner of this Certificate that on or before each principal and interest
payment date for this Certificate rt will make available to the Paying Agent/Regnstrar from the
'Interest and Redemption Fund created by the Certificate Ordinance, the amounts required to
provide for the payment, nn immediately available funds, of all principal of and interest on the
Certificates, when due. All Certificates ofthns Series are issuable solely as fully registered certificates,
without interest coupons, m any integral rriultnple of $5 000 (an Authorized Denomination')
IN THE EVENT OF NON PAYMENT of interest on a scheduled payment date, and for 30
days thereafter anew record date for such interest payment (a Special Record Date) will be
established by the Paying Agent/Registrar of and when funds for the payment of such interest have
been received from the Issuer Notice ofthe Special Record Date and of the scheduled payment date
of the past due interest (Special Payment Date which shall be 15 days after the Special Record
Date) shall be sent at least five business days prior to the Special Record Date by United States mail,
first-class postage prepaid, to the address of each registered owner of a Certificate appearing on the
Registration Books kept by the Paying Agent/Registrar at the close of business on the last business
day next preceding the date of mailing of such notice.
IF THE DATE for the payment of the principal of or interest on this Certificate shall be a
Saturday Sunday a legal holiday or a day on which banking instntutions nn the city where the
Designated Trust Office of the Paying Agent/Regnstrar islocated are authorized by law or executive
order to close, then the date for such payment shall be the next succeeding day which is not such a
Saturday Sunday legal holiday or day on which banking institutions are authorized to close, and
payment on such date shall have the same force and effect as if made on the original date payment
was due
THIS CERTIFICATE ns one of a Serves of Certificates dated as of July 15 2005 authorized
m accordance with the Constitution and laws of the State of Texas m the principal amount of
$15 100 000 FOR THE PURPOSE OF PROVIDING PART OF THE FUNDS FOR PAYING
CONTRACTUAL OBLIGATIONS TO BE INCURRED BY THE CITY TO-WIT the construction
of improvements to the Fort Worth Water Gardens, located nn the vicinity of the Fort Worth
Convention Center the construction of streets and other improvements located wnthnn and outside
the City of Fort Worth, m connection with the use by the City of the Southeast landfill owned by the
City located at 699 Dick Price Road, the construction and equipping of the Evans Rosedale
Redevelopment Project, including, without lmm~tatnon, the acquisition of land, the construction of
buildings and the acquisition of equipment for such buildings, to be located nn the vicinity of the
intersection of Evans Avenue and Verbena Street for use as a library and pubinc health department
offices, the construction and equipping of libraries throughout the Crty• and the payment of fiscal,
engineering and legal fees incurred in connection therewith.
ON MARCH 1 2015 or on any date thereafter the Certificates of this Serves maturing on
March 1 2016 and thereafter maybe redeemed prior to them scheduled maturities, at the option of
the Issuer in whole, or in part in any Authorized Denomination, at par and accrued interest to the
date fixed for redemption. The years of maturity of the Certnficates called for redemption at the
option of the Issuer prior to stated maturity shall be selected by the Issuer The Certificates or
portions thereof redeemed within a maturity shall be selected by lot or other method by the Paying
Agent/Registrar• provided, that during any period in which ownership of the Certificates is
deternined only by a book entry at a securities depository for the Certificates, if fewer than all of the
Certificates of the same maturity and bearing the same interest rate are to be redeemed, the particular
Certificates of such maturity and bearing such interest rate shall be selected m accordance with the
arrangements between the Issuer and the securities depository
AT LEAST 30 days prior to the date fixed for any such redemption (a) a written notice of
such redemption shall be given to the registered owner of each Certificate or a portion thereof being
called for redemption by depositing such notice m the United States mail, first class postage prepaid,
addressed to each such registered owner at his address shown on the Registration Books of the
Paying Agent/Registrar and (b) notice of such redemption either shall be published one (1) time m
or posted electromcally on the websrte of a financial journal or publication of general circulation m
the Umted States of America or the State of Texas carrying as a regular feature notices of municipal
bonds called for redemption, provided, however that the failure to send, mail, or receive such notice
described nn (a) above, or any defect therein or nn the sending or mailing thereof, shall not affect the
validity or effectiveness of the proceedings for the redemption of any Certificate, and the Ordinance
provides that the provision of notice as described m (b) above shall be the only notice actually
required nn connection with or as a prerequisite to the redemption of any Certificate. By the date
fixed for any such redemption due provision shall be made by the Issuer with the Paying
Agent/Regnstrar for the payment of the required redemption pace for this Certificate or the portion
hereof which is to be so redeemed, plus accrued interest thereon to the date fixed for redemption.
If such notice of redemption ns given, and of due provision for such payment ns made, all as provided
above, thus Certificate, or the portion hereof which ns to be so redeemed, thereby automatically shall
be redeemed prior to its scheduled maturity and shall not bear interest after the date fixed for its
redemption, and shall not be regarded as being outstanding except for the right of the registered
owner to receive the redemption pace plus accrued interest to the date fixed for redemption from the
Paying Agent/Regnstrar out of the funds provided for such payment. The Paying Agent/Registrar
shall record m the Registration Books all such redemptions of principal of this Certificate or any
portion hereof. If a portion of any Certificate shall be redeemed a substitute Certificate or Certificates
having the same maturity date, beanng interest at the same rate, nn any Authorized Denomination, at
the written request of the registered owner and m aggregate principal amount equal to the unre-
deemed portion thereof, will be issued to the registered owner upon the surrender thereof for
cancellation, at the expense of the Issuer all as provided m the Ordinance.
AS PROVIDED IN THE CERTIFICATE ORDINANCE, this Certificate may at the request
of the registered owner or the assignee or assignees hereof, be assigned, transferred, and exchanged
for a like aggregate principal amount of fully registered certificates, without interest coupons, payable
to the appropriate registered owner assignee, or assignees, as the case may be, having the same
maturity date, and bearing interest at the same rate, m any Authorized Denomination as requested m
wasting by the appropriate registered owner assignee, or assignees, as the case may be, upon
surrender of this Certificate to the Paying Agent/Regnstrar at its Designated Trust Office for
cancellation, all nn accordance with the form and procedures set forth nn the Certificate Ordinance.
Among other requirements for such assignment and transfer this Certificate must be presented and
surrendered to the Paying Agent/Regnstrar at its Designated Trust Office, together with proper
instruments of assignment, nn form and with guarantee of signatures satisfactory to the Paying
Agent/Registrar evidencing assignment of this Certificate or any portion or portions hereof m any
Authorized Denomination to the assignee or assignees in whose name or names this Certificate or any
such portion or portions hereof is or are to be transferred and registered. The form of Assignment
punted or endorsed on this Certificate may be executed by the registered owner to evidence the
assignment hereof, but such method is not exclusive, and other instruments of assignment satisfactory
to the Paying Agent/Registrar may be used to evidence the assignment of this Certificate or any
portion or portions hereof from time to time by the registered owner The foregoing notwithstanding,
in the case of the exchange of an assigned and transferred Certificate or Certificates or any portion
or portions thereof, such fees and charges of the Paying Agent/Registrar will be paid by the Issuer
The one requesting such exchange shall pay the Paying Agent/Registrar's reasonable standard or
customary fees and charges for exchanging any Certificate or portion thereof. In any circumstance,
any taxes or governmental charges required to be paid with respect thereto shall be paid by the one
requesting such assignment, transfer or exchange as a condition precedent to the exercise of such
privilege In any circumstance, neither the Issuer nor the Paying Agent/Registrar shall be required
(1) to make any transfer or exchange during a period beginiing at the opening of business 30 days
before the day of the first mailing of a notice of redemption of the Certificates and ending at the close
of business on the day of such mailing, or (2) to transfer or exchange any Certificates so selected for
redemption when such redemption is scheduled to occur within 30 calendar days
WHENEVER the beneficial ownership of this Certificate is determined by a book entry at a
securities depository for the Certificates, the foregoing requirements of holding, delivering or
transferring this Certificate shall be modified to require the appropriate person or entity to meet the
requirements of the securities depository as to registering or transferring the book entry to produce
the same effect.
IN THE EVENT any Paying Agent/Registrar for the Certificates is changed by the Issuer
resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Certificate Ordinance that
it promptly will appoint a competent and legally qualified substitute therefor and promptly will cause
written notice thereof to be mailed to the registered owners of the Certificates.
IT IS HEREBY certified, recited and covenanted that this Certificate has been duly and
validly authorized, issued, and delivered, that all acts, conditions, and things required or proper to be
performed, exist, and be done precedent to or in the authorization, issuance, and delivery of this
Certificate have been performed, existed, and been done in accordance with law' that this Certificate
is a direct obligation of said Issuer issued on the full faith and credit thereof, and that annual ad
valorem taxes sufficient to provide for the payment of the interest on and principal of this Certificate,
as such interest comes due and such principal matures, have been levied and ordered to be levied
against all taxable property in said Issuer and have been pledged for such payment, within the limit
prescribed by law and that a limited pledge (not to exceed $1 000) of the surplus revenues from the
operation of the City's combined water and sewer system remaining after payment of all operation
and maintenance expenses thereof and any other obligations heretofore or hereafter incurred to which
such revenues have been or shall be encumbered by a lien on and pledge of such revenues superior
to the lien on and pledge of such revenues to the Certificates, have been pledged as additional security
for the Certificates
BY BECOMING the registered owner of this Certificate, the registered owner thereby
acknowledges all of the terms and provisions of the Certificate Ordinance, agrees to be bound by such
terms and provisions, acknowledges that the Certificate Ordinance is duly recorded and available for
inspection in the official riunutes and records of the Issuer and agrees that the terms and provisions
of this Certificate and the Certificate Ordinance constitute a contract between each registered owner
hereof and the Issuer
IN WITNESS WHEREOF this Certificate has been signed with the manual or facsimile
signature of the Mayor of the Issuer attested by the manual or facsimile signature of the Crty
Secretary and approved as to form and legality with the manual or facsimile signature of the City
Attorney and the official seal of the Issuer has been duly affixed to, or impressed, or placed m
facsimile, on this Certificate
xxxxx ~~
City Secretary Mayor
APPROVED AS TO FORM AND LEGALITY
xxxxx
City Attorney (SEAL)
FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE
It is hereby certified that this Certificate of Obligation has been issued under the provisions
of the proceedings adopted by the Issuer as described in the text of this Certificate of Obligation, and
that this Certificate of Obligation has been issued in exchange for or replacement of a certificate of
obligation, certificates of obligation, or a portion of a certificate of obligation or certificates of
obligation of an issue which originally was approved by the Attorney General of the State of Texas
and registered by the Comptroller of Public Accounts of the State of Texas.
Dated
WELLS FARGO BANK NATIONAL
ASSOCIATION
Paying Agent/Registrar
By
Authorized Representative
*FORM OF COMPTROLLER S CERTIFICATE ATTACHED TO
THE CERTIFICATES UPON INITIAL DELIVERY THEREOF
OFFICE OF COMPTROLLER
STATE OF TEXAS
REGISTER NO
I hereby certify that there is on file and of record nn my office a certificate of the Attorney
General of the State of Texas to the effect that this Certificate has been examined by loin as required
by law and that he finds that nt has been issued m conformity with the Constitution and laws of the
State of Texas, and that rt is a valid and bmdnng obligation of the City of Fort Worth, Texas, payable
nn the manner provided by and nn the ordinance authonzmg same, and said Certificate has this day
been registered by me
WITNESS MY HAND and seal of office at Austin, Texas this
(SEAL)
Comptroller of Public Accounts of
the State of Texas
NOTE
*¶ to accompany initial certificates only
FORM OF ASSIGNMENT.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
(Please insert Social Security or Taxpayer Identification Number of Transferee)
(Please pant or typewrite name and address, nncludnng zip code of Transferee)
the within Certificate of Obligation and all rights thereunder and hereby irrevocably constitutes
and appoints
attorney to
register the transfer of the wnthnn Certificate of Obligation on books kept for registration thereof,
with full power of substitution nn the premnses.
Dated
Signature Guaranteed
NOTICE Signature(s) must be guaranteed by
a member firm of the New York Stock
Exchange or a commercial bank or trust
company
NOTICE The signature above must
correspond with the name of the Registered
Owner as nt appears upon the front of this
Certificate nn every particular without
alteration or enlargement or any change
whatsoever
The punter of the Certificates ns hereby authorized to print on the Certificates (i) the form of bond
counsel's opnmon relating to the Certificates, and (ii) an appropriate statement of insurance furnished
by a municipal bond insurance company providing municipal bond insurance, of any covering all or
any part of the Certificates.
INSERTIONS FOR THE INITIAL CERTIFICATE
The Imtial Certificate shall be m the form set forth m this Exhibit A, except that
A. Immediately under the name of the Certificate, the headings 'INTEREST RATE
and 'MATURITY DATE shall be completed with the words As shown below" and
the heading 'CUSIP NO shall be deleted.
B The first paragraph shall be deleted and the following will be inserted.
'THE CITY OF FORT WORTH, TEXAS (the 'City" or the Issuer"), being a political
subdivision of the State of Texas, hereby promses to pay to JPMorgan Chase Bank, N.A. or to the
registered assignee thereof (either being hereinafter called the 'registered owner"), on March 1 m
each of the years set forth m the following schedule, the principal installments set forth m the
following schedule, with such pnncipal installments bearing interest at the per annum rates set forth
in the following schedule
Years
Principal Installments
Interest Rates
(Information from Sections 3 and 5 to be inserted)
The City promises to pay interest on the unpaid principal installments hereof (calculated on the basis
of a 360-day year consisting of twelve 30-day months) from the Original Issue Date shown above at
the respective interest rates per annum specified above. Interest is payable on March 1 2006 and
semiannually thereafter on each September 1 and March 1 thereafter to the date of payment of the
principal installment specified above; except that if this Certificate is required to be authenticated and
the date of its authentication is later than March 1 2006 such interest is payable semmannually on
each September 1 and March 1 following such date.
C The Imtial Certificate shall be numbered 'T 1
Exhibit B
to
Ordinance
DESCRIPTION OF ANNUAL FINANCIAL INFORMATION
The following information is referred to in Section 16 of this Ordinance.
Annual Financial Statements and Operating Data
The financial information and operating data with respect to the City to be provided annually
m accordance with such Section are as specified below
The information of the general type included m tables 1 through 6 inclusive, and tables 8
through 15 inclusive, attached hereto
'Excerpts from the Annual Financial Report of the City of Fort Worth, Texas for the
Fiscal Year Ended September 30, 2004
Accounting Principles
The accounting principles referred to m such Section are the accounting principles described
m the notes to the annual financial report referred to above.
THE STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
CITY OF FORT WORTH
I, Marty Hendnx, Crty Secretary of the City of Fort Worth, m the State of Texas, do hereby
certify that I have compared the attached and foregoing excerpt from the rrunutes of the regular
open, public meeting of the Crty Council of the City of Fort Worth, Texas held on July 26 2005 and
of the ordinance authorizing the issuance of Combination Tax and Revenue Certificates of Obligation,
Series 2005A, which was duly passed at said meeting, and that said copy is a true and correct copy
of said excerpt and the whole of said ordinance
In testimony whereof, I have set my hand and have hereunto affixed the seal of said City of
Fort Worth, this 26th day of July 2005
Crty Secretary Cit f Fort Worth, Texas
(SEAL)
THE STATE OF TEXAS
COUNTIES OF TARRANT AND DENTON
CITY OF FORT WORTH
On the 26th day of July 2005 the City Council of the Crty of Fort Worth, Texas, met m
regular open, public meeting in the Crty Council Chamber m the Crty Hall with the following
members present, to-wrt
Mike Moncnef,
Salvador Espmo
Chuck Silcox,
Becky Haslcm,
Donavan Wheatfall,
fungus Jordan,
Carter Burdette,
Kathleen Hicks,
Wendy Davis,
Charles Boswell,
David Yett,
Marty Hendnx,
James R. Keyes,
Mayor
Councilmembers,
City Manager
Crty Attorney
Crty Secretary
Director of Finance
thus constituting more than a quorum present, and after the Crty Council had transacted certain
business, the following business was transacted, to-wrt
Councilmember A(.c~, introduced an ordinance and moved rts passage The motion was
seconded byCouncilmember -~ The Ordinance was read by the Crty Secretary The motion,
carrying with rt the passage of the ordinance prevailed by a vote of~ YEAS ~ NAYS The ordinance
as passed is as follows