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Home My WebLink AboutOrdinance 14531ri ;' ~~: gf ORDINANCE NO ~~~ AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SEVENTEEN MILLION TWO HUNDRED SIXTY THOUSAND DOLLARS ($17,260,000) OF THE GENERAL PURPOSE IMPROVEMENT AND REFUNDING BONDS, SERIES 2001, OF THE CITY O F FORT WORTH, TEXAS, BEARING INTEREST 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 REDEMPTION THEREOF AT MATURITY, REPEALING ALL ORDINANCES IN CONFLICT HEREWITH, AND PROVIDING THAT THIS ORDINANCE SHALL BE IN FORCE AND EFFECT FROM AND AFTER THE DATE OF ITS PASSAGE. WHEREAS, it is deemed advisable and to the best interest of the City of Fort Worth (the "City" or the "Issuer") that certain general purpose bonds authorized at elections previously held in said City be combined in a single issue and sold at this time, the dates of election, amount of bonds authonzed thereat, purpose, amount of bonds previously sold, and the amount now to be sold being as follows. t7ATE OF AMOUNT AMOUNT AMOUNT F:l.£CTION AUTHORIZED PURPOSE PREVIOUSLY SOLD NOW OFFERED Nay 22, 1 982 S 77,285,000 Street Improvements 577,050,000 S -0- Y.arch 22, 19 86 5,750,000 Public Safety Improvements 5,110,000 -0- r!srch 22, 19 86 16,650,000 Park & Rec Improvements 15,997,000 -0- FFbruary 7, 1998 80,000,000 Street Improvements 33, 165,000* 4,870,000 £fbruary 7, 1998 20,700,000 Conv Ctr Improvements 2,700,000* -0- i'cbruary 7, 1998 11,800,000 Park 6 Rec Improvements 6, 000,000* 2,230,000 FFbruary 7, 1998 4,800,000 Fire Safety Improvements 2, 000,000* 900,000 f~bruary 7, 1998 2,700,000 Library Improvements 500,000* -0- S 219,685,000 $192, 522,000* 58,000,000 Includes commercial paper notes, as further described below WHEREAS, on May 26,1998, the City Council passed Ordinance No 13457 ("Ordinance No. 1 }357"), pursuant to which the City authonzed the issuance from time to time of up to $75,000,000 of its General Purpose Commercial Paper Notes, Serves B (the "Commercial Paper Notes"), for the Purpose of financing "Protect Costs" of "Eligible Protects" (as each term is defined in Ordinance No. 1~5~, and , WHEREAS, the Eligible Protects correspond to purposes and amounts described in the above ;, «x ~. ~.p" n#;~r n ;,.. a ;. sr. ,, xR, table reciting the voted authority of the City to issue general purpose bonds, and ~X/I-AREAS, the proceedings relatuig to the Febnaary7,1998 bond election were subnutted to the Public Finance Division of the Office of the Attorney General ui connection with that office's approval of Ordinance No. 13457 and the issuance of Commercial Paper Notes thereunder, and WHEREAS, the Cityheretofore has issued and there are currentlyoutstanding $30,000,000 ii principal amount of the Commercial Paper Notes (the "Outstandmg Commercial Paper Notes"), and WHEREAS, the Outstanding CommercialPaperNotes were issued forthe following purposes, to-wit, Street and Storm Sewer Improvements ($21,300,000), Convention Center Improvements ($2,700,000), Park and Recreation Improvements($4,000,000), Fire SafetyImprovements ($1,500,000) and Library Improvements ($500,000), all under authority of the election held February 7,1998, and WHEREAS, u1 accordance with the terms of Ordinance No.13457,the amount of authorized but unissued bonds for Street Improvements that maybe issued under authority of the election held Febniary7,1998 u $46,835,000; the amount of authorized but unissued bonds for Convention Center Improvements that maybe issued under authorityof the election held February7,1998 is $18,000,000; the amount of authorized but unissued bonds for Park and Recreation Improvements that maybe issued under authority of the election held February 7, 1998 is $5,800,000; the amount of authorized but unissued bonds for Fire SafetyImprovements that maybe issued under aurhontyof the election held February 7, 1998 u $2,800,000; and the amount of authorized but unissued bonds for Library Improvements that maybe issued under authontyof the election held February7,1998 u $2,200,000; and WHEREAS, the CityCouncil has determined to refund the outstanding obligations of the City ~cnbed in Schedule I attached to this ordinance (the "Refunded Bonds") to achieve a debt service ss~~ with respect to Refunded Bonds, and -2- WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to the laws of the State of Texas, including specifically Chapter 1207, Texas Government Code, for the puposes set forth above; and WI-~RE.AS, it is deemed advisable and to the best interest of the Citythat the bonds to be sold pursuant to the aforesaid elections be sold at this tine, pursuant to the laws of the State of Texas. NOW, THEREFORE, BE IT ORDAINED BY THE QTY COUNQL OF THE QTY OF FORT WORTH, TEXAS: 1. That the bond or bonds of the Cityof Fort Worth, Texas (the "City" or the "Issuer') to be ~~'~~~ called "General Purpose Improvement and Refunding Bonds, Serves 2001" (the "Bonds" orthe "Serves ' ;~ ~.. ~~~~ 2001 Bonds"), be issued under and byvitue of the Constitution and laws of the State of Texas and the Charter of said Cityforthe following purposes, to-wit: FourMillion Eight Hundred SeventyThousand ~~ Dollars ($4,870,000) for the purpose of constructing permanent street and storm sewer improvements ~•: ~' (1998 election), Two Million Two Hundred Thirty Thousand Dollars ($2,230,000) for the purpose of ~.° "` coristnictirig new unprovements to the Cites parks and commurityservrces system facilities, purchase r and unprove land, renovate and enlarge facilities for park and recreation purposes, Nine Hundred ~~. .~~ ~'~; Thousand Dollars ($900,000) for the making permanent fire safety improvements, and Nine Million ;r '" Two Hundred SixtyThousand Dollars ($9,260,000) forthe purpose of refundingthe RefundedBonds, of which bonds aggregate in principal amount the sum of Seventeen Million Two Hundred Sixty ~~,~ ~' Thousand Dollars ($17,260,000). 2. That the Serves 2001 Bonds shall be dated February 15, 2001, shall be in the denomination ~# 55,000 each, or anyintegral multiple thereof, shall be numbered consecutivelyfrom R 1 upward, and X11 mature on the maturity date, in each of the years, and in the amounts, respectively, as set forth `a m.~ following schedule: -3- 4,t MATURITY DATE MARCH 1 y~gS. ,B,M(~I INTS ($1 yE~ AMOt 1NTS ($1 2002 480,000 2011 1,175,000 2003 2,275,000 2012 1,165,000 ~:~- 2004 1,255,000 2013 400,000 2005 1,250,000 2014 400,000 ~~~ 2006 1,240,000 2015 400,000 2007 1,225,000 ~'~'~'~' ~'~'~'~' p~~ 2008 1,210,000 2018 1,200,000 2009 1,200,000 2010 1,185,000 2021 1,200,000 For purposes of this Orduiance, the Bonds matunng on March 1, 2018 and March 1, 2021 are "Term Bonds" 3 (a) That the City reserves the right to redeem the Senes 2001 Bonds matunng on or after March 1, 2012, in whole or in part, on March 1, 2011, or on any date thereafter, for the pnncipal amount thereof plus accrued interest thereon to the date fixed for redemption. The years of matunty of the Senes 2001 Bonds called for redempuon at the option of the Citypnor to stated matuntyshall be selected bythe City The Senes 2001 Bonds or portions thereof redeemed within a matuntyshall be selected bylot or other method bythe Paying Agent/Reg~strar (hereinafter defined), prvuda~ that +~uiag anypenod inwhich ownership of the Bonds u deternuned onlybya book entryat a secunues sttory for the Senes 2001 Bonds, ~ fewer than all of the Serves 2001 Bonds of the same matunty beanng the same interest rate are to be redeemed, the particular Senes 2001 Bonds of such matunty ~g such interest rate shall be selected in accordance with the arrangements between the City the secunues depository (b) The Bonds that constitute Term Bonds underthu Ordinance shall be subject to mandatory fund redempuon, on the dates and in the amounts as set forth in the FORM OF BOND set m this Ordinance. ~~) At least 30 days pnor to the date fixed for any such redempuon the City shall cause (i) a _¢ mitten notice of such redemption to be deposited in the United States Mai], first-class postage prepaid, ' messed to each such registered owner at his address shown on the Registration Books (hereinafter de~e~ of the Paying Agent/Registrarand (u~ nouce of such redempuon either to be published one y,_ (1) time in or posted electronically on the website of a financial journal or publication of general '~'- ~ulauon in the United States of Amenca or the State of Texas carrying as a regular f eature notices a":. rovided however, that the failure to send, mail, or receive h o{ m~uuclpal bonds called for redempuon, p ` ,,,~ s,, ` such nouce described in (i) above, or anydefect therein or in the sending or mailing thereof, shall not ~' ~f{ect the validityor effectiveness of the proceeduigs forthe redempuon of anySenes 2001 Bond, and 8 ~~: ._ a ~ herebyspecificallyprovided that the provision of notice described in (u~ above shall be the only ®otice actually required ui connection with or as a preregwsite to the redempuon of any Senes 2001 fonds. By the date fixed for any such redempuon, due provision shall be made with the Paying Agent/Registrarfoithe payment of the required redempuon pnce for the Senes 2001 Bonds or the portions thereof which are to be so redeemed, plus accrued interest thereon to the date fixed for redempuon. If such nouce of redempuon is given, and if due provision for such payment is made, all provided above, the Senes 2001 Bonds orthe portions thereof which are to be so redeemed, thereby stitomaucallyshall beredeemed pnortothem scheduled matunues, and shall not bear interest afterthe ., +~atc fixed for their redempuon, and shall not be regarded as being outstanding except for the nght of "~'~ ~c registered owner to receive the redemption pnce plus accrued interest to the date fixed for m. ~;_. ~dcmpuon f rom the Paying Agent/Registrar out of the funds provided f or such payment. The Payuig ~y ' _ xit/Reg>strar shall record in the registration books all such redemptions of pnncipal of the Senes .: ~~ `.' '~01 Bonds or any portion thereof If a portion of any Senes 2001 Bond shall be redeemed a r. , ~. Mute Senes 2001 Bond or Senes 2001 Bonds having the same matuntydate, beanng interest at the rate, in any denomination or denominations is any integral multiple of $5,000, at the wntten ~f`,a ~ t, t of the registered owner, and in an aggregate pnncipal amount equal to the unredeemed portion 4 F. -5- ~~. ~. ;,x '~F. thereof, ~ be issued to the registered owner upon the surrender thereof for cancellation, at the ~pense of the City, all as provided m this Orduiance. In addrtion to the foregoing, the Cityshall cause the Paying Agent/Regutrar to give nonce of anysuch redemption ul the manner set forth ui Section 5(h) hereof. The failure to cause such nonce to be given, however, or any defect therein, shall not affect the validity or effectiveness of such redemption. That the Serves 2001 Bonds scheduled to mature during the years, respectively, set forth below shall bear interest at the following rates per annum: maturities 2002, 4.000% maturities 2003, 4.250% maturities 2004, 4.000% maturities 2005, 4.250% maturities 2006, 4.000% maturities 2007, 4.000% maturities 2008, 4.000% maturitaes 2009, 4.250% maturities 2010, 5.000% maturities 2011, 5.000% maturities 2012, 4.500% maturities 2013, 4.600% maturities 2014, 4.700% maturities 2015, 4.800% :~~:~:~ maturities 2018, 5.100% :~~-~:~ maturities 2021, 5.250% Said interest shall be payable to the registered owner of any such Series 2001 Bond ui the manner ~mv~ded and on the dates stated m the FORM OF BOND set forth m this Orduiance. (a) The City shall keep or cause to be kept at the designated corporate tnut office in Texas (the "Designated Trust Office") of The Chase Manhattan Bank (the "Paying catlRegutrar"), or such other bank, trust company, financial uLStitution, or other agencynamed in ~tardance with the provisions of (g) below, books or records of the registration and transfer of the Vines 2001 Bonds (the "RegistrationBooks"), andthe Cityherebyappomts the PayingAgent/Regutrar ~ ~ registrar and transfer agent to keep such books or records and make such transfers and regutra- under such reasonable regulations as the City and Paying A,gent/Regutrar mayprescribe; and the ~Smg Agent/Regutrar shall make such transfers and registrations as herein provided. It shall be the of the Pay~g Agent/Regutrar to obtain f rom the registered owner and record in the Registration the address of such registered owner of each bond to which payments with respect to the Serves -~- ~~- 8 r~ 2001 Bonds shall be mailed, as herein provided. The City or its designee shall have the nght to inspect t}re gegistration B ooks dunng regular business hours of the Paying Agent/Registrar, but otherwise the ~' ent/Registrar shall keep the Registration Boobs confidential and, unless otherwise required 'Pa}'~g ~ ~~ r- ~Y]aw, shall not permit them inspection byanyother entity. Registration of each Senes 2001 Bond may ~be transferred in the Registration Books onlyupon presentation and surrender of such bond to the Fiy3ng Agent/Registrar for transfer of registration and cancellation, together with proper wntten ~tniments of assignment, in form and with guarantee of signatures satisfactory to the Paying ent/Registrar, evidencing the assignment of such bond, or any portion thereof in any integral 8 J ~~~ duple of $5,000, to the assignee or assignees thereof, and the nght of such assignee or assignees to re such bond or any such portion thereof registered in the name of such assignee or assignees. bn the assignment and transfer of any Senes 2001 Bond or any portion thereof, a new substitute ~d or bonds shall be issued in exchange therefor in the manner herein provided (b) The entity in whose name any Senes 2001 Bond shall be registered in the Registration ~1~ at anytune shall be treated as the absolute owner thereof for all purposes of this Ordinance, ether or not such bond shall be overdue, and the City and the Paying Agent/Registrarshnll not be k~ed by any nonce to the contrary; and payment of, or on account of, the pnncipal of, premium, ~y, and interest on anysuch bond-shall be made onlyto such registered owner. All such payments ?~ be valid and effectual to sausfyand discharge the liabi7ityupon such bond to the extent of the sum ~ so paid (c) The Cityherebyfurthernppoints the Paying Agent/Registrarto act as the paying agent for ~ P~cipal of and interest on the Senes 2001 Bonds, and to act as its agent to exchange or ~ Senes 2001 Bonds, all as provided in this Ordinance. The Paying Agent/Registrarshnll keep r ~O~ of all payments made by the City and the Paying Agent/Registrarwrth respect to the ~Ol Bonds, and of all exchanges thereof, and all replacements thereof, as provided in this Orris -~- mince. (d) Each Series 2001 Bond maybe exchangedforfullyregisteredbonds inthe mannerset forth herein. Each bond issued and delivered pursuant to this Ordinance, to the extent of the unredeemed principal amount thereof, may, upon surrender thereof at the Designated Trust Office of the Paying Agent/Registrar', together with a written request theref or duly executed bythe registered owner or the usigziee or assignees thereof, or its or their dulyauthorized attorneys or representatives, with guarantee of signatures sausfactoryto the Paying Agent/Registrar, at the option of the registered owner orsuch usignee or assignees, as appropriate, be exchanged for fullyregistered bonds, without interest coupons, in the form prescribed in the FORM OF BOND set forth m this Ordinance, ul the denomuiation of 55,000, or anymtegral multiple thereof (subject to the regwrement hereinafter stated that each subsu tote bond shall have a single stated maturity date), as requested m writing bysuch registered owner or such assignee or assignees, ui an aggregate principal amount equal to the unredeemed principal amount of anySenes 2001 Bond or Series 2001 Bonds so surrendered, and payable to the appropriate registered owner, assignee, or assignees, as the case may be. If a portion of any Series 2001 Bond shall be redeemed prior to its scheduled maturity as provided herein, a substitute bond or bonds havuig the sane maturity date, bearing interest at the same rate, in the denomination or denominations of any integral multiple of $5,000 at the request of the registered owner, and m an aggregate principal amount t'qual to the unredeemed portion thereof, will be issued to the registered ownerupon surrender thereof for cancellation. If any Series 2001 Bond or portion thereof >s assigned and transferred, each bond glued in exchange therefor shall have the same principal maturity date and bear interest at the same rue as the bond for which it >s being exchanged. Each substitute bond shall bear a letter and/or mmnberto distinguish it from each otherbond The Paying Agent/Registrarshtill exchange or replace Serves 2001 Bonds as provided herein, and each fully registered bond or bonds delivered ui exchange for or replacement of any Series 2001 Bond or portion thereof as permitted or required byanyprovz- -s- Sion of this Ordinance shall constitute one of the Senes 2001 Bonds for all purposes of this Ordinance, and rriay again be exchanged or replaced It >s specifically provided, however, that any Senes 2001 Bond delivered in exchange fororreplacement of anotherSenes 2001 Bond pnorto the fast scheduled interest payment date on the Senes 2001 Bonds (as stated on the face thereof) shall be dated the same date as such Senes 2001 Bond, but each substitute bond 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 bond >s delivered, unless such substitute bond >s delivered on an interest payment date, in which case it shall be dated as of such date of delivery; provided, however, that if at the time of delivery $ of anysubsutute bond the interest on the bond forwhich it is being exchanged has not been paid, then such substitute bond shall be dated as of the date to which such interest has been paid in full On each substitute bond issued in exchange for or replacement of anySenes 2001 Bond or Senes 2001 Bonds issued under this Ordinance there shall be panted thereon a Paying AgentlRegistrar's Authentication Ccruficate, in the form hereinafter set forth in the FORM OF BOND set forth in this Ordinance. An autlionzed representative of the Paying AgentlRegistrar shall, bef ore the deliveryof anysuch substitute '*bcind, date such substitute bond m the manner set forth above, and manuallysign and date such Certifi- and no such substitute bond shall be deemed to be issued or outstanding unless such Certificate ~ executed. The Payurg Agent/Registrarproinptly shall cancel all Senes 2001 Bonds surrendered ~xcharige or replacement. No additional ordinances, orders, or resolutions need be passed or by the City Council or any other body or person so as to accomplish the foregoing exchange Rphcement of any Senes 2001 Bond or portion hereof, and the Paying Agent/Regrstrar shall tide for the panting, execution, and delivery of the substitute bonds in the manner prescribed and said bonds shall be of type composition panted on paper with lithographed or steel ~~ borders of customaryweight and strength. Pursuant to Chapter 1206, Texas Government ~ d~Y of exchange or replacement of any Sevres 2001 Bond as aforesaid is hereby unposed -9- upon the Paying Agent/Regutrar, and, upon the execution of said Paying Agent/Reg~strar's Authen ~„ ucation Certificate, the exchanged or replaced bond shall be valid, incontestable, and enf orceable in the same manner and with the same effect as the Series 2001 Bonds which originally were delivered pursuant to this Ordinance, approved bythe Attorney General, and registered bythe Comptroller of Public Accounts. Neither the City nor the Paying Agent/Reg~strar shall be regwred (1) to issue, transfer, or exchange anybond during a period beguining at the opening of business 30 days before '~ the dayof the fiat wading of a nonce of redemption of bonds and ending at the close of business on the day of such mailing, or (2) to transfer or exchange any bond so selected for redemption in whole when such redemption u scheduled to occur within 30 calendar days. (e) All Series 2001 Bonds issued in exchange or replacement of anyother Senes 2001 Bond or portion thereof, (i) shall be issued ni fullyregutered form,without interest coupons, with the principal ~f and interest on such Senes 2001 Bonds to be payable onlyto the reg>stered owners thereof, (u) may redeemed prior to their scheduled maturities, (iu~ maybe transferred and assigned, (iv) maybe ex changed for other Senes 2001 Bonds, (v) shall have the characteristics, (vi) shall be signed and sealed, aid (vii) the principal of and interest on the Senes 2001 Bonds shall be payable, all as provided, and in tku manner required or indicated, in the FORM OF BOND set forth in this Ordinance. (f) The Cityshall paythe Paying Agent/Reg~strar's reasonable and customary fees and charges ~t walling transfer, of Senes 2001 Bonds, but the reg>tered owner of anySenes 2001 Bond requesting Bch transfer shall pay any taxes or other governmental charges required to be paid with respect °to. The registered owner of anySenes 2001 Bond requesting anyexchange shall paythe Paying ~g~strar's reasonable and standard orcustomaryf ees and charges for exchanging anysuchbond "~ AQttwn thereof, together with any taxes or governmental charges required to be paid with respect ~o, all as a condition precedent to the exercise of such priv~ege of exchange, except, however, that cue of the exchange of an assigned and transferred bond or bonds or anyportion or portions -ia F~ :t thereof in any integral multiple of $5,000, and in the case of the exchange of the unredeemed portion ,. ~; ~° of a Senes 2001 Bond which has been redeemed in part pror to maturty, as provided in this ~. ~~. prdinance, such fees and charges wi71 be paid bythe City In addition, the Cityherebycovenants wi the registered owners of the Senes 2001 Bonds that rt wi71 () pay the reasonable and standard or ~?~' customaryfees and charges of the Paying Agent/Registrarfnr its services with respect to the payment ,; of the princrpal of and interest on the Senes 2001 Bonds, when due, and (u) paythe fees and charges ~~ of the Paying Agent/Registrarfnr services with respect to the transfer or registration of Senes 2001 ~. Bonds solely to the extent above provided, and with respect to the exchange of Senes 2001 Bonds $ solelyto the extent above provided ,rw. (g) The City covenants with the registered owners of the Senes 2001 Bonds that at all times ~~ v,, aline the Senes 2001 Bonds are outstanding the City will provide a competent and legally qualified ~" ' bank, trust company, financial institution, or other agencyto act as and perform the services of Paying AgentlRegistrarfnr the Senes 2001 Bonds under this Ordinance, and that the Paying A.gent/Registrar will be one entity The City reserves the nght to, and may, at its option, change the Paying s~ Agent/Registrartipon not less than 60 days wntten notice to the Paying Agent/Registrar. In the event y, `~'' that the enti at an time actin as Pa ent/Re tray or its successor b me er, ac uisition, or ~`R. n' Y g Ping ~ ~ ( Y ~ q ~~ other method) should resign or otherwise cease to act as such, the Citycovenants that promptlyit will ~~„ appoint a competent and le~allv qualified national or state banking institution which shall be a ~~ ~rporation organized and doing business under the laws of the United States of Amenca or of any ~~7,. ~~# ~.ite, authonzed under such laws to exercise trust powers, subject to supervision or examination by f ~~1 or substantiall are sunilar to the revious Pa r.~„ state authority, and whose qualifications y p ying '~~/Registrar to act as Paying Agent/Registrar under this Ordinance. Upon any change in the ~~ Agent/Registrar, the previous Paying Agent/Registrar prompdyshall transfer and deliver the anon Books (or a copythereof), along with all otherpertinent books and records relating to the -11- Senes 2001 Bonds, to the newPaymg Agent/Registrar designated and appointed bythe City. Upon ~ycharige in the Paying A.gent/Itegutrar, the Citypromptlywillcause a wnttennonce thereof to be sent by the new Paying Agent/Registrax to each registered owner of the Senes 2001 Bonds, by United States Mail, postage prepaid, which nonce also shall give the address of the new Paying Agent/Regis- tray. Byaccepting the position and performing as such, each Paying Agent/Registrarshall bedeemed to have agreed to the provisions of this Ordinance, and a ceivfied copy of this Ordinance shall be delivered to each Paying Agent/Registrar. (h) (i) In addition to the manner of providung nonce of redemption of Senes 2001 Bonds as set forth in this Ordinance, the Paying Agent/Registrarshnll give notice of redemption of Senes 2001 Bonds by United States Mail, fast-class postage prepaid, at least thuty (30) days pnor to a redemption date to each NRMSIR (as defined in Section 14 hereof) and the SID (as defined in Section 14 hereof) In addition, in the event of a redemption caused by an advance refunding of the Senes 2001 Bonds, the Paying Agent/Registrar shall send a second nonce of redemption to the persons specified in the immediately preceding sentence at least thing (30) days but not more than ninety (90) days pnor to the actual redemption date. Any nonce sent to the NRMSIRs or the SID shall be sent so chat they are received at least two (2) days pnor to the general mailing or publication date of such aotue. The Paying Agent/Registrarshall also send a nonce of prepayment or redemption to the owner ti{ anySenes 2001 Bond who has not sent the Senes 2001 Bonds in for redemption sixty (60) days after tht redemption date. (u) Each redemption nonce, whether required in the FORM OF BOND or otherwise by ~ Ordinance, shall contain a descnption of the Senes 2001 Bonds to be redeemed, including the ~iplete name of the Senes 2001 Bonds, the senes, the date of issue, the interest rate, the matunty the CUSIP number, if any, the amounts called of each certificate, the publication and mailing date the notice, the date of redemption, the redemption pnce, the name of the Paying Agent/Registrar -iz- and the address at which the Serves 2001 Bond maybe redeemed, including a contact person and ~~ ` te]ephone number. (~) All redemption payments made bythePaying Agent/Registrar to the registered owners . ~r, o{the Serves 2001 Bonds shall include CUSIP numbers relating to each amount paid to such registered .~ owner. 6. The form of all Serves 2001 Bonds, iricluduig the form of the Comptroller's Registration ~~, Certificate to accompany the Serves 2001 Bonds on the initial delivery thereof, the form of Paying Agent/Registrar's Authentication Certificate, and the Form of Assigrirrient to be printed on each of the Serves 2001 Bonds, shall be, respectively, substantiallyas follows, with such appropriate variations, omissions, or insertions as are pemutted or required by this Ordinance: N0. UNITED STATES OF AMERICA STATE OF TEXAS COLJNITES OF TA.~RRANI' AND DENTON QTY OF FORT WORTH, TEXAS GENERAL PURPOSE IMPROVEMENT AND REFUNDING BOND SERIES 2001 February 15, 2001 ON THE MATURITY DATE SPECIFIED ABOVE, THE QTY OF FORT WORTH, '~EXgS (the "Issuer"), being a political subdivision of the State of Texas, herebypromises to payto --~ , or to the registered assignee hereof (either berg hereinafter "~°~ the "registered owner') the principal amount of DOLLARS ~ to paymterest thereon, fromthe Origuial Issue Date specified above, to the maturitydate specified '~, or the date of its redemption prior to scheduled maturity, at the rate of uiterest per annum above, with said interest berg payable on September 1, 2001, and semiannually on each ~ 1 and September 1 thereafter, except that if the Paying Agent/Regutrar's Authentication Ceraf- ._ -13- icate appe~g on the face of this Bond is dated later than September 1, 2001, such interest is payable sem~~Y on each March 1 and September 1 following such date: THE PRINCIPAL OF AND INTEREST ON this Bond are payable in lawful money of the United States of America, without exchange or collection charges. The principal of this Bond shall be paid to the registered owner hereof upon presentation and surrender of this Bond at maturity or re~mption prior to maturity at the designated corporate trust office in Houston, Texas (the ^Designated Payment Office"), of The Chase Manhattan Bank, which is the "Paying Agent/Registrar" forthis Bond. The payment of interest on this Bond shallbe made bythe Paying Agent/Registrarto the registered owner hereof as shown by the Registration Books kept by the Paying AgentlRegistrar at the close of business on the 15th day of the month next preceding such interest payment date by ~: check, dated as of such interest payment date, drawn bythe Paying AgentlRegistrar on, and payable '~, solely from, funds of the Issuer required to be on deposit with the Paying Agent/Registrarfnr such r" purpose as hereinafter provided, and such checkshall besent bythe Payixig Agent/Registrar byUnited '`' States mad, first-class postage prepaid, on each such interest payment date, to the registered owner ~'~ hereof at its address as it appears on the Registration Books kept by the Paying Agent/Registrar, aS k;' t,, '~: hereinafter described Anyaccrued interest due at maturityor upon redemption of this Bon pnorto ~a maturity as provided herein shall be paid to the registered owner upon presentation and surren er o ,_ this Bond for redemption and payment at the Designated Payment Office of the Paying ~'. Agent/Registrar The Issuer covenants with the registered owner of this Bond that no laterthan each ;' principal payment and/or interest payment date for this Bond it will make available to the Paying ~'` Agent/Registrarfrnm the Interest and Redemption Fund as defined bythe ordiriarice authorizing the Bonds (the "Ordinance") the amounts required to provide for the payment, in unmediately available funds, of all principal of and interest on the Bonds, when due. IN THE EVENT OF A NON PAYMENT of interest on a scheduled payment date, and for 3fl days thereafter, a new record date for such interest payment (a "Special Record Date") will be established by the Paying Agent/Registrar, if and when funds for the payment of such interest have been received f rom the Issuer Notice of the 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) ball be sent at least five business days pnorto the Special Record Date byUruted States mail, fast class postage prepaid, to the address of each registered owner of a Bond appearing on the registration books ~f the Paying Agent/Registrar at the close of business on the last business daynext preceding the date ~ mai~iiig of such notice. IF THE DATE for the payment of the principal of or interest on this Bond shall be a Saturday, ~iday, a legal holiday, or a day on which banking institutions in the city where the Designated payment Office of the Paying Agent/Registrar is located are authorized by law or executive order to then the date for such payment shall be the next succeeding daywhich is not such a Saturday, ~mday, legal holiday, or day on which banking institutions are authorized to close; and payment on date shall have the same force and effect as if made on the original date payment was due. 4hstanding the foregoing, during anyperiod in which ownership of the Bonds is deteriniried only a book entryat a securities depositoryfor the Bonds, anypayment to the securities depository, or ~ ~uiinee or registered assigns, shall be made in accordance with existing arrangements between the and the securities depository TI-hS BOND is one o~ a Series of Bonds of like tenor and effect except as to number, principal interest rate, maturityand option of redemption, authorized in accordance with the Constitir -ia- ~n and laws of the State of Texas m the principal amount of $17,260,000, for the following purposes, .wit: street and storm sewer unprovements; parks and community services system unprovements, end perinarient fire safety unprovements; and to refund those bonds of the City designated in the fiance as the "Refunded Bonds" ON MARCH 1, 2011, or on any date thereafter, the Bonds of this Series maturing on March 1, 2012 and thereafter may be redeemed prior to their scheduled maturities, at the option of the Issuer, is whole, or in part, at par and accrued interest to the date fixed for redemption. The years of maturity of the Bonds called for redemption at the option of the Citypnor to stated maturityshall be selected by the City The Bonds or portions thereof redeemed within a maturity shall be selected by lot or other method by the Paying Agent/Registrar; prnudea~ that during any period in which ownership of the Bonds >s deternuned only by a book entry at a securities depository for the Bonds, rf fewer than all of the Bonds of the same maturity and bearing the same interest rate are to be redeemed, the Particular Bonds of such maturity and bearing such interest rate shall be selected in accordance with the arrangements between the Issuer and the securities depository. THE BONDS are also subject to mandatory redemption in part by lot pursuant to the terms of the Ordinance, on March 1 rn each of the years 2016 and 2017, with respect to Bonds maturing March 1, 2018, and on March 1 ui each of the years 2019 and 2020, with respect to Bonds maturing March 1, 2021, in the following years and in the following amounts, at a price equal to the principal amount thereof and accrued and unpaid interest to the date of redemption, without premium: Year 2016 2017 2018' 2019 2020 2021 ~' 'Final Maturity Principal Amount $ 400,000 400,000 400,000 400,000 400,000 400,000 To the extent, however, that Bonds subject to sinking fund redemption have been previouslypurchased or called for redemption in part and otherwise than from a sinking fund redemption payment, each uinual sinking fund payment for such Bond shall be reduced bythe amount obtained by multiplying the principal amount of Bonds so purchased or redeemed by the ratio which each remaining annual ttAl~ng fund redemption payment for such Bonds bears to the total rema~n~ng sinking fund payments, ~ bYro~ding each such payment to the nearest $5,000 integral; prouda~ that during anyperiod in much ownership of the Bonds >s determined only by a book entry at a securities depository for the Bonds, the particular Bonds to be called for mandatoryredemption shallbe selected in accordance with ~ arrangements between the Issuer and the securities depository AT LEAST 30 days prior to the date fixed for anysuch redemption (a) a written notice of such ~grption shall be given to the registered owner of each Bond or a portion thereof being called for ~mption bydepositing such nonce in the United States mail, fast class postage prepaid, addressed ~ each such registered owner at his address shown on the Registration Books of the Paying ~~~Registrar and (b) nonce of such redemption either shall be published one (1) tune in or posted -15- moronically on the website of a financial journal or publication of general circulation in the United States o f 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 nonce described in (~ above, or any defect therein or in the sending or mailing thereof, shall not affect the validity or e{{ecuveness of the proceedings forthe redemption of anyBond, and the Ordinance provides that the provision of nonce as described in (b) above shall be the only nonce actually required in connection with or as a prerequisite to the redemption of anyBond Bythe date fixed for anysuch redemption due provision shall be made by the Issuer with the Paying Agent/Registrarfoi the payment of the =,egWred redemption price for this Bond or the portion hereof which >s to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If such nonce of redemption is given, and if due provision for such payment >s made, all as provided above, this Bond, or the portion hereof which is to be so redeemed, thereby automatically shall be redeemed prior to its scheduled maturity, znd 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 pnce plus accrued interest to the date fixed for redemption from the Paying Agent/Registrarotit of the funds provided for such payment. The Paying Agent/Registrar shall record in the Registration Books all such redemptions of principal of this Bond or any portion hereof. If a portion of any Bond shall be redeemed a substitute Bond or Bonds having the same maturitydate, bearing interest at the same rate, in any denomination or denominations iii any integral multiple of $5,000, at the written request of the registered owner, and iii 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 in the Ordinance. ALL BONDS OF THIS SERIES are issuable solelyas fullyregistered bonds, without interest coupons, in the denomination of any integral multiple of $5,000. As provided in the Ordinance, this fond, or any unredeemed portion hereof, 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 fullyregistered bonds, without interest coupons, payable to the appropriate registered owner, assignee, or assignees, as the case maybe, having the same maturity date, and bearing interest at the same rate, in anydenomuiation or denominations in anyintegral multiple of $5,000 as requested iii wrung bythe appropriate registered owner, assignee, or assignees, as the case maybe, upon surrender of this Bond to the Paying Agent/Registrar at its Designated Trust Office (as defined in the Ordinance) for cancellation, all in accordance with the forin and procedures set forth in the Ordinance. Among other requirements for such assignment and transfer, this Bond must be presented and surrendered to the Paying Agent/Regutrar, together with proper instruments of assigniment, inform and with guarantee of signatures sausfactoryto the Paying Agent/Registrar, evidencing assignment of this Bond or any portion or portions hereof in anyintegral multiple of $5,000 to the assignee or assignees in whose name or names this Bond or anysuch portion or portions hereof u or are to be transferred and registered The form of Assignment printed~or endorsed on this Bond maybe executed bythe registered owner to evidence the assignment hereof, but such method >s not exclusive, and other instruments of usignment satisfactoryto the Paying Agent/Registrarinaybe used to evidence the assignment of this Bond or anyportion orportions hereof f romtine to tine bythe registered owner The one requesting Such exchange shall pay the Paying Agent/Registrar's reasonable standard or customary fees and ages for exchanging anyBond or portion thereof. The foregoing notwithstanding, in the case of the exchange of a portion of a Bond ovhich has been redeemed prior to maturity, as provided herein, and in the case of the exchange of an assigned and transferred Bond or Bonds or any portion or Portions thereof, such fees and charges of the Paying Agent/Registrarwill be paid bythe Issuer. In ~Y circumstance, any taxes or governmental charges required to be paid with respect thereto shall be -16- p~ by the one requesting such assignment, transfer, or exchange as a condition precedent to the ~ereise of such pnvi7ege. In anycircumstance, neither the Issuer nor the Paying A.gent/Regutrar shall '` be required (1) to make anytransfer or exchange dunng a penod beginning at the opening of business 3p days before the day of the fast mailing of a notice of redemption of bonds and ending at the close of busm on when such redem tion~ sgCheduled ~ oC~fe~o~lr~e 30 calendar days. ~ so selected for redempti P Wf-NEVER the beneficial owneislup of this Bond u determined by a book entry at a secunues depositoryforthe Bonds, the foregoing requirements of holding, delivenng ortransfernng .~ this Bond shall be modified to require the appropriate person or entityto meet the requirements of the secunues depository as to registering or transfernng the book entryto produce the same effect. IN THE EVENT anyPaymg Agent/Registrar forthe Bonds >s changed bythe Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Ordinance that it promptly will 1ppomt a competent and legally qualified substitute therefor, and promptlywill cause written notice thereof to be mailed to the registered owners of the Bonds. y" IT IS HEREBY CERTIFIED AND RECITED that the issuance of this Bond, and the senes of which it is a pair, is dulyauthorized bylaw; that the bonds issued forthe permanent improvements ~' heretofore described were approved by a vote of the resident, qualified electors of the City of Fort Worth, Texas, voting at an election held forthat purpose within said Cityon February7,1998, that all aar, conditions and things required to be done precedent to and in the issuance of this series of bonds, and of this Bond, have been properlydone and performed and have happened in regular and due time, form and manner as required bylaw; that sufficient and proper provision for the levy and collection ~~ of taxes has been made, which, when collected, shall be appropriated exclusivelyto the payment of th>s Bond and the senes of which it is a part; and that the total indebtedness of said City of ForC Worth, ~= Texas, including the enure senes of bonds of which this >s one, does not exceed any constitutional, ~- statutory or charter limitation. BY BECOMING the registered owner of this Bond, the registered owner thereby ukriowledges all of the terms and provisions of the Ordinance, agrees to be bound bysuch terms and provisions, acknowledges that the Ordinance is dulyrecorded and available for inspection in the official tnuiutes and records of the governing bodyof the Issuer, and agrees that the terms and provisions of this Bond and the Ordinance constitute a contract between each registered owner hereof and the Issuer IN WITNESS WHEREOF, this Bond has been signed with the manual or facsimile signature of the Mayor of said City, attested with the manual or facsimile signature of the City Secretary and approved as to form and legalitywith the manual or facsimile signature of the City Attorney, and the of4'uial seal of the Issuer has been duly affixed to, or impressed, or placed in facsimile, on this Bond ATTEST X.~r~~~x-xx~c Vry Secretary Mayor ~.~. 8 -v- ~11'PROVED AS TO FORM AND LEGALITY ,t,t,t,t,~,~ (SEAL) ~y oAtt mey PAYING AGENT/REGISTRARS AUTI-~NTICATION CERTIFICATE --.~~. It u hereby certified that this Bond has been issued under the provisions of the proceedings adopted by the Issuer as described in the text of this Bond, and that this Bond has been issued in conversion of and exchange for or replacement of a bond, bonds, or a portion of a bond or bonds of 8 an issue which onginallywas approved bythe Attorney General of the State of Texas and registered bythe Comptroller of Public Accounts of the State of Texas. ` Dated: TI-~ C'~-IASE MANI-iATTAN BANx, Paying Agent/Regutrar By Authorized Representative ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto Please insert Social Security or Taxpayer Idenuficauon Number of Transferee _ / 'lease print or typewrite name and address, including zip code of Transferee) within Bond and all rights thereunder, and hereby '~ocably constmrtes and appoints -is- ~omeyto register the transfer of the within Bond on the Woks kept for registration thereof, with full power of ~SUtution in the premises. Dated: $ig~atuxe Guaranteed: NOTTCE Signature(s) must be guaranteed by s 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 it appears upon the front of this Bond zn every particular, without alteration or enlargement or any change whatsoever. FORM OF COMPTROLLERS CERTIFICATE (ATTACHED TO THE BONDS UPON INITIAL DELIVERY THEREOF) OFFICE OF COMPTROLLER STATE OF TEXAS REGISTER NO I hereby certify that there >s 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 byhim as required by law, and that he finds that it has been issued in conformitywith the Constitution and laws of the State pf Texas, and that it is a valid and binding obligation of the City of Fort Worth, Texas, payable iri the tnannerprovided byand inthe ordinance authonzing same, and said Bond has this daybeen registered by ~. WITNESS MY HAND and seal of office at Austin, Texas Comptroller of Public Accounts ~.~~~ of the State of Texas ATE TO PRINTER, 'knot to be on bond ~ Pnnter of the Senes 2001 Bonds >s hereby aurhonzed to pnnt on the Senes 2001 Bonds (i) the 8 j ~. -19- form of bond counsel's opuion relating to the Series 2001 Bonds, and (u) an appropriate statement of durance furnished by a municipal bond insurance company providing municipal bond insurance, if may, covering all or anypart of the Serves 2001 Bonds. 7 That a special fund or account, to be desrgnated the "Cityof Fort Worth, Texas Serves 2001 General Purpose Bonds Interest and Redemption Fund" (the "Interest and Redemption Fund") >s hereby created and shall be established and maintained by said City The Interest and Redemption Fund shall be kept separate and apart from all other funds and accounts of the City, and shall be used only for paying the interest on and principal of the Series 2001 Bonds. All taxes levied and collected for and on account of the Series 2001 Bonds shall be deposited, as collected, to the credit of the Interest and Redemption Fund. During each year while any of the Serves 2001 Bonds. >s outstanding and unpaid, the City Council of said City shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said City, with full allowances being made for tax delinquencies and costs of tax collections, which will be sufficient to raise and produce the money required to pay the interest on the Serves 2001 Bonds as such interest comes due, and to provide a sinking fund to paythe principal (including mandatorysinking fund redemption payments) of the Series 2401 Bonds as such priicipal matures, but never less than 2% of the outstanding principal amount of the Serves 2001 Bonds as a sinking fund each year. Said rate and amount of ad valorem tax >s hereby ordered to be levied and is herebylevied against all taxable propertyin the Cityfor each yearwhile any of the Series 2001 Bonds >s outstanding and unpaid, and said ad valorem tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Redemption Fund Said ad valorem taxes necessaryto paythe interest on and principal of the Series 2001 Bonds, as such interest comes due, and such principal matures or comes due through operation of the mandatory sin~ng fund redemption as provided in the FORM OF BOND, are herebypledged for such purpose, a~ the limit prescribed by law There shall be appropriated from the General Fund of the Cityfor -za deposit into the Interest and Redemption Fund moneys as maybe necessaryto paythe first scheduled interest payment on the Serves 2001 Bonds. g. (a) In the event any outstanding Serves 2001 Bond rs damaged, mutilated, lost, stolen, or destroyed, the Paying Agent/Regsstrarshall cause to be printed, executed, and delivered, a new bond of tl,e same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or ~troyed Serves 2001 Bond, rn replacement for such Serves 2001 Bond nl the manner hereuiafterpro- vied. (b) Application for replacement of damaged, mutilated, lost, stolen, or destroyed Serves 2001 Bonds shall be made to the Paying Agent/Regutrar. In every case of loss, theft, or destn~ction of a Series 2001 Bond, the applicant for a replacement bond shall furnrsh to the City and to the Paying Agent/Registrar such secuntyor uidemrutyas maybe required bythem to save each of them hamsless from any loss or damage with respect thereto. Also, >n every case of loss, theft, or destruction of a Series 2001 Bond, the applicant shall fum~sh to the City and to the Paying Agent/Regrstrarevidervce to therrsausfaction of the loss, theft, or destruction of such Serves 2001 Bond, as the case maybe. In every case of damage or muti)aaon of a Serves 2001 Bond, the applicant shall surrender to the Payuxg entlRegutrar for cancellation the Serves 2001 Bond so damaged or mutilated. (c) Notwithstandrng the f oregomg provrsions of thrs Sectron, rn the event anysuch Serves 2001 l~aad shall have matured, and no default has occurred which >s then continwng >n the payment of the `~r, P~cipal of, redemption prenuum, ~ any, or interest on the Serves 2001 Bond, the City may authorize 5¢. ~` r. ~ Payment of the same (without surrender thereof except in the case of a damaged or mutiated Serves ~` + X01 Bon Mead of rssuing a replacement Serves 2001 Bond, provided secuntyor mdemrutyrs fur- ~~~~~~ cd as above provided >n th>s Section. r~X ~",=''~ (~ Pnorto the issuance of anyreplacement bond, the Paynig AgentlRegrstrarsliall charge the ,,_, ~`. of such Serves 2001 Bond with all legal, pnntrng, and other expenses rn connection therewith. .y -21- EVeryreplacementborvd issued pursuant to the provisions of this Section byvutue of the fact that any genes 2001 Bond is lost, stolen, or destroyed shall constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Serves 2001 Bond shall be found at any tune, or be ,enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and proportionately with any and all other Serves 2001 Bonds duly issued under this Orduiarice. (e) In accordance with Chapter 1206, Texas Government Code, this Section of this Ordinance shall constitute authorityforthe issuance of anysuch replacement bond without necessityof further uuonbythe governingbodyof the Cityoranyotherbodyorpeison, andthe dutyof the replacement 8 ~ such bonds is hereby authorized and unposed upon the Paying Agent/Registrar, subject to the i. t~ndiuons unposed by this Section 8 of this Ordinance, and the Paying Agent/Registrar shall ~ ~txlienticate and deliver such bonds in the f orin and manner and with the eff ect, as provided in Section ~(d) of this Orduiance for Series 2001 Bonds issued in exchange for other Serves 2001 Bonds. 9 That the City Manager of the City or the designee thereof is hereby authorized to have t~ntrol of the Serves 2001 Bonds and all necessary records and proceedings pertauung to the Serves Bonds pending their deliveryand their investigation, examination and approval bythe Attorney :raj of the State of Texas, and their registration bythe Comptroller of Public Accounts of the State Texas. Upon registration of the Series 2001 Bonds, said Comptroller of Public Accounts (or a in writing to act f or said Comptroller) shall manuallysign the Comptroller's Registra- Certificate accompanying the Serves 2001 Bonds, and the seal of said Comptroller shall be or placed in facsunile, on each such certificate. 10. (a) That the sale of the Bonds to Siebert Brandford Shank & Co., Inc., as representative ~ ~derwnters named in the Bond Purchase Agreement (the "Purchase Agreement")between the ~ the underwriters named therein (the "Underwriters"), at the purchase price described in the Agreement, >s herebyauthorized, ratified and confirmed. One Bond in the principal amount on each maturitydate as set forth in Section 2 hereof shall be delivered to the Underwriters, -z2- and the Underwriters shall have the ng~t to exchange such certificates as provided in Section 5 hereof wythoux cost. (b) That the Purchase Agreement setting forth the terms of the sale of the Bonds to the <~- LTndeywnters, in substantially the form attached to this Ordynance, is hereby accepted, approved and ~:~ °.~'<: authorized to be delivered in executed form to the Underwriters. tx: zF (c) That the "C?fficral Statement" prepared in connection wyth the sale of the Bonds, in 4: the form attached to this Ordynance, ys herebyaccepted, approved and autlyoryzed to be substantially s;~ ~" delivered in executed form to the Underwriters. The use of the "Preliminary Official Statement" ,. ,. n, ~~ prepared in connection with the sale of the Bonds >s hereby ratifie 11. That the Issuer covenants to take any action to assure, or refr~rry from any action which arould adverselyaffect,tbe treatment of the Series 2001 Bonds as obligations described in section 103 ®f the Internal Revenue Code of 1986 (the "Code"), the interest on which u not includable in the "gross income" of the holder for purposes of federal income taxation. In furtherance thereof, the luuer covenants as follows: (a) to take anyaction to assure that no more than 10 percent of the proceeds of the Senes 2001 Bonds or the projects financed therewith (less amounts deposited to a reserve fund, if any) are used forany"pnvate business use," as defined in section 141(b)(6) of the Code or, yf more than 10 percent of the proceeds are so used, that amounts, whether or not received by the Issuer, with respect to such pnvate business use, do not, under the terms of thys Ordynance or any underlying arrangement, directly or indirectly, secure or provide for the payment of more than 10 percent of the debt service on the Senes 2001 Bonds, incontra- venuon of section 141(b)(2) of the Code; (b) to take any action to assure that in the event that the "pnvate busyness use" ~cnbed in subsection (a) hereof exceeds 5 percent of the proceeds of the Senes 2001 Bonds -23- 1 E i or the protects financed therewith (less amounts deposited into a reserve fund, if any) then the amount in excess of 5 percent is used fora "pnvate business use" which >s "related" and not "disproportionate,"within the meaning of section 141(6) (3) of the Code, to the goveinrnental use; (e) to take any acuon to assure that no amount which >s greater than the lesser of t i i $5,000,000, or 5 percent of the proceeds of the Senes 2001 Bonds (less amounts deposited into a reserve:fund, if an}~ is directlyor indirectlyused to finance loans to persons, otherthan state or local governmental units, in contravention of section 141(c) of the Code; 8 (d) to refrain from taking any action which would otherwise result in the Senes '~ ~. 2001 Bonds being treated as "pnvate activitybonds" within the meaning of section 141(6) of the Code; (e) to refrain from taking any acuon that would result m the Senes 2001 Bonds being "federally guaranteed" within the meaning of section 149(6) of the Code; I (f) to refrain from using anyportion of the proceeds of the Senes 2001 Bonds, du-ectly or indirectly, to acquire or to replace funds which were used, directly or indirectly, to i acquire investment property (as defined in section 148(6) (2) of the Code) which produces a matenallyhiglieryie1d over the term of the Senes 2001 Bonds, other than investment property acquired',with -- ~` ~ (1) proceeds of the Senes 2001 Bonds uivested for a reasonable temporary 3 I enod of 3 years or less , or in the case of Refunding Bonds, 30 days or less until such ,. ~ troceeds are needed for the numose for which the bonds are itsi~ech (2) amounts invested in a bona fide debt service fund, within the meaning y+'..4, e+ i, 7. ~;;, of section 1.148-1(b) of the Treasury Regulations, and ~; ~~ (3) 'amounts deposited ui any reasonably required reserve or replacement -Za- fund to the extent such amounts do not exceed 10 percent of the proceeds of the Series 2001 Bonds, (g) to otherwise restrict the use of the proceeds of the Series 2001 Bonds or t:,. amounts treated as proceeds of the Series 2001 Bonds, as maybe necessary, so that the Series ~ ,~ ;~ ; 2001 Bonds do not otherwise contravene the requirements of section 148 of the Code (relating F,`.,. '~~, to arbitrage) and, to the extent applicable, section 149(d) of the Code (relating to advance ,~ ; ~~-~~ refundings), and k . ~:- (h) to payto the United States of America at least once during each five-yearpenod 8 -~~~ (begiuiirig on the date of deliveryof the Series 2001 Bonds) an amount that e at least equal to ~_~.~ 90 percent of the "Excess Earnings", within the meaning of section 148(f) of the Code and to 'J; ter. - - pay to the United States of America, not later than 60 days after the Series 2001 Bonds have -.-,_. been paid in full, 100 percent of the amount then required to be paid as a result of Excess Earrings under section 148(f) of the Code. __~-.-=. ~~ purposes of the foregoing clauses (a) and (b) above, the Issuer understands that the term "proceeds" includes "deposition proceeds" as defined in the Treasury Regulations and, in the case of refunding bond, transferred proceeds (if anyj and proceeds of the refunded bonds expended prior -the date of the issuance of the Bonds. It a the understanding of the Issuer that the covenants ~ucauied herein are intended to assure compliance with the Code and any regulations or rulings -- =-=.gated bythe US. Department of the Treasurypursuant thereto. In the event that regulations -~- dings are hereafter promulgated which modify or expand provisions of the Code, as applicable to --- '-~: Bonds, the Issuer will not be required to complywith anycovenant contained herein to the extent -- -~~ such failure to comply, in the opinion of nationallyrecognized bond counsel, will not adversely -_ _-_ ~~~ ~, ~-_{ the exemption from federal income taxation of interest on the Bonds under section 103 of the __~.~~-""` In the event that regulations or rulings are hereafter promulgated which impose additional :~ ,~ -ZS- ~gwrements which are applicable to the Bonds, the Issuer agrees to comply with the additional tegwrements to the extent necessary, in the opuuon of nationally~recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Bonds under section 103 of the Code. In furtherance of the foregoing, the Mayor, the City Manager, any Assistant City Manager, and the Director of Finance may execute any certificates or other reports required by the Code and to make such elections, on behalf of the City, which may be permitted by the Code as are consistent with the purpose for the issuance of the Bonds. In order to facilitate compliance with the above clause (h), a "Rebate Fund" u hereby 8 established bythe Cityfor the sole benefit of the United States of Asrierica, and such Rebate Fund shall not be subaect to the claim of any other person, including without limitation the registered owners of the Bonds. The Rebate Fund >s established for the additional purpose of compliance with section 148 of the Code. 12. That the Issuer covenants to account for the expenditure of proceeds from the sale of the Series 2001 Bonds and any investment earnings thereon to be used for the purposes described in Section 1 of this Ordinance (each such purpose referred to herein and Section 13 hereof as a "Project") on its books and records by allocating proceeds to expenditures within 18 months of the later of the ~tlue that (a) the expenditure on a Project u made or (b) each such Project is completed. The foregoing the Issuer shall not expend such proceeds or investment earnings more than 60 days erthe later of (a} the fifth anmversaryof the date of deliveryof the Serves 2001 Bonds or (b) the date 'Serves 2001 Bonds are retired, unless the Issuer obtains an opinion of nationally~recognized bond Duel substantiallyto the effect that such expenditure will not adveiselyaffect the tax exempt status -.he Serves 2001 Bonds. 13 That the Issuer covenants that the property constitzitirig a Project wi71 not be sold or se disposed in a transaction resulting in the receipt bythe Issuer of cash or other compensation, -26- unless the Issuer obtains an opuion of nationally~recognnzed bond counsel substantiallyto the effect that such sale or other disposition will not adversely affect the tax exempt status of the Series 2001 Bonds. Forpurposes of thu Section, the pontnon of the propertycomprising pensonal propertyand disposed of m the ordinary course of business shall not be treated as a transaction resulting in the receipt of cash or other compensation. For purposes of thu Section, the Issuer shall not be obligated to comply with thu covenant of nt obtains an opiuon of nationally~recognrzed bond counsel to the effect that such fadure to comply will not adversely affect the excludability for federal income tax purposes from gross income of the interest. 14 (a) D~irntza~zs. That as used in thu Section, the following terms have the meanings ascribed to such terins below "MSRB" means the Municipal Securities Rulemaking Board. "NRMSIR" means each person whom the SEC or nts staff has determined to be a nauonallyrecognnzed muricipalsecurities nnforinatnon repositorywithintbe meaning of the Rule from tune to tine. "Rule" means SEC Rule 15c2-12, as amended from tine to tine. "SEC' means the United States Securities and Exchange Commnssnon. "SID" means anyperson desngnated bythe State of Texas or an authorized department, officer, or agency thereof as, and determined by the SEC or nts staff to be, a state information depositonywithin the meaning of the Rule from time to tune. (b) Amnral Reports. () The City shall provide annually to each NRMSIR and any SID, within snn months after the end of each fiscal year ending in or after 2001, financial inforination and operating data with respect to the Cityof the general type included in the final Officnal Statement authorized by won 10 of this Ordinance, being the reformation described in Exhibnt A hereto. Any financial statements so to be provnded shall be (1) prepared m accordance with the accounting principles described in Exhibit A hereto, or such other accounting principles as the City maybe requued to ~Ployfrom tune to tune puisuant to state law or regulation, and (2) audited, if the CitycommLSSnons 8 -27- ~ audit of such statements and the audit u completed within the period during which they must be provided. If the audit of such financial statements u not complete within such period, then the City sha11 provide unaudited financial statements bythe required tune, 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 becomes available. (u~ If the City changes its fiscal year, it will notify each NRMSIR and any SID of the change (and of the date of the new fiscal year end) prior to the next date bywhrch the Cityotherwue would be requuired to provide financial uif orination and operating data pursuant to thu Section. The financial information and operating data to be provided pursuant to thu 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, rf rt u available from the MSRB) that theretofore has been provided to each NRMSIR and any SID or filed with the SEG (c) MaterurlE~rtN~s. TheCityshallnotrfyanySIDanderthereachNRMSIRortheMSRB, is a tunelymanner, of any of the following events with respect to the Series 2001 Bonds, rf such event ~ 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 liqurdrtyproviders, or them failure to perform; 6. Adverse tax opuuons or events affecting the tax-exempt status of the Series 2001 Bonds; 7 Modifications to rights of holders of the Series 2001 Bonds; 8. Serves 2001 Bond calls, 9 Defeasances, 10. Release, substitution, orsale of propertysecuring repayment of the Series 2001 Bonds, and 11. Rating changes. ~ ~tyshall notrfyanySID and either each NRMSIRorthe MSRB, in a tunelymanner, of anyfailure ~yto provide financial urfonnation or operatng data in accordance with subsection (b) of thu 8 -ZS- Section by the tune required by such subsection. (d) Lrarntarrazs, Dzsdara~s, a.~Airt~s. () The City shall be obligated to observe and perform the covenants specified u1 this Section for so long as, but onlyfor so long as, the Cityremaums ~ "obligated person" with respect to the Senes 2001 Bonds within the meaning of the Rule, except that the City in any event will give nonce of any deposit made in accordance with this Ordinance or applicable law that causes any Senes 2001 Bonds no longer to be outstanding. t (u~ The provisions of this Section are for the sole benefit of the holders and beneficial owners of the Senes 2001 Bonds, and nothing in this Section, express or implied, shall give anybenefit or any 8 legal or equitable nght, remedy, or claim hereunder to any other person. The City undertakes to 9 provide only the financial information, operating data, financial statements, and notices which it has 1 c ~cpressly agreed to provide pursuant to this Section and does not hereby undertake to provide any other umformation that maybe relevant or materal to a complete presentation of the Cites financial ttrsuultss, condition, or prospects or to update anyumfoimation provided m accordance wroth this Section ;~ ,:, of otherwise, except as expressly provided herein. The City does not make any representation or ~rrarity concerning such information or its usefulness to a decision to invest in or sell Senes 2001 ~mds at anyfuture date. (iu) UNDERNOCIRCUMSTANCES SHALLTHE CITYBE LIABLE TOTHE HOLDER ~'~ $ENEFICIAL OWNER OF ANY SERIES 2001 BOND OR ANY OTHER PERSON, IN ,~ a ~x w~ACT OR TORT, FOR DAMAGE S RE SULTING IN WHOLE OR IN PART FROM ANY THE QTY, WHETHERNEGLIGENT ORWITHOUT FAULT ONITS PART, OF ~VENANT SPECIFIED INTHIS SECTION, BUT EVERYRIGHT AND REMEDY OF SLR PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC -29- (iv) No default bythe Cityin observing orperfomurig its obligations under this Section shall comprue a breach of or default under the Ordinance for purposes of any other provision of this prduiance. Nothing in this Section u intended or shall act to disclaim., waive, or otherwise linut the dunes of the Cityunder federal and state secunties laws. (v) The provisions of this Section maybe amended bythe Cityfromtune to time to adapt to changed circumstances that arse from a change in legal regwrements, a change in law, or a change in the identity, nature, status, or type of operations of the City, but only ~ (1) the provisions of this $ecuon, as so amended, would have pernutted an underwnter to purchase or sell Senes 2001 Bonds 8 ut the pnmaryoffenng of the Senes 2001 Bonds in compliance with the Rule, taking into account any unendments or interpretations of the Rule since such offenng as well as such changed circumstances and (2) either (a) the holders of a maJonty in aggregate pnncipal amount (or any greater amount trquu~ed by any other provision of this Orduiance that authorizes such an amendment) of the outstanding Senes 2001 Bonds consent to such amendment or (b) a person that >s unaffiliated with the qty (such as nationally recogiuzed bond counsel) determines that such amendment will not matenally ~tipair the interest of the holders and beneficial owners of the Senes 2001 Bonds. If the City so fiends the provisions of this Section, it shall include with any amended financial information or ~craung data next provided in accordance with subsection (b) of this Section an explanation, m ~trve form, of the reason for the amendment and of the unpact of any change in the type of uicial information or operating data so provided. The Citymayalso amend or repeal the provisions ~ continuing disclosure agreement if the SEC amends or repeals the applicable provision of the or a court of final ~ursdiction enters judgment that such provisions of the Rule are invalid, but '¢ and to the extent that the provisions of this sentence would not prevent an underwrter from ~YPtii~chasing or selling Senes 2001 Bonds in the pnmary offerng of the Senes 2001 Bonds. 15. 'fit interest earurigs derved from the investment of proceeds from the sale of the -3a genes 2001 Bonds maybe used along with other available bond proceeds for the construction of the permanent inprovements set forth in Section 1 hereof for which a portion of the Serves 2001 Bonds are issued or f or the payment of debt service on the Serves 2001 Bonds, provided that after completion of such permanent unprovements, if any of such interest earnings remain on hand, such interest earnings shall be deposited in the Interest and Redemption Fund. It is further provided, however, that any interest earnings on bond proceeds which are requued to be rebated to the United States of ~' Amenca pursuant to Section 11 hereof iii order to prevent the Serves 2001 Bonds from being F arbitrage bonds shall be so rebated and not considered as irnterest earxungs for the purposes of this 8 ~~ F, Section. ' t 16. That the Serves 2001 Bonds irutiallyshall be issued and delivered in such manner that ~'?: no physical distribution of the Serves 2001 Bonds will be made to the public, and The DepositolyTnut ~` W' Company ("DTC"), New York, New York, uutially will act as depository for the Serves 2001 Bonds. ~; ~ DTC has represented that rt is a limited purpose trust company irncorporated under the laws of the State of New York, a member of the Federal Reserve System, a "cleanng corporation" within the mcannig of the NewYorkUruf orm Commercial Code, and a "cleanng agency" registered underSection 17A of the Secunties Exchange Act of 1934, as amended, and the Cityaccepts, but in no wayvenfies, such representations. The Serves 2001 Bonds iutiallyauthonzed bythis Ordinance shall be delivered ~ aad registered in the name of CEDE & CO., the nominee of DTC. It is expected that DTC will bald the Serves 2001 Bonds on behalf of the Underwnters (as defined in Section 10) and their 'pants. So long as each Serves 2001 Bonds is registered in the name of CEDE &CO., the Paying ~,. Registrar shall treat and deal with DTC the same in all respects as if it were the actual and ~lal owner thereof. It is expected that DTC will maintain a book entiysystem which will identify ~p of the Serves 2001 Bonds in integral amounts of $5,000, with transfeis of ownership being *. ,'a on the records of DTC and its participants pursuant to rules and regulations established by -31- them, and that the Senes 2001 Bonds iutially deposited with DTC shall be unmobi~ized and not be {urther exchanged for substitute Senes 2001 Bonds except as hereinafter provided. The City is not ~ponsible or liable for anyfunctions of DTC, will not be responsible for paying anyfees or charges with respect to iu services, wi71 not be responsible or fable for maintaining, supervising, or reviewuig the records of DTC or iu participanu, or protecting anyinteresu or nghu of the beneficial owners of the Senes 2001 Bonds. It shall be the duty of the DTC Participants, as defined in the Official ' Statement herein approved, to make all airarigemenu with DTC to establish this book entry system, the beneficial ownership of the Senes 2001 Bonds, and the method of paying the fees and charges of 8 DTG The Citydoes not represent, nor does it in anywaycovenant that the initial book-entrysystem established with DTC will be maintained in the future. Notwithstanding the initial establishment of the foregoing book entrysystemwithDTC, iffor anyreason anyof the originallydelivered Senes 2001 Bonds is dulyfiled with the Paying Agent/Registnarwhh proper request for transfer and substitution, ~ provided for in this Ordinance, substitute Senes 2001 Bonds will be duly delivered as provided in this Ordinance, and there will be no assurance or representation that any book entry system will be ~auitauied for such Senes 2001 Bonds. In connection with the initial establishment of the foregoing book entrysystem with DTC, the Cityheretofore has executed a "Blanket Letter of Representations" pnpu~d by DTC iii order to unplement the book-entry system described above. 17 (a) Defeaser~Boars. That any Senes 2001 Bond and the interest thereon shall be deemed to Pte, retired and no longer outstanding (a "Defeased Bond") within the meaning of this Ordinance, to the extent provided in subsection (d) of this Section, when payment of the principal of such Plus interest thereon to the due date (whether such due date be by reason of matunty or "~~e) either () shall have been made or caused to be made in accordance with the terms thereof, «'~ shall have been provided for on or before such due date byi~revocablydepositing with or making ~~ ~ to the Paying Agent/Registrar inaccordance with an escrow agreement or other instrument -32- (fie "Future Escrow Agreement") for such payment (1) lawful moneyof the LJnrted States of Amenca sufficient to make such payment or (2) Defeasance Secunues that mature as to pnncipal and interest in such amounts and at such tunes as will uisure the availability, without reinvestment, of sufficient money to provide for such payment, and when proper arrangements have been made by the Issuer wuh the Paying Agent/Registrarfnr the payment of its services until all Defeased Bonds shall have become due and payable. At such tune as a Senes 2001 Bond shall be deemed to be a Defeased Bond hereunder, as aforesaid, such Senes 2001 Bond and the iriterest thereon shall no longer be secured by, payable f rom, or entitled to the benefits of, the ad valorem taxes or revenues herein levied and pledged u provided m this Ordinance, and such principal and interest shall be payable solelyf rom such money orDefeasance Secunaes. Notwithstanding anyotherprovision of this Ordinance to the contrary, it is herebyprovrded that any determination not to redeem Defeased Bonds that is made iri con~uncuon 'tvitli the payment arrangements specified in subsection 17(a) (i) or (n) shall not be irrevocable, provided ~,thaG (1) m the proceedings providing for such payment arrangements, the Issuer expressly reserves fide right to call the Defeased Bonds for redemption, (2) gives notice of the reservation of that right x, to the owners of the Defeased Bonds irnmediatelyf ollowirig the making of the payment arrangements, (3) directs that notice of the reservation be included in anyredempuon notices that it authorizes. (b) ~rztestrrl~ in Defpasame Saaintres. Any moneys so deposited with the Paying may at the written direction of the Issuer be invested in Defeasance Securities, in the amounts and tunes as hereuibefore set forth, and all income from such Defeasance received by the Paying Agent/Registrarthst is not required for the payment of the Bonds wterest thereon, with respect to which such money has been so deposited, shall be turned over the Issuer, or deposited as directed in wasting by the Issuer. Any Future Escrow Agreement to which the money and/or Defeasance Securities are held for the payment of Defeased ~y contain provisions perixiittirig the investment or reinvestment of such moneys in ~u~. -33- Defeasance Secunties or the substitution of other Defeasance Secunties upon the satasfaction of the regwrements specified in subsection 17(a)(i) or (u) All income from such Defeasance Secunties received bythe Paying Agent/Regutrarwluch u not required for the payment of the Defeased Bonds, with respect to which such moneyhas been so deposited, shall be remitted to the Issuer or deposited as directed in venting bythe Issuer. (c) Defeasanee Seczmtres D The term "Defeasance Secunties" means () direct, noncallable obligations of the United States of Amenca, including obligations that are unconditionally guaranteed bythe United States of Amenca., (u) noncallable obligations of an agencyorinstrumentality of the United States of Amenca, including obligations that are unconditionally guaranteed or insured by the agency or instnunentality 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 (iu, 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 bodyof the Issuer adopts or approves the proceedings authorizing the financial arrangements are rated ~ to investment quality by a nationally recognized investment rating firm not less than AAA or its ~Qtuvalent. (d) Payrazg Agerr~/Regrstrar Se~uces. Until all Defeased Bonds shall have become due and dyable, the Paying Agent/Regutrar shall perform the seances of Paying Agent/Regutrar for such seised Bonds the same as iE they had not been defeased, and the Issuer shall make proper ements to provide and payfor such services as regiured bythu Ordinance. (e) Selac~tron gF'Baxls forDefeusamn In the event that the Issuer elects to defease less than all P~cipal amount of Bonds of a matunty, the Paying Agent/Regutrar shall select, or cause to be 5 Such amount of Bonds bysuch random method as it deems fair and appropnate. ~;~. 18• That the findings set forth in the preamble to thrs Ordinance are herebyincorporated into -34- the body of this Ordinance and made a parr hereof for all purposes. 19 That the City hereby finds that the refunding of the Refunded Bonds will result in a net present value savings of $435,238.49 and a gross savings of $551,041.77 20. That concurrentlywrththe deliveryof the Bonds the Cityshall cause to be deposited with the EscrowAgent (as named in the EscrowAgreement), fromthe proceeds fromthe sale of the Bonds wd other available moneys of the City, all as described in the letter of instructions referred to in ` $ecnon 22 hereof, an amount sufficient to provide for the refunding of the Refunded Bonds in ucordance with Chapter 1207, Texas Government Code. The City Manager or any Ass>stant City $ Manager and the City Secretary are hereby authonzed, f or and on behalf of the City, to execute the . EscrowAgreement to accomplish such purposes, in substant~allythe form and substance attached to dais Ordinance. 21. That the Cityherebydeternunes that, subject to the deliveryof the Bonds, the Refunded Fonds shall be called f or redemption on the respective redemption dates set f orrh in Schedule I, at the ~plicable redemption puce to the date fixed for redemption as provided in Schedule I, all in ~rordance with the applicable prov~srons of the ordinances authonzing their >ssuance. The City huger or the designee thereof shall take such actions as are necessaryto cause the required notice `~ '~ n'demption to be given in accordance with the terms of the respective ordinances forthe Refunded Winds called for redemption. 22. That the proceeds from the sale of the Bonds shall be used in the manner described in . Inter of uistructrons, as the Mayor, the City Manager, any Assistant City Manager or the Director . ° Wince of the City may execute on behalf of the City The foregoing notwithstanding, proceeds dung accrued interest and premium on the B onds shall be deposited to the credit of the Interest ,, '~mpuon Fund. ~• That all ordinances and resolutions or parts thereof in conflict herewith are hereby E E r -35- pealed. 24 That thu Ordinance shall take effect and be in full force and effect from and afterthe date of ,u passage, in accordance with the provisions of Section 2 of Chapter 25 of the Charter of the City, ~d it u accord.inglyso ordained 25. That it ~ herebyofficiallyfound and determined that the meeting at which thu Ordinance aas passed was open to the public, and public nonce of the time, place and purpose of said meeting a~ given, all as regtured by Chapter 551, Texas Government Code, as amended. ADOPTED thu February 27, 2001 Mayor, Ciry of Fort Wo ,Texas ecretary, of Fort Won ,Texas APP VED AS TO FORM AND LEGALITY ' Arcomey, ~}' of Fort Worth, xas (SEAL) .~, , 1 I~__ s ,- -36- Exhibit A to Ordinance DESCRIPTION OF ANNUAL FINANCIAL INFORMATION The following information is referred to in Section 14 of this Ordinance. manual Financial Statements and Operating Data The financial information and operating data with respect to the City to be provided 7tinually in accordance with such Section are as specified (and included m the Appendix or under the "~ headings of the Official Statement referred to) below The information of the general type included in tables 1 through 6, inclusive, and 8 through 15, $ tnelusive. Appendix B to the Official Statement, "Excerpts from the Annual Financial Report of the City of Fort Worth, Texas for the Fiscal Year Ended September 30, 2000" Accounting Principles The accounting principles referred to in such Section are the accounting principles ~tseribed in the notes to the financial statements referred to in paragraph 1 above. -37- SCHEDULE I ~Zy OF FORT WORTH, TEXAS GENERAL PURPOSE BONDS, SERIES 1992, dated January 15,1992, all outstanding bonds maturing on March 1, 2003, aggregating $1,000,000 in principal amount; ~rnpuon Date: APRIL 5, 2001. (ZTY OF FORT WORTH, TEXAS GENERAL PURPOSE BONDS, SERIES 1993, dated January 1,1993, all outstanding bonds maturing on March 1 in each of the years 2003 through 2012, inclusive, `~,regatmg $8,000,000 in principal amount; Redemption Date: MARCH 1, 2002. .~ ; 8 9 r-~ 10 -38- -~ STATE OF TEXAS ~ptJN'I'IES OF TA~RRANI' AND DENTON QTY OF FORT WORTH I, Glona Pearson, City Secretary of the Ciry of Fort Worth, in the State of Texas, do hereby r..~enif y that I have compared the attached and f oregoing excerpt from the minutes of the regular, open, ~~; public meeting of the Ciry Council of the City of Fort Worth, Texas held on February 27, 2001, and which was dul assed at said meetin and tha aid ~, ,~# Ordinance No./~'~~ y p g, t s copy is a true and R ~P ~ s ~.~~orrect copy of said excerpt and the whole of said ordinance. In testirionywhereof, I have set my hand and have hereunto affixed the seal of said City of Wonh, th>s 27th day of February, 2001 ~~~ City of Fort Worth, Texas I ~~ f' i 8 9 .-~ ,~ ... ,,--- i .~ s f 1 S'