HomeMy WebLinkAboutOrdinance 106361 ~
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DALLAS-FORT WORTH INTERNATIONAL AIRPORT
CONCiJRRENT REPLACEMENT BOND ORDINANCES
(SERIES 1977, BOND NO. 13729)
CITY OF DALLAS ORDIIVANCE NO. ~i
CITY OF FORT WORTH ORDINANCE NO. ~c~
An ordinance passed concurrently by the City Councils, respectively, of the Cities of Dallas
and Fort Worth, authorizing the issuance of one (1)• $5,000.00 replacement bond to replace Bond
Number 13729 of Dallas-Fort Worth Regional Airport Joint Revenue Construction and Refunding ,
Bonds, Series 1977 and resolving other matters related thereto.
WHEREAS, the Cities of Fort Worth and Dallas by ordinance passed concurrently on
August 30, 1977 and August 31, 1977, respectively, authorized the issuance of and sold their
Dallas -Fort Worth Regional Airport Joint Revenue Construction and Refunding Bonds, Series
1977, in the aggregate principal amount of $274",530,000, dated September 1, 1977, and
WHEREAS, one bond of the above described Series of bonds, to-wit:
Bond Number 13729 in the denomination of $5,000.00, and bearing interest at the rate
of 5.60% per annum, payable semiannually on each May 1 and November 1 (Interest
Coupon No. 24 and subsequent coupons appertaining thereto unpaid), ~.nd maturing
November 1, 1993 (the "Bond")
is outstanding and unpaid; and
WHEREAS, a notarized affidavit by Thomas E. Molloy, of Shearson Lehman Hutton Inc.,
(the "Owner"), to the effect that on or about March 20, 1989 it was discovered that the Bonds with
attached coupons were missing and presumably lost from the premises of the Owner and could not
be found after a diligent search thereof, have been received and is on file in the offices of the
Director of Finance of the Dallas-Fort Worth International Airport, and such affidavit and letter
have been accepted by the City Councils of Dallas and Fort Worth as sufficient evidence that the
Bond is lost, mutilated or damaged, within the meaning of Article 715a of the Revised Civil
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Statutes of Texas, and a certified copy of such affidavit is attached hereto as a permanent part
hereof; and
WHEREAS, at the time the loss occurred, Coupon Number 24, coming due on 1V£ay 1, 19~?~
and subsequent coupons were attached to said Bond, and therefore neither said coupon nor any
subsequent coupons have been presented for payment; and
WHEREAS, the Owner of said Bond and Lost coupons desires that a replacement bond be
issued to replace the aforesaid lost, mutilated or damaged Bond and lost coupons; and
WHEREAS, by Acts 1965 of the 59th Legislature of the State of Texas, Chapter 334,
commonly known as Article 715a of the Revised Civil Statutes of Texas, the City Councils of
Dallas and Fort Worth are authorized to issue without an election bonds to replace any bonds
theretofore lawfully issued which are outstanding and which have been destroyed, mutilated,
damaged, lost or stolen, provided that such replacement bonds may be issued only upon
indemnification satisfactory to the Cities establishing proof of ownership and the circumstances of '
the loss, theft, destruction, damage or mutilation of the bonds for which replacement bonds are
being sought; and
WHEREAS, an open penalty lost securities indemnity bond No. 5445450-1412 dated August 7,
1989, and executed by an authorized representative of the General Insurance Company of America,
as obligor, has been received and is on file In the office of the Director of Finance of the
' Dallas -Fort Worth International Airport and such indemnity bond is acceptable to the City
Councils of Dallas and Fort Worth as sufficient indemnity under the provisions of Article '715a
of the Revised Civil Statutes of Texas, and a certified copy of such indemnity bond No. 5445450-
1412 is attached hereto as a permanent part hereof.
# NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL, OF THE CITY OF
DALLAS:
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NOW, THEREFORE, BE IT ORI~AINEI~ B1' THE CITY COUNCIL OF THE CITY OF
FORT WORTH.
Section 1. That there is hereby authorized to be issued replacement bond to replace the
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Bond and attached lost coupons. Said replacement bond and the interest coupons appertaining
thereto shall be in the same form and in all respects of lake tenor and effect as the Bond, and the
` interest coupons appertaining thereto, except that such replacement bond and the interest coupons
appertaining thereto shall be signed manually, or in facsimile, as provided by law, by the proper
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officials holding office at the time of their issuance, and that no interest coupon shall mature prior
to May 1, 1989
Section 2. That said replacement bond shall be dated September 1, 1977, which is the date
of the Bond.
Section 3. That said replacement bond and all interest coupons appertaining thereto shall
have the letter "R" preceding the Bond Number and following the Interest Coupon Number
Section 4. That after said replacement bond has been executed, it shall be the duty of the
Chairman of the Board of I3irectors of the l`?allas -Fort Worth International Airport or some
' officer, employee or attorney of the Board acting through authority from the Chairman, to deliver
said replacement bond to the Attorney General of Texas for examination and approval. After
approval by the Attorney General of Texas, said replacement bond shall be delivered to the
Comptroller of Public Accounts of the State of Texas for registration. The replacement bond thus
registered shall remain in custody of the Chairman of the Board, or subject to his order, until the
delivery thereof to the owner of the original Bond being replaced thereby.
~ Section 5. That the Comptroller of Public Accounts of the State of Texas is hereby
authorized and directed to register the replacement bond in the same manner as the original fond
was registered, giving it the same registration number as the original Boyd except that such number
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shall be preceded by the Letter "R." The Comptroller shall date his registration certificate as of
the date of registration of the replacement bond.
Section 6. That all provisions of the ordinance passed by the City Councils of Dallas and Fort
Worth on August 31, 1977, respectively, authorizing the series of bands of which the Bond was
a part and which are not in conflict with this ordinance are hereby adopted by reference and shall '
be a part of this ordinance.
Section 7 'T'hat the preparation and passage of this ordinance by the City Councils of Dallas
and Fort Worth and the adoption of the resolution recommending same by the Board of Directors
of the Dallas -Fort Worth International Airport and the performance of each and every, all and
singular, the acts ordered hereby and all acts or expenditures incidental thereto shall be at no cost
to the City of Dallas, the City of Fort Worth, or the Dallas -Fort Worth Intemational Airport and
shall be borne entirely by and be the sole liability of the ®wner of the mutilated or damaged
Bond which has requested the issuance of replacement securities as provided herein.
Section 8. This ordinance may be executed in counterparts, and when duly passed by both
Cities, and separate counterparts are duly executed by each City, the ordinance shall be in full
force and effect.
Mayor of the City of Fort Worth, 'T'exas
ATTEST.
City Secretary of the
City of Fort Worth, Texas
ftOVET3 AS FO LEGALTTX
City Attorney of the
City of Fort Worth, Texas
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DATE REFERENCE SUBJECT CONCURRENT ORDINANCE OF THE PAGE
NUMBER CITIES OF FORT WORTH AND DALLAS 2
IiAANAGEMEtIT S RVI .0.3
-12-90 **G-8714 A T RIZIN THE I SUANCE OF A 1°f -
$5,000 REPLACEMENT BOND AND INTEREST
COUPONS TO REPLACE A DALLAS-FORT
WORTH REGIONAL AIRPORT JOINT REVENUE
CONSTRUCTION AND REFUNDING BOND
(SERIES 1977).
RECOMMENDATION:
It is recommended that the attached concurrent ordinance authorizing the
issuance of a replacement bond and coupons be adopted by the City Council of
the City of Fort Worth.
Background:
The Cities of Dallas and Fort Worth by ordinance passed concurrently on
August 30, 1977, and August 31, 1977, authorized the issuance of and sold
their Dallas-Fort Worth Regional Airport Joint Revenue Construction and
Refunding Bonds, Series 1977, in the aggregate principal amount of
$274,537,000, dated September 1, 1977. The following bond of the
above-described series of bonds is outstanding and unpaid:
Bond No. 13729 in the denomination of $5,000, and bearing interest at the
rate of 5.60 percent per annum, payable semi-annually on each November 1 and
May 1 (Interest Coupon No. 24 and subsequent coupons appertaining thereto
unpaid), and maturing November 1, 1993 (the "Lost Bond and Coupons").
An affidavit in due form verified by Thomas E. Molloy, Assistant Vice
President of Shearson Lehman Hutton Inc., the owner of such bond, to the
effect that on or about March 20, 1989, it was discovered that the bond had
been lost from the premises of the owner and could not be found after a
diligent search, has been received and is on file in the offices of the
Director of Finance of the Dallas-Fort Worth International Airport. At the
time the;loss occurred, Coupon No. 24 coming due on May 1, 1989, and
subsequent?`coup.ons were attached to the bond, and therefore neither said
coupons nor any subsequent coupons have been presented for payment. Shearson
Lehman Hutton Inc., as principal, and General Insurance Company of America,
as obligor,xh:ave posted a bond of indemnity to indemnify the Dallas-Fort
Worth International Airport Board, the Cities of Fort Worth and Dallas, Texas
American Bridge Bank and the paying agents, from any and all claims, actions
or suits,:;~and any and all costs and expenses, together with reasonable
attorneys'' fees, that may be caused by the issuance of a replacement bond and
coupons toy,replace the Lost Bond and Coupons. This indemnity bond is on file
with the°°Director of Finance of the Dallas-Fort Worth International Airport.
The Dallas-Fort Worth International Airport Board by Resolution adopted on
April 3, 1990, requested and recommended that the City Councils of the Cities
of Dallas and Fort Worth pass an ordinance to authorize the issuance of a
replacement bond and coupons to replace the Lost Bond and Coupons.
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DATE REFERENCE
NUMBER SUBJECT N RD NAN E F TH
CITIES OF FORT WORTH AND DALLAS PAGE
2 2
7-12-90 **G-8714 AUTHORIZING THE ISSUANCE OF A °f
COUPONS TO REPLACE A DALLAS-FORT
WORTH REGIONAL AIRPORT JOINT REVENUE
CONSTRUCTION AND REFUNDING BOND '
(SERIES 1977)
It is understood and agreed with the owner of the Lost Bond and Coupons that
the adoption of the attached ordinance and the performance of each and every
act ordered by such ordinance and any act or expenditure incidental thereto
shall be at no cost to the Cities of Fort Worth and Dallas, or the
Dallas-Fort Worth International Airport and shall be borne entirely and be
the sole liability of Shearson Lehman Hutton Inc., the owner of the Lost Bond
and Coupons.
It is the opinion of the Department of Law that all required conditions
precedent to the passage of this concurrent bond ordinance have been
satisfied and that the lost security bond is sufficient to indemnify the City
of Fort Worth in the event the Lost Bond and Coupons are ever presented for
payment.
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APPROVED BY
CITY COUNCIL
JUL Y2 1990
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City Seczetary of the
City of Fazt Wozth, Tozg1
SUBMITTED FOR THE
CITY MANAGER'S
Mike Groomer 6122 DISPOSITION BY COUNCIL.
^ APPROVED PROCESSED BY
OFFICE BY
ORIGINATING
DEPARTMENT HEAD: Wade Adki n$ 7623 ^ OTHER (DESCRIBE)
CITY SECRETARY
FOR ADDITIONAL INFORMAT~dde Adkins 7623
CONTACT Adopted Ordinance No. DATE