HomeMy WebLinkAboutOrdinance 10764~..
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DALLAS-FORT WORTH INTERNATIONAL AIRPORT CONCURRENT
REPLACEMENT BOND ORDINANCE
(SERIES 1979, BOND NOS. 17,,825 and 17,826)
CITY OF DALLAS ORDINANCE NO. (~-
CITY OF FORT WORTH ORDINANCE NO. ~~
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 17,825 and
17,826, 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
Bank One, Texas, N.A. 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
17,825 and 17,826, each in the denomination of
$5,000 00 scheduled to mature on November 1, 2012
and bearing interest at the rate of 7.25% 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 Janet Azyman of Bank One,
Texas, N.A., attesting that in August, 1989 it is discovered
such bonds were missing from the vault at Bank One, Texas,
N.A 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 Bank One, Texas, N.A.; and
WHEREAS, the Board has also received an indemnity bond
from Bank One, Texas, N.A., as Principal, and Fireman's
Insurance Company of Newark, New Jersey, as Surety, agreeing to
indemnify and save harmless the Dallas-Fort Worth International
~;
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 CITY 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 17,825D and 17,826D, shall be dated
June 1, 1990, shall bear interest at the rate of 7.25% per
annum, shall mature November 1, 2012, 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
$5,000
On the 1st day of November, 2012, the Cities of Dallas
and Fort Worth (herein collectively called .the "Cities"),
municipal corporations duly incorporated 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
7.25% 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 the 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
(Dates Inclusive)
Redemption
Price
November 1, 1988 through October 31, 1989 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 of 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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r
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 interests 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 Facilities
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
June 1, 1990 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/llths 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 never have the right to demand
payment of this obligation out of any funds raised or to be
raised by taxation.
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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 and
delivery of the Facilities Agreement and the Supplemental
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 of 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 June 1, 1990.
COUNTERSIGNED:
Mayor, City of Dallas, Texas
City Auditor, City of Dallas, Texas
City Secretary, City of Dallas, Texas
COUNTERSIGNED
City Secretary, City of
Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY•
City Attorney, City of Fort
Worth, Texas
Mayor, City of Fort Worth,
Texas
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(FORM OF COUPONS)
NO. $
Unless due provision has been made for the redemption
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 June 1, 1990. 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
-8-
(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 November 1, 1989 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 the
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 June 1, 1990, 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 such
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 instructions 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, all 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 Bank One, Texas, N.A..
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.
PASSED AND ADOPTED by the respective Cities on the
dates shown below.
CITY OF DALLAS, TEXAS
APPROVED AS TO FORM:
City Attorney
PASSED•
CORRECTLY ENROLLED.
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ATTEST:
City Secre ry
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CITY OF FORT WORTH, TEXAS
Mayor
PROVED AS TO F
City Attorney
CORRECTLY ENROLLED : J ' /U - ~~
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CERTIFICATE OF CITY. SECRETARY
THE STATE OF TEXAS §
COUNTY OF TARRANT ~
CITY OF FORT WORTH §
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I, the undersigned, City Secretary of the City of Fort
Worth, Texas, DO HEREBY CERTIFY as follows:
1. That on the 10th day of January 1991, a
regular meeting of the City Council of the City of Fort Worth,
Texas, was held in the Council Chambers at the City Hall; the
duly constituted members of the Council being as follows:
BOB BOLEN
WILLIAM GARRISON )
GAREY GILLEY )
EUGENE McCRAY )
KAY GRANGER )
DAVID CHAPPELL )
VIRGINIA NELL WEBBER )
LOUIS J. ZAPATA )
'WILLIAM W. MEADOWS )
MAYOR
MAYOR PRO TEM
COUNCILMEMBERS
_ and .all of said persons were present at said _meeting, except the
following: .Among
other business considered at said meeting, the attached ordinance
entitled:
"ORDINANCE N0. 10764
"AN ORDINANCE RELATING TO THE AUTHORIZATION
AND ISSUANCE OF REPLACEMENT BONDS ~TO BE
ISSUED IN .LIEU OF `DALLAS-FORT WORTH REGIONAL
BONDS, SERIES 1979', NUMBERED 17,825 AND
17,826, 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."
was introduced and .submitted to the Council for passage and adop-
tion. After presentation and due consideration of the ordinance,
and upon a motion made by Council member Gilley and seconded
by Council member P.ieadows the ordinance was duly passed and
adopted by the Council to be effective immediately by the fol-
lowing vote:
6 voted "For" 0 voted "Against" 3 abstained
~.
all as shown in the official Minutes of the Council for the
meeting held on the aforesaid date.
2. That the attached ordinance is a true and correct copy
of the original on file in the official records of the City; the
duly qualified and acting members of the Council on the date of
the afore s aid meeting are those persons shown above and,
according to the records of my office, advance notice of the
time, place and purpose of said meeting was given to each member
of the Council; and that said meeting, and deliberation of the
aforesaid public business, was open to the public and written
notice of said meeting, including the subject of the above
entitled ordinance, was posted and given in advance thereof in
compliance with the provisions of Article 6252-17, Section 3A,
V.A.T.C.S.
IN WITNESS WHEREOF, I
cially and affixed -the seal
1991.
have hereunto signed my ~ame offi-
of said City this, the /.~ day of
,~~,, City Secreta
City 'of Fort Worth, 'Texas
(City Seal) __
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GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
WE, the undersigned, Mayor and City Secretary,
respectively, of the City of Fort Worth, Texas, DO HEREBY
CERTIFY as follows:
(1) The duly qualified and acting Mayor, City
Secretary and City Attorney of the City of Fort Worth, Texas,
are as follows
BOB BOLEN
RUTH HOWARD
WADE ADKINS
MAYOR
CITY SECRETARY
CITY ATTORNEY
(2) The City of Fort Worth is duly incorporated under
the General Laws of the State of Texas, is operating under the
Home Rule Amendment to the Texas Constitution, Section 5,
Article XI, as amended, in 1912 and the City Charter has not
been amended since the last Charter amendment election .held
May 6,.1989.
WITNESS OUR HANDS AND SEAL OF THE CITY OF FORT WORTH,
TEXAS, this the / 3 ~ day of Fe_/,ru.a r./ 1991_
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~# .';:- ~~ : City of Fort Worth, Texas
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~ pity Secret-ry,
/~ City of Fort Worth, Texas
(CITY SEAL)
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SIGNATURE IDENTIFICATION AND NO-LITIGATION CERTIFICATE
THE STATE OF TEXAS §
COUNTIES OF DALLAS AND TARRANT ~
We, the undersigned, hereby certify as follows-
(a) This Certificate is executed and delivered
with reference to the issuance of Replacement Bond Numbers
17,825D and 17,826D to replace Bond Numbers 17,825 and
17,826 of Dallas-Fort Worth Regional Airport American
Special Facilities Revenue Bonds, Series 1979, dated
January 1, 1979, which was lost, stolen or destroyed.
Said Replacement Bonds are in the denomination of $5,000
each and bear the date of June 1, 1990.
(b) We officially signed said Replacement Bonds
and the interest coupons attached thereto, and we do
hereby adopt said facsimile signature as our own,
respectively, in the capacities hereinafter set after our
names, and declare that said facsimile signatures
constitute our signatures the same as if we had manually
signed said Replacement Bonds and interest coupons in our
respective official capacities.
(c) At the time we executed said Replacement
Bonds and at the time of executing this certificate, we
were and are the duly appointed qualified and acting
officers indicated therein and authorized to execute the
same
(d) No litigation of any nature has been filed
or is now pending to restrain or enjoin the issuance or
delivery of said Replacement Bonds or interest coupons, or
which would affect the provision made for their payment or
security, or in any manner questioning the proceedings or
authority concerning the issuance of said Replacement
Bonds and interest coupons, and that so far as we know and
believe no such litigation is threatened
(e) Except as noted in Exhibit A attached hereto
and incorporated herein by reference, the title of present
officers to their respective offices is not being
contested, and that no authority or proceedings for the
issuance of said Replacement Bonds and interest coupons
have been repealed, revoked, or rescinded
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(f) We are acquainted with the official seal of
said issuers and that a facsimile of said official seals
are printed or lithographed on said Replacement Bonds and
that said facsimile seals are adopted as the official seal
of said issuers.
DELIVERED this
MANUAL SIGNATURES
OFFICIAL TITLES
Mayor, City of Dallas,
Texas
City Secretary,
City of Dallas, Texas
City Auditor,
City of Dallas, Texas
The signatures of the officers subscribed above
are hereby certified to be true and genuine
(BANK SEAL)
Bank
Authorized Officer
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~/ MANUAL GNATURES OFFICIAL TITLES
Mayor,
City of Fort Worth, Texas
-~
_~•' - W~rr~,~ ~t%~-City Secretary,
f City of Fort Worth, Texas
~~
City Attorney,
City of Fort Worth, Texas v
The signatures of the officers subscribed above
are hereby certified to be true and genuine
Signature Guaranteed by
Bank TEAM BANK
(BANK SEAL ) fort North, Texas _
Vicc President
Authorized Officer
4 4 9 3 6 U'RBtN C. McKEEV~R
Vice President
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DATE REFEREN(,'E SUBJECT: vvnVVnnu.~ VI\/11\lll~V4 v. ~~~.- PAGE
NuMeER CITIES OF"FORT WORTH AND DALLAS AUTH- 2
1-10-91 **G-8998 ORIZING THE ISSUANCE OF TWO $5,000 lof
TO REPLACE DALLAS-FORT WORTH REGIONAL
AIRPORT AMERICAN SPECIAL FACILITIES
REVENUE 80NDS (SERIES 1979)
Worth.
RECOMMENDATION:
It is recommended that the attached ordinance authorizing the issuance of
replacement bonds and coupons be adopted by the City Council of the City of Fort
BACKGROUND:
The Cities of Dallas and Fort Worth, by ordinance passed concurrently on
December 6, 1978, and December 5, 1978, authorized the issuance of and sale of
Dallas-Fort Worth Regional Airport American Special Facilities Revenue Bonds,
Series 1979, in the aggregate principal amount of $147,000,000, dated January 1,
1979. The two following bonds of the above-described series of bonds are
outstanding and unpaid:
Bond Nos. 17,825 and 17,826, each in the denomination of $5,000, and
bearing interest at the rate of 7.25 percent per annum, payable semi-
annually on each November 1 and May 1 (Interest coupon due November 1,
1989, and subsequent coupons appertaining thereto unpaid), and matur-
ing November 1, 2012 (the "Lost Bonds and Coupons").
An affidavit, in due form, verified by Bank One Texas, N.A., the owner of such
bonds, to the effect that on or about August 28, 1989, it was discovered that
the bonds 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, the interest coupon coming due on November 1, 1989, and subse-
quent coupons were attached to the bonds, and, therefore, neither said coupon
nor any subsequent coupons have been presented for payment. Bank One
Texas, N.A., as principal, and Firemen's Insurance Company of Newark, New
Jersey, as obligor, have posted a bond of indemnity to indemnify the Dallas-Fort
Worth International Airport Board, City of Fort Worth, City of Dallas, and NCNB
Texas National Bank, -paying agent, 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 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
June 7, 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
DATE REFERENCE
Nu'nneER U C ~
~~~"~~S OF FORT WORTH AND DALLAS RUTH- PAGE
2 2
1-10-91 **G-8998 ORIZING THE ISSUANCE OF TWO $5,000 of
TO REPLACE DALLAS-FORT WORTH REGIONAL
AIRPORT AMERICAN SPECIAL FACILITIES
,REVENUE BONDS (SERIES 1979)
Worth International Airport and shall be bo`rrie entirely and be the sole lia-
bility of Bank One Texas, N.A., the owner of the Lost Bonds and Coupons.
It is the opinion of the Department of Law that all required, conditions prece-
dent to the p assage of this concurrent bond ordinance Piave 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:i
Attachment
12BONDS
I
~;
f~;
4
AP~i~OVEQ BY
.CITY COUNCIL
~aN ~~ 1991
~~~
City Secretcuy of the
City of Fort Worth, Texas
SUBMITTED FOR THE
CITY MANAGER'S
OFFICE BY
Mike Groomer 6122 DISPOSITION BY COUNCIL:
^ APPROVED PROCESSED BY
_
ORIGINATING
DEPARTMENT HEAD•
Wade Adki nS 7623 ^ OTHER (DESCRIBE)
CITY SECRETARY
IFOR ADDITIONAL INFORMATION
CONTACT Wade Adkins 7623
r,=~O tEd ~Cdl[18ClCB NOo ~ ~
DATE