HomeMy WebLinkAboutOrdinance 10584M .r
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DALLAS-FORT WORTH INTERNATIONAL AIRPORT CONCURRENT
REPLACEMENT BOND ORDINANCE
(SERIES 1979, BOND NOS 7025 AND 7026)
CITY OF DALLAS ORDINANCE NO
CITY OF FORT WORTH ORDINANCE N0. ID
AN ORDINANCE relating to the authorization and
issuance of replacement bonds to be issued
in lieu of "Dallas-Fort Worth Regional
Airport American Special Facilities Revenue
Bonds, Series 1979",•numbered 7025 and 7026,
all in accordance with the provisions of
Article 715a, V.A.T C S and providing
further recitals incident and related to
said bonds and other purposes of this
ordinance; and providing an effective date.
WHEREAS, the Board of Directors of the Dallas-Fort
Worth International Airport (the "Board") has been notified by
Merrill Lynch, Pierce, Fenner & Smith that the following
described bonds have been lost, misplaced or destroyed, to wit:
'°Dallas-Fort Worth Regional Airport American
Special Facilities Revenue Bonds, Series 1979",
dated January 1, 1979, being bonds numbered 7025
and 7026, each in the denomination of X5,000.00
scheduled to mature on November 1, 1998 and
bearing interest at the rate of 6.850 per annum,
and requested that replacement bonds be issued in lieu thereof;
and
WHEREAS, submitted with such notification and request
is a sworn affidavit, executed by B McKinney of~ Merrill Lynch,
Pierce, Fenner & Smith, attesting that the above-described
bonds were forwarded via United States Mail to Mr. Tillman F.
Reed, 605 Overlook Drive, Kerens, Texas 75144-2213 on
December 4, 1987, and said addressee has submitted a sworn.
affidavit attesting the above-described bonds were not
received; said bonds cannot be found and said bonds have not
been sold, assigned, endorsed, transferred or otherwise
disposed of in any manner by or on behalf of Merrill Lynch,
Pierce, Fenner & Smith or Tillman F Reed; and
WHEREAS, the Board has also received an indemnity bond
from Merrill Lynch, Pierce, Fenner & Smith, as Principal, and
Federal Insurance Company, as Surety, agreeing to indemnify and
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save harmless the Dallas-Fort Worth Interational Airport, City
of Dallas, Texas and City of Fort Worth, Texas and NCNB Texas
National Bank (successor to Republic National Bank of Dallas
and First Republic Bank Dallas, N A ), Team Bank, Fort Worth,
Texas (successor to The Fort Worth National Bank and Texas
American Bank/Fort Worth, N.A and Texas American Bridge
Bank/Fort Worth, N A.) and Morgan Guaranty Trust Company of New
York from and against any and all costs, actions, suits,
damages, charges or expenses incurred with respect to such
lost, mislaid or destroyed bonds and the issuance of
replacement bonds in lieu thereof; and
WHEREAS, the Council hereby finds and determines that
the above referred to instruments and other showings provide
protection to the City against expenses or liability resulting
from the issuance of the replacement bonds and such request for
the issuance of the replacement bonds in lieu of the
above-described bonds should be granted, now, therefore,
DALLAS•
WORTH:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CI'T'Y OF~
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
SECTION 1 That, in lieu of and as replacement for
°~ the lost, misplaced or destroyed "Dallas-Fort Worth Regional
Airport American Special Facilities Revenue Bonds, Series
1979'°, described in the preamble hereof, there shall be and
there is hereby authorized to be issued two (2) replacement
bonds pursuant to authority conferred by and in accordance with
the laws of the State of Texas, particularly Article 715a,
V.A.T.C.S.
SECTION 2: The replacement bonds herein authorized to
be issued shall be numbered 7025D and 7026D,`\~shall be dated
December 1, 1989, shall bear interest at the rate of 64.'85% per
annum, shall mature N;~vember 1, 1998, and be optional for
redemption in the same manner as the bonds which they are being
issued to replace and shall otherwise conform and be subject to
all provisions of the City of Dallas Ordinance No. 16034
adopted December 6, 1978, and City of Fort Worth Ordinance
No. 7853 adopted December 5, 1978, authorizing the issuance of
such original bonds.
SECTION 3. The form of the bonds, including the form
of the appurtenent interest coupons, and the form of the
registration certificate of the Comptroller of Public Accounts
shall be, respectively, substantially as follows.
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF DALLAS AND TARRANT
DALLAS-FORT WORTH REGIONAL. AIRPORT
AMERICAN SPECIAL FACILITIES REVENUE°BOND
' Series 1979
NO D X5,000
On the 1st day of November, 1998, the Cities of Dallas
and Fort Worth (herein collectively called the "Cities"),
municipal corporations duly incorpprated under the laws of the
State of Texas, for value received, hereby jointly promise to
pay to bearer, solely from the revenues and funds described
herein, the total principal sum of
FIVE THOUSAND DOLLARS
and to pay interest thereon from the date hereof to the
maturity or earlier redemption of this bond at the rate of
6.850 per annum, evidenced by initially attached coupons
payable May 1, 1979, and semi-annually thereafter on each
November 1 and May 1. Principal, premium, if any, and interest
shall be payable in lawful money of the United States of
America upon surrender of this bond or the proper coupons as
they severally become due, at NCNB Texas National Bank, Dallas,
Texas (successor to Republic National Bank of Dallas), or at
Team Bank, Fort Worth, Texas (successor to The Fort Worth
National Bank), or at Morgan Guaranty Trust Company of New
York, New York, New York, paying agents, without exchange or
collection charges to the bearer hereof.
The bonds of this Series (hereinafter called the
"Series 1979 Bonds°') maturing on and after November 1, 1989,
may be redeemed, at th_e option of the Cities, prior to their
respective stated maturities in whole at any time on or after
November 1, 1988, or-~in part by lot within a maturity on
November 1, 1988, and on any interest payment date thereafter,
from any moneys (other than the moneys on deposit in the
interest and sinking fund therefor) at the respective
redemption prices (expressed as percentages of the principal
amount of bonds thus optionally redeemed) set forth in the
table below, plus accrued interest to the date fixed for
redemption to-wit
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Redemption Period Redemption
(Dates Inclusive) Price
November 1, 1988 through October 31, 1489 103%
November 1, 1989 through October 31, 1990 102-1/2%
November 1, 1990 through October 31, 1991 102%
November 1, 1991 through October 31, 1992 101-1/2%
November 1, 1992 through October 31, 1993 101%
November 1, 1993 through October 31, 1994 100-1/2%
November 1, 1994 and thereafter 100%
Additionally, Series 1979 Bonds numbered 8,301 to
29,400, both inclusive, are subject to certain mandatory
redemption requirements provided and established in the jointly
adopted ordinance of the Cities known by the short title 1979
American Airlines Special Facilities Bond Ordinance (the
"Ordinance°') authorizing the Series 1979 Bonds. Under such
provisions, a specified number of Series 1979 Bonds maturing
November 1, 2005, shall be selected by lot in each of the years
2000 through 2004 and a specified number of Series 1979 Bonds
maturing November 1, 2012 shall be selected by lot in each of
the years 2006 through 2011 Series 1979 Bonds so selected
shall be redeemed for a redemption price equal to the principal
amount thereof and accrued interest to the date of redemption
and without premium The Series 1979 Bonds bearing such
numbers which are not thus selected and mandatorily redeemed
during said years shall be paid at their respective stated
maturities. Said mandatory redemptions and payments at
maturity shall be accomplished from moneys required by the
Ordinance to be deposited into the interest and sinking fund
.for the Series 1979 Bonds.
In addition, the Series 1979 Bonds shall be redeemed
as a whole at any time not later than 120 days after interest
on the Series 1979 Bonds shall be finally determined, upon the
basis of a ruling off. the Internal Revenue Service or a
determination by a court of competent jurisdiction, to be
includable for Federal income tax purposes in the income of all
recipients thereof subject to Federal income taxation, provided
that such determination of taxability is a .result of the
failure to comply with either of the covenants contained in the
Ordinance to the effect that• (i) throughout the term of the
Series 1979 Bonds, the Cities will comply with the requirements
of Section 103(c) of the Internal Revenue Code of 1954, as
amended, so that the Series 1979 Bonds will not at any time
become arbitrage bonds as therein provided; or (ii) the
Dallas-Fort Worth Regional Airport Board, acting on behalf of
the Cities, will not expend the proceeds of the Series 1979
Bonds for any purpose or undertake, or permit American
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Airlines, Inc to undertake or permit, any act or use of the
leased premises which would cause such to be facilities other
than those described as exempt facilities in Section 103(b)(4)
of the Internal Revenue Code of 1954, as amended. Series 1979
Bonds redeemed pursuant to this paragraph shall be at a
redemption price equal to the principal amount thereof and
accrued interest to the date of redemption and without premium.
When Series 1979 Bonds shall be redeemed pursuant to
any of the foregoing, the specific bonds to be redeemed shall
be determined and a written notice of such redemption shall be
given in the manner specified in the Ordinance. By the date
fixed for any such redemption, due provision shall be made with
the paying agents for the payment of the principal amount of
the bonds to be so redeemed, redemption premium, if any, and
accrued interest thereon to the date fixed for redemption. If
the written notice of redemption is published, and if due
provision for payment is made, all as provided above, the
bonds, which are to be so redeemed, thereby automatically shall
be redeemed prior to maturity, and they shall not bear interest
after the date fixed for redemption, and shall not be regarded
as being outstanding for any purpose except for the purpose of
receiving the funds so provided for such payment..
This bond is one of a duly authorized issue of bonds,
dated January 1, 1979, numbered from 1 through 29,400, in the
denomination of $5,000 each, aggregating $147,000,000, issued
by the Cities so as to provide funds for the purpose of
acquiring, constructing, fabricating and installing certain
Additional Special Facilities for the jointly owned Dallas-Fort
Worth Regional Airport of the Cities. For the purpose of
securing the .payment of the Series 1979 Bonds, the Cities have
jointly pledged in the Ordinance their respective inter~e~sts in
certain moneys therein referred to and defined as "Pledged
Revenues,'° said pledge being on a parity as to lien and right
with certain previously issued and outstanding bonds of the
Cities payable .from the same source, all as defined and
referred to in the Ordinance. The term "Pledged Revenues"
includes certain net rents to be derived by the Dallas-Fort
Worth Regional Airport Board (the "Board") under and pursuant
to the terms of a certain American Airlines Special Facilities
Lease Agreement (the °'Facilities Agreement"):, dated as of
October 1, 1972, ~as supplemented by two certain American
Airlines Supplemental Special Facilities Agreements (the
"Supplemental Facilities Agreements"), dated respectively as of
February 1, 1973, and December 1, 1979, the same being executed
between the Board and American Airlines, Inc a certificated
air carrier serving and served by said Airport. Said Pledged
Revenues, including said net rent, will be on deposit from time
to time in various funds referred to and confirmed in the
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Ordinance, and are unconditionally and irrevocably committed
and pledged to the purposes specified for said funds including
the payment of this and two other outstanding series of bonds,
and other bonds, if any, which may be issued hereafter.
Reference is made to the Ordinance and to the Facrliti~~
Agreement and the Supplemental Facilities Agreements for a
further description of Pledged Revenues and said net rent, the
nature and extent of the security thereof, a statement of the
rights, duties and obligations of each of the Cities, the
rights and remedies of bondholders in the event of default
thereunder, and further rights of bondholders, to all the
provisions of which the holder hereof by the acceptance of this
bond assents and agrees.
This bond is a replacement bond issued to replace
certain bonds of this series bearing a date of January 1, 1979
and such replacement bond is of like tenor and effect as the
bond which it is issued to replace except as to its date of
December 1, 1989 and to its execution by officers of the Cities.
As provided in the Ordinance, the obligations of the
Cities to pay money hereon out of Pledged Revenues are joint,
and not several, and no claim, demand, suit or judgment shall
ever be asserted, entered or collected against or from one City
without the other and no individual liability shall ever exceed
in the case of Dallas 7/llths of the total amount thereof, and
in the case of Fort Worth 4/11ths of the total amount thereof,
and such sums shall be payable and collectible solely from the
funds in which Pledged Revenues shall from time to time be on
deposit.
American Airlines, Inc. has unconditionally guaranteed
to NCNB Texas National Bank, Dallas, Texas (successor to
Republic National Bank), as Trustee on behalf of the holders of
the Series 1979 Bonds and the coupons appertaining thereto the
payment of the principal of and premium, if any, and interest
on the Series 1979 Bonds pursuant to a certain Guaranty
Agreement between said `parties, dated as of December 1, 1978.
Reference is made to -such Guaranty Agreement for a further
description of the rights of bondholders and the obligations of
American Airlines, Inc thereunder.
The holder hereof shall
payment of this obligation out
raised by taxation.
never have the right to demand
of any funds raised or to be
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It is hereby certified and recited that all acts and
things required by the Constitution and laws of the State of
Texas to be done, to exist, and to be performed precedent to
and in the issuance of this bond and the series of which it is
one, the adoption of the Ordinance and the execution a.~d
delivery of the Facilities Agreement and the Supplementai
Facilities Agreements have been done, do exist and have been
performed as so required.
IN WITNESS WHEREOF, the City Council of the City of
Dallas, Texas, has caused the seal of that City to be
impressed, printed or lithographed hereon and this bond to be
signed by the facsimile signature of its Mayor and
countersigned by the facsimile signatures of its City Auditor
and its City Secretary; and the City of Fort Worth, Texas, has
caused the seal of that City to be impressed, printed or
lithographed hereon and this bond to be signed by the facsimile
signature o.f its Mayor, countersigned by the facsimile
signature of its City Secretary, and approved as to form and
legality by the facsimile signature of its City Attorney; and
each said City Council has caused the. attached coupons to be
signed by the facsimile signature of the Mayor and City Auditor
of the City of Dallas and by the Mayor and City Secretary of
the City of Fort Worth, all as of December 1, 1989.
COUNTERSIGNED.
Mayor, City of Dallas, Texas
City Auditor, City of Dallas, Texas
City Secretary, City of Dallas, Texas
Mayor, City of Fort Worth,
Texas
COUNTERSIGNED:
City Secretary, City of
Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
City Attorney, City of Fort
Worth, Texas
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(FORM OF COUPONS)
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Unless due provision has been made for the rede~ptiaD
prior to maturity of the below numbered bond to which this
coupon appertains, the City of Dallas, Texas, and the City of
Fort Worth, Texas, jointly promise to pay to bearer, but solely
out of the revenues specified, and subject to the conditions
stated, in said bond at NCNB Texas National Bank, Dallas, Texas
(successor to Republic National Bank of Dallas), or at Team
Bank, Fort Worth, Texas (successor to The Fort Worth National
Bank), or at Morgan Guaranty Trust Company of New York, New
York, without exchange or collection charges to the bearer
hereof, the sum specified on this coupon in lawful money of the
United States of America, for interest then due on the below
numbered replacement bond of the issue entitled "Dallas-Fort
Worth Regional Airport American Special Facilities Revenue
Bonds, Series 1979", dated December 1, 1989. The holder hereof
shall never have the right to demand payment of this obligation
out of any funds raised or to be raised by taxation. Bond
No. D
Mayor, City of Dallas, Texas
COUNTERSIGNED
City Auditor, City of Dallas, Texas
Mayor, City of Fort Worth,
Texas
COUNTERSIGNED.
City Secretary, City of Fort
Worth, Texas
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(FORM OF COMPTROLLER'S REGISTRATION CERTIFICATE)
OFFICE OF COMPTROLLER
STATE OF TEXAS
REGISTER NO. R-44715
I hereby certify that this bond has been examined,
certified as to validity and approved by the Attorney General
of the State of Texas in accordance with his written approving
certificate on file in my office; and that this bond has been
by me this day registered as required by law.
WITNESS my signature and seal this
Comptroller of Public
Accounts of the State of
Texas
(SEAL)
SECTION 4. On the reverse side of said replacement
bonds there shall be printed a true and correct copy of the
final opinion of Messrs. Dumas, Huguenin, Boothman & Morrow,
Attorneys, Dallas, Texas, approving such bond as to its
validity, all in like manner and effect as was done with regard
to the bonds being replaced
SECTION 5: The replacement bonds shall have attached
interest coupons due May 1, 1988 and subsequent in' the same
manner as the original bonds and the owner of such replacement
bonds may present all coupons to the paying agent for payment
as due.
SECTION 6• The bonds shall be executed by the
imprinted facsimile signatures of the Mayor, City Secretary and
City Auditor of the City of Dallas and the Mayor, City
Secretary and City Attorney of the City of Fort Worth and the
interest coupons appertaining thereto shall be executed by theq
imprinted facsimile signatures of the Mayor and City Auditor of`
the City of Dallas and the Mayor and City Secretary of the City
of Fort Worth in office as of December 1, 1989, which date
shall be deemed the date of issuance of the replacement bonds
SECTION 7• The replacement bonds and the proceedings
relating to their issuance shall be submitted to the Attorney
General of Texas for his approval, and after his approval, the
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replacement bonds shall be transmitted to the Comptroller of
Public Accounts for registration The replacement bonds shall
be registered by the Comptroller of Public Accounts in the same
manner as the original bonds were registered, giving them the
same registration number as the original bonds except that s~Ch
number shall be preceded by the letter "R", as noted above, and
said Comptroller shall date his registration certificate as of
the date of registration of the replacement bonds
SECTION 8• Upon registration, such replacement bonds
shall be delivered to the NCNB Texas National Bank, Dallas,
Texas for further handling in accordance with~'anstructions of
the owner of such bonds and upon payment of all costs of
issuance incurred therewith ~
SECTION 9: That the preparation and passage of this
Ordinance by the City Councils of the Cities of Dallas and Fort
Worth and the performance of each and every, al'1 and singular,
act ordered hereby and all acts and expenditures incidental
thereto shall be at no cost to the City of Dallas or the City
of Fort Worth and shall be borne entirely by and be the sole
liability of Merrill Lynch, Pierce, Fenner & Smith. -
SECTION 10. This Ordinance shall take effect
immediately from and after its passage by each City in.
accordance with the provisions of the respective Charter of
such City.
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PASSED AND ADOPTED, this the day of
CITY OF DALLAS, TEXAS.
Mayor
ATTEST'
I
i
~ City Secretary
(City Seal)
APPROVED AS TO FORM.
City Attorney
PASSED:
CORRECTLY ENROLLED
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~.t
ATTEST
City Secretary
(City Seal)
i PASSED
CORRECTLY EI~;: '?IxLED
CITY OF' FORT WORTH, TEXAS ,
Mayor
APPROVED AS TO FORM•
City Attorney
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RESOLUTION NO.
~o-d~ (~
APPROVING THE DALLAS-FORT WORTH INTERNATIONAL AIRPORT
CONCURRENT REPLACEMENT BOND ORDINANCE,
REQUESTING ITS PASSAGE BY THE CITY COUNCILS
OF THE CITIES OF DALLAS AND FORT WORTH, AND
AUTHORIZING OTHER MATTERS IN THE PREMISES
(SERIES 1979, BOND NUMBERS 7025 and 7026).
THE STATE OF TEXAS
COUNTIES OF DALLAS AND TARRANT
DALLAS-FORT WORTH INTERNATIONAL AIRPORT BOARD
WHEREAS, the Cities of Dallas and Fort Worth, Texas
(the "Cities°') have heretofore entered into a Contract and.
Agreement dated April 15, 1968, governing inter alia the
construction and financing of the Dallas-Fort Worth
International Airport; and
WHEREAS, such Contract and Agreement provides that
when each series of bonds is issued that the Board shall seek
and obtain the preparation of a proposed ordinance to be passed
concurrently by the Cities, authorizing such series of bonds;
and
WHEREAS, in accordance with such procedure, the Cities
have heretofore issued their Dallas-Fort Worth Regional Airport
American Special Facilities Revenue Bonds, Series 1979, in the
aggregate principal amount of $147,000,000.00; and
WHEREAS, two bonds of the above-described Series of
bonds, to-wit:
Bond Numbers 7025 and 7026 in the denomination of
$5,000°00 and bearing interest at the rate of
6.855 per annum, payable semiannually on each
November 1 and May 1 (Interest Coupon due May 1,
1988, and subsequent coupons appertaining thereto
unpaid), and maturing November 1, 1998 (the
"Bonds"),
are outstanding and unpaid; and
WHEREAS, an affidavit in due form verified by Merrill
Lynch, Pierce, Fenner & Smith (the "Owner°'), to .the effect that
on or about December, 1987, it was discovered that the Bonds
had been lost in the course of shipment via the United States
mail and the bonds are believed to have been lost, destroyed or
wrongfully taken, has been received and is on file in the
offices of the Director of Finance of the Dallas-For•.t Worth
International Airport; and
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WHEREAS, the Board has sought and obtained the
preparation of a proposed ordinance to be passed concurrently
by said Cities authorizing the issuance of Replacement Bonds
Numbered 7025D and 7026D of the Dallas-Fort Worth Regional
Airport American Special Facilities Revenue Bonds, Series 1979,
in the aggregate principal amount of X10,000 00 having
specifically provided in such ordinance and prior to the
commencement of any of these proceedings for the issuance of
replacement securities as set forth herein, having agreed with
the Owner of the Bonds that 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 Fort Worth, the City of
Dallas or the Dallas-Fort Worth International Airport and shall
be borne entirely by and be the sole liability of the Owner,
which has requested the issuance of the replacement securities
as provided herein; and
WHEREAS, it is the desire of the Board by this
resolution to approve said ordinance in the form attached
hereto and to respectfully request the City Councils of the
Cities of Dallas and Fort Worth to pass said ordinance and thus
authorize the issuance of said Series 1979 Replacement Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE DALLAS-FORT WORTH INTERNATIONAL AIRPORT:
1. That the proposed concurrent ordinance of the
City Councils of the Cities of Dallas and Fort Worth bearing
the short title "Dallas-Fort Worth International Airport
Concurrent Replacement Bond Ordinance (Series 1979, Bond Nos.
7025 and 7026)" be and the same is hereby in all respects
approved by the Board substantially in the form and substance
attached hereto and made a part hereof as Exhibit "A".
2. That it is hereby recommended the respective City
Councils of the Cities of Dallas and Fort Worth pass the
Dallas-Fort Worth International Airport Concurrent Replacement
Bond Ordinance in the form attached hereto as•Exhibit A and
said City Councils are hereby requested to so do.,
3. That the Executive Director is hereby directed to
cause copies of said ordinance to be promptly sent to the
respective City Councils of said Cities, together with a copy
of this resolution.
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4. That, in accordance with the requirements of the
Contract and Agreement, the Executive Director is further
i directed to forward as soon as possible a copy of said
ordinance to the City Attorney of each of the Cities with the
request that each present the same at the next Council rneeti~xg,
along with the Board's request that said ordinance be approved
and adopted.
G
~ 5. That upon the passage of said ordinance by said
City Councils, the appropriate officers of this Board are
hereby authorized and directed to take such steps as may be
necessary or considered appropriate to accomplish the delivery
of said Replacement Bonds at the earliest practicable date.
PASSED AND APPROVED, January 9, 199.
C halms m ~h ,
Bo of Directors
Dallas- orth International
Airport
ATTEST:
Secretary, B rd of Directors
Dallas-Fort Worth International
Airport
;(SEAL)
APPROVED AS TCi FORM:
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DATE REFERENCE SUBJECT Concurrent Ordinance t~f PAGE
NUMBER the Cities of Fort Worth and Dall s 2
5-15-90 **G-8610 Authorizing the Issuance of Two i °f
5,000 Replacement Bonds and Interest
Coupons to Replace Dallas-Fort Worth
Regional Airport American Special
Facilities Revenue Bonds (Seri.es ].979)
Recommendation
It is recommended that the attached concurrent ordinance
authorizing the issuance of replacement bonds and coupons be
adopted by the City Council of the City of. Fort Worth
Background
The C;i.ties of Dallas and Fort Worth by ordinance passed
concurrently on December 6, 1978, and December 5, 1978,
authorized the issuance of and sold their Dallas-Fort Worth
Regional Airport American Special Facilities Revenue Bonds,
Series 1979, in the aggregate principal amoYant of. 51.47,000,000,
dated January 1, 1979 The two following bonds of the above-
described series of bonds are outstanding and unpaid
Bonds No. 7025 and 7026, each in the denomination of
55,000, and bearing interest at the rate of 6 85
percent per annum, payable semi-annually on each
November 1 and May 1 (Interest Coupon due May 1, 19$8
and subsequent coupons appertaining thereto unpaid),
and maturing November 1, 1998 (the "Lost Bonds and
Coupons").
An affidavit in due farm verified by B McKinney, authorized
representative of Merrill Lynch, Pierce, Fenner and Smith,
Incorporated, the owner of such bonds, to the effect that on or.
about December 4, 1987, it was discovered that the bonds had been
lost in tfie course of shipment by the United States mail and the
bonds` are believed to have been lost, destroyed or wrongfully
taken, and cannot 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, interest coupon dt~e May :1., 7.988, and subsequent
coupons were attached to the bonds, and therefore neither said
coupons nor any subsequent coupons have been presented for
payment Merrill Lynch, Pierce, Fenner and Smith, Incorporated,
as principal, and Federal Insurance Company, as obligor, have
posted a bond =of indemnity to i.ndemn.ify the Dallas-Fort Worth
International Airport Board, City of Fort Worth, City of Dallas,
DATE REFERENCE
NUMBER SUBJECT Concur r_ ent Ordinance Of PAGE
'
5-15-90 **G=8610 the Cities of Fort Worth and Dall s _2 or
2
A t ~.
_..
_
__
55,000 Replacement Bonds and Interest
Coupons to Replace Dallas-Fort Worth
Regional Airport American Special
Facilities Revenue Bonds (Series 1979)
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
replacement bonds and coupons to replace the Lost Bonds and
Coixpons This indemnity bond is on file with the Director of
Finance of the Dallas-Fort Worth International Airport
The Dallas--Fart Worth International Airport Board by Resolution
No. 90-016 adopted on January 9, 1990, requested and recommended
that the City Councils of the Cities of Dallas and Fort Worth
pass an ordinance to authorize the issuance of replacement bonds
and coupons to replace the Lost Bonds and Coupons
It is understood and agreed with the owner of the Lost Bonds 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 City of Fort Worth, the City of Dallas, or the Dallas-Fort
Worth International Airport and shall be borne entirely and be
the sole liability of Merrill Lynch, Pierce, Fenner and Smith,
Incorporated, the owner of the Lost Bonds and Coupons
It is the opinion of the Department of Law that all required
conditions precedent to the passage of thzs concurrent band
ordinance have been satisfied and that the lost security bond is
sufficient to indemnify the City of Fort Worth in the event the
Lost Bonds and Coupons are ever presented for payment
WA do
Attachment '•
APPROVED BY
CITY COUNCIL
MaY 15 ~9so
~~
Cite Secra'.ary o#the
City of Fort ~'Vor:h, 1'exaa
SUBMITTED FOR THE
CITY MANAGER'S
OFFICE BY Mike Groomer 6122 DISPOSITION BY COUNCIL.
^ APPROVED PROCESSED BY
ORIGINATING [] OTHER (DESCRIBE)
DEPARTMENT HEAD WQde Adkll~S 7623 CITY SECRETARY
FOR ADDITIONAL INFORMATIOry
CONTACT Wt7dE Adkins 7623 Ado(~fed OrdinR~f}I.P.. NQ
,
r
DATE