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HomeMy WebLinkAboutOrdinance 11329~~ ~iltt a ~ ~9 ORDINANCE N0. ii3 a BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS, PROVIDING FOR THE ISSUANCE OF $5,000,000 CITY OF FORT WORTH, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1993; PROVIDING FOR THE LEVY, ASSESSMENT AND COLLECTION OF A TAX SUFFICIENT TO PAY THE INTEREST ON SAID CERTIFICATES OF OBLIGATION AND TO CREATE A SINKING FUND FOR THE REDEMPTION THEREOF AT MATURITY; PLEDGING CERTAIN SURPLUS REVENUES IN SUPPORT OF SAID CERTIFICATES; PRESCRIBING THE FORM OF SAID CERTIFICATES OF OBLIGATION; AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT WHEREAS, on the 27th day of April, 1993,-the City Council of the City of Fort Worth (the "City" or the "Issuer") passed a resolution authorizing and directing notice of its intention to issue the Certificates of obligation herein authorized to be issued, to be published in a newspaper as required by Section 271.049 of the Texas Local Government Code; and WHEREAS, said notice was published in the Fort Worth Star- Telegram, as required by said Section 271.049 of the Texas Local Government Code, on May 14, 1993 and May 21, 1993; and WHEREAS, consistent with the provisions of said resolution adopted April 27, 1993, said notice was also published fn the or Worth Commercial Recorder on May 12, 1993 and May 19, 1993; and WHEREAS, no petition, signed by 5$ of the qualified electors of said City as permitted by said Section 271.049 of the Texas Local Government Code protesting the issuance of such Certificates of Obligation, has been filed; and WHEREAS, the Certificates of Obligation hereinafter authorized are to be issued and delivered pursuant to Subchapter C of Chapter 271 of the Texas Local Government Code; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. AUTHORIZATION OF CERTIFICATES OF OBLIGATION. That said City's Certificates of Obligation, to be designated the "City of Fort Worth, Texas Combination Tax and Revenue Certificates of Obligation, Series 1993", are hereby authorized to be issued and delivered in the principal amount of $5,000,000 for the purpose of providing part of the funds for paying contractual obligations to be incurred for the acquisition and construction of facilities within the Will Rogers Memorial Complex and related infrastructure improvements including, without limitation, the relocation of Harley Street, and the payment of the engineering, legal and fiscal services related thereto. Section 2. DATE, DENOMINATIONS, NUMBERS AND MATURITIES. That said Certificates of Obligation shall initially be issued, sold and delivered hereunder as fully registered certificates, without interest coupons, dated June 1, 1993, in the respective denominations and principal amounts hereinafter stated, numbered consecutively from R-1 upward, payable to the respective initial registered owners thereof, or to the registered assignee or assignees of said certificates or any portion or portions thereof (in each case, the "Registered Owner"), and said Certificates of Obligation shall mature and be payable on March 1 in each of the years and in the principal amounts as follows: -2- PRINCIPAL PRINCIPAL YEAR AMOUNT YE AMOUNT 1994 $250,000 2004 $250,000 1995 $250,000 2005 $250,000 1996 $250,000 2006 $250,000 1997 $250,000 2007 $250,000 1998 $250,000 2008 $250,000 1999 $250,000 2009 $250,000 2000 $250,000 2010 $250,000 2001 $250,000 2011 $250,000 2002 $250,000 2012 $250,000 2003 $250,000 2013 $250,000 The term "Certificates" as used in this Ordinance shall mean and include collectively the Certificat es of Obligati on initially issued and delivered pursuant to this Ordinance and a ll substitute Certificates of Obligation exchanged therefor, as well as all other substitute Cert ificates of Obligation and replacement Certificates of Obligation issued pursuant hereto , and. the term "Certificate" shall mean any of the Certificates. Section 3. REDEMPTION. (a) Tha t the City reserves the right to redeem the Certificates of Oblig ation maturing on and after March 1, 2003, in whole or in part, on March 1, 2002, or on any date thereafter, for the principal amount thereof plus accrued interest to the date. fixed for redemption. The years of maturity of the Certificates called for redemption at the option of the City prior to stated maturity shall be selected by the City. The Certificates or portions thereof redeemed within a maturity shall be selected by lot or other method by the Paying Agent/Registrar (hereinafter defined). (b) At least 30 days prior to the date fixed for any such redemption, the City shall cause (i) a written notice of such redemption to be deposited in the United States mail, postage -3- prepaid, addressed to each registered owner at his address shown on the Registration Books (hereinafter defined) of the Paying Agent/Registrar and (ii) notice of such redemption to be published one (1) time in a financial journal or publication of general circulation in the United States of America carrying as a regular feature notices of municipal bonds called for redemption; provided, however, that the failure to send, mail, or receive such notice described in (i) above, or any defect therein or in the sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings for the redemption of any Certificate, and it is hereby specifically provided that the publication of notice described in (ii) above shall be the only notice actually required in connection with or as a prerequisite to the redemption of any Certificates. By the date fixed for any such redemption, due provision shall be made with the Paying Agent/Registrar for the payment of the required redemption price for the Certificates or the portions thereof which are to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If the notice of redemption is given, and if due provision for such payment is made, all as provided above, the Certificates or the portions thereof which are to be so redeemed thereby automatically shall be redeemed prior to their scheduled maturities, and shall not bear interest after the date fixed for redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price plus accrued interest to the date fixed for redemption from the Paying Agent/Registrar out of the funds provided for such payment. -4- (c) (i) In addition to the manner of providing notice of redemption of the Certificates set forth in subsection (b) of this Section, the Paying Agent/Registrar shall give notice of prepayment or redemption of Certificates by mail, first-class postage prepaid at least thirty (30) days prior to a redemption date to each registered securities depository and to any national information service that disseminates redemption notices. In addition, in the event of a redemption caused by an advance refunding of the Certificates, the Paying Agent/Registrar shall send a second notice of redemption to the persons specified in the immediately preceding sentence at least thirty (30) days but not more than ninety (90) days prior to the actual redemption date. Any notice sent to the registered securities depositories or such national information services shall be sent so that they are received at least two (2) days prior to the general mailing or publication date of such notice. The Paying Agent/Registrar shall also send a notice of prepayment or redemption to the registered owner of any Certificate who has not sent the Certificates in for redemption sixty (60) days after the redemption date. The failure to send, mail or receive any such notice described in this clause (i) , or any defect therein or in the sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings for the redemption of any Certificate. (ii) Each redemption notice, whether required in the FORM OF CERTIFICATES or otherwise by this Ordinance, shall contain a description of the Certificates to be redeemed including the complete name of the Certificates, the Series, the date of issue, -5- the interest rate, the maturity date, the CUSIP number, if any, the certificate numbers, the amounts called of each certificate, the publication and mailing date for the notice, the date of redemption, the redemption price, the name of the Paying Agent/Registrar and the address at which the Certificates may be redeemed including a contact person and telephone number. (iii) All redemption payments made by the Payinq Agent/Registrar to the registered owners of the Certificates shall include a CUSIP number relating to each amount paid to such registered owner. Section 4. INTEREST. The Certificates scheduled to mature during the years, respectively, set forth below shall bear interest at the following rates per annum: maturities 1994, $ maturities 2004, $ maturities 1995, $ maturities 2005, $ maturities 1996, $ maturities 2006, $ maturities 1997, $ maturities 2007, $ maturities 1998, $ maturities 2008, $ maturities 1999, $ maturities 2009, $ maturities 2000, $ maturities 2010, $ maturities 2001, $ maturities 2011, $ maturities 2002, $ maturities 2012, $ maturities 2003, $ maturities 2013, $ Said interest shall be payable to the registered owner of any such Certificate in the manner provided and on the dates stated in the FORM OF CERTIFICATE set forth in this Ordinance. Section 5. CHARACTERISTICS OF THE CERTIFICATES. (a) The Issuer shall keep or cause to be kept at the designated corporate trust office of Ameritrust Texas National Association, or such other bank, trust company, financial institution, or other agency named in accordance with the provisions of (g) below (the "Paying -6- Agent/Registrar") books or records for the registration and transfer of the Certificates (the "Registration Books"), and the Issuer hereby appoints the Paying Agent/Registrar as its registrar and transfer agent to keep such books or records and make such transfers and registrations under such reasonable regulations as the Issuer and Paying Agent/Registrar may prescribe; and the Paying Agent/Registrar shall make such transfers and registrations as ` herein provided. It shall be the duty of the Paying Agent/Registrar to obtain from the registered owner and record in the Registration Books the address of the registered owner of each Certificate to which payments with respect to the Certificates shall be mailed, as herein provided. The Issuer or its designee shall have the right to inspect the Registration Books during regular business hours of the Paying Agent/Registrar, but otherwise the Paying Agent/Registrar shall keep the Registration Books confidential and, unless otherwise required by law, shall not permit their inspection by any other entity. Registration of each Certificate may be transferred in the Registration Books only upon presentation and surrender thereof to the Paying Agent/Registrar for transfer of registration and cancellation, together with proper written instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing the assignment of such Certificate, or any portion thereof in any integral multiple of $5,000, to the assignee or assignees thereof, and the right of such assignee or assignees to have such Certificate or any such portion thereof registered in the name of such assignee or assignees. Upon the assignment and transfer of -7- any Certificate or any portion thereof, a new substitute certificate or certificates shall be issued in exchange therefor in the manner herein provided. (b) The entity in whose name any Certificate shall be regis- tered in the Registration Books at any time shall be treated as the absolute owner thereof for all purposes of this Ordinance, whether or not such certificate shall be overdue, and the City and the Paying Agent/Registrar shall not be affected by any notice to the contrary; and payment of, or on account of, the principal of, premium, if any, and interest on any such certificate shall be made only to such registered owner. All such payments shall be valid and effectual to satisfy and discharge the liability upon such certificate to the extent of the sum or sums so paid. (c) The City hereby further appoints the Paying Agent/Registrar to act as the paying agent for paying the principal of and interest on the Certificates, and to act as its agent to exchange or replace Certificates, all as provided in this Ordinance. The Paying Agent/Registrar shall keep proper records of all payments made by the City and the Paying Agent/Registrar with respect to the Certificates, and of all exchanges thereof, and all replacements thereof, as provided in this Ordinance. (d) Each Certificate may be exchanged for fully registered certificates in the manner set forth herein. Each Certificate issued and delivered pursuant to this Ordinance, to the extent of the unredeemed principal amount thereof, may, upon surrender thereof at the principal corporate trust office of the Paying Agent/Registrar, together with a written request therefor duly -8- executed by the registered owner or the assignee or assignees thereof, or its or their duly authorized attorneys or representa- tives, with guarantee of signatures satisfactory to the Paying Agent/Registrar, at the option of the registered owner or such assignee or assignees, as appropriate, be exchanged for fully registered certificates, without interest coupons, in the form prescribed in the FORM OF CERTIFICATE set forth in this Ordinance, in the denomination of $5,000, or any integral multiple thereof (subject to the requirement hereinafter stated that each substitute certificate shall have a single stated maturity date), as requested in writing by such registered owner or such assignee or assignees, in an aggregate principal amount equal to the unredeemed principal amount of any Certificate or Certificates so surrendered, and payable to the appropriate registered owner, assignee, or assign- ees, as the case may be. If a portion of any Certificate shall be redeemed prior to its scheduled maturity as provided herein, a substitute certificate or certificates having the same 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 in an aggregate principal amount equal to the unredeemed portion thereof, will be issued to the registered owner upon surrender thereof for cancellation. If any Certificate or portion thereof is assigned and transferred, each certificate issued in exchange therefor shall have the same principal maturity date and bear interest at the same rate as the certificate for which it is being exchanged. Each substitute certificate shall bear a letter and/or number to distinguish it from each other -9- certificate. The Paying Agent/Registrar shall exchange or replace Certificates as provided herein, and each fully registered certificate or certificates delivered in exchange for or re- placement of any Certificate or portion thereof as permitted or required by any provision of this Ordinance shall constitute one of the Certificates for all purposes of this Ordinance, and may again be exchanged or replaced. It is specifically provided, however, that any Certificate delivered in exchange for or replacement of another Certificate prior to the first scheduled interest payment date on the Certificates (as stated on the face thereof) shall be dated the same date as such Certificate, but each substitute certificate so delivered on or after such first scheduled interest payment date shall be dated as of the interest payment date preceding the date on which such substitute certificate is de- livered, unless such substitute certificate is 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 any substitute certificate the interest on the certificate for which it is being exchanged has not been paid, then such substitute certificate shall be dated as of the date to which such interest has been paid in full. On each substitute certificate issued in exchange for or replacement of any Certificate or Certificates issued under this Ordinance there shall be printed thereon a Paying Agent/Registrar's Authentication Certificate, in the form hereinafter set forth in the FORM OF CERTIFICATE set forth in this Ordinance. An authorized representative of the Paying Agent/Registrar shall, before the -10- delivery of any such substitute certificate, date such substitute certificate in the manner set forth above, and manually sign and date such Authentication Certificate, and no such substitute certificate shall be deemed to be issued or outstanding unless such Authentication Certificate is so executed. The Paying Agent/Registrar promptly shall cancel all Certificates surrendered for exchange or replacement. No additional ordinances, orders, or resolutions need be passed or adopted by the City Council or any other body or person so as to accomplish the foregoing exchange or replacement of any Certificates or portion thereof, and the Paying Agent/Registrar shall provide for the printing, execution, and delivery of the substitute certificates in the manner prescribed herein, and said certificates shall be of type composition printed on paper with lithographed or steel engraved borders of customary weight and strength. Pursuant to Article 717k-6, V.A.T.C.S., and particularly Section 6 thereof, the duty of exchange or replacement of any Certificates as aforesaid is hereby imposed upon the Paying Agent/Registrar, and, upon the execution of said Paying Agent/Reg- istrar's Authentication Certificate, the exchanged or replaced certificate shall be valid, incontestable, and enforceable in the same manner and with the same effect as the Certificates which originally were delivered pursuant to this Ordinance, approved by the Attorney General, and registered by the Comptroller of Public Accounts. Neither the City nor the Paying Agent/Registrar shall be required (1) to issue, transfer, or exchange any certificate during a period beginning at the opening of business 30 days before the day of the first mailing of a notice of redemption of certificates -11- and ending at the close of business on the day of such mailing, or (2) to transfer or exchange any certificate so selected for redemption in whole when such redemption is scheduled to occur within 30 calendar days. (e) All Certificates issued in exchange or replacement of any other Certificate or portion thereof, (i) shall be issued in fully registered form, without interest coupons, with the principal of and interest on such Certificates to be payable only to the regis- tered owners thereof, (ii) may be redeemed prior to their scheduled maturities, (iii) may be transferred and assigned, (iv) may be ex- changed for other Certificates, (v) shall have the characteristics, (vi) shall be signed and sealed, and (vii) the principal of and interest on the Certificates shall be payable, all as provided, and in the manner required or indicated, in the FORM OF CERTIFICATE set forth in this Ordinance. (f) The City shall pay the Paying Agent/Registrar's reasonable and customary fees and charges for making transfers of Certificates, but the registered owner of any Certificates requesting such transfer shall pay any taxes or other governmental charges required to be paid with respect thereto. The registered owner of any Certificates requesting any exchange shall pay the Paying Agent/Registrar's reasonable and standard or customary fees and charges for exchanging any such certificate or portion thereof, together with any taxes or governmental charges required to be paid with respect thereto, all as a condition precedent to the exercise of such privilege of exchange, except, however, that in the case of the exchange of an assigned and transferred certificate or -12- certificates or any portion or portions thereof in any integral multiple of $5,000, and in the case of the exchange of the unredeemed portion of a Certificate which has been redeemed in part prior to maturity, as provided in this ordinance., such fees and charges will be paid by the City. In addition, the City hereby covenants with the registered owners of the Certificates that it will (i) pay the reasonable and standard or customary fees and charges of the Paying Agent/Registrar for its services with respect to the payment of the principal of and interest on Certificates, when due, and (ii) pay the fees and charges of the Paying Agent/Registrar for services with respect to the transfer or registration of Certificates solely to the extent above provided, and with respect to the exchange of Certificates solely to the extent above provided. (g) The City covenants with the registered owners of the Certificates that at all times while the Certificates are outstanding the City will provide a competent and legally qualified bank, trust company, financial institution, or other agency to act as and perform the services of Paying Agent/Registrar for the Certificates under this Ordinance, and that the Paying Agent/- Registrar will be one entity. The City reserves the right to, and may, at its option, change the Paying Agent/Registrar upon not less than 60 days written notice to the Paying Agent/Registrar. In the event that the entity at any time acting as Paying Agent/Registrar (or its successor by merger, acquisition, or other method) should resign or otherwise cease to act as such, the City covenants that promptly it will appoint a competent and legally qualified national -13- or state banking institution which shall be a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise trust powers, subject to supervision or examination by federal or state authority, and whose qualifications substantially are similar to the previous Paying Agent/Registrar to .act as Paying Agent/Reg- istrar under this Ordinance. Upon any change in the Paying s Agent/Registrar, the previous Paying Agent/Registrar promptly shall transfer and deliver the Registration Books (or a copy thereof), along with all other pertinent books and records relating to the Certificates, to the new Paying Agent/Registrar designated and appointed by the City. Upon any change in the Paying Agent/Registrar, the City promptly will cause a written notice thereof to be sent by the new Paying Agent/Registrar to each registered owner of the Certificates, by United States Mail, postage prepaid, which notice also shall give the address of the new Paying Agent/Registrar. By accepting the position and performing as such, each Paying Agent/Registrar shall be deemed to have agreed to the provisions of this Ordinance, and a certified copy of this Ordinance shall be delivered to each Paying Agent/Registrar. Section 6. FORM OF CERTIFICATES. The form of the Certificates, including the form of Paying Agent/Registrar's Authentication Certificate, the form of Assignment and the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be attached to the Certificates initially issued and delivered pursuant to this Ordinance, shall be, -14- respectively, substantially as follows, with such appropriate variations, omissions, or insertions as are permitted or required by this Ordinance. -15- No. g UNITED STATES OF AMERICA STATE OF TEXAS , COUNTIES OF TARRANT AND DENTON CITY OF FORT WORTH, TEXAS COMBINATION TAX AND REVENUE CERTIFICATE OF OBLIGATION SERIES 1993 MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP $ June 1, 1993 ON THE MATURITY DATE SPECIFIED ABOVE, THE CITY OF FORT WORTH, TEXAS (the "Issuer"), being a political subdivision of the State of Texas, hereby promises to pay to or to the registered assignee hereof (either being hereinafter called the "registered owner") the principal amount of DOLLARS and to pay interest thereon, from the Original Issue Date specified above, to the Maturity Date specified above, or the date of redemption prior to maturity, at the interest rate per annum specified above, with said interest payable on September 1, 1993, and semiannually on each March 1 and September 1 thereafter; except that if this Certificate is required to be authenticated and the date of its authentication is later than September 1, 1993, such interest is payable semiannually on each March 1 and September 1 following such date. THE PRINCIPAL OF AND INTEREST ON this Certificate are payable in lawful money of the United States of America, without exchange or collection charges. The principal of this Certificate shall be paid to the registered owner hereof upon -16- presentation and surrender of this Certificate at maturity or redemption prior to maturity at the designated corporate trust office in Dallas, Texas of Ameritrust Texas National Association, which is the "Paying Agent/Registrar" for this Certificate. The payment of interest on this Certificate shall be made by the Paying Agent/Registrar to the registered owner hereof on each interest payment date by check, dated as of such interest payment date, drawn by the Paying Agent/Registrar on, and payable solely from, funds of the Issuer required by the ordinance authorizing the issuance of this Certificate (the "Certificate Ordinance") to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such check shall be sent by the Paying Agent/Registrar by United States mail, first-class postage prepaid, on each such interest payment date, to the registered owner hereof, at its address as it appeared on the fifteenth day of the month preceding each such date (the "Record Date") on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described. Any accrued interest due at maturity or upon redemption of this Certificate prior to maturity as provided herein shall be paid to the registered owner upon presentation and surrender of this Certificate for redemption and payment at the principal corporate trust office of the Paying Agent/Registrar. The Issuer covenants with the registered owner of this Certificate that on or before each principal payment date., interest payment date, and accrued interest payment date for this Certificate it will make available to the Paying Agent/Registrar, from the "Interest and Redemption Fund" created -17- t by the Certificate Ordinance, the amounts required to provide for the payment, in immediately available funds, of all principal of and interest on the Certificates, when due. IN THE EVENT OF NON-PAYMENT of interest on a scheduled payment date, and for 30 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 from 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) shall be sent at least five business days prior to the Special Record Date by United States mail, first-class postage prepaid, to the address of each registered owner of a Certificate appearing on the Registration Books kept by the Paying Agent/Registrar at the close of business on the last business day next preceding the date of mailing of such notice. IF THE DATE for the payment of the principal of or interest on this Certificate shall be a Saturday, Sunday, a legal holiday, or a day on which banking institutions in the city where the principal corporate trust office of the Paying Agent/Registrar is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not such a Saturday, Sunday, legal holiday, or day on which banking institutions are authorized to close; and payment on such date shall have the same force and effect as if made on the original date payment was due. -18- THE TERMS AND PROVISIONS of this Certificate are continued on the reverse side hereof and shall for all purposes have the same effect as though fully set forth at this place. *THIS CERTIFICATE is one of a Series of Certificates dated as of the Original Issue Date stated above, authorized in accordance with the Constitution and laws of the State of Texas in the principal amount of $5,000,000, FOR THE PURPOSE OF PROVIDING PART OF THE FUNDS FOR PAYING CONTRACTUAL OBLIGATIONS TO BE INCURRED FOR THE ACQUISITION AND CONSTRUCTION OF FACILITIES WITHIN THE WILL ROGERS MEMORIAL COMPLEX AND RELATED INFRASTRUCTURE IMPROVEMENTS INCLUDING, WITHOUT LIMITATION, THE RELOCATION OF RAREFY STREET, AND THE PAYMENT OF THE ENGINEERING, LEGAL AND FISCAL SERVICES RELATED THERETO. *ON MARCH 1, 2002, or on any date thereafter, the Certificates maturing on and after MARCH 1, 2003 are subject to optional redemption by the Issuer, in whole or in part in principal amounts of $5,000 or any integral multiple thereof, at the par value thereof plus accrued interest to the date fixed for redemption. The years of maturity of the Certificates called for redemption at the option of the Issuer prior to stated maturity shall be selected by the Issuer. The Certificates or portions thereof redeemed within a maturity shall be selected by lot or other method by the Paying Agent/Registrar. *AT LEAST 30 days prior to the date fixed for any such re- demption (a) a written notice of such redemption shall be given to the registered owner of each Certificate or a portion thereof being called for redemption by depositing such notice in the -19- United States mail, first-class postage prepaid, addressed to each such registered owner at his address shown on the Registration Books of the Paying Agent/Registrar and (b) notice of such redemption shall be published one (1) time in a financial journal or publication of general circulation in the United States of America carrying as a regular feature notices of municipal bonds called for redemption; provided, however, that the failure to send, mail, or receive such notice described in (a) above, or any defect therein or in the sending or mailing thereof, shall not affect the validity or effectiveness of the proceedings for the redemption of any Certificate, and the Certificate Ordinance provides that the publication of notice as described in (b) above shall be the only notice actually required in connection with or as a prerequisite to the redemption of any Certificates. By the date fixed for any such redemption due pro- vision shall be made by the Issuer with the Paying Agent/ Registrar for the payment of the required redemption price for this Certificate or the portion hereof which is to be so redeemed, plus accrued interest thereon to the date fixed for redemption. If such notice of redemption is given, and if due provision for such payment is made, all as provided above, this Certificate, or the portion hereof which is to be so redeemed, thereby automatically shall be redeemed prior to its .scheduled maturity, and shall not bear interest after the date fixed for its redemption, and shall not be regarded as being outstanding except for the right of the registered owner to receive the redemption price plus accrued interest to the date fixed for -20- redemption from the Paying Agent/Registrar out of the funds provided for such payment. The Paying Agent/Registrar shall record in the Registration Books all such redemptions of principal of this Certificate or any portion hereof. If a portion of any Certificate shall be redeemed, a substitute Certificate or Certificates having the same maturity date, bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000, at the written request of the registered owner, and in 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 Certificate Ordinance. *ALL CERTIFICATES OF THIS SERIES are issuable solely as fully registered certificates, without interest coupons, in the denomination of any integral multiple of $5,000. As provided in the Certificate Ordinance, this Certificate, 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 fully registered certificates, without interest coupons, payable to the appropriate registered owner, assignee, or assignees, as the case may be, having the same maturity date, and bearing interest at the same rate, in any denomination or denominations in any integral multiple of $5,000 as requested in writing by the appropriate registered owner, assignee, or assignees, as the case may be, upon surrender of this Certificate to the Paying -21- Agent/Registrar for cancellation, all in accordance with the form and procedures set forth in the Certificate Ordinance. Among other requirements for such assignment and transfer, this Certificate must be presented and surrendered to the Paying Agent/Registrar, together with proper instruments of assignment, in form and with guarantee of signatures satisfactory to the Paying Agent/Registrar, evidencing assignment of this Certificate or any portion or portions hereof in any integral multiple of $5,000 to the assignee or assignees in whose name or names this Certificate or any such portion or portions hereof is or are to be transferred and registered. The form of Assignment printed or endorsed on this Certificate may be executed by the registered owner to evidence the assignment hereof, but such method is not exclusive, and other instruments of assignment satisfactory to the Paying Agent/Registrar may be used to evidence the assignment of this Certificate or any portion or portions hereof from time to time by the registered owner. The one requesting such exchange shall pay the Paying Agent/Registrar's reasonable standard or customary fees and charges for exchanging any Certificate or portion thereof. The foregoing notwithstanding, in the case of the exchange of a portion of a Certificate which has been redeemed prior to maturity, as provided herein, and in the case of the exchange of an assigned and transferred Certificate or Certificates or any portion or portions thereof, such fees and charges of the Paying Agent/Registrar will be paid by the Issuer. In any circumstance, any taxes or governmental charges required to be paid with respect thereto shall be paid by -22- the one requesting such assignment, transfer, or exchange as a condition precedent to the exercise of such privilege. In any circumstance, neither the Issuer nor the Paying Agent/Registrar shall be required (1) to make any transfer or exchange during a period beginning at the opening of business 30 days before the day of the first mailing of a notice of .redemption of certificates and ending at the close of business on the day of such mailing, or (2) to transfer or exchange any Certificates so selected for redemption when such redemption is scheduled to occur within 30 calendar days. *IN THE EVENT any Paying Agent/Registrar for the Certif- icates is changed by the Issuer, resigns, or otherwise ceases to act as such, the Issuer has covenanted in the Certificate Ordinance that it promptly will appoint a competent and legally qualified substitute therefor, and promptly will cause written notice thereof to be mailed to the registered owners of the Certificates. *IT IS HEREBY certified, recited and covenanted that this Certificate has been duly and validly authorized, issued, and delivered; that all acts, conditions, and things required or proper to be performed, exist, and be done. precedent to or in the authorization, issuance, and delivery of this Certificate have been performed, existed, and been done in accordance with law; that this Certificate is a direct obligation of said Issuer, issued on the full faith and credit thereof; and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this Certificate, as such interest -23- comes due and such principal matures, have been levied and ordered to be levied against all taxable property in said Issuer, and have been pledged for such payment, within 'the limit pres- cribed by law; and that "Dedicated Revenues" received by the City of Fort Worth from leasing the "Designated Will Rogers Memorial Complex Facilities", each as defined in the Certificate Ordinance, have been pledged as additional security for the Certificates. BY BECOMING the registered owner of this Certificate, the registered owner thereby acknowledges all of the terms and provisions of the Certificate Ordinance, agrees to be bound by such terms and provisions, acknowledges that the Certificate Ordinance is duly recorded and available for inspection in the official minutes and records of the Issuer, and agrees that the terms and provisions of this Certificate and the Certificate Ordinance constitute a contract between each registered owner hereof and the Issuer. IN WITNESS WHEREOF, this Certificate has been signed with the manual or facsimile signature of the Mayor of the City, attested by the manual or facsimile signature of the City Secretary, and approved as to form and legality with the manual or facsimile signature of the City Attorney, and the official -24- seal of the Issuer has been duly affixed to, or impressed, or placed in facsimile, on this Certificate. xxxxx City Secretary xxxxx Mayor APPROVED AS TO FORM AND LEGALITY: xxxxx City Attorney (SEAL) -25- FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE It is hereby certified that this Certificate of Obligation has been issued under the provisions of the proceedings adopted by the City as described in the text of this Certificate of Obligation; and that this Certificate of Obligation has been issued in exchange for or replacement of a certificate of obligation, certificates of obligation, or a portion of a certificate of obligation or certificates of obligation of an issue which originally was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas. Dated AMERITRUST TEXAS NATIONAL ASSOCIATION Paying Agent/Registrar By Authorized Representative -26- FORM OF ASSIGNMENT: ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (Please insert Social Security or Taxpayer Identification Number of Transferee) / / (Please print or typewrite name and address, including zip code of Transferee) the within Certificate of Obligation and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to register the transfer of the within Certificate of Obligation on books kept for registration thereof, with full power of substitution in the premises. Dated: •Signature Guaranteed: NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. NOTICE: The signature above must correspond with the name of the Registered Owner as it appears upon the front of this Certificate in every partic- ular, without alteration or enlargement or any change whatsoever. -27- **FORM OF COMPTROLLER'S CERTIFICATE ATTACHED TO THE CERTIFICATES UPON INITIAL DELIVERY THEREOF OFFICE OF COMPTROLLER STATE OF TEXAS REGISTER NO. I hereby certify that there is on file and of record in my office a certificate of the Attorney General of the State of Texas to the effect that this Certificate has been examined by him as required by law, .and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding obligation of the City of Fort Worth, Texas, payable in the manner provided by and in the ordinance authorizing same, and said Certificate has this day been registered by me. WITNESS MY HAND and seal of office at Austin, Texas this Comptroller of Public Accounts of (SEAL) the State of Texas NOTE TO PRINTER: *qs to be on reverse side of certificate **q not to be on certificate Section 7. DEFINITIONS. That the terms "Certificates" and "Certificates of Obligation" shall mean the City of Fort Worth, Texas Combination Tax and Revenue Certificates of obligation, Series 1993 authorized to be issued and delivered by this Ordinance, the term "Code" shall mean the Internal Revenue Code of 1986, and any amendment thereto, together with applicable -28- regulations promulgated thereunder, the term "Dedicated Revenues" shall mean those revenues payable to the City by the Southwestern Exposition and Livestock Show, as lessee of the Designated Will Rogers Memorial Complex Facilities under the terms of amended and restated City Secretary Contract No. 17195, described thereunder as the "base rental", and the term "Designated Will Rogers Memorial Complex Facilities" shall mean the facilities described in Exhibit A attached to this Ordinance. Section 8. INTEREST AND REDEMPTION FUND. That a special fund or account, to be designated the "City of Fort Worth, Texas Series 1993 Certificate of Obligation Interest and Redemption FundA1 is hereby created and shall be established and maintained by the Issuer. Said Interest and Redemption Fund shall be kept separate and apart from all other funds and accounts of said Issuer, and shall be used only for paying the interest on and principal of said Certificates. All ad valorem taxes levied and collected for and on account of said Certificates shall be deposited, as collected, to the credit of said Interest and Redemption Fund. During each year while any of said Certificates are outstanding and unpaid, the governing body of said Issuer shall compute and ascertain the rate and amount of ad valorem tax, based on the latest approved tax rolls of said Issuer, with full allowances being made for tax delinquencies and the cost of tax collections, which will be sufficient to raise and produce the money required to pay the interest on said Certificates as such interest comes due, and to provide a sinking fund to pay the principal of said Certificates as such principal matures, but -29- never less than 2$ of the original amount of said Certificates as a sinking fund each year. Said rate and amount of ad valorem tax is hereby ordered to be levied against all taxable property in said Issuer for each year while any of said Certificates are outstanding and unpaid, and said ad valorem tax shall be assessed and collected each such year and deposited to the credit of the aforesaid Interest and Redemption Fund. Said ad valorem taxes necessary to pay the interest on and principal of said Certificates, as such interest comes due and such principal matures, are hereby pledged for such payment, within the limit prescribed by law. Section 9. REVENUES. That the Certificates of Obligation are additionally secured by and shall be payable from the Dedicated Revenues received by the City from leasing the Designated Will Rogers Memorial Complex Facilities. The pledge of the Dedicated Revenues is made in accordance with the provisions of Subchapter C, Chapter 271, Texas Local Government Code and Article 1269]-4.1, Texas Revised Civil Statutes, as amended. The Issuer shall promptly deposit the Dedicated Revenues upon their receipt to the credit of the Interest and Redemption Fund created pursuant to ,Section 8, to pay the principal and interest on the Certificates of Obligation. Notwithstanding the requirements of Section 8, if Dedicated Revenues are actually on deposit or budgeted for deposit in the Interest and Redemption Fund in advance of the time when ad valorem taxes are scheduled to be levied for any year, then the amount of taxes which otherwise would have been required to be -30- levied pursuant to Section 8 may be reduced to the extent and by the amount of the Dedicated Revenues then on deposit in the Interest and Redemption Fund or budgeted for deposit herein. Section 10. TRANSFER. That the City shall do any and all things necessary to accomplish the transfer of monies to the Interest and Redemption Fund of this issue in ample time to pay such items of principal and interest including, without limitation, the transfer of presently available funds from the General Fund of the Issuer to the Interest and Redemption Fund to the extent necessary to pay the first scheduled interest payment due on the Certificates of Obligation, which funds are hereby appropriated for such purpose. Section il. SECURITY FOR FUNDS. That the Interest and Redemption Fund created by this Ordinance shall be secured in the manner and to the fullest extent permitted or required by law for the security of public funds, and such Fund shall be used only for the purposes and in the manner permitted or required by this Ordinance. Section 12. DAMAGED, MUTILATED, LOST, STOLEN, OR DESTROYED CERTIFICATES. (a) Replacement Certificates. That in the event any outstanding Certificate is damaged, mutilated, lost, stolen, or destroyed, the Paying Agent/Registrar shall cause to be printed, executed, and delivered, a new certificate of the same principal amount, maturity, and interest rate, as the damaged, mutilated, lost, stolen, or destroyed Certificate, in replacement for such Certificate in the manner hereinafter provided. -31- (b) $pp~ication for Replacement Certificates. That appli- cation for replacement of damaged, mutilated, lost,. stolen, or destroyed Certificates shall be made by the registered owner thereof to the Paying Agent/Registrar. Zn every case of loss, theft, or destruction of a Certificate, the registered owner applying for a replacement certificate shall furnish to the City and to the Paying Agent/Registrar such security or indemnity as may be required by them to save each of them harmless from any loss or damage with respect thereto. Also, in every case of loss, theft, or destruction of a Certificate,, the registered owner shall furnish to the City and to the Paying Agent/Registrar evidence to their satisfaction of the loss, theft, or destruction of such Certificate, as the case may be. In every case of damage or mutilation of a Certificate, the registered owner shall surrender to the Paying Agent/Registrar for cancellation the Certificate so damaged or mutilated. (c) No Default Occurred. That notwithstanding the fore- going provisions of this Section, in the event any such Certificate shall have matured, and no default has occurred which is then continuing in the payment of the principal of, redemption premium, if any, or interest on the Certificate, the City may authorize the payment of the same (without surrender thereof except in the case of a damaged or mutilated Certificate) instead of issuing a replacement certificate, provided security or indemnity is furnished as above provided in this Section. (d) charge for Issuing Replacement Certificates. That prior to the issuance of any replacement certificate, the Paying -32- Agent/Registrar shall charge the registered owner of such Certificate with all legal, printing, and other expenses in connection therewith. Every replacement certificate issued pursuant to the provisions of this Section by virtue of the fact that any Certificate is lost, stolen, or destroyed shall constitute a contractual obligation of the City whether or not the lost, stolen, or destroyed Certificate shall be found at .any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Ordinance equally and proportionately with any and all other Certificates duly issued under this Ordinance. (e) Authority for Issuing Replacement Certificates. That in accordance with Section 6 of Vernon's Ann. Tex. Civ. St. Art. 717k-6, this Section of this Ordinance shall constitute authority for the issuance of any such replacement certificate without necessity of further action by the City or any other body or person, and the duty of the replacement of such certificates is hereby authorized and imposed upon the Paying Agent/Registrar, and the Paying Agent/Registrar shall authenticate and deliver such Certificates in the form and manner and with the effect, as provided in Section 5(a) of this Ordinance for Certificates issued in conversion and exchange of other Certificates. Section 13. COVENANTS WITH RESPECT TO EXCLUSION FROM GROSS INCOME OF INTEREST ON THE CERTIFICATES. The Issuer covenants to take any action to assure, or refrain from any action which would adversely affect, the treatment of the Certificates as obligations described in section 103 of the Code, the interest on which is not includable in the "gross income" of -33- the holder for purposes of federal income taxation. In furtherance thereof, the Issuer covenants as follows: (a) to take any action to assure that no more than 10 percent of the proceeds of the Certificates or the projects financed therewith (less amounts deposited to a reserve fund, if any) are used for any "private business use," as defined in section 141(b)(6) of the Code or, if more than 10 percent of the proceeds are so used, such amounts, whether or not received by the Issuer, with respect to such private business use, do not, under the terms of this Ordinance or any underlying arrangement, directly or indirectly, secure or provide for the payment of more than 10 percent of the debt service on the Certificates, in contravention of section 141(b)(2) of the Code; (b) to take any action to assure that in the event that the "private business use" described in subsection (a) hereof exceeds 5 percent of the proceeds of the Certificates or the projects financed therewith (less amounts deposited into a reserve fund, if any) then the amount in excess of 5 percent is used for a "private business use" which is "related" and not "disproportionate," within the meaning of section 141(b)(3) of the Code, to the governmental use; (c) to take any action to assure that no amount which is greater than the lesser of $5,000,000, or 5 percent of the proceeds of the Certificates (less amounts deposited into a reserve fund, if any) is directly or indirectly used to finance loans to persons, other than state or local -34- governmental units, in contravention of section 141(c) of the Code; (d) to refrain from taking any action which would otherwise result in the Certificates being treated as "private activity bonds" within the meaning of section 141(b) of the Code; (e) to refrain from taking any action that would result in the Certificates being "federally guaranteed" within the meaning of section 149(b) of the Code; (f) to refrain from using any portion of the proceeds of the Certificates, directly or indirectly, to acquire or to replace funds which were used, directly or indirectly, to acquire investment property (as defined in section 148(b)(2) of the Code) which produces a materially higher yield over the term of the Certificates, other than investment property acquired with -- (1) proceeds of the Certificates invested for a reasonable temporary period of 3 years or less until such proceeds are needed for the purpose for which the bonds are issued, (2) amounts invested in a bona fide debt service fund, within the meaning of section 1.103-13(b)(12) of the Treasury Regulations, and (3) amounts deposited in any reasonably required reserve or replacement fund to the extent such amounts do not exceed 10 percent of the proceeds of the Certificates; -35- (g) to otherwise restrict the use of the proceeds of the Certificates or amounts treated as proceeds of the Certificates, as may be necessary, so that the Certificates do not otherwise contravene the requirements of section 148 of the Code (relating to arbitrage) and, to the extent applicable, section 149(d) of the Code (relating to advance refundings); (h) to pay to the United States of America at least once during each five-year period (beginning on the date of delivery of the Certificates) an amount that is at least equal to 90 percent of the "Excess Earnings", within the meaning of section 148(f) of the Code and to pay to the United States of America, not later than 60 days after the Certificates have been paid in full, 100 percent of the amount then required to be paid as a result of Excess Earnings under section 148(f) of the Code; and (i) to maintain such records as will enable the Issuer to fulfill its responsibilities under this section and section 148 of the Code and to retain such records for at least six years following the final payment of principal and interest on the Certificates. For purposes of the foregoing, the Issuer acknowledges that in the case of a refunding bond, the term "proceeds" includes transferred proceeds. It is the understanding of the Issuer that the covenants contained herein are intended to assure compliance with the Code and any regulations or rulings promulgated by the U.S. Department of the Treasury pursuant thereto. In the event -36- that regulations or rulings are hereafter promulgated which modify or expand provisions of the Code, as applicable to the Certificates, the Issuer will not be required to comply with any covenant contained herein to the extent that such failure to comply or expansion, in the opinion of nationally-recognized bond counsel, will not adversely affect the exemption from federal income taxation of interest on the Certificates under section 103 of the Code. In the event that regulations or rulings are hereafter promulgated which impose additional requirements which are applicable to the Certificates, the Issuer agrees to comply with the additional requirements to the extent necessary, in the opinion of nationally-recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Certificates under section 103 of the Code. ~In furtherance of such intention, the City hereby authorizes and directs the Mayor, the City Manager, any Assistant City Manager, and the Assistant Director of Fiscal Services to execute any documents, certificates or 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 Certificates. In order to facilitate compliance with the above covenants (h) and (i), a "Rebate Fund" is hereby established by the City for the sole benefit of the United States of America, and such fund shall not be subject to the claim of any other person, including without limitation the registered owners of the -37- Certificates. The Rebate Fund is established for the additional purpose of compliance with section 148 of the Code. Section. 14. CUSTODY, APPROVAL, AND REGISTRATION OF CERTIFICATES. That the Mayor of the City is hereby authorized to have control of the Certificates initially issued and delivered hereunder and all necessary records and proceedings pertaining to the Certificates pending their delivery and their investigation, examination, and approval by the Attorney General of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas.. Upon registration of the Certificates said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate attached to such Certificates, and the seal of said Comptroller shall be impressed, or placed in facsimile, on such Certificate. Section 15. DTC REGISTRATION. The Certificates of Obligation initially shall be issued and delivered in such manner that no physical distribution of the Certificates of Obligation will be made to the public, and The Depository Trust Company ("DTC"), New York, New York, initially will act as depository for the Certificates of Obligation. DTC has represented that it is a limited purpose trust company incorporated under the laws of the State of New York, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered under Section 17A of the Securities Exchange Act of 1934, as amended, and the City accepts, but in no way verifies., such representations. The -38- Certificates of Obligation initially authorized by this Ordinance shall be delivered to and registered in the name of CEDE & CO. , the nominee of DTC. It is expected that DTC will hold the Certificates of Obligation on behalf of the Purchaser (as defined in Section 17 of this Ordinance) and its participants. So long as each Certificate of Obligation is registered in the name of CEDE & CO., the Paying Agent/Registrar shall treat and deal with DTC the same in all respects as if it were the actual and beneficial owner thereof. It is expected that DTC will maintain a book-entry system which will identify ownership of the Certificates of Obligation in integral amounts of $5,000, with transfers of ownership being effected on the records of DTC and its participants pursuant to rules and regulations established by them, and that the Certificates of Obligation initially deposited with DTC shall be immobilized and not be further exchanged for substitute Certificates of obligation except as hereinafter provided. The City is not responsible or liable for any functions of DTC, will not be responsible for paying any fees or charges with respect to its services, will not be responsible or liable for maintaining, supervising, or reviewing the records of DTC or its participants, or protecting any interests or rights of the beneficial owners of the Certificates of Obligation. It shall be the duty of the DTC Participants, as defined in the Official Statement herein approved, to make all arrangements with DTC to establish this book-entry system, the beneficial ownership of the Certificates of Obligation, and the method of paying the fees and charges of DTC. The City does not represent, nor does -39- t it in any way covenant that the initial book-entry system established with DTC will be maintained in the future. Notwithstanding the initial establishment of the foregoing book- entry system with DTC, if for any reason any of the originally delivered Certificates of Obligation is duly filed with the Paying Agent/Registrar with proper request for transfer and substitution, as provided for in this Ordinance, substitute Certificates of Obligation will be duly delivered as ,provided in this Ordinance, and there will be no assurance or representation that any book-entry system will be maintained for such Certificates of Obligation. To effect the establishment of the foregoing book-entry system, the Mayor or the City Manager are hereby authorized to execute the "DTC Letter of Representations" in the form provided by DTC to evidence the City's intent to establish said book-entry system, Section 16. PREAMBLE. That the findings set forth fn the preamble to this Ordinance are hereby incorporated into the body of this Ordinance and made a part hereof for all purposes. Section 17. SALE. The Certificates of Obligation are hereby sold and shall be delivered to (the "Purchaser"), for a price of par and accrued interest thereon to the date of delivery, less a discount of $ The Official Notice of Sale, Official Bid Form, and Official Statement, prepared and distributed in connection with the sale of the Certificates of Obligation, in substantially the form attached hereto, are hereby approved by the City Council, and -40- their use in the offer and sale of the Certificates of Obligation is hereby approved. ADOPTED this 8th day of June, 1993. City of Fort Worms, T ATTEST: ~~~C u~~ City Secretary, City of Fort Worth, Texas APPROVED AS TO FO AND LEGALITY: City Attorney, City of Fort Worth, Texas (SEAL) -41- EXHIBIT A The term "Designated Will Rogers Memorial Complex Facilities" shall mean the premises described in Section 1.(A) of restated City Secretary Contract No. 17195, executed June 4, 1993 by the City of Fort Worth, Texas, Lessor, and Southwestern Exposition and Livestock Show, Lessee, and defined in such Contract as the "Leased Premises". I, the undersigned, City Secretary of the City of Fort Worth, in the State of Texas, do hereby certify that I have compared the attached and foregoing excerpt from the minutes of the regular meeting of the City Council of the City of Fort Worth, Texas which was held on June 8, 1993, and of an ordinance which was duly passed at said meeting, and that said copy is a true and correct copy of said excerpt and the whole of said ordinance. Said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all in accordance with Vernon's Annotated Civil Statutes, Article 6252-17, as amended. In testimony whereof, I have set my hand and have hereunto affixed the seal of said City of Fort Worth, this 8th day of June, 1993. ~oo~. City Secretary of the City of Fort Worth, Texas (SEAL) .~ MASTER FIL'f~+9 "" ACCDUNTING•2 7RAt~SPJkTRTIUN~PUBLIC WORK~sp City of Fort Worth, Texas V. ofLR AOtAiN i•^i.L~i ~~or and Cou~-cil Commacnicati~~ ENGINEERING Ln~'J 1 ~CjITY I ~%'LL DATE 06/08/93 REFERENCE NUMBER ~ -/DSO LOG NAME 13000 PAGE 1 of 1 1ANAGER l SUBJECT 993' COMBINATION TAX AND T CE~OOO~ ~ ~O FI ~ ~ W~ 1 REVENUE CA E OBL GAT O ERI~S ON RECOMMENDATION: It is recommended: 1. That the City Council adopt Ordinance No. 11329 providing for the issuance of $5,000,000.00 City of Fort Worth, Texas, Combination Tax and Revenue Certificates of Obligation, Series 1993, approving the "Notice of Sale and Bidding Instructions", "Official Bid Form" and "Official Statement" prepared in connection with the issuance of $5,000,000.00 City of Fort Worth, Texas, Combination Tax and Revenue Certificates of Obligation, Series 1993, and 2. That the $5,000,000.00 City of Fort Worth, Texas, Combination Tax and Revenue Certificates of Obligation, Series 1993, be sold to Barre & Company, the bidder offering the lowest net interest cost, $ 2,728,500.00 at an average effective rate of 5.3238%. DISCUSSION: Bids for $5,000,000.00 City of Fort Worth, Texas, Combination Tax and Revenue Certificates of Obligation, Series 1993, were received today (Tuesday, June 8, 1993) at 10:00 a.m. A summary of the average annual effective rate for the bids is shown below. 1) Barre & Company 5.3238% 2) Kiddey Peabody 5.325427% 3) Clayton Brown 5.3360% 4) Nations Bank 5.368354% 5) Rauscher Price 5.382172% 6) Prudential Securities 5.4134% cB:b OFFICI~I RECQ~I~~ CITY SECRETARY FT. WOI~TN,IEX. Su mitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by to p~pVED Ap ~~I~ Charles Boswell 8500 ~~~Y COE~ Originating Department Head JUN 8 1993 Charles Boswell 8500 from ~ ~~ h For Additional Information e ~ teryot9 ~~`°Tt~o~'~~ Contact t~itgio ted Ordinance No Ad James R Keyes 8517 y op ~~f i:~i Printed on recycled paper