HomeMy WebLinkAboutResolution 3658-09-2008RESOLUTION NO 08-2436
of the City of Dallas
RESOLUTION NO 3658-09-2008
of the City of Fort Worth
A RESOLUTION ADOPTED CONCURRENTLY BY THE CITY COUNCILS OF THE
CITIES OF DALLAS AND FORT WORTH AUTHORIZING THE DALLAS/FORT
WORTH INTERNATIONAL AIRPORT BOARD TO REDEEM DALLAS-FORT
WORTH REGIONAL AIRPORT BRANIFF SPECIAL FACILITIES REVENUE BONDS
SERIES 1979
WHEREAS, the Cities of Dallas and Fort Worth, Texas (the 'Cities'), on the dates of
May 2 1979 and May 1 1979 approved Ordinance No 16204 and 7905 respectively which
approved the issuance of the Dallas-Fort Worth Regional Airport Bramff Special Facilities
Revenue Bonds, Series 1979 (the `Bonds") in the original aggregate principal amount of
$5 000 000 for the purpose of acquiring and constructing a flight training simulator building,
terminal and catering facilities, and other improvements for Braniff Airways, Incorporated,
WHEREAS, the Bonds, which are currently outstanding m the aggregate principal
amount of $2,000 000 are secured solely by payments made under a lease agreement between
the Dallas/Fort Worth International Airport Board (the Airport") and Verizon Communications
Inc (successor lessee to Bramff Airways, Incorporated)
WHEREAS, pursuant to the terms of the lease agreement a Debt Service Reserve Fund
was established and will have on November 1 2008 $1 000 000 on deposit after payment of the
regularly scheduled debt service payment,
WHEREAS, the Airport wishes to have the authority to redeem the rema~nmg
$1 000 000 of outstanding Bonds prior to maturity with funds on deposit in the Debt Service
Reserve Fund outstanding after the payment of the regularly scheduled redemption of
$1 000 000 due on November 1 2008
WHEREAS, the Airport has requested the Cities, by concurrent action, to authorize rt to
redeem the Bonds prior to maturity
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RESOLUTION NO 3658-09-2008
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH
SECTION 1. The Dallas/Fort Worth International Airport Board (the Airport") is
authorized to take any and all actions necessary to redeem the Bonds as set forth in the recitals
SECTION 2. That this Resolution shall take effect immediately from and after its
passage, and it is accordingly so resolved.
(Verification Pages Follow)
RESOLUTION NO 3658-09-2008
ADOPTED THIS 16~' day of September 2008
Mike Moncrief,`1Vlayor '
City of Fort Worth, Texas
ATTEST ~ ~~~"~~,.
~~ ~ ~~~
,"~' ~. _
F
Ma` Hendrix ~`
City Secretary ~ ~=~
Ci '~of~Fort Worth, Texas'` ,;
r
APPROVED AS TO FORT
AND LEGALITY
~ ,G~~t
David Yett
City Attorney
City of Fort Worth, Texas
APPPOV~D
CITY CO~INCIL
S E P 1 6 2008
~~.~'"~
City Secretary of the
City of Fort Worth, Texas