HomeMy WebLinkAboutOrdinance 5730 ORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF FIVE
HUNDRED AND FIFTY THOUSAND DOLLARS ($550,000.00)
OF AIRPORT BONDS, SERIES 105A, OF THE CITY OF
FORT WORTH, TEXAS, BEARING INTEREST AT THE RATES
HEREINAFTER SET FORTH, AND PROVIDING FOR THE
LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFI-
CIENT TO PAY THE INTEREST ON SAID BONDS AND TO
CREATE A SINKING FUND FOR THE REDEMPTION THEREOF
AT MATURITY; REPEALING ALL ORDINANCES IN CON-
FLICT HEREWITH; AND PROVIDING THAT THIS ORDI-
NANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER
THE DATE OF ITS PASSAGE.
WHEREAS, it is deemed advisable and to the best inter-
est of the City of Fort Worth that certain improvement bonds
authorized at an election previously held in said City be
issued and sold at this time, the date of election, the
amount of bonds authorized thereat, purpose, the amount of
bonds previously sold and the amount now to be sold being
as follows:
DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT NOW
ELECTION AUTHORIZED PURPOSE SOLD OFFERED
Oct. 19, $9,000,000 Airport $365,000 $550,000
1965 (Series 105A) ($4,500,000
and also offered,
$3,000,000 designated as
(Series 105B) Series 105B)
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS:
SECTION 1.
That the bonds of said City to be called "Airport Bonds,
Series 105A, " be issued under and by virtue of the constitu-
tion and laws of the State of Texas, and the Charter of
said City, for the following purpose, to wit: for the pur-
pose of making permanent city improvements by establish-
ing, developing, constructing, enlarging, improving and
equipping its airports and air navigation facilities, in-
cluding buildings and other facilities incidental to the
operation thereof and the acquisition or elimination of
airport hazards, and acquiring the necessary lands therefor,
said bonds amounting in the aggregate to the sum of Five
Hundred and Fifty Thousand Dollars ($550,000.00) .
SECTION 2.
That said bonds shall be numbered from seventy-four
(74) to one hundred and eighty-three (183) , both inclusive,
of the denomination of Five Thousand Dollars ($5,000.00)
each, aggregating Five Hundred and Fifty Thousand Dollars
($550,000.00) .
SECTION 3.
That said bonds shall be dated March 1, 1967, and
shall become due and payable serially as follows:
Bond Numbers Maturity Dates Amounts
74 to 77, both incl. March 1, 1968 $20,000.00
78 to 81, both incl. March 1, 1969 20,000.00
82 to 85, both incl. March 1, 1970 20,000.00
86 to 89, both incl. March 1, 1971 20,000.00
90 to 93, both incl. March 1, 1972 20,000.00
94 to 97, both incl. March 1, 1973 20,000.00
98 to 101, both incl. March 1, 1974 20,000.00
102 to 105, both incl. March 1, 1975 20,000.00
106 to 109, both incl. March 1, 1976 20,000.00
110 to 113, both incl. March 1, 1977 20,000.00
114 to 117, both incl. March 1, 1978 20,000.00
118 to 121, both incl. March 1, 1979 20,000.00
122 to 125, both incl. March 1, 1980 20,000.00
126 to 129, both incl. March 1, 1981 20,000.00
130 to 133, both incl. March 1, 1982 20,000.00
134 to 138, both incl. March 1, 1983 25,000.00
139 to 143, both incl. March 1, 1984 25,000.00
144 to 148, both incl. March 1, 1985 25,000.00
(Cont'd.)
Bond Numbers Maturity Dates Amounts
149 to 153, both incl. March 1, 1986 $25,000.00
154 to 158, both incl. March 1, 1987 25,000.00
159 to 163, both incl. March 1, 1988 25,000.00
164 to 168, both incl. March 1, 1989 25,000.00
169 to 173, both incl. March 1, 1990 25,000.00
174 to 178, both incl. March 1, 1991 25,000.00
179 to 183, both incl. March 1, 1992 25,000.00
SECTION 4.
That the bonds payable subsequent to March 1, 1982,
shall be redeemable prior to their respective maturities,
at the option of the City, on March 1, 1982, or on March 1
of any year subsequent to 1982, upon the following terms
and conditions, viz.: (1) The bonds called for redemption
on any March 1 must include all of the bonds then outstand-
ing or must be the outstanding bonds bearing the highest
identifying numbers; (2) the redemption price shall be par
and accrued interest to date of redemption, plus a premium
for each bond redeemed, of the following respective amounts
in the following respective years: 1982, $125.00; 1983,
$112.50; 1984, $100.00; 1985, $87.50; 1986, $75.00; 1987,
$62.50; 1988, $50.00; 1989, $37.50; 1990, $25.00; and 1991,
$12.50; and (3) at least thirty days prior to the date upon
which such redemption is to be made, a notice of intention
to make such redemption, describing the bonds to be redeemed,
must be published at least once in a newspaper printed in
the English language and published and of general circula-
tion in the City of Fort Worth, in the State of Texas, and
must be published at least once in a financial journal pub-
lished in the Borough of Manhattan, in the City and State of
New York. Such option may be exercised by ordinance or reso-
lution duly adopted by the City Council of the City of Fort
Worth. Nothing contained in this ordinance shall be con-
strued to limit or affect the right of the City to purchase,
with any moneys lawfully available for such purpose, any of
the outstanding bonds at a price less than the redemption
price hereinbefore prescribed. Notice having been given by
publication in the manner provided herein, the bonds called
for redemption shall become due and payable on the redemption
date designated in the notice at the redemption price de-
termined, as provided herein, and upon presentation and sur-
render thereof at the place of payment thereof, together with
all appurtenant coupons maturing subsequent to the redemption
date, such bonds shall be paid at the redemption price afore-
said. All interest installments represented by coupons which
shall have matured on or prior to the redemption date shall
continue to be payable to the bearers of such coupons. In-
terest on any bonds to be redeemed shall cease to accrue
from and after the redemption date specified in such notice
unless the City defaults in the payment of the redemption
price thereof.
SECTION 5.
That said bonds shall bear interest at the rates as
follows:
Bonds Nos. 74 to 93, both_indl., 5.00% per annum;
Bonds Nos. 94 to 97, both incl., 4.00% per annum;
Bonds Nos. 98 to 109, both incl., 3.20% per annum;
Bonds Nos. 110 to 117, both incl., 3.25% per annum;
Bonds Nos. 118 to 125, both incl., 3.30% per annum;
Bonds Nos. 126 to 133, both incl., 3.35% per annum;
Bonds Nos. 134 to 143, both incl., 3.40% per annum;
Bonds Nos. 144 to 153, both incl., 3.45% per annum; and
Bonds Nos. 154 to 183, both incl., 3.50% per annum,
payable September 1, 1967, and semi-annually thereafter on
March 1st and September 1st of each year.
SECTION 6.
That the principal of and interest on said bonds shall
be payable upon presentation and surrender of bond or proper
coupons at the Manufacturers Hanover Trust Company, in the
Borough of Manhattan, City and State of New York.
SECTION 7.
That each of said bonds shall be executed for and on
behalf of the City of Fort Worth, Texas, by the facsimile
signature of the Mayor, approved as to form and legality
by the facsimile signature of the City Attorney, and attested
manually by the City Secretary, with the seal of the City
thereon duly affixed to, or impressed, or printed, or litho-
graphed, and the interest coupons shall be executed with
the lithographed or printed facsimile signatures of the Mayor
and City Secretary of the City of Fort Worth, Texas, and
such facsimile signatures shall have the same effect as if
manually placed on said bonds.
SECTION 8.
That the form of said bonds shall be substantially as
follows:
NO. $5,000.00
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
AIRPORT BOND
SERIES 105A
The City of Fort Worth, in the County of Tarrant, State
of Texas, a municipal corporation duly incorporated under
the laws of the State of Texas, for value received, hereby
promises to pay to the bearer hereof, on the 1st day of
March, 19 , the sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America, with in-
terest thereon from date hereof at the rate of %
per annum, evidenced by coupons payable September 1, 1967,
and semi-annually thereafter on March 1st and September 1st
of each year, both principal and interest payable upon
presentation and surrender of bond or proper coupon at the
Manufacturers Hanover Trust Company, in the Borough of Man-
hattan, City and State of New York, and the City of Fort
Worth, Texas, is hereby held and firmly bound, and its faith
and credit and all taxable property in said City are hereby
pledged for the prompt payment of the principal of this bond
at maturity and the interest thereon as it accrues.
This bond is one of a series of one hundred and ten
(110) bonds of like tenor and effect, except as to number,
interest rate and maturity, numbered from seventy-four (74)
to one hundred and eighty-three (183) , both inclusive, of
the denomination of Five Thousand Dollars ($5,000.00) each,
aggregating Five Hundred and Fifty Thousand Dollars ($550,-
000.00) , issued for the purpose of making permanent city
improvements by establishing, developing, constructing, en-
larging, improving and equipping its airports and air navi-
gation facilities, including buildings and other facilities
incidental to the operation thereof and the acquisition or
elimination of airport hazards, and acquiring the necessary
lands therefor, under and by virtue of the Constitution and
laws of the State of Texas and the Charter of said City,
and pursuant to an ordinance passed by the City Council of
the City of Fort Worth, Texas, which ordinance is duly of
record in the Minutes of said City Council.
The bonds payable subsequent to March 1, 1982, shall
be redeemable prior to their respective maturities, at the
option of the City, on March 1, 1982, or on March 1 of any
year subsequent to 1982, upon the following terms and condi-
tions, viz. : (1) The bonds called for redemption on any
March 1 must include all of the bonds then outstanding or
must be the outstanding bonds bearing the highest identify-
ing numbers; (2) the redemption price shall be par and ac-
crued interest to date of redemption, plus a premium for each
bond redeemed, of the following respective amounts in the
following respective years: 1982, $125.00; 1983, $112.50;
1984, $100.00; 1985, $87.50; 1986, $75.00; 1987, $62.50;
1988, $50.00; 1989, $37.50; 1990, $25.00; and 1991, $12.50;
and (3) at least thirty days prior to the date upon which
such redemption is to be made, a notice of intention to make
such redemption, describing the bonds to be redeemed, must
be published at least once in a newspaper printed in the
English language and published and of general circulation
in the City of Fort Worth, in the State of Texas, and must be
published at least once in a financial journal published in
the Borough of Manhattan, in the City and State of New York.
The date of this bond in conformity with the ordinance
above mentioned is March 1, 1967.
AND IT IS HEREBY CERTIFIED AND RECITED that the is-
suance of this bond, and the series of which it is a part,
is duly authorized by law and by a vote of the resident,
qualified electors who own taxable property in said City
and who had duly rendered the same for taxation in the City
of Fort Worth, Texas, voting at an election held for that
purpose within said City on October 19, 1965; that all acts,
conditions and things required to be done precedent to and
in the issuance of this series of bonds, and of this bond,
have been properly done and performed and have happened in
regular and due time, form and manner as required by law;
that sufficient and proper provision for the levy and col-
lection of taxes has been made, which, when collected, shall
be appropriated exclusively to the payment of this bond and
the series of which it is a part, and to the payment of the
interest coupons hereto annexed as the same shall become
due; and that the total indebtedness of said City of Fort
Worth, Texas, including the entire series of bonds of which
this is one, does not exceed any constitutional, statutory
or charter limitation.
IN WITNESS WHEREOF, this bond has been signed by the
printed or lithographed facsimile signature of the Mayor
of said city, countersigned by the manual signature of the
City Secretary, and approved as to form and legality by the
printed or lithographed facsimile signature of the City
Attorney, and the interest coupons attached hereto have been
signed by the printed or lithographed facsimile signatures of
the Mayor and City Secretary, and the official seal of said
City has been duly affixed to, or impressed, or printed,
or lithographed on this bond.
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST:
City Secretary
APPROVED AS TO FORM AND LEGALITY:
City Attorney
That the form of coupons representing interest payable
on or before March 1, 1982, shall be substantially as fol-
lows:
The City of Fort Worth, in the State of On the
first day of
Texas, promises to pay to bearer at the Manu-
Sept., 19_
facturers Hanover Trust Company, in the City March,
of New York, New York, for interest due that NO. - $
day on its Airport Bond, Series 105A, dated SERIES 105A
March 1, 1967. BOND NO.
CITY OF FORT WORTH, TEXAS
BY
ATTEST: Mayor
City Secretary
That the form of coupons representing interest payable
subsequent to March 1, 1982, shall be substantially as fol-
lows:
Unless the bond hereinafter mentioned
shall have been called for previous redemp- On the
first day of
tion and payment thereof made or duly pro-
Sept., 19_
vided for, the City of Fort Worth, in the March,
State of Texas, promises to pay to bearer NO. - $
at the Manufacturers Hanover Trust Company, SERIES 105A
in the City of New York, New York, for BOND NO.
interest due that day on its Airport Bond,
Series 105A, dated March 1, 1967.
CITY OF FORT WORTH, TEXAS
BY
Mayor
ATTEST:
City Secretary
That substantially the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
I HEREBY CERTIFY that there is on file and of record
in my office a certificate of the Attorney General of the
State of Texas to the effect that this bond has been ex-
amined by him as required by law; and that he finds that it
has been issued in conformity with the Constitution and laws
of the State of Texas and the Charter of said City, and that
it is a valid and binding obligation upon said City of Fort
Worth, Texas, and said bond has this day been registered by
me.
WITNESS my hand and seal of office, at Austin, Texas,
this the day of , A. D. 19
Comptroller of Public Accounts
of the State of Texas
SECTION 9.
That the proceeds from all taxes collected for and
on account of this series of bonds shall be credited to an
Interest and Redemption Fund for the purpose of paying the
interest as it accrues and to provide a sinking fund for
the purpose of paying each installment of principal as it
becomes due; that for each year thereafter while any of
said bonds, or interest thereon, are outstanding and unpaid,
there shall be computed and ascertained, at the time other
taxes are levied, the rate of tax based on the latest ap-
proved rolls of said City as will be requisite and sufficient
to make, raise and produce in each of said years a fund to
pay the interest on said bonds and to provide a sinking fund
sufficient to pay the principal as it matures, or at least
2% of the principal as a sinking fund, whichever is greater,
full allowances being made for delinquencies and costs of
collection; that a tax at the rate as hereinabove determined
is hereby ordered to be levied and is hereby levied against
all of the taxable property in said City for each year while
any of said bonds, or interest thereon, are outstanding and
unpaid; that the said tax each year shall be assessed and
collected and placed in the Interest and Redemption Fund;
coTTecreq guq bTSG6q Tu PPG IUP6xe2P 9Uq uGgewbPTOU Enuq
nubgTq: PIMP PFG 24Tq PgX GgGp 7,69x 2P9TT Ps 922eaeGq guq
sU. OP 29Tq poug2' OX TUPsx62P Pu6xeOII' 9x6 on4:2Piug7ud guq
9TT 01 P1Js PgxgpTG bxObGZ0, Tu asTq GTPX IOX 99CP W9x AIJTTG
T2 NexepX oxgGLGq PO Pe TGATsq guq T2 JJ6zsPx TsnT6q gdgTU2P
GOTTGGPTOu: P1JgP g rWx gP 4:3J6 xgpo s2 g6xe7ugpon6 g64:6=Yusq
;HTT 9TTonguc62 P63Ud urggs Eox g6TTUdrreuGTs2 giTq G024:2 O:C
S.V o:E PFs bxTuorbgT g2 g 2TUICTua Wnug' MJJTGJJ6nsx T"a dxsgP®x'
2BE4TGTGUP PO bgX Pps bxTUGTbgT 92 TP WgPnxG2' Ox. gP Te92P
bg'k PFs TuP6xs2P OU 29Tq p0ug2 guq PO bxonTge g 2Tt%Tud ;rruq
PO II srjco, xgT26 guq bxogncG Tu 69GJJ O; 29Tq 7isgx2 g Znuq po
bxoneg xOTT2 0; 29Tq GTPX 92 MTTT ps xsdOT2TgG guq 2nT�FTGTeUg
PgXG2 9x6 TGATGq' PIJG xgP6 Ot PgX p92Gq Ou PJJS TUPG2P gb-
PFex6 8F9TT PO combnpeq gUg 92G6M4:9TU6q' gP Pp6 PTWG OVITGM
2sTq poug2' Ox TUgGx62.9 PIJGXGOU' gxG OnP2PgltgTud guq nUbsTq`
pscowGe qns! P]JgP EOx 6907 X69x PjJGXG9jFGL MJJTTG SUX 01
PJJG bnrlb02s 04 bsXTUd GUPP TUBPSTTur6UP 01 bxTucTbgT 92 TP
TUP6x62P 92 TP gccxn62 guq PO bxo"ge g 2TU]CTUd :cnUq ;ox
IuPexsaP guq g699wbPTOU Enuq EOx PFG buxbo86 o; bgXTud PIJ6
OU gGGOnUP OF PPT2 26x762 01 POUg2 eV9TT PG cxsgTceq PO gu
SJJgP PJUG bxOGesga Ex OW 9TT PgXG2 GOTTGGP6q ;Ox gug
2EGZIOM a-
0; PJJG 2P9PG 01 IGX92
GOWbP10TT6z o{ bnPTTG VCGOnuPa
-PyT2 PNs qsx o; ' b'' D' Ta —.
MI114F22 wX pgxJq guq 2GST O; O;;TGG' gP V92PTU' & C92'
� r
and that the City Treasurer shall honor warrants against
said fund for the purpose of paying the interest maturing
and principal of said bonds and for no other purpose.
SECTION 10.
That to pay the interest scheduled to mature on
September 1, 1967, there is hereby appropriated the sum
of Ten Thousand, One Hundred Seventy-seven and 50/100 Dollars
($10,177.50) from funds of the City available for such pur-
pose; and that the money thus appropriated shall be used
for no other purpose than to pay said interest.
SECTION 11.
That the bonds herein authorized shall be presented
to the Attorney General of the State of Texas for examina-
tion and approval and to the Comptroller of Public Accounts
for registration; that upon registration of said bonds, the
Comptroller of Public Accounts (or a deputy designated in
writing to act for the Comptroller) shall manually sign the
Comptroller's certificate of registration prescribed herein
to be printed on the back of each bond; and that the seal
of the Comptroller shall be affixed to, or impressed, or
printed, or lithographed on each of said bonds.
SECTION 12.
That the sale of the bonds herein authorized to Chemical
Bank New York Trust Company and Associates at a price of
par and accrued interest to date of delivery is hereby con-
firmed; and that delivery of such bonds shall be made to
such purchasers as soon as may be after the passage of this
ordinance upon payment therefor in accordance with the terms
of sale.
SECTION 13.
That all ordinances and resolutions or parts thereof
in conflict herewith are hereby repealed.
SECTION 14.
That this ordinance shall take effect and be in full
force and effect from and after the date of its passage,
and it is so ordained.
Mayor of the City of Fort Worth,
Texas
ATTEST:
City Secretary of the City
of Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
�V��e�ol
City Attorney of the City
of Fort Worth, Texas
City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE SUBJECT: Sale of General Obligation PAGE
NUMBER
Feb.14, 196 G-1055 Bonds IOf 1
Attached is a detailed tabulation of bids received on the sale of
$16,400,000 C;eneral 'Obligation Bonds opened at 10:00 A.M. , Tuesday,
February 14, 1967. A summary of the average net effective interest
rate for each bid is set forth below.
Average
Net Effective
Bidders Interest Rate
1. Chemical Bank New York Trust Company and
Associates 3.471945
2. Harris Trust and Savings Bank and Associates 3.48093
3. Republic National Bank of Dallas and Associates 3.49994
4. First National City Bank and Associates 3.5095
5. Halsey, Stuart and Company, Inc. and Associates 3.53562
6. Smith, Barney and Company, Inc. and Asbociates 3.5884
It is recommended that the bonds be sold to the low bidder, Chemical
Bank New York Trust Company and Associates at an average net effective
interest rate of 3.471945 per cent and that the City Council adopt
ordinance numbers 5728, 5729, 5730 and 5731 authorizing the issuance
of the $16,400,000 in General Obligation Bonds.
JLB:mhg
SUBMITTED BY: DISPg3{T O COUNCIL: PROCESSED BY
APPROVED ❑ OTHER (DESCRIBE)
CITY SECRii Y
DATE
CITY [MANAGER � �