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HomeMy WebLinkAboutOrdinance 5531 ORDINANCE NO. SSS�- AN ORDINANCE PROVIDING FOR THE ISSUANCE OF FOUR MILLION, FOUR HUNDRED AND NINETY THOUSAND DOLLARS ($4,490,000.00) OF CITY OF FORT WORTH, TEXAS, GENERAL PURPOSE BONDS, SERIES 1966A, BEARING IN- TEREST AT THE RATES HEREINAFTER SET FORTH, AND PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE RE- DEMPTION THEREOF AT MATURITY; REPEALING ALL ORDI- NANCES IN CONFLICT HEREWITH; AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, it is deemed advisable and to the best interest of the City of Fort Worth that various general purpose bonds authorized at elections previously held in said City be com- bined in a single issue and sold at this time, the dates of election, amount of bonds authorized thereat, purpose, amount of bonds previously sold and the amount now to be sold being as follows: DATE OF AMOUNT AMOUNT PREVIOUSLY AMOUNT NOW ELECTION AUTHORIZED PURPOSE SOLD OFFERED Nov. 18, $22,875,000 Street $19,934,000 $1,062,000 1958 Improvement Oct. 19, 24,900,000 Street -- 1,938,000 1965 Improvement Jan. 24, 1,250,000 Library 875,000 375,000 1961 Oct. 19, 1,600,000 Fire -- 365,000 1965 Protection Oct. 19, 2,900,000 Park and -- 450,000 1965 Recreation Oct. 19, 5,900,000 Police and -- 300,000 1965 City Office Building and Facilities $4,490,000 NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That the bonds of said City to be called "City of Fort Worth, Texas, General Purpose Bonds, Series 1,966A, " be is- sued under and by virtue of the Constitution and laws of the State of Texas, and the Charter of said City, for the following purposes, to wit: Three Million Dollars ($3,- 000,000.00) for the purpose of making permanent city improve- ments by constructing, improving and extending the streets, thoroughfares and storm drains of said City, including in such permanent public improvements the straightening, widening, paving, grade separation, lighting and drainage of said streets and thoroughfares, and acquiring the necessary lands therefor; Three Hundred and Seventy-five Thousand Dollars ($375,000.00) for the purpose of making permanent city im- provements by constructing, building, improving and equipping buildings for the public library system, and acquiring the necessary lands therefor; Three Hundred and Sixty-five Thou- sand Dollars ($365,000.00) for the purpose of making permanent city improvements by constructing, building and equipping fire stations and improving and extpftding the city fire alarm system and acquiring the necessary lands therefor; Four Hun- dred and Fifty Thousand Dollars ($450,000.00) for the purpose of making permanent city improvements by purchasing, acquir- ing, construdting and improving the playgrounds, recreation parks, and recreation and park facilities of said City and ac- quiring the necessary lands therefor; and Three Hundred Thousand Dollars ($300,000.00) for the purpose of making permanent city improvements by constructing and building a police and city office, jail and parking building and facilities and acquiring the necessary lands therefor, all of which bonds aggregate in principal amount the sum of Four Million, Four Hundred and Ninety Thousand Dollars ($4,490,000.00) . SECTION 2. That said bonds shall be numbered from one (1) to eight hundred and ninety-eight (898) , both inclusive, of the de- nomination of Five Thousand Dollars ($5,000.00) each, aggre- gating Four Million, Four Hundred and Ninety Thousand Dollars ($4,490,000.00) . SECTION 3. That said bonds shall be dated March 1, 1966, and shall become due and payable serially as follows: Bond Numbers Maturity Dates Amounts 1 to 35, both incl. March 1, 1967 $175,000.00 36 to 70, both incl. March 1, 1968 175,000.00 71 to 106, both incl. March 1, 1969 180,000.00 107 to 142, both incl. March 1, 1970 180,000.00 143 to 178, both incl. March 1, 1971 180,000.00 179 to 214, both incl. March 1, 1972 180,000.00 215 to 250, both incl. March 1, 1973 180,000.00 251 to 286, both incl. March 1, 1974 180,000.00 287 to 322, both incl. March 1, 1975 180,000.00 323 to 358, both incl. March 1, 1976 180,000.00 359 to 394, both incl. March 1, 1977 180,000.00 395 to 430, both incl. March 1, 1978 180,000.00 431 to 466, both incl. March 1, 1979 180,000.00 467 to 502, both incl. March 1, 1980 180,000.00 503 to 538, both incl. March 1, 1981 180,000.00 539 to 574, both incl. March 1, 1982 180,000.00 575 to 610, both incl. March 1, 1983 180,000.00 611 to 646, both incl. March 1, 1984 180,000.00 647 to 682, both incl. March 1, 1985 180,000.00 683 to 718, both incl. March 1, 1986 180,000.00 719 to 754, both incl. March 1, 1987 180,000.00 755 to 790, both incl. March 1, 1988 180,000.00 791 to 826, both incl. March 1, 1989 180,000.00 827 to 862, both incl. March 1, 1990 180,000.00 863 to 898, both incl. March 1, 1991 180,000.00 SECTION 4. That said bonds shall bear interest at the rates as follows: Bonds Nos. 1 to 178, both incl., 5 % per annum; Bonds Nos. 179 to 214, both incl., 4.30 % per annum; Bonds Nos. 215 to 538, both incl. , 3-3/4% per annum; Bonds Nos. 539 to 754, both incl. , 3.90 % per annum; and Bonds Nos. 755 to 898, both incl. , 4 % per annum, payable September 1, 1966, and semi-annually thereafter on March lst and September lst of each year. SECTION 5. 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 6. That each of said bonds shall be executed for and on be- half of the City of Fort Worth, Texas, by the facsimile sig- nature of the Mayor, approved as to form and legality by the facsimile signature of the City Attorney, and attested man- ually by the City Secretary, with the seal of the City there- on duly affixed to, or impressed, or printed, or lithographed, and the interest coupons shall be executed with the litho- graphed or printed facsimile signatures of the Mayor and City Secretary of the City of Fort Worth, Texas, and such fac- simile signatures shall have the same effect as if manually placed on said bonds. SECTION 7. That the form of said bonds shall be substantially as follows: That substantially the following certificate shall be printed on the back of each bond: OFFICE OF COMPTROLLER STATE OF TEXAS I HEREBY CERTIFY that there is on file and of record in my office a certificate of the Attorney General of the State of Texas, to the effect that this bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas and the Charter of said City, and that it is a valid and binding obligation upon said City of Fort Worth, Texas, and said bond has this day been registered by me. WITNESS my hand and seal of office, at Austin, Texas, this the day of , A. D. 19 Comptroller of Public Accounts of the State of Texas SECTION 8. That the proceeds from all taxes collected for and on ac- count of this series of bonds shall be credited to an Inter- est 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 in- terest thereon, are outstanding and unpaid, there shall be computed and ascertained, at the time other taxes are levied, the rate of tax based on the latest approved rolls of said City as will be requisite and sufficient to make, raise and produce in each of said years a fund to pay the interest on said bonds and to provide a sinking fund sufficient to pay the principal as it matures, or at least 2% of the prin- cipal as a sinking fund, whichever is greater, full allow- ances being made for delinquencies and costs of collection; that a tax at the rate as hereinabove determined is hereby ordered to be levied and is hereby levied against all of the taxable property in said City for each year while any of said bonds, or interest thereon, are outstanding and unpaid; that the said tax each year shall be assessed and collected and placed in the Interest and Redemption Fund; and that the City 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 9. That to pay the interest scheduled to mature on September 1, 1966, there is hereby appropriated the sum of Ninety-one Thousand, Nine Hundred Fifty-five and no/100 Dollars ($91,955.00) 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 10. That the bonds herein authorized shall be presented to the Attorney General of the State of Texas for examination and approval and to the Comptroller of Public Accounts for registration; that upon registration of said bonds, the Comptroller of Public Accounts (or a deputy designated in writing to act for the Comptroller) shall manually sign the Comptroller's certificate of registration prescribed herein to be printed on the back of each bond; and that the seal of the Comptroller shall be affixed to, or impressed, or printed, or lithographed on each of said bonds. SECTION 11. That the sale of the bonds herein authorized to Harris Trust and Savings Bank and The First National Bank of Fort Worth and Associates at a price of par and accrued interest to date of delivery is hereby confirmed; and that delivery of such bonds shall be made to such purchasers as soon as may be after the passage of this ordinance upon payment therefor in accordance with the terms of sale. SECTION 12. That all ordinances and resolutions or parts thereof in conflict herewith are hereby repealed. SECTION 13. 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 C' y cretary of the City of Fort Worth, Texas APPRO��ASV TTOOO FORMA AND LEGALATYY- City Attorney of the City of Fort Worth, Texas NO. $5,000.00 UNITED STATES OF AMERICA STATE OF TEXAS COUNTY OF TARRANT CITY OF FORT WORTH GENERAL PURPOSE BOND SERIES 1966A 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 interest thereon from date hereof at the rate of % per annum, evidenced by coupons payable September 1, 1966, 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 Manhattan, City and State of New York, and the City of Fort Worth, Texas, is here- by 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 eight hundred and ninety- eight (898) bonds of like tenor and effect, except as to num- ber, interest rate and maturity, numbered from one (1) to eight hundred and ninety-eight (898) , both inclusive, of the denomination of Five Thousand Dollars ($5,000.00) each, aggre- gating Four Million, Four Hundred and Ninety Thousand Dollars ($4,490,000.00) , issued for the following purposes, to wit: Three Million Dollars ($3,000,000.00) for the purpose of mak- ing permanent city improvements by constructing, improving and extending the streets, thoroughfares and storm drains of said City, including in such permanent public improvements the straightening, widening, paving, grade separation, light- ing and drainage of said streets and thoroughfares, and ac- quiring the necessary lands therefor; Three Hundred and Seventy- five Thousand Dollars ($375,000.00) for the purpose of making permanent city improvements by constructing, building, improv- ing and equipping buildings for the public library system, and acquiring the necessary lands therefor; Three Hundred and Sixty-five Thousand Dollars ($365,000.00) for the purpose of making permanent city improvements by constructing, building and equipping fire stations and improving and extending the city fire alarm system and acquiring the necessary lands therefor; Four Hundred and Fifty Thousand Dollars ($450,000.00) for the purpose of making permanent city improvements by pur- chasing, acquiring, constructing and improving the playgrounds, recreation parks, and recreation and park facilities of said City and acquiring the necessary lands therefor; and Three Hundred Thousand Dollars ($300,000.00) for the purpose of making permanent city improvements by constructing and build- ing a police and city office, jail and parking building and facilities 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 ordi- nance 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 date of this bond in conformity with the ordinance above mentioned is March 1, 1966. AND IT IS HEREBY CERTIFIED AND RECITED that the issuance 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 elections held for that purpose within said City on November 18, 1958, January 24, 1961, and October 19, 1965; that all acts, conditions and things required to be done precedent to and in the issuance of this series of bonds, and of this bond, have been properly done and performed and have happened in regular and due time, form and manner as required by law; that sufficient and proper provision for the levy and collection of taxes has been made, which, when col- lected, 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 O F RT WORTH, TEXAS ATTEST: BY � �7cL� Mayor City Secretary APPROVED AS TO FORM AND LEGALITY: City Attorney That the form of coupon shall be substantially as follows: 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 General Purpose Bond, Series 1966A, SERIES 1966A dated March 1, 1966. BOND NO. CITY 011 -fOORT WORTH, TEXT BY G� L ATTEST: Mayor City Secretary City of Fort Worth, Texas Mayor and Council Communication DATE NUMBER CE SUBJECT: SALE OF GENERAL PAGE 3-2-66 G-913 OBLIGATION BONDS 1 of I Attached is a detailed tabulation of bids received on the sale of $8,255,000 general obligation bonds opened at 10:00 A.M., Wednesday, March 2, 1966. A summary of the bidders and effective interest rates is listed below: Bidder Effective Interest Rate 1 . Harris Trust and Savings Bank and Associates 3.92065% 2. Halsey, Stuart 6 Co. , Inc. and Associates 3.94002% 3. Chemical Bank New York Trust Co. and Associates 3.96126 4. Smith, Barney & Co. , Inc. and Associates 3.9739 5. First National City Bank and Associates 3.9790 6. Republic National Bank and Associates 3.98456 7. The First National Bank of Chicago and Associates 3.99316 8. Kidder, Peabody 6 Co., Inc. and Associates 4.0622 9. Morgan Guaranty Trust Co. of New York and Associates 4.0660 It Is recommended that the bonds be sold to the low bidder, Harris Trust and Savings Bank of Chicago, Illinois, the First National Bank of Fort Worth and associates, at a net interest rate of 3.92065 per cent. JLB:fk Attachment SUBMITTED BY: DISPOSI H BY COUNCIL: PROCESSED BY APPROVED ❑ OTHER (DESCRIBE) <��� CITY DATE MANAGER CITY OF FORT WORTH TABULATION OF BIDS SALE OF $8,255,000.00 GENERAL OBLIGATION BONDS OFFERED MARCH 2, 1966 Coupon Gross Net Effective Bidders Rate Interest Premium Interest Rate ].Harris Trust and Savings 1967-1971 5 Bank and Associates 1972 4.30 The First National Bank 1973-1981 3.75 $ 4,520,315.00 -0- $ 4,520,315.00 3.9206! Fort Worth 1982-1987 3.90 1988-1991 4 2.Halsey, Stuart & Co. Inc:. 1967-1972 5 Phelps, Fenn & Co. and 1973-1974 3.80 Associates 1975-1980 3.75 $ 4,542,740.00 $ 82.55 $ 4,542,657.45 3.9400; 1981-1982 3.80 1983-1986 3.90 1987-1991 4.00 3.Chemical Bank New York 1967-1972 5.00 Trust Co. 1973 4.50 John Nuveen & Co. 1974-1979 3.75 $ 4,567,220.00 $ 85.00 $ 4,567, 135.00 3.96121 1980-1981 3.80 1982-1986 3.90 1987-1991 4.00 4.Smith, Barney & Co. , Inc, . 1967-1973 5.00 and Associates 1974-1981 3.75 1982-1985 3.90 $ 4,581 ,800.00 $ 90.81 $ 4,581 ,709.19 3.9739 1986-1991 4.00 5.First National City Bank 1967-1970 5.00 and Associates 1971 4. 10 1972-1977 3.75 1978-1991 4.00 $ 4,587,650.00 $ -0- $ 4,587,650.00 3.9790 6.Republic National Bank, 1967-1973 4.50 Manager 1974-1979 3.75 The Fort Worth National 1980-1991 4 $ 4,594,100.00 $ 100.00 $ 4,594,000.00 3.9845E and Associates 7.The First National Bank 1967-1978 5 of Chicago 1979 4.10 and Associates 1980-1989 4 $ 4,606,205.00 $2,281 .00 $ 4,603,924.00 3.9931E 1990-1991 2.50 4 rl'y � CITY OF FORT WORTH TABULATION OF BIDS SALE OF $8,255,000.00 GENERAL OBLIGATION BONDS OFFERED MARCH 2, 1966 Coupon Gross Net Effective Bidders Rate Interest Premium Interest Rate 3.Kidder, Peabody Co. , Inc. 1967-1973 5 Associates 1974 4.25 1975-1976 3.75 $ 4,684,435.00 $ 850,00 $ 4,683,585.00 4.0622 1977-1978 3.80 1979-1982 3.90 1983-1986 4 1987-1991 4. 10 ).Morgan Guaranty Trust Co. 1967-1972 5 of New York and 1973 4.50 Associates 1974-1975 3.75 $ 4,688, 180.00 $ 206.00 $ 4,687,974.00 4.0660 1976-1988 4.00 1989-1991 4. 10 OFFICIAL RECHR� C«Y SECRETARY FT WORTH, TEX.