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HomeMy WebLinkAboutOrdinance 8771s = ~.~ u_.~ ~ s3~-S~s-, 1983 REGIONAL AIItPORT DELTA AIR LINES SPECIAL FA~II.TTY BOND ORDINANCE Authorix~g the Issuance at DALLAS-FORT WORTH REGIONAL AIItPORT SPECIAL FACILITY DELTA IMPROVEMENT REVENUE BONDS, SERIES 1983 $15,750,000 Adopted by The City Councils of THE CITY OF DALLAS, TEXAS and f TAE CITY OF FORT WORTS, TEXAS E$ectine as of Apra I, 1983 INDEX ARTICLE I TrrI.E, FnvDnvcs AND RATIFICATION Page Section 1.1. Short Title 3 Section 12. Findings 3 Section 1.3. Ratification 3 ARTICLE II DEFINITIONS AND CONSTRUCTION Section 2.1. Definitions 3 Section 2.2. Construction and Effects of Covenants 5 ARTICLE III SEAIES 1983 BONDS Section 3.1. Authorization 8 Section 3.2. Date, Denomination, Maturities and Interest Rates 8 Section 3.3. Paying Agents 6 Section 3.4. Prior Redemption 6 Section 3.5. Form 8 ARTICLE IV ERF~CUTION, APPAOVAIy REGISTRATION, SALE AND DELIVERY OF SERIES 1983 BONDS Section 4.1. Method of Execution 12 Section 4.2. Approval and Registration 12 Section 4.3. Sale, Approval of Contract of Purchase 13 ARTICLE V DlsrosrrloN of BOND PROCCEt',~DS, USES AND WTrfInRAw.4Ls Section 5.1. Interest During Acquisition and Construction 13 Section 5.2. Delta Special Facilities Acquisition and Construction Fund 14 Section 5.3. Disbursements from Construction Fund; Surplus 14 ARTICLE VI LEASE AGREEMENT, COLLECTION OF NET RENT Section 8.1. Lease Agreement 15 Section 8.2. Collection of Net Rent 15 i i ARTICLE VII PLEDGE, SPECiAi. FvNDS, FLOW of FUNDS, DEFEASANCE Page Section 7.1. Pledge 18 Section 7.2. Special Funds 18 Section 7.3. Flow of Funds 18 Section 7 4. Uses of Funds, Exempt Facilities 17 Section 7.5: Security and Investment of Funds 18 Section 7.8. Defeasance lg ARTICLE VIII COMPLETION BONDS, ADDITIONAL BONDS AND REFUNDING BOND$ Section 8.1. Completion Bonds 19 Section 8.2. Additional Bonds 19 Section 8.3. Refunding Bonds 20 Section 8.4. No Further Encumbrances or Pledged Revenues 20 ARTICLE IX 1KIgt:mr.r.etvFnUS COVENANTS Section 9.1. Completion of the Initial Special Facilities 20 Section 9.2. Payment of Bonds Section 9.3. Transfers of Airport and Facilities 20 Section 9.4. Rules and Regulations 20 Section 9.5. Books, Audits, Inspection 20 Section 9.8. Maintenance of Facilities -Inspection 21 Section 9.7 Insurance 21 Section 9.8. Rates in Certain Instances 21 ARTICLE X Section 10.1. Description 21 Section 10.2. Remedies for Default ~ ARTICLE .XI AMENDMENTS T'O ORDnvANC:E Section 11.1. Limitations ~ Section 112. Corrections ~ ARTICLE XII SEVERABII.ITY AND REPEAT, Section 12.1. Ordinance Irrepealable ~ Section 12.2. Severability ~ Section 12.3. Repealer ~ ii k CITY OF DALLAS ORDINANCE Na CITY OF FORT WORTH ORDINANCE No. AN ORDINANCE ADOPTED CONCURRENTLY by the City Councils, repectively, of the Cities of Dallas and Fort Worth, authorizing the issuance of Dallas-Fort Worth Regional Airport Special Facility Delta Improvement Revenue Bonds, Series 1983, in the aggregate principal amount of $15,750,000, for the purpose of acquiring, constructing, fabricating and installing certain Spe- cial Facilities for the jointly owned Dallas-Fort Worth Regional Airport of the Cities (as hereinafter defined); providing for the security for and payment of said bonds from the Net Rent received under a certain Delta Air Lines Special Facilities Lease Agreement pertaining to the leasing and operation of said facilities; providing that the same shall not be payable from taxation; providing the form, terms and conditions of such bonds and the manner of their execution; containing covenants and commitments regazding the payment of said bonds; the acquisition and construction of said facili- ties, and regarding transfers of airport properties; providing other details concerning such bonds, said Agreement and said Airport; providing for the deposit of certain of the proceeds of such bonds into the Delta Special Facilities Acquisition and Construction Fund of the Joint Airport Fund under and subject to the control of the Dallas-Fort Worth Regional Airport Board; authorizing said Board to see to the delivery of said bonds as herein directed and directing that due observ= ante of the covenants herein contained be made by the Board to the extent such covenants are performable by it; providing and describing events of default and the consequences thereof; pro- viding amethod of amending this Ordinance; ordaining other matters incident and relating to the subject and purpose hereof; and declaring an emergency WHEREAS, the Cities of Dallas and Fort Worth (hereinafter called and defined as the "Cities") heretofore determined that the then-existing commercial aviation and airport facilities of the Cities, specifically Love Field Airport of the City of Dallas and Greater Southwest International Airport of the City of Fort Worth, were wholly inadequate to meet the foreseeable commercial aviation needs of the citizens of the Cities and the residents and citizens of the entire North Central Texas Region; and WHEREAS, the Cities further found and determined that the most effective economic and effi- cient means of providing needed airport facilities was the construction and equipping of a centrally located airport for the Cities, and to that end by an agreement entitled and hereinafter defined as the "Contract and Agreement," entered into actually on April 23, 1968, but effective as of April 15, 1968, the Cities continued, expanded and further defined the powers and duties of the Dallas=Fort Worth Regional Airport Board (hereinafter defined as the "Board") theretofore created; created the Joint Airport Fund of the Cities; and provided for the construction and operation of an airport known as the "Dallas-Fort Worth Regional Airport," also known as the "Dallas-Fort Worth Airport" (herein- after called the "Airport"), and WHEREAS, in the exercise of their lawful authority, the Cities have obtained and will obtain in the future funds for the purpose of the construction, development and equipping of the Airport in both its Srst and subsequent phases; and WHEREAS, the Airport is the major hub, primarily passenger and commercial cargo, airport for the metropolitan area of Dallas and Fort Worth and the entire North Central Texas Region and in that regard wiD contain many sepazately identifiable systems, complexes and facilities, each of which separately constitute but a part of the Airport as a whole, and all of which aze and will be functionally relative and essential to the proper functioning of the others; and WHEREAS, it has been found and determined by the Board in accordance with its lawful duties acting on behalf of the Cities that it is essential, appropriate and necessary to the proper and orderly functioning of the Airport for its public purposes that adequate, well-planned, and major facilities (hereinafter defined as and called- the "Delta Special Facilities") be established, constructed, fabricated and equipped at the Airport for the public using the Airport, all as a part of the Airport's essential and necessary systems and facilities; and WHEREAS, the funds with which to construct and develop the Airport have been and will be obtained under the authority expressed, reserved and. recited in a certain Ordinance adopted jointly by the Cities, effective as of November 12, 1988, and bearing the short title "1968 Regional Airport Concurrent Bond Ordinance" (hereinafter called "1988 Concurrent Bond Ordinance"); and WHEREAS, among other rights reserved therein and subject to its other terms, Section 8.7 of the 1968 Concurrent Bond Ordinance reserves to the Cities, when requested by the Board, the right, power and authority to issue "Special Facility Bonds" for the purpose of paying all costs of construction of "Special Facilities" (as both terms are therein defined ); and WHEREAS, it has also been determined necessary and appropriate by the Board that the Delta Special Facilities be financed as Special Facilities, within the meaning of the 1968 Concurrent Bond Ordinance, through the issuance of the Special Facility Bonds hereinafter described, and the Board has requested the Cities to issue bonds as such and for such purposes, and, in accordance with the procedures and provisions described and provided in the Contract and Agreement, the Board has executed a certain Use Agreement (hereinafter defined as and called the "Use Agreement") dated as of January 1, 1974, as amended, with Delta Air Lines, Inc. ("Delta") and other signatories; the Use Agreement and all of its terms and provisions. being hereby adopted by reference and incorporated herein for all purposes; and WHEREAS, the Board, as permitted by law and by the Contract and Agreement, further considers it appropriate and necessary in the public interest to have the Delta Special Facilities operated for it and on its behalf, but under and subject to its jurisdiction and control and to the jurisdiction and control of the Cities under the Contract and Agreement, by Delta as set forth in the Use Agreement; and WHEREAS, the Board will undertake the construction, equipping and installation of certain tenant finishes in connection with the expansion of Delta's passenger terminal facilities, the acquisition and installation of communication equipment, security equipment, and equipment to sugply fixed ground power and preconditioned air to aircraft (collectively, the "Improvement Facilities"), and WHEREAS, the Improvement Facilities will constitute Special Facilities as defined in the 1968 Concurrent Bond Ordinance; and WHEREAS, the Board has determined it necessary and appropriate that the Improvement Facilities be provided at the Airport as Delta Special Facilities and that the Improvement Facilities be financed through the issuance of certain Special Facility Bonds (hereinafter called and defined as the "Series 1983 Bonds"); and WHEREAS, the Board has requested the Cities to issue the Series 1983 Bonds as such and for such purposes, and in connection therewith the Board has also executed a certain Delta Air Lines Special Facilities Lease Agreement, dated as of April 1, 1983, as a supplement to the Use Agreement (hereinafter called the `lease"), which in general provides (a) for the payment of Ground Rent in respect of the Improvement Facilities, and (b) for the payment of Net Rent in the amounts required by this Ordinance; and WHEREAS, the City Councils have each found and determined as to each that the matters to which this Ordinance relates are matters of imperative public need and necessity in the protection of the health, safety and morals of the citizens of each of the Cities and, as such, that this Ordinance is an emergency measure and shall be effective as to each City respectively upon ita adoption by its City Council; and 2 WHEREAS, as to each respective City Council, it has been found and determined and it is hereby found and determined that the meeting at which this Ordinance is adopted is open to the public as required by law and that notice of the time, place and purpose of said meeting was given and posted in accordance with the requirements of Article 6252-17, Vernon's Texas Civil Statutes, as amended, NOW, THEREFORE, BE IT ORDAINED BX THE CITX COUNCIL OF THE CITY OF DALLAS, TEXAS NOW, THEREFORE, BE IT ORDAINED BX THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS ARTICLE I Title, Findings and Ratification Section 1.1. Short Title. This Ordinance may be cited by the short title "1983 Delta Air Lines Special Facility Bond Ordinance:' Section 1.2. Findings. All of the declarations and findings contained in, recited or repeated in the preambles of this Ordinance and in the preambles of the Use Agreement are made a part hereof and shall be fully effective as a part of the ordained subject matter of this Ordinance and are adopted by the Cities as true and proper determinations and findings of the Cities. Section 1.3. Ratification. All actions heretofore taken (not inconsistent with the provisions hereof) by the Cities, by the Board and by the employees and officers of each directed toward the Airport and the issuance of the bonds herein authorized, expressly including the authorization, execution and delivery of the Lease by the Board are hereby ratified, approved, confirmed, accepted and adopted. ARTICLE II Definitions and Construction Section 2.1. Definitions. In and throughout this Ordinance, the following words and expressions shall have the following meanings, respectively, to-wit - (a) "Airport" means the Dallas-Fort Worth Regional Airport, as aforesaid. (b) "Additional Bonds" means any Bonds issued for the purposes specified in Section 8.2 hereof. (c) "Board" means the Dallas-Fort Worth Regional Airport Board, as aforesaid. (d) "Bonds" means the Series 1983 Bonds, the Completion Bonds, the Additional Bonds and any Refunding Bonds issued in lieu thereof, all of which are Special Facility Bonds within the meaning of the 1988 Concurrent Bond Ordinance. (e) "Cities" means collectively the municipal corporations and political bodies and subdi- visions of the State of Texas (mown as the City of Dallas, in the County of Dallas, and the City- of Fort Worth, in the County of Tarrant, and such term shall also be deemed to include and refer to, in all appropriate respects, any successor political body, authority or subdivision if the Airport shall ever be transferred thereto as permitted by Section 9.3 hereof. (f) "City Council" or "City Councils" means in each instance the governing body as from time to time constituted of each of the Cities or the plural thereof shall mean and refer to the governing bodies of both of the Cities. (g) "Code" means the Internal Revenue Code of 1954, as amended, and all regulations promulgated thereunder (b) "Contract and Agreement" means that certain agreement entitled "Contract and Agree- ment," entered into actually on April 23, 1968, but effective as of April 15, 1968, by and between 3 Dallas and Fort Worth, which by its terms continues, expands, and further defines the powers and duties of the Board, creates the Joint Airport Fund, as herein defined, and provides for the construction and operation of the Airport. (i) "Completion Bonds" means Bonds issued for the purpose of completing the payment of the Costs of the Initial Special Facilities, or any subsequent Costs of the Delta Special Facilities for which Additional Bonds have been issued, as permitted in Section 8.1 hereof. (j) "Costs of -the Delta Special Facilities" or "Costs of the Initial Special Facilities" means the items of costs described and enumerated in subsection (h) of Section 1.1 of the Lease. (k) "Dallas" means the City of Dallas, Texas. (1) "Delta Special Facilities" means the facilities and properties defined is the Lease as the "Special Facilities: ' (m) "Delta Special Facilities Acquisition and Construction Fund" means the fund by that name created in Section 5.2 of this Ordinance and constituting a part of the joint Airport Fund. (n) "Delta Special Facilities Bond Interest and Sinking Fund" means the Fund by that name created in Section 7.2 of this Ordinance and constituting a part of the Joint Airport Fund. (o) "Delta Special Facilities Bond Reserve Fund" means the fund by that name created in Section 7.2 of this Ordinance and constituting a part of the Joint Airport Fund. (p) "Delta Special Facilities Net Rent Clearance Fund" means the fund by that name created in Section 7.2 of this Ordinance and constituting a..part of the Joint Airport Fund. (q) "Director of Planning and Engineering" means that person who shall from time to time be in charge of the Board's Planning and Engineering Department. (r) "Director of Finance" means the Director of Finance of the Board, (s) "Executive Director" means the chief administrative and executive officer of the Board as described and required by the Contract and Agreement. (t) "Event of Default" means any of the events stated in Section 10.1 hereof as events of default. (u) "Lease" means the agreement. with the Lessee described in the preambles hereof. (v) "Fort Worth" means the City of Fort Worth, Texas. (w) "Ground Rent" means the rent payable to the Board under Section 3.1 of the Lease. (x) "Holder" when used in conjunction with the Bonds or coupons appertaining to the Bonds, means the person in possession and the apparent owner of the designated item. (y) "Independent Accountant" means any Certified Public Accountant or firm of Certified Public Accountants, or both as: determined by the Board, duly licensed to practice and practicing as such under the laws of the State of Texas, appointed and paid by the Board, who is, in fact, independent and not under the dominion of the Board or the Cities. {z) "Initial Special Facilities" or "Improvement Facilities" means the facilities and proper- ties defined and described as such in the Lease. (AA) "Investrnent Securities" means any of the securities from time to time permitted by the agreement with the Treasurer to be utilized by him as security for the funds of the Board on deposit with him {except personal bonds ), and additionally includes any time deposits or certifi- cates of deposit of any State Bank or National Banking Association which are themselves secured by any of the above and foregoing. t 4 (BB) "Joint Airport Fund" means the master fund by that name created by the Cities for the purpose of accurately and adequately recording and accounting for the ownership, operations and properties to the joint venture of the Cities evidenced by the Contract and Agreement, all as described and provided in Section 17 of the Contract and Agreement. (CC) "Lessee" means Delta Air Lines, Inc., a Delaware corporation, as aforesaid, being the Lessee under the Lease. (DD) "Net Rent" means the rent payable to the Boazd under Section 3.2 of the Lease and herein pledged to the payment of the Bonds. (EE) "1968 Concurrent Bond Ordinance" means the Ordinance described and referred to by that name in the preambles hereof. (FF) "Paying Agent" or "Paying Agents," with respect to the Bonds, means the RepublicBank -Oak Cliff, Dallas, Texas; or, at the option of the Holder, at Continental National Bank of Fort Worth, Forth Worth, Texas. (GG) "Pledged Revenues" means the revenues specified in Section 7.1 hereof and therein pledged to the payment of the Bonds. (HH) "Refunding Bonds" means any bonds issued for the purposes authorized under See- tion 8.3 hereof. (II) "Series 1983 Bonds" means the series of Bonds authorized in Article III hereof. (jJ) "Treasurer" means the duly designated Treasurer for the Board and the 'joint Airport Fund as described and contemplated in the Contract and Agreement. Section 2.2. Construction dnd E$ect of Covenants. 'This Ordinance, except where the context hereof by clear implication shall otherwise require, shall be construed and applied as follows (a) Definitions include both singular and plural. (b) Pronouns include both singular and plural and cover all genders. (c) Any percentage of Bonds, for the purposes of this Ordinance, shall be computed on the basis of the unpaid principal amount thereof outstanding at the time the computation is made or is required to be made hereunder (d) None of the covenants herein shall ever impose, or be construed as imposing, a liability or obligation on the part of the Cities, or either of them, or the Board, either (i) to pay the principal of or interest on any Bonds out of any funds derived by taxation; or (ii) to pay the Bonds out of the "Gross Revenues" of the Airport, as defined in the 1968 Concurrent Bond Ordinance. (e) All covenants contained herein which require the performance of an affirmative, common or joint act with respect to the Airport, the Delta Special Facilities or the Bonds shall be per- formed, on behalf of the Cities acting jointly, by the Board, and from and after the effective date of this Ordinance, the Board shall be obligated to undertake and perform each and every such covenant and this Ordinance shall constitute a directive and order to the Board to that effect. (f) All covenants contained herein requiring the Cities to pay the principal of and the interest on Bonds shall be joint, and not several, obligations, and all such obligations shall be payable and collectible solely from Pledged Revenues, such revenues being owned in undivided interests by Dallas (to the extent of 7/ llths thereof) and by Fort Worth (to the extent of 4/ llths thereof ), and each, and every Holder of Ponds shall by his acceptance thereof consent and agree that no claim, demand, suit or judgment for the payment of money, shall ever be asserted, entered or collected against either City individually, except out of said funds and not exceeding in the case of Dallas an amount equal to 7/ llths of the total amount asserted or demanded, and in the case of Fort Worth an amount equal to 4 j llths of the total amount asserted or demanded. (g) In the event of a transfer of the Airport to another political body or political subdivision, as permitted by Section 9.3 hereof, the governing board of such political body, when operating the Airport under and subject to the provisions of this Ordinance, shall be obligated to perform all of the covenants and duties hereof imposed upon the Cities themselves or upon the Cities acting through the Board, and shall be authorized to exercise the rights reserved herein to the Cities or to the Board in such manner as may be appropriate and consistent with its usual and customary methods of exercising similar rights in other instances so long as the method or methods utilized do not impair or defeat the substantive purposes of this Ordinance. (h) Nothing in this Ordinance shall be deemed or construed to grohibit the Cities or the Board from financing, acquiring, constructing; installing and equipping any special facilities for the Airport of any type considered by the Board to be necessary or desirable in connection there- with under the 1968 Concurrent Bond Ordinance through the issuance of special facility bonds therefor payable from lease agreements with any parties, including the Lessee, and expressly including the right to acquire, construct, fabricate and install (original or replacement) other Delta Special Facilities or facilities of a type similar thereto by any method additional to the issuance of Completion Bonds or Additional Bonds and in any locations at the Airport, and either within or without the Terminal Complex, as defined in the Lease, or any part thereof, through the execution of other agreements with other parties, or the Lessee. ARTICLE III Series 1983 Bonds Section 3.1. Authorization. (a) For the purpose of providing funds with which to pay the Costs of the Initial Special Facilities, as contemplated by the Lease, it is hereby declared necessary that the Cities authorize and issue, and the Cities hereby authorize and direct the issuance of, "Dallas-1~'ort Worth Regional Airport Special Facility Delta Improvement Revenue Bonds, Series 1983" (herein- after defined as the "Series 1983 Bonds"), in the aggregate principal amount of $15,750,000, payable both as to principal and interest solely out of Pledged Revenues, as described, defined and pledged herein. (b) The Series 1983 Bonds are and shall be "Special Facility Bonds," issued under the authority reserved to the Cities in Section 8.7 of the 1968 Regional Airport Concurrent Bond Ordinance and pursuant to the authority granted the Cities under and by virtue of Article 1269j-5, Article 1289j-5.1, Article 1269j-5.2, Article 46d, and other applicable provisions of Vernon's Texas Civil Statutes, as amended. Section 3.2. Date, Denom%nation, Maturit%es and Interest Rates. The Series 1983 Bonds shall be dated April 1, 1983, shall be in the denomination of $5,000 each, shall consist of Bonds numbered in direct numerical order from 1 through 3,150, inclusive, and shall mature and become due and pay- able on November 1, 2003, and bearing interest at the rate of nine and seven-eighths per cent (97/a%) per annum from their date to their stated maturity or earlier redemption. Interest at such rate shall be evidenced by coupons initially attached to each said Bonds payable on November 1, 1983, and semi- annually thereafter on each May 1 and November 1. Section 3.3. Pay%ng Agents. Both the principal of and the interest on the Series 1983 Bonds shall be payable to bearer in lawful money of the United States of America without deduction for exchange or collection charges at the offices of the Paying Agents. Section 3.4. Prior Redemption. (a) Series 1983 Bonds may be redeemed, at the option of the Cities, prior to their stated maturity in whole, at any time, on or after November 1, 1993, or in part by lot, on November 1, 1993, and on any interest payment date thereafter, from any moneys (other than the moneys on deposit in the Delta Special Facilities Bond Interest and Sinking Fund as provided in subsection ,below) the following 8 ~, 1 , respective redemption price (expressed as percentages of the principal amount of said bonds thus optionally redeemed plus accrued interest to the date fixed for redemption, to-wit: Period During Which Redeemed Redemption (Both Dates Inclusive) Price November 1, 1993-October 31, 1994 102% November 1, 1994-October 31, 1995 101 November 1, 1995 and thereafter 100 (b) Apart from the Cities' right and option of redeeming Series 1983 Bonds as provided in sub- section (a), above, the Series 1983 Bonds are further subject to the following mandatory redemption provisions, to-wit (i) The Series 1983 Bonds are subject to the mandatory requirement that in each of the years hereinbelow specified, the Board, acting on behalf of the Cities, shall select (by lot) the principal amount of bonds out of said Series 1983 Bonds as are hereinbelow designated for each such year and shall redeem the Series 1983 Bonds thus selected on the following November 1 in each such year, respectively, from the moneys to be set aside for that purpose in accordance with paragraph (ii) of subsection (a) of Section 7.3 of this Ordinance. The years and the corresponding principal amount of Series 1983 ,Bonds to be thus selected and mandatorily redeemed in each such year, respectively, are as follows, to wit: Principal Amount Redemption of Bonds to be yew Selected and Redeemed 1997 $1,100,000 1998 1,~,~ lss9 1,~,~' 2000 1,~,~ 2001 1,700,000 2002 1,900,000 Such of said bonds as are redeemed pursuant to thi"s subjection shall be redeemed at a price equal to the principal amount thereof plus accrued interest to the date of; redemption and without premium. The bonds out of said Series 1983 Bonds remaining unselected for redemp- tion on November 1, 2002, shall be paid on the date of their stated maturity from the moneys to be deposited into the Delta Special Facilities Bond Interest and Sinlaing Fund during the period October 1, 2002 -October 1, 2003 pursuant to paragraph (ii) of subsection (a) of Section 7.3 of this Ordinance. (ii) If in any year in which the Cities, acting through the Board, are required to redeem Series 1983 Bonds pursuant to the mandatory provisions of this subsection, they shall, either before or after (but prior to October 1) the selection of the bonds to be redeemed mandatorily that year, be given the opportunity of purchasing any of said bonds for a price less than as above specified, the Boazd shall be authorized to make such purchases (but not more than the number to be required to be redeemed that yeaz) from the moneys set aside that year for the redemption of said Bonds, as aforesaid, and the principal amount of bonds thus purchased shall be deducted from the principal amount to be required to be redeemed that year (iii) In the event of an optional redemption from other moneys as authorized by sub- ~~~ section ,above, of less than all of the Series 1983 Bonds which are subject to the mandatory provisions of subsection (b), above, the principal amount of bonds thus optionally redeemed shall proportionately reduce (in whole denominations) the principal amount of bonds required to be selected and mandatorily redeemed each year and to be paid at stated maturity in accordance with paragraph (i ), above. 7 (c) If the interest on the Series 1983 Bonds shall be finally determined, upon the basis of a ruling of the Internal Revenue Service of the United States or a determination by a court of competent jurisdiction, to be includable for Federal income tax purposes in the income of any recipient thereof subject to Federal income taxation, unless such recipient is a substantial user of the facilities financed from the proceeds of the Series 1983 Bonds, or a "related person" thereto, as defined in Section 103(b) of the Code, then the Series 1983 Bonds shall be redeemed as a whole at any time not later than 120 days after such determination. The redemption price of the Series 1983 Bonds redeemed pursuant to this subsection (c) shall be the principal amount thereof, plus accrued interest to the date of redemption. (d) At least thirty (30) days prior to the date of any such redemption, whether such date shall be fixed by the mandatory provisions specified above, ar by reason of the exercise of the optional rights of redemption there provided, the Board, acting an behalf of the Cities, shall cause a written notice of such redemption (specifying the Series 1983 Bonds to be either mandatorily or optionally redeemed, or both) to be published at least once in a newspaper or financial publication published in the City of New York, New York. 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 Series 1983 Bonds to be so redeemed, plus 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 Series 1983 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 grovided for such payment. Section 3.5. Form. The form of the Series 1983 Bonds, including the form of Registration Certificate of the Comptroller of Public Accounts of the State of Texas to be printed and endorsed on each Bond, and the form of the interest coupons to be attached thereto, shall be, respectively, substantially as follows, to wit: (FORM OF SERIES 1983 BONDS ) UNITED STATES OF AMERICA STATE OF TEXAS COUNTIES OF DALLAS AND TARRANT DALLAS-FORT WORTH REGIONAL AIRPORT SPECIAL FACILITY DELTA IMPROVEMENT REVENUE BOND SERIES 1983 NO ~,~ On the 1st day of November, 2003, the Cities of Dallas and Fort Warth (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 9~/s% per annum, evidenced by initially attached coupons payable November 1, 1983, and semi-annually thereafter on each May 1 and November 1. Both principal 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 RepublicBank -Oak Cliff, Dallas, Texas, or at the option of the holder, at Continental National Bank of Fort Worth, Texas, paying agents, without exchange or collection charges to the bearer hereof. 8 The bonds of this series (hereinafter called the "Series 1983 Bonds"), numbered 1 to 3,150, both inclusive, may be redeemed, at the option of the Cities, prior to they stated maturity in whole on or after November 1, 1993, or in part by lot, on November 1, 1993, and on any interest payment date thereafter, from any moneys (other than the moneys on deposit in the interest and sinking fund therefor) for redemption prices (expressed as percentages of the principal amount of bonds thus optionally redeemed) plus accrued interest to the date fixed for redemption as set forth in the table below Period During Which Redeemed Red~`p~h'on (Both Dates Inclusive November 1, 1993-October 31, 1894 102% November 1, 1994-October 31, 1995 101 November 1, 1995 and thereafter 100 In addition, the Series 1983 Bonds are subject to certain further mandatory redemption requirements provided and established in the Ordinance authorizing this Series of bonds. Under such provisions, a specified principal amount of said bonds shall be selected by lot and mandatorily redeemed prior to their stated maturity in the years 1997 through 2002 for a xedemption price equal to the principal amount thereof and accrued interest to the date of redemption and without premium. The Series 1983 Bonds which are not thus selected and mandatorily redeemed during said years shall be paid at their stated maturity Said mandatory redemptions and payment at maturity shall be accomplished from moneys required by said Ordinance to be deposited into the interest and sinking fund for the Series 1983 Bonds. In addition,. the Series 1983 Bonds shall be redeemed as a whole at any time not later than 120 days after interest on the Series 1983 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 any recipient thereof subject to Federal income taxation, unless such recipient is a substantial user of the facilities financed from the proceeds of the Series 1983 Bonds, or a "related person" thereto, as defined in Section 103(b) of the Internal Revenue Code of 1954, as amended. Series 1983 Bonds redeemed pursuant to this paragraph shall be redeemed at a price equal to the principal amount thereof and accrued interest to the date of redemption and without premium. When bonds shall be redeemed pursuant to 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 (hereinafter identified) of the Cities authorizing the Series 1983 Bonds. 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, plus accrued interest thereon to the date fixed for redemption. If the written notice of redemption is published, and if due provision for pay- ment 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 redemp- tion, 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 the Series 1983 Bonds, being a duly authorized issue of bonds, dated April 1, 1983, numbered from 1 through 3,150, of the denomination of $5,000 each, aggregating $15,750,000, issued by the Cities for the purpose of providing funds for the purpose of acquiring, constructing, fabricating and installing certain Special Facilities for the jointly owned Dallas-Fort Worth Regional Airport of the Cities. For the purpose of providing for the issuance of this series of bonds and securing the payment thereof, the Cities have jointly adopted a certain ordinance known by the short title as the "1983 Delta Air Lines Special Facility Bond Ordinance," and therein have jointly pledged their respective interests in certain moneys therein defined as "Pledged Revenues," which term includes certain net rents to be derived by the Dallas-Fort Worth Regional Airport Board (the "Board") 8 under and pursuant to the terms of a certain Delta Air Lines Special Facilities Lease Agree- ment, dated as of April 1, 1983, between the Board and Delta Air Lines, 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 created and confirmed in and pursuant to the 1983 Delta Air Lines Special Facility Bond Ordinance, and are unconditionally and irrevocably com- mitted and pledged to the purposes specified for said funds including the payment of this series of bonds, and other. bonds, if any, which may be issued under said Ordinance. Reference is made to the 1983 Delta Air Lines Special Facility Bond Ordinance and to said Delta Air Lines Special Facil- ities Lease Agreement 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 the holders of this series of bonds, to all the provisions of which the holder hereof by the acceptance of this bond assents and agrees. As provided in the 1983 Delta Air Lines Special Facility Bond 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 na individual liability shall ever exceed in the case of Dallas 7/ llths of the total amounts thereof, and in the case of Fort. Worth 4i 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. 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. 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 1983 Delta Air Lines Special Facility Bond Ordinance and the execution and delivery of said Delta Air Lines Special Facilities Lease Agreement have been done, do exist and have been performed as so required. 10 I» 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 placed 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 by its City Attorney; and each said City Council has caused the attached coupons to be signed by the facsimile signatures of the Mayor and City Auditor of the City of Dallas and by the Mayor and City Secretary of the City of Fort Worth. CovxTEASZCrTED: /s/ Cfty At{d#or, Ctty of DaUaa, Texaa /8/ /s/ Mayor, C#y of Dalbs, Texas Js/ City Secretary, Ctty o/ Dallas, Texas Mayor, Ctty of Fort Worth, Texas CiovP1TEASIGxED: /si Ctty Secretary, City of Fort Worth, Texas APPROVED AS TO FORM /s/ City Attorney, City of Fort Worth, Texas (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 RepublicBank -Oak Cli$, Dallas, Texas, or at the option of the holder, at Continental National Bank of Fort Worth, Fort Worth, Texas, 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 bond of the issue entitled "Dallas-Fort Worth Regional Airport Special Facility Delta Improvement Revenue Bond, Series 1983," dated April 1, 11 1983. 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. i si.. Mayor, City of Dallas, Texas COVNTEasIGxEn: /s/ City Auditor, City of Dallas, Tews Cov~sslcxEn: /s/ City Secretary, City of Fort Worth, Texas /s/ Mayor, City of Fort Worth, Texas (FORM OF COMPTROLLER'S REGISTRATION CERTIFICATE) OFFICE OF COMPTROLLER STATE OF TEICAS REGISTER NO 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 WIZ•xESS my signature and seal this [SEAL] !s/ Comptroller of Public Accounts of the State of Texas ARTICLE IV Execution, Approval, Registration, Sale and Delivery of Series 1983 Bonds Section 4.1. Method of Execution. Each of the Series 1983 Bonds shall be signed and executed on behalf of Dallas by the facsimile signature of its Mayor and countersigned by the facsimile signa- tures of its City Auditor and City Secretary, and the corporate seal of that City shall be impressed,. printed or lithographed on each bond. Each of the Series 1983 Bonds shall be signed and executed on behalf of Fort Worth by the facsimile signature of its Mayor and countersigned by the facsimile signature of its City Secretary; the same shall be approved as to form by the City Attorney of the City, and its corporate seal shall be impressed, printed or lithographed upon each Bond. The respective signatures of the Mayor and City Auditor of Dallas and of the Mayor and City Secretary of Fort Worth shall be lithographed or printed upon the coupons attached to the Series 1983 Bonds. All facsimile signatures placed upon the Bonds and their coupons shall have the same effect as if manually placed thereon, all as provided in Article 717j, Vernon's Texas Civil Statutes, as amended. Section 4.2. Approtwl and Registration. The Board is hereby authorized to have control and custody of the Series 1983 Bonds and all necessary records and proceedings pertaining thereto pending their delivery, the Chairman, officers and employees of the Board and of the Cities are hereby authorized and instructed to make such certifications and to execute such instruments as 12 may be necessary to accomplish the delivery of the Series 1983 Bonds and to assure the investigation, examination, and approval thereof by the Attorney General of the State of Texas and their registration by the State Comptroller of Public Accounts. Upon registration of the Series 1983 Bonds, the Comp- troller of Public Accounts (or a deputy designated in writing to act for him) shall be requested to sign manually the Comptroller's Registration Certificate prescribed herein to be grinted and endorsed on each Bond and the seal of the Comptroller shall be impressed or printed or lithographed thereon. The Chairman of the Board shall be further authorized to make such agreements with the purchasers of the Series 1983 Bonds as may be necessary to assure that the same will be delivered to such pur- chasers in accordance with the terms of sale at the earliest practicable date after the adoption of this Ordinance. Section 4.3. Sale, Approval of Contract of Purchase. (a) The Series 1983 Bonds are hereby sold in accordance with law and shall be delivered to the Underwriters (listed in Schedule I of the Contract of Purchase, dated April 6, 1983) for whom Smith Barney, Harris Upham & Co. Incor- porated, Goldman, Sachs & Co., and Merrill Lynch Weld Capital Markets Group (Merrill Lynch, Pierce, Fenner & Smith, Incorporated), are acting as managers for a price of $15,474,375, plus interest from the date of the Series 1983 Bonds accrued to the date of delivery thereof, and subject to the other terms and conditions set forth in the below mentioned Contract of Purchase. (b) The Contract of Purchase (including the Letter of Representation attached thereto) setting forth the terms of the sale of the Series 1983 Bonds to the purchasers thereof referred to in (a) above is hereby accepted, approved and authorized to be delivered in executed form to said pur- chasers. The Contract of Purchase (including the Letter of Representation attached thereto) shall be executed on behalf of the City of Dallas by the City Manager with its corporate seal impressed thereon, attested by the City Secretary, countersigned by the City Auditor, and approved as to form by the City Attorney The Contract of Purchase (including the Letter of Representation attached thereto) shall be executed on behalf of the City of Fort Worth by the City Manager with its cor- porate seal impressed thereon, attested by the City Secretary, and approved as to form and legality by the City Attorney ARTICLE V Disposition of Bond Proceeds, Uses and Withdrawals Section 5.1. Interest During Acquisition and Construction. (a) Any amount received as accrued interest upon the delivery of the Series 1983 Bonds, plus the amount together with such accrued interest which is equal to the interest to become due on the Sexies 1983 Bonds to November 1, 1984, is hereby appropriated from the proceeds of the sale of said Bonds and ordered to be deposited to the credit of the Delta Special Facilities Bond Interest and Sinking Fund. If it shall become necessary to remove or withhold the amount required to be appropriated by this subsection (a) from the custody of the Treasurer in order to comply with the requirements of Section 7.5(b) hereof, or for any other reason, then, upon written order of the Director of Finance, that part of the Delta Special Facilities Bond Inter- est and Sinking Fund containing said amount shall be placed in trust with Republic ,Bank -Oak Cliff, Dallas, Texas, one of the Paying Agents for the Series 1983 Bonds. Such portion of the Delta Special Facilities Bond Interest and Sinking Fund thus held by said Paying Agent for the benefit of the holders of the Bonds, and pending its use to pay interest on the Series 1983 Bonds, shall be invested from time to time in investment securities as may be directed by the Board; provided however that no such investment shall be made which will be inconsistent with the requirements of Section 7.5(b) To the extent that this Section is inconsistent with the provisions of the Contract and Agreement or the Lease, then the Contract and Agreement and Lease are hereby amended to accommodate the requirements of this Section. (b) In addition to the directions contained in paragraph (a ), next above, it is hereby directed that from the proceeds of the Series 1983 Bonds, the sum of $2,195,000 shall be deposited into the Delta Special Facilities Bond Reserve Fund and used, applied and devoted to the purposes. specified elsewhere herein for money on deposit in said Fund. Said amount shall be the maximum 13 amount required to be on deposit therein by reason of the Series 1983 Bonds. Additional deposits may be required to be made thereto in accordance with ordinances authorizing Completion Bonds, Additional Bonds or Refunding Bonds. Additionally, any such ordinance shall also provide that the maximum amount required to be on deposit in said Reserve Fund shall never be less than an amount equal to the average annual principal and interest required on all Bonds from time to time outstanding. Section 5.2, Delta Special Facilities Acquisition and Construction Fund. Except as otherwise provided in Section 5.1 hereof, all proceeds from the sale of the Series 1983 Bonds shall be deposited promptly upon the receipt thereof in the Delta Special Facilities Acquisition and Con- struction Fund, which is hereby created, and the moneys within said Fund, including earnings from the investrnent thereof, shall be used solely for the purpose of paying the Costs of the Initial Special Facilities. Section 5.3. Disbursements from Construction Fund, Surplus. (a) Before any moneys shall be withdrawn or any payments shall be made from the Delta Special Facilities Acquisition and Contruction Fund for Costs of the Initial Special Facilities which directly relate to the physical construction and equipment thereof there shall be filed with and approved by the Executive Director or his designee: (i) a voucher which may contain any number of items signed by the Board's Director of Planning and Engineering and stating in respect of each item to be paid - (a) the item number of the payment; (b) the name of the person to whom payment is due; (c) the amount or amounts to be paid; (d) the purpose for which the obligation to be paid was incurred in such detail as shall be satisfactory to the Director of Finance; and (ii) a certificate signed by the Board's Director of Planning and Engineering and attached to the voucher certifying - (a) that the obligations in the stated amounts have been incurred by the Board and that each item thereof is a proper charge against the Delta Special Facilities Acquisition and Construction Fund and has not been paid; (b) that there has not been filed with or served on the Board any notice of lien, right of lien, or attachment upon or claim affecting the right to receive payment of any moneys payable to any person named in such voucher which has not been released or will not be released simultaneously with the payment of such obligations; (c) that such voucher contains no payment on account of any retained percentage which the Board at the date of such certificate is entitled to retain; and (d) that insofar as any such obligation was incurred for work, materials, equipment or supplies such work was actually performed in the furtherance of the Initial Special Facilities or delivered at a site thereof for that purpose or delivered for storage or fabrication at a place or places approved by the person signing the certificate and under the control of the Board. 1'f the Executive Director or his designee shall determine that such voucher and certificate are in the form and contain the information required by this section, and that such payments are due, he shall be authorized to make payment thereof in such manner as is customarily employed by the Board for the payment of other expenses thereof; provided, however, that the Executive Director or his designee shall determine at such time that the Lessee is in compliance with the provisions of Section 9,13(e) of the Lease. 14 (b) Before any moneys shall be withdrawn or any payments shall be made from the Delta Special Facilities Acquisition and Construction Fund other than those contemplated in paragraph (a), above, including expenses of administration and other items included as a part of the term "Costs of the Initial Special Facilities" as defined in this Ordinance, the Board shall adopt and maintain a general schedule of Delta Special Facilities Acquisition and Construction Fund uses. Moneys within the Delta Special Facilities Acquisition and Construction Fund may be expended for such purposes r at such tunes as expenditures may be required upon the execution of a certificate by the Executive x , Director or his designee to the effect that such expenditures are itemized in or contemplated by such ¢ schedule of Delta Special Facilities Acquisition and Construction Fund uses. (c) When the acquisition and construction of the Initial Special Facilities shall have been com- pleted in accordance with the plans and specifications thereof, and when all amounts due therefor, including all proper incidental expenses, shall have been paid, the Board's Director of Planning and Engineering shall file with the Executive Director and the Board a certificate so stating, and thereupon the Board shall cause the transfer of all moneys remaining in the Delta Special Facilities Acquisition and Construction Fund, if any, to the Delta Special Facilities Bond Interest and Sinking Fund; provided, however, that any surplus may be devoted to the payment of any costs of any other Special Facilities, if such payment is approved by the Lessee; and provided further, that no transfer or disposition of any such surplus shall occur unless and until bond counsel shall have advised the Board that such transfer or disposition will not affect the exemption from Federal income tax of interest on the Series 1983 Bonds. ARTICLE VI Lease Agreement, Collection of Net Rent Section 6.1. Lease Agreement. The Cities conversant and warrant (i) that the Lease has been duly and lawfully entered into, executed and delivered by the Cities acting by and through the Board and represents a valid and subsisting agreement of the Cities, the Board and the Lessee, enforceable in accordance with its terms; (ii) that this Ordinance has been approved by the Lessee in conformity with the requirements of the Lease; (iii) that during any period during which Bonds are outstanding under this Ordinance, neither the Cities nor the Boazd will consent to or grant any modification of, or amendment or concession to, by supplemental or amendatory agreement or other- wise, the provisions of subsections (a) and (c) of Section 3.2 of the Lease; (iv) that, during any period during which Bonds aze outstanding under this Ordinance, neither the Cities nor the Board will consent to or grant any modification of, or amendment or concession to, by supplemental or amenda- tory agreement or otherwise, any other provision of the Lease, which modification, amendment or concession would have the effect of reducing, altering or modifying the obligations and commitrnents of the Lessee contained in subsections (a) and (c) of Section 3.2 of the Lease, or would minimize, reduce or lessen the rights of the Board in the event of a default in the payment of Net Rent by the Lessee thereunder, or would materially and adversely affect the security herein provided for the payment of Bonds; and (v) that the Cities and the Board will strictly observe and abide by their commitments contained. in the Lease and will strictly enforce the obligations of the Lessee thereunder Section 8.2. Collection o f Net Rent. The Cities, acting by and through the Board, shall through appropriate billings, statements or otherwise, furnished and delivered to the Lessee, cause the Net Rent payable thereunder to be collected by the Board not less than one (1) full business day prior to the dates specified in Article VII hereof for the deposit or transfer into the various funds created therein for the purposes described, and the dates on which such collections are required, and the amounts required by said Article VII hereof, for the purposes of this Ordinance and for the purposes of subsection (a) of Section 3.2 and all other relevant subsections and Sections of the Lease shall be the due date for the payment and collection of Net Rent and the times and amounts payable thereunder. is ARTICLE VII Pledge, Special Funds, Flow of Funds, Defeasance Section 7.1. Pledge. The Bonds shall be and and hereby declared to be payable solely from and secured by an irrevocable first and superior lien on and pledge ~xf (a) the Net Rent (except that part received on account of the costs and charges of any paying agent or paying agents or any trustee or trustees for the Bonds) and the Special Funds herein created in which Net Rent from time to time shall be on deposit as herein required; (b) any amounts on deposit in the Special Funds herein created and credited against the Net Rent payable by Lessees under paragraph (b) of Section 3.2 of the Lease; and (c) in the event of a default in the payment of Net Rent by the Lessee under the Lease, then the gross receipts, less expenses of collection, derived by the Board from the exercise of any remedy on default specified or permitted by the Lease. All of the items of money described above are herein collectively called and defined as the "Pledged Revenues." Section 7.2. Special Funds. In addition to the Delta Special Facilities Acquisition and Construction Fund, pursuant to the Contract and Agreement, the 1988 Concurrent Bond Ordinance and other ordi- nances authorizing bonds relating. to the Airport, the Cities hereby establish within the Joint Airport Fund and duect that the following special funds be maintained by the Board, to wit: (a) Delta Special Facilities Net Rent Clearance Fund, (b) Delta Special Facilities Bond Interest and Sinking Fund, (c) Delta Special Facilities Bond Reserve Fund. Section 7.3, Flow o f Funds. That portion of Pledged Revenues credited against the Net Rent payable by Lessee under subsection (b) of Section 3.2 of the Lease shall at all times remain in or be transferred to the appropriate funds created in and as directed by this Ordinance. Net Rent shall be collected by the Board and shall be paid by the Lessee in the amounts and on the dates required by Section 6.2 hereof and, as collected, shall be held in the Delta Special Facilities Net Rent Clear- ance Fund within the Joint Airport Fund, and the Board shall make necessary deposits and transfers thereof in the order of the following subsections and on the dates and in the amounts indicated, to wit: (a) The Board shall make transfers to the Delta Special Facilities Bond Interest and Sinking Fund, after accounting for any moneys already on deposit therein and available for the pur- poses, as aforesaid, as follows, to wit: (i) Beginning on October 1, 1984, and on the 1st day of each month thereafter, the Board shall deposit an amount necessary to provide 1/6th of the amount of interest to become due on the Series 1983 Bonds on May 1, 1985, and on each succeeding interest payment date thereafter, (ii) Beginning on October 1, 1998, and on the first day of each month thereafter through September 1, 2003, the Board shall deposit 1/12th of the following amounts during the respective periods indicated, to wit: Period Amounts 1998-1997 $1,100,000 1997-1998 1,300,000 1998-1999 1,400,000 1999-2000 1,800,000 2000-2001 1,700,000 2001-2002 1,900,000 2002-2003 8,750,000 Any amounts on deposit in the Delta Special Facilities Bond Reserve Fund on November 1, 2002, may, unless otherwise prohibited or limited by a subsequent ordinance authorizing 18 Completion Bonds, Additional Bonds or Refunding Bonds, be applied in reduction of the deposits required by this paragraph during the succeeding twelve month period. Addi- tionally, if the Cities shall have redeemed less than all of the Series 1983 ,Bonds pursuant to their option of redemption contained in Section 3.4(a) hereof, then the amounts required to be deposited in each respective year into the Delta Special Facilities Bond Interest and Sinking Fund under this pazagraph (ii) shall be reduced to the amount necessary in each year to provide funds with which to mandatorily redeem the remaining, unredeemed Series 1983 Bonds or to pay the unredeemed Bonds of said Series at maturity, in accordance with the provisions of Section 3.4 (b) (i ), as adjusted by subsection (b) (iii) of said Section. (iii) Beginning at the times stated and required in any subsequent ordinance authoriz- ing Completion Bonds, Additional Bonds or Refunding Bonds, the Boazd shall deposit the amounts required to be deposited in accordance with any such ordinance. (b) On the first day of each month hereafter, after malting any transfers required by subsection (a), next above, the Board shall be authorized and required to pay from Pledged Revenues any fee or fees of the Paying Agent or Paying Agents for the Bonds or any other fees or charges authorized or permitted which may be or will become due during the month. (c) During any period during which Bonds are outstanding and so long as the Delta Special Facilities Bond Reserve Fund contains the maximum amount required to be on deposit therein, no further payments shall be required to be made thereto. If, at the close of business on September 3(1th of any year, the Reserve Fund shall be deficient and shall contain less than the maximum amount then required to be on deposit therein, as established by this Ordinance and any ordinance authorizing other Bonds, then any surplus amounts in the Delta Special Facilities Bond Interest and Sinking Fund shall be deposited to the credit of said Reserve Fund to the extent necessary to restore the deficiency After such deposit, if a deficiency remains, then an amount equal to such remaining deficiency shall be deposited in twelve (12) equal monthly installments during the next succeeding twelve (12} month period. Section 7 4. Uses o f Funds; Exempt Facilities. (a) Moneys on deposit to the credit of the Delta Special Facilities Bond Interest and Sinking Fund and the Delta Special Facilities Bond Reserve Fund shall be used for the purposes and uses specified in this Section 7 4, as follows: (i) Delta Special Facilities Bond Interest and Sinking Fund. Moneys on deposit in the Delta Special Facilities Bond Interest and Sinking Fund each year shall be used solely and exclusively for the purposes of paying the interest on and principal of the Bonds as such interest comes due and the principal (or sinking fund payments) become due. Additionally, such amounts as shall be required for the purpose, shall be used for the purpose of mandatorily redeeming Series 1983 Bonds as prescribed in Section 3.4(b) hereof. The Director of Finance shall make transfers of the funds on deposit therein to the Paying Agents for such purposes at least five (5) days prior to the due date thereof. (ii) Delta Special Facilities Bond Reserve Fund. For so long as any of the Bonds shall be outstanding, the Delta Special Facilities Bond Reserve• Fund shall be held as a reserve for the payment of principal and interest or sinking fund payments on the Bonds when and if Pledged Revenues on deposit in the Delta Special Facilities Bond Interest and Sinking Fund shall not be sufficient for such purposes. If such deficiencies occur, the Duector of Finance shall transfer money on deposit in the Delta Special Facilities Bond Reserve Fund to the Delta Special Facilities Bond Interest and Sinking Fund for the uses specified for that Fund, and the deficiency thus occurring in the Delta Special Facilities Bond Reserve Fund shall be restored at the times required by paragraph (c) of Section 7.3 hereof. (b) The Cities covenant that throughout the term of the Series 1983 Bonds they will diligently comply with the requirements of Section 103(c) of the Code, so that the Series 1983 Bonds will nat at any time beoome arbitrage bonds. 17 (c) It is. expressly covenanted and agreed that the Cities, acting by and through the Board, will not expend the proceeds of the Series 1983 Bonds for any purpose, or purposes, or in any amount or amounts, or undertake, or permit the Lessee to undertake, (i) any act or use of the Special Facilities which would cause the Special Facilities to be or become facilities other than those described as exempt facilities in Section 103(b)(~#) of the Code; or (ii} any expenditure of the proceeds of the Series 1983 Bonds except in compliance with the requirements of Section 1l>3(b) of the Code. These covenants are made for the benefit of the Holders from time to time of the Bonds and may be relied upon by said Holders and by bond counsel for the Cities and the Board. Section 7.5. Securitg and Investment of Funds. (a) For so long as moneys relating to the Delta Special Facilities and the Bonds on deposit in the Joint Airport Fund shall be held by the Treasurer, the same shall be secured in the manner provided by the agreement from time to time in effect between the Boazd and the Treasurer In the event the Cities shall elect to place the moneys in said Fund, or any part thereof, elsewhere, the same shall be secured at all times in the manner provided by law for other public funds, and, except for current requirements, shall be continually invested in appropriate Investment Securities. Earnings on the Delta Special Facilities Acquisition and Construction Fund shall be retained therein as aforesaid. Earnings on the Delta Special Facilities Bond Interest and Sinking Fund shall be retained therein and shall be applied in the reduction of the Net Rent required to be collected under the Lease. Earnings on the Delta Special Facilities Bond Reserve Fund shall be deposited to the credit of said Fund if there is any deficiency in said Fund until such time as the amount required to be on deposit therein as provided by Section 74(a)(ii) hereof is satisfied. Any excess earnings during construction of the Iniiial Special Facilities shall be transferred to the Delta Special Facilities Acquisition and Construction Fund; and thereafter such earnings shall be transferred to the Delta Special Facilities Bond Interest and Sinking Fund and shall be applied in reduction of the Net Rent to be collected under the Lease. (b) If it shall become necessary to remove or withhold any funds (in addition to escrowed interest) established herein from the custody of the Treasurer in order to comply with the require- ments of subsection (a), next above, or for any other reason, then, upon written order of the Director of Finance, said funds shall be placed in trust with a state bank(s) or national banking association(s) selected by the Board and shall be held for the benefit of the Holders of the Bonds, and pending use for the purposes provided herein shall be invested from time to time in Investment Securities as may be directed in accordance with procedures established by the Boazd. To the extent that this subsection is inconsistent with the provisions of the Contract and Agreement or the Lease, then the Contract and Agreement and Lease are hereby amended to accommodate the requirements of this Section. Section 7.6. Defeasance. When all of the outstanding Bonds have been duly paid, the pledge and lien and all obligations hereunder shall thereby be discharged and said Bonds shall no longer be deemed to be outstanding within the meaning of this Ordinance. There shall be deemed to be such due payment when there has been placed in escrow or in trust with a trust bank located within or without the State of Texas, an amount sufficient (including the known minimum yield available for such purpose from Federal Securities in which such amount wholly or in part may be initially invested) to meet all debt service requirements of the outstanding Bonds, as the same become due at the final maturities thereof or upon any redemption date as of which the Cities shall have exercised or shall have obligated itself to exercise its prior redemption option by a call of Bonds for payment. The Federal Securities shall become due on or before the respective times on which the proceeds thereof shall be needed, in accordance with a schedule established and agreed upon between the Cities and such bank at the time of the creation of the escrow or trust, or the Federal Securities shall be subject to redemption at the option of the Holders of Bonds to assure such availability as so needed to meet such schedule. "Federal Securities" for purposes of this section shall mean duect obligations of or obligations guaranteed by the United States of America. 18 t' a 5~ ---_ ._. _. -- ARTICLE--VIII-__ _-, __-__. -_ _ ___--._-__ .__. __ _ ._ _ Completion Bonds, Additional Bonds and Refunding Bonds Section 8.1. Completian Bonds. (a) 'The Cities reserve the right to issue Completion Bonds payable from Pledged Revenues for the purpose of completing (i) the payment of the Costs of the Initial Special Facilities; and (ii) the payment of the Costs of the Special Facilities in connection with any project for which Additional Bonds have been issued. (b) Completion Bonds shall be on a parity and of equal dignity with and shall have the same rights and privileges hereunder as the Series 1983 Bonds and any Additional Bonds issued hereunder. Completion Bonds may be issued upon and subject to the following covenants and conditions, to wit: (i) In any issue or issues of Completion Bonds the Cities shall include within the principal amount of each issue the amount necessary to cause the Delta Special Facilities Bond Reserve Fund to have on deposit therein an amount at least equal to the average annual principal and interest requirements on the Bonds then outstanding the Completion Bonds then proposed to be issued. (ii) The Executive Director of the Board shall execute a certificate stating in effect that the Lessee is not in default under the Lease and that the Cities' right to issue Completion Bonds with the effect as to the payment of increased Net Rent thereunder has not been altered; rescinded, amended or changed by the Lessee, the Board or the Cities. (iii) The issuance of any Completion Bonds shall be approved by the Lessee in the manner required by the Lease, as evidenced by a written instrument executed by the Executive Director of the 'Board and the Lessee under which the Net Rent under the Lease will be increased in an amount sufficient to pay all principal of and interest on the Bonds to be outstanding as the same mature and become due or are required to be mandatorily redeemed. (iv) Completion Bonds shall be made to mature on the same day and month, and bear interest payable on the same days and months, as the Series 1983 Bonds. Section 8.2. Additional Bonds. In addition to said right reserved to issue Completion Bonds,. as provided in Section 8.1 hereof, the Cities reserve the right to issue Additional Bonds payable from Pledged Revenues for the purposes specified in the Lease. Additional Bonds shall be on a parity and of equal dignity with and shall have the same rights and privileges hereunder as the Series 1983 Bonds and any Completion Bonds. Additional Bonds may be issued upon and subject to the following covenants and conditions, to wit: E (a) The Cities shall not then be in default in any covenant, obligation or undertaking contained in this Ordinance or in any other ordinance hereafter adopted relating to any Bonds theretofore issued as shown by a certificate of the Executive Director of the Board. Said certificate shall specifically certify that all payments into various funds herein created and established have been made in full and that said Funds are current and that there are no deficiencies in the amounts then required to be on deposit therein. (b) The Cities shall increase the amounts then required to be on deposit in the Delta Special Facilities Bond Reserve Fund by providing in the ordinance authorizing the issuance of such Additional Bonds that such amount shall be included within the principal amount of the Additional Bonds being issued. (c) The issuance of any Additional Bonds shall be approved by the Lessee in the manner required by the Lease, as evidenced by a written instrument executed by the Executive Director of the Board and the Lessee under which the Net Rent under the Lease will be increased in an amount sufficient to pay all principal of and interest on the Bonds to be outstanding as the same mature and become due or are required to be mandatorily redeemed. 18~ (d) Additional Bonds shall mature on the same day and month and bear interest payable on the same days and months as the Series 1983 Bonds. Section 8.3. Refunding Bonds. In addition to the Bonds authorized in Sections 8.1 and 8.2 hereof, the Cities shall have the right in accordance with any applicable law to issue Refunding Bonds in any manner authorized by law to refund any part or all of any outstanding Bonds at any time the Cities consider appropriate, provided that no Refunding Bonds shall be issued which will have a lien on Pledged Revenues prior and superior to any Bonds which will remain outstanding after the refunding. Section 8.4. No Further Encumbrances of Pledged Revenues. Except through the issuance of Com- pletion Bonds, Additional Bonds or Refunding Bonds, the Cities will not in any manner pledge or further encumber the Pledged Revenues herein committed to the payment of Bonds. However, this covenant shall not in any manner reduce, limit or otherwise alter the rights reserved by the Cities in Section 2.2(h) hereof. ARTICLE IX Miscellaneous Covenants Section 9.1. Completion of the Initial Special Facilities. The Cities, to every extent they lawfully may do so, covenant and agree to proceed without delay to commence and complete the Initial Special Facilities and all functionally related parts of the Airport at the earliest practicable date. Section 9.2. Payment of Bonds. Subject to the provisions of Section 2.2(d) and Section 7.1 hereof, the Cities agree promptly to pay the principal and interest on every Bond at the places, on the dates, and in the manner specified herein and in the Bonds and coupons appertaining thereto. Section 9.3, Transfers of Airport and Facilities. So long as any Bonds are outstanding and unpaid, the Cities shall not sell, transfer or dispose of the Delta Special Facilities, except for the leasing thereof for operations as a part of the Airport, and for the disposal of surplus or obsolete property of or as a part of the Airport in the course of exercising the right specifically reserved under Section 9.8 of the 1988 Concurrent Bond Ordinance, which includes the provisions of Section 9.8(B) all of which aze incorporated by reference herein and shall be deemed to be a part hereof, wherein the Cities retain, reserve, and shall have the right and privilege of transferring, selling, leasing or disposing of the entire properties and facilities constituting the Airport to another political body or political subdivision of the State of Texas, which shall be authorized by law to own and operate airports, subject to the conditions contained therein, all of which are incorporated by reference herein and shall be deemed to be a part hereof. Section 9.4. Rules and Regulations. The Boazd shall establish and enforce reasonable rules and regulations for the use and occupancy, management, control, operation, Gaze, repair and maintenance of the Airport, including the Delta Special Facilities, and the Lessee, subject to the Lease, shall abide by and obey all applicable rules and regulations including those governing passage over, across and through the Airport. The Board will comply with all valid acts, rules, regulations, orders and directives of any executive, administrative or judicial body applicable to the Airport, unless the same shall be contested in good faith, all to the end that it will remain operative at all times. Section 9.5. Books, Audits, Inspection. (a) So long as any Bonds remain outstanding, proper books and records and acxounts will be kept by the Boazd showing complete and correct entries of all transactions relating to Net Rent, the Delta Special Facilities and the Lease. (b} The Board shall, after the close of each fiscal year, cause an audit of such books and accounts to be made by an Independent Accountant, and each such audit shall include the following: (i) a complete schedule showing the beginning and ending balance in each of the Funds created and established hereby; lll3 (ii) all deposits to the credit of and all withdrawals from each Fund created and established hereby; (iii) a list of the insurance policies applicable to the Delta Special Facilities in force at the end of the Board's fiscal year (c) All expenses incurred in the making of the audits and reports required by this Section shall be regazded and paid by the Lessee as an expense of operation of the Delta Special Facilities except during construction when it shall be treated as a Cost of the Delta Special Facilities. The Board shall furnish promptly (and in any event within sixty (60) days from the time the audit and report is filed with the Cities) a copy of each of such audits and reports upon request to any Holder of the Bonds. Section 9.6. Maintenance o f Facilities -Inspection. The Board covenants that it will cause the Lessee to maintain the Delta Special Facilities at all times in good order and condition, except for normal wear and tear and to make all necessary and appropriate repairs thereto, subject to the provisions of the Lease. Section 9.7 Insurance. The Board covenants that it will insure or cause to be insured the Delta Special Facilities at all times until all Bonds secured hereby, and the interest thereon, shall have been paid or provision for such payment shall have been made, all in accordance with the provisions of the Lease. The proceeds of all such insurance shall be applied as provided in the Lease. Section 9.8. Rates in Certain Instances. If a default occurs in the payment of Net Rent by the ~- Lessee under the Lease and the Board operates the Delta Special Facilities and the gross receipts, less expenses of collection, therefrom are required to be devoted to the payment of the Bonds, as contemplated by clause (c) of Section 7.1 hereof, it is hereby covenanted and agreed that the Board shall use its reasonable best efforts to impose and collect with respect to the Delta Special Facilities such rates, rentals, fees and charges as shall be sufficient to pay and retire the Bonds and all interest thereon when and as due and payable and to maintain the amounts required to be on deposit in the Special Funds herein created and at the times herein required. ARTICLE X Events and Remedies of Default Section 10.1. Description. Each of the following occurrences or events for the purposes of this Ordinance shall be and is hereby declared to be an "Event of Default," to wit: (a) The failure to make payment of the principal of any of the Bonds when the same shall become due and payable; (b) The failure to pay any installment of interest when the same shall become due and payable and such failure shall continue for a period of thirty (30) days after the due date thereof;. (c) Default in any covenant, undertaking or commitrnent contained in the Contract and Agreement, the failure to perform which materially affects the rights of the holders of the Bonds, including but not limited to their prospect or ability to be repaid in accordance with the terms and provisions of this Ordinance, and the continuation thereof for a period of sixty (HO) days after notice of such default by any Holder of any Bonds; (d) The Cities or the Board shall fail, refuse or neglect to enforce the payment by the Lessee of Net Rent under the Lease, or otherwise fail, refuse or neglect to enforce any other provisions of the Lease in a manner which materially affects the rights of the Holders of the Bonds, including but not limited to their prospect or ability to be repaid in accordance with the terms and provisions of this Ordinance, and the continuation thereof for a period of sixty (60) days after notice of such default by any Holder of any .Bonds; 21 -- (e) An- order- cr-~~- decree- shall.. be entered- by a Court. of competent. jurisdiction__ with. the. ' consent or acquiescence of the Cities appointing a receiver or receivers for the Airport or the Delta Special Facilir$ies or for or of the rentals, rates, revenues, fees or charges derived there- from; or if any orde=sr or decree having been entered without the consent or acquiescence of the Cities shall not be v----.~cated, discharged or stayed on appeal within ninety (90) days after entry; (f) The Cities shall default in the due and punctual performance of any other of the covenants, conditio~_ ~, agreements and provisions contained in the Bonds or in this Ordinance on their part to be. performed, and if such default shall continue for thirty- (30) days after written notice spec'-eying such default and requiring the same to be remedied shall have been given to the Cities, or to the Board by the Holders of not less than two percentum (2%) in aggregate principal ~ mount of the Bonds then outstanding. Section 10.2. Remec_~3es for Default. Upon the happening and continuance of any of the Events of Default as provided ~a--~ Section 10.1 hereof, then and in every case any Bondholder, including but not lunited to a trustee -.or trustees therefor, may proceed against the Cities and the Board, for the purpose of protecting ~•~ ~d enforcing the rights of the Holders of Bonds or coupons under this Ordinance; by mandann~ ~ s or other suit, action or special proceeding in equity or at laws in any court of competent juris,:.-.diction, for any relief permitted by law including the specific performance of any covenant or agrees-anent contained herein, or thereby to enjoin any act or thing which may be unlawful or in violatio~t_ of any right of the Bondholders hereunder or any combination of such remedies. It is providedm,, however, that all such proceedings at law or in equity shall be instituted, strictly subject to the pr...~visions of Article II hereof and to Section 7.1 hereof, and shall be had and maintained for the equal benefit of all Holders of the Bonds and the coupons then outstanding. Each right or privilege o:•~ any Bondholders (or trustee thereof} shall be in addition to and cumulative of any other right or p~-~vilege and the exercise of any right or privilege by or on behalf of any Holders shall not be dee~~ned a waiver of any other right or privilege thereof. ARTICLE XI Amendments to Ordinance Section 11.1. Limit~.-~ions. (a) This Ordinance may be amended by concurrent ordinances adopted by the City Councils vs...=~3th the written consent of the Lessee and the Holders of 66~% of the Bonds outstanding hereil ~-~der at the time of the adoption of such amendatory ordinance (not including any Bonds then held or o..•~vned by the Cities or the Board), provided, however, that no such ordinance shall have the effect of L~•errnitting -- (i) an extensior~ of the maturity of any Bonds; (ii) a reductioixn< in the principal amount of any Bonds, the rate of interest thereon, or any redemption premium. payable thereon, (iii) the creatiaar~a of a lien upon or a pledge of revenues ranking prior to the lien or pledge created hereby; (iv) a reduction of the principal amount of Bonds required for consent to such amendatory ordinance; (v) the establis2~-ment of priorities among Bonds; or (vi) the modiS-~~•cation of or otherwise affecting the rights of the Holders of less than all of the Bonds then oa~:-tstanding. (b) Notice of Amedrnent. Whenever the Cities shall propose to amend this Ordinance, the Cities shall cause notice of the proposed amendment to be published one time in a financial news- papes or financial journ~...~ published in the City of New York, New York. Such notice shall briefly 22 state the nature o£.the proposed.amendment-and-,that..a-copy thereof~is-on file in.-the-officev_of.-the-._...- _. _, , Board for public inspection: (c) Time for Amendment. The Cities may adopt such amendatory ordinance and the same shall become effective if within one (1) year from the date of the publication of said notice there is filed with the Board written consent to the adoption thereof executed by the Holders of at least 66~% of the Bonds ;thin outstanding:: ~~. ~ _. «~~ f (d) Binding Consent. If the Holders of at least 66~% of the Bonds outstanding have~,~or~= '~ r~~` ,, i sented to the adoption of such ordinance, no Holder of any Bond, whether or not suc~iHolder ~ / k-„' shall have consented to or shall have revoked any consent, shall-have any right or interes~~ta'object ` 'Y, "~ to the adoption of such amendatory ordinance, or. to~ enjoin or restrain the Cities from tall~inng any ~ c action pursuant to the provisions thereof. ~ ~ (e) Tune Consent Binding. Any consent given by the Holder of a Bond pursuantrto the pro- t visions of this Section shall be irrevocable for a period of six (8) months from the date q~ ~~}},,e~ ~ ~"~ j publication of the notice and shall be conclusive and binding upon all' future Holders of the sa~m~e `' ~ ~, ' Bond during such period. At any time after six (8) months from the date of the publication of f notice,. such consent may be revoked by the Holder who gave such consent or by a successor in title: by filing notice of such revocation with the Board, but such revocation shall not be e$ective if the Holders of 66~% of the Bonds outstanding, prior to the attempted revocation, consented to and approved the amendatory ordinance referred to in such revocation. ' (f) Proof of Instruments: The fact and date of the- execution of any instrument under the provisions of this Section may be proved by the certificate of any officer in any jurisdiction, who by the laws thereof is authorized to take acknowledgments of deeds' within such jurisdiction, that the person` signing such instrumeni: acknowledged. before him the execution thereof; or such facts may be proved by an affidavit of a witness to such execution sworn to before such officer. (g) Proof of Ownership. The amount and numbers of the Bonds held by any person executing. such instrument and the date of his holding the same may be proved by a certificate executed by a responsible bank or trust company showing that upon the date therein mentioned such person had on deposit with such bank or trust company the Bonds described in such certificate. Section 112. Corrections. Subject to the provisions of Section 11.1(a) hereof, the Cities may, pur- suant to a concurrent ordinance adopted by their respective, City Councils, by supplemental ordinance correct any ambiguity or typographical error; or correct. or supplement any inconsistent or defective provision contained in this Ordinance or in any ordinance supplementaj hereto upon a determination that such ambiguity, error, inconsistency or defect exists; provided, however, that in no event shall. any such supplemental ordinance diminish, dilute, reduce or repeal. any covenants, conditions,' pledges or liens created or imposed by this Ordinance or the security for~the Bonds authorized hereby. ,i , ARTICLE XIi ' ~ - ~- ~., ^` Severability and Repeal i ~ Y, ` ` ~ ~ ~ ~. `~ ~ ~' `` # ~. Section 12.1: Ordinance Irrepealable. After any of the Bondsa`shall be~~issued,Y tHis' fJrdinance shall constitute a contract between the Cities and the Holder4or Holders of~the Bonds fror~- time to time outstanding, and. this Ordinance shall be and remain.iu7epealable',un't~l the Bolds; and the interest thereon- shall be fully paid, cancelled, refunded or discharged or provisions foi' the"payment g- vfi 1-[ (5 II thereof shall be made as provided in Section 7.8 hereof. `~: ~ k`~e '"f i z~ i~,> Section I2.2, SetierabiT{ty. If any Section, paragraph, clau~'~ orti'pibvisioiis t of thisi Ordinance shall for. any reason be held to be invalid or unenforceable, the invalidi~y~or~urienforceability of such Section, paragraph, clause or provisions shall not affect.. any of the- remaining provisions of this Ordinance,. or any of the provisions. of the Lease. 23 . __ _. _ .. .__ _. .,...-.. ~ n- .. ._ - - ... ,...,_ »,. B, Section 12.3. Repealer All orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency AnorTau exn Cox~z~ Errnor.LEU April ~~ [SEAL] ' ATTEST: ,~~ ~ `~GG~ C{ty Secretary, C#y of Dallas, Texan ArpxovFn As To Fors: C{ty Attorney, ai D ,Texan Anorrtn April , 1983. ~~...~~ Mayor, City of Fort Worth, Texas [SEAL] ATTEST; C{ty Secretary, C#y of Fort W h, Texas Appxo As To FoxM nrrn Lscwra~r: City Attorney, City of Foss Worth, Texas 24 - THB~ STATE OF Tsa,+s"` ~` -~_ __ _ _ _ _._ _ __...._ _.-~ ..__.. __. , _ ...._ ~.. -- ----- ._ ... _ COUNTY OF DALLAS CrrY OF Deia.~s I, Rgg~ftT $: SL.OA11 ,City Secretary of the City of Dallas, Texas, do hereby certify: 1. That the above and foregoing is a true and- correct copy of Ordinance No. dul Y presented and passed.. by the City Cour<cil of the City of Dallas, Texas, at a meeting of the council held on, April , 1983, which ordinance is duly of record in the office of the City Secretary: 2. Tliat said meeting was~6pen to the public; and public notice of the time, place and purpose " of said meeting was given,.. all as required by Article 6252-17, Vernon's Texas Civil Statutes, as amended. WrrNESa Mx Herm and seal of the City of Dallas, Texas, April ,1983. ' x . ~ i/,~- ~ ~; ' ~; city secretary, city of Dallas, Texas.. ~ ~ ,~ ,~ ' J ~ ;t' ~~~~ ~ ~ .J R .~ TSE STIl,TF OF Ties CovNTY of TemeANT I, ,City Secretary of the City of Fort Worth, Texas, do hereby certify: 1. That. the above and foregoing, iS a true and correct copy of Ordinance No. duly presented and passed by the City Council of the City of Fort Worth, Texas,. at a meeting of the Council held on April , 1983, which ordinance is duly of record in the office of the City Secretary 2. That said meeting was open to the public, and public notice of the time; place and purpose of said meeting. was given, all as. required by Article 8252-17, Vernon s Texas Civil Statutes, as amended. WrrNFSS MY Hein and the Official Seal of the City of Fort Worth, Texas, this April , 1983. j City Secretary, City o f Fort orth, Texas ,- _. .~ m ~ jSEAi.] tr %= r }' i ' r ;' ,,, 1 7 ! }; ,~ r~.wr9. ).~ rY r .5,~ ~ ~' .~ t r r 4 .. w.. Ad.