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HomeMy WebLinkAboutOrdinance 8580~: DALLAS-FORT WORTH REGIONAL AIRPORT CONCURRENT REPLACEP~IENT BOND ORDINANCE (SERIE5 1971, BOND NO 12795) CITY OF DALLAS OPDINANCE NO ~/~ CITY OF FORT WORTH ORDINANCE NO ~~ ~l1 An ordinance passed concurrently by the City Councils, respectively, of the Cities of Dallas and Fort Worth, authorizing the issuance of a $5,000 00 replacement bond to replace Bond Number 12795 of Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1971 and resolving other matters relating to the subject WHEREAS, the Cities of Dallas and Fort Worth by ordi- ! nance passed concurrently on February 10, 1971, authorized the issuance of and sold their Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1971, in the aggregate principal amount of $75,000,000 00, dated March 1, 1971 and WHEREAS, one bond of the above described Series of bonds, to-wit Bond Number 12795 in the denomination of $5,000 00, and bearing interest at the rate of 6 75~ per annum, payable semiannually on each November 1 and May 1 (Interest Coupon No 19 and subsequent cou- pons appertaining thereto unpaid), and maturing November 1, 2000 (the "Bond") is outstanding and unpaid and WHEREAS, an affidavit in due form verified by an authorized representative of Merrill Lynch, Pierce, Fenner & Smith Incorporated (the "Owner"), to the effect that on or about October 29, 1980 it was discovered that the Bond had disappeared from the premises of the Owner and could not be I found after a diligent search of the Owner's premises, has been received and is on file in the offices of the Director of Finance of the Dallas-Fort Worth Regional Airport, and such affidavit has been accepted by the City Councils of Dallas and Fort Worth as sufficient evidence that the Bond has been lost, within the meaning of Article 715a of the Revised Civil Statutes of Texas, and a certified copy of such affidavit is attached hereto as a permanent part hereof; and ~~ WHEREAS, at the time the loss occurred, Ccupon Number j 19, coming due on November 1, 1980, and subsequent coupons were attached to said Bond, and therefore neither said coupon nor any subsequent coupons have been presented for payment; and WHEREAS, the owner of said Bond and appurtenant coupons desires that a replacement bond be issued to replace the aforesaid lost Bond and appurtenant coupons; and WHEREAS, by Acts 1965 of the 59th Legislature of the State of Texas, Chapter 334, commonly known as Article 715a of the Revised Civil Statutes of Texas, the City Councils of Dallas and Fort Worth are authorized to issue without an election bonds to replace any bonds theretofore lawfully issued which are outstanding and which have been destroyed, lost or stolen, provided that such replacement bonds may be issued only upon indemnification satisfactory to the Cities and upon an affidavit or other form of evidence satisfactory t to the Cities establishing proof of ownership and the ~ circumstances of the loss, theft or destruction of the bonds for which replacement bonds are being sought; and WHEREAS, Bond of Indemnity No BDFI-10-81-2-676 dated March 8, 1982, and executed by an authorized representative of Merrill Lynch, Pierce, Fenner & Smith Incorporated,. as principal. and by Federal Insurance Company as surety has been received and is on file in the office of the Director of Finance of the Dallas-Fort Worth Regional Airport and such Bond of Indemnity is acceptable to the City Councils of Dallas and Fort Worth as sufficient indemnity under the provisions of Article 715a of the Revised Civil Statutes of Texas, and a certified copy of such Bond of Indemnity BDFI-10-81-2-676 is attached hereto as a permanent part hereof NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DALLAS NOW, THEREFORE, BE TT ORDAINED BY THE CITY COLNCIL OF 0 THE CITY OF FORT WORTH Section 1 That there is hereby authorized to be issued a replacement bond to replace the Bond Said re- placement bond and the interest coupons appertaining thereto shall be in the .same form and in all respects of like tenor and effect as the Bond, and the interest coupons appertain- ing thereto, except that such replacement bond and the interest coupons appertaining thereto shall be signed manually, or in facsimile, as provided by law, by the proper officials holding office at the time of their issuance, and that no interest coupon shall mature prior to November 1, 1980 Section 2 That said replacement bond shall be dated March. 1, 1971, which is the date of the Bond Section 3 That said replacement bond and all interest coupons appertaining thereto shall have the letter "R" preceding the Bond Number and following the Interest Coupon Number ,Section 4 That after said replacement bond has been executed, it shall be the duty of the Chairman of the Board of Directors of the Dallas-Fort Worth Regional Airport or some officer, employee or attornzy of the Board acting through authority from him, to deliver said replacement bond to the Attorney General of Texas for examination and approv- al .After approval by the Attorney General of Texas, said replacement bond shall be delivered to the Comptroller of Public Accounts of the State of Texas for registration The replacement bond thus registered shall remain in custody of the Chairman of the Board, or subject to his order, until the delivery thereof to the owner of the original Bond being replaced thereby Section 5 That the Comptroller of Public Accounts of the State of Texas is hereby authorized and directed to register the replacement bond in the same manner as the original Bond was registered, giving it the same registra- tion number as the original Bond except that such number shall be preceded by the letter "R The Comptroller shall date his registration certificate as of the date of regis- tration of the replacement band Section 6 That all prr~visons of the ordinance passed by the City Councils of Dallas and Fort Worth on the 10th day of February, 1971, authorizing the series of bonds of which the Bond was a part and which are .not in conflict with this ordinance are hereby adopted by reference and shall be a part of this ordinance Section 7 That the preparation and passage of this ordinance by the City Councils of Dallas and.. Fort Worth and the adoption of the resolution recommending same by the Board of Directors of the Dallas-Fort Worth Regional Airport and the performance of each and every, all and singular, the acts ordered hereby and all acts or expenditures incidental thereto shall be at no cost to the City of Dallas, 'the City of Fort Worth,. or the Dallas-Fort Worth Regional Airport and shall be borne entirely by and be the sole liability of the Owner of the last Bond which has requested the issuance of replacement securitie's as provided herein Section 8 This ordinance may be executed in counter- parts, and when duly passed by both Cities, and separate counterparts are duly executed by each City, the ordinance shall be in full force and effect .r+'-"'" bSayor of the City o ort Worth, Texas ATTES \1 ~ j° C'ty Secretary of the City o o Worth, Texas A ROVED AS T ORP DV LEGALI'"Y ~. City Attorney of the City of Fort Worth, Texas ~~, ~~ Piayor of the City of Dallas, ~~ Texas ATTEST Ij City Secretary of the City of ~ Dallas, Texas APPROVED AS TO FORM City Attorney of the City of ~ Dallas, Texas PASSED , 1982 CORRECTLY EtJROLLED , 19 8 2 i f~ i f i I ~a G THE STATE OF TEXAS COUNTY OF TARRANT I, the undersigned, City Secretary of the City of Fort Worth, Texas, do hereby certify that the above and foregoing is a true, full and correct copy of an Ordinance (and of the minutes pertaining thereto) passed by the City Council of i said City on the 1st day of June, 1982, authorizing the issuance of a $5,000 00 replacement bond to replace Bond Number 12795 of Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1971., and that the same is of record in the minutes of said City Council WITNESS my hand and the official seal of the City of Fort Worth, Texas, this ~ day of June, 1982 Cit ecretary, City of Fort Worth, Texas (SEAL) ,r~ -s'w_ "~'~'_ -r _ .. ~ ~ .~ ~ d p~ ~'!~/f~t FAta~li ~~~ ,~ ~-4' ,i. ~ ~> r 't! "~~~A~~F I~~ ~d'BI~~ +., , QJi1Y' M'G~R~ ~S ~ g s~ir~ ~~~~"°'~ ~~~: Replacement of Airport Joint ~ • tstana®o~~± ~~/1/8~ *~+G-5321 Revenue Bond ~ d 2 `- -It was r.epo_rled to the Dallas-Fort Worth Regional Airport, the City of _ Dalla~_and _1=he_~ty of Fort Worth by John C Burke of Merrill Lynch Pierce -- Iien-r-~e~°-~-Bmi-^-?~-,--alnc the owner of Bond No 1795 (Dallas-Fort G]orth Regional -- -~iz-p-crt-3=o~rt-R~crenue Bonds -Series 1971) in the amount of. $5,000 that ~ _"sa:r.a o_nd_rt_ia~ -ueen last or misplaced Si.ncE=. that time Merrill. Lynch has _ provided the nec,~ssary documents to permit the cities to proceed with the ---.-.-~j~r') anc>sr~nn9- ,•~.~-•~f: last ~70nd p~`~::fic.a~:y --use documents include ('s..) an affidavit from an authorized _represent~tive -of Merrill synch as the owrxer of the bond and (2) an indemnity -brsnrt i ~sued_~'-tile Federal Insurance Company to indemnity the Dallas-Fort Worth -- R-e~ic~n~.l- :?~i.r-port-Board the Cities of Fort Worth and Dallas and the paying a agents for any ~incipal or interest inc.orAectly paid on the original bond ixx the ev t said original. bond is presented for payment The original executed copy of the affidavit and indemnity bond have been forwarded to the Director of Finance of the Dallas Fort Worth Regional Airport to be maintained in his permanent fil..es r The affidavit and surety bond have been examined by legal counsel for the airport and the two cities and are in satisfactory legal form On June 1 it is ant cipated that the board will adopt a resolution approving a concurrent z•epl.aca~me~ ` i~ond ordi~,xance and requesting its passage by the City Councils of t.:hx~ twv c tie a Tie Ciety of Fort Gicr.th and tha=. City of Dallas will then be: as =.d r:~, pa;; =r conc,.zr zxt orra n.ance author°izi.,.g the issuance of the rep ~ acerrex~t bond at: the3, r.egula. City Council meet .ngs scheduled for June ~. anc? .~L1I'iE?. t. rF. SXr:~C:%.iZYG~s. I i:, ur..ci xstood a.nd agreed ~~i.th tixe owYse.r of the bond that the preparation a.~~d dop ia~~. of tizis ordirxf~nce and the i~erf'ormance c>f each and every act ordered by _,ti+'I'a ord naxsce a.nd antic a.c or exparxccitur incsidental. thereto shall be at no cot o the Ci. of I?ort~ Wc~r tr `he City of Dal.l.as or the Dallas-Fort kTOrth B. ;io 1 Airport .axkd ha~~l be borne ent:irel_y and be the sole liability of Merrill. L~~~ncix owner of t:',ge k+cnd t :.s~ the opinion of th.e IDe~ax°t.::ent of Law that all required. conditions precedent tc the passage cf t?ze c~,~nr_urrcr~-t bond ordinance: }:lave been satisfied and that the los er_t~r• ty boxxd s scF.ffi cien.t to ir:Rdemnify the City o Fort Worth in the event th.e last b:~nci i.s ever presentedi for p~~:yment r ^•_ r~~~ -t;~.. ..~ • DATE REFERENCE aUB.~ECT Replacement of Airport Joint PAGE NUMBER *G-5321 Revenue Bond 2 oft 6/1/82 Recommendation It is recommended that this concurrent replacement bond ordinance be adopted by the City Council of the City of Fort Worth MCM ~ c F~" ~APP~OVED~ BY { ClT.~ COU{~CII. JUN ~ 1982 ~~~J"~- C ec>;etaty o t a C of ~orc No;ct-, ~ ADOPTE© ORDINANCE NO ~.s~0 ^`36?AP!TED iOR ~99E ~fTV ~lt~tdAG~E~ `• ~ ed cclL. .,RDA !Y Q6'b'ICE BY ~ q"~t~J ^ A~13OYED GSddtGIP{ATt~aG Wade Adkins ~ ETHER (DESCfFi~ET ~cPARTeaE~rr rf~- axnr secaeiTwRv FGR ADi~ITt(p~dAL lN6FOR6~aAYlOS~7 ~QDNTACT Wade Adkins Ext 7b23 DATE