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HomeMy WebLinkAboutResolution 2539A Resolution RESOLUTION NO Z53'"1 RESOLUTION APPROVING THE ISSUANCE AND SALE OF DALLAS-FORT WORTH INTERNATIONAL AIRPORT FACILITY IMPROVEMENT CORPORATION TAX EXEMPT ADJUSTABLE MODE AIRPORT FACILITY REVENUE BONDS (FLIGHTSAFETY TEXAS INC PROJECT) SERIES 1999 IF SPECIFIED PARAMETERS ARE MET AND APPROVING DOCUMENTS RELATED THERETO WHEREAS with the approval of the Cities of Dallas and Fort Worth (the `Cities") the Dallas-Fort Worth International Airport Facility Improvement Corporation (the 'Corporation') was duly incorporated and is a validly existing Texas non-profit corporation pursuant to Chapter 22 Texas Transportation Code as amended and WHEREAS the Corporation, proposes to issue and sell its 'Dallas-Fort Worth International Airport Facility Improvement Corporation Tax Exempt Adjustable Mode Airport Facility Revenue Bonds (FlightSafety Texas Inc Project) Series 1999" (the `Bonds") and WHEREAS the Articles of Incorporation require the approval of the Cities prior to the consummation of the sale and delivery of any bonds notes or other form of debt instruments by the Corporation, which approval must include all agreements and the specific uses and the methods of withdrawal and expenditure, of the proceeds of such obligations proposed to be issued by the Corporation, all of which are to be stated and described in the proceedings approving such obligations and WHEREAS it is the desire of the City Councils of the respective Cities to approve the issuance and sale of the Bonds and to approve the 'Loan Agreement, the `Indenture the `Guaranty the `Remarketing Agreement" and the Bond Purchase Agreement" (collectively the Agreements") which Agreements set forth the specific uses and the methods of withdrawal and expenditure, with respect to the proceeds of such Bonds and WHEREAS the requirements of Section 147(f) of the Code provide that a public hearing in connection with -the proposed issuance of the Bonds and the use of the proceeds thereof to finance, in part, the Project be held, and that notice of such public hearing- be published no less than 14 days before the date of the public hearing in a newspaper of general circulation available to residents within the governmental unit wherein the proposed project is to be located, and THAT NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH THAT Section 1 The `Loan Agreement, the `Indenture `Guaranty the Remarketing Agreement" and the `Bond Purchase Agreement, all in the form and substance submitted herewith, are hereby approved, in full compliance with the Corporation's Articles of Incorporation, and the Bonds in the aggregate principal CITY OF FORT WORTH amount not to exceed $35 000 000 with a final maturity date not later than July 1 2032, and having an initial Weekly Interest Rate not exceeding 6 00% per annum and thereafter at the interest rate determined as set forth in the Indenture may be issued for the purpose of paying the cost of acquiring and constructing or causing to be acquired and constructed the `Project" as defined and described in the Loan Agreement; and said Project is hereby approved The Corporation is hereby authorized to approve any changes to such documents that do not result in any material alteration of the terms thereof and do not in any manner change the specific uses or methods of withdrawal or expenditure of the proceeds of such Bonds Any such amendments or modifications must be provided prior to the execution thereof to the office of each City Attorney 1ZA`I Z11=S Section 2 The City Councils of the respective Cities hereby appoint ~e~rg-~iee to be the designated Hearing Officer for a public hearing to be held by the Corporation for purposes of satisfying the requirements of Section 147 of the Code as amended, and direct that notice of such public hearing in the form attached hereto as Exhibit A be published in the respective official newspapers of the City of Dallas and the City of Fort Worth no less than 14 days prior to the date of such public hearing Section 3 The City Councils of the respective Cities hereby authorize and approve the issuance of the aforesaid Bonds in the principal amount not to exceed $35 000 000 and such approval shall be solely for the purposes of Section 147 of the Code, as amended, and shall have no liabilities for the payment of the Bonds nor shall any of its assets be pledged to the payment of the Bonds Additionally the City Council of each of the respective Cities hereby authorizes each of their respective Mayors to approve the issuance of the Bonds and the use of the proceeds thereof for the purpose of satisfying the requirements of Section 147 of the Code as amended Section 4 This Resolution shall be effective upon final approval by both the Cities of Dallas and Fort Worth, Texas CITY OF FORT WORTH APPROVED AND ADOPTED BY THE FORT WORTH CITY COUNCIL this 22nd day of June 1999 ~~ Mayor City of Fort Worth, Texas ATTEST Crty Secretary City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY City Attorney City of Fort Worth, Texas [SEAL] A5 CORRECTED APPROVE CITY COUNCfL JUN 22 1999 ~~~ ~«~ Cite Secretary of the City of Fort Warth, Texas CITY OF FORT WORTH THE STATE OF TEXAS § COUNTY OF TARRANT § CITY OF FORT WORTH § I, GLORIA PEARSON City Secretary of the City of Fort Worth, Texas DO HEREBY CERTIFY that the above and foregoing is a true and correct copy of a Resolution duly presented and passed by the City Council of the City of Fort Worth, Texas at a regular meeting held on the 22nd day of June 1999 approving the issuance and sale of Dallas-Fort Worth International Airport Facility Improvement Corporation Tax Exempt Adjustable Mode Airport Facility Revenue Bonds (FlightSafety Texas Inc Project) Series 1999 and approving documents related thereto as same appears of record in the office of the City Secretary I FURTHER CERTIFY that said Resolution was passed at a meeting held after written notice thereof stating the date hour place and subject had been posted for more than seventy-two hours preceding the day of the meeting at the City Hall on a bulletin board located at a place convenient to the public all in compliance with the provisions of Chapter 551 Texas Government Code WITNESS MY HAND and the Officia15ea1 of the City of Fort Worth, Texas this the 22nd day of June 1999 City Secretary City of Fort Worth, Texas AS CORRECTED APPROVED CITY C®UNCtL JUN 2~ ~ggg City Secretary of tote City of Fori ~4/orth, ~'e~ras CITY OF FORT WORTH Exhibit A NOTICE OF PUBLIC HEARING DALLAS-FORT WORTH INTERNATIONAL AIRPORT FACILITY IMPROVEMENT CORPORATION TAX EXEMPT ADJUSTABLE MODE AIRPORT FACILITY REVENUE BONDS (FLIGHTSAFETY TEXAS INC PROJECT) SERIES 1999 NOTICE IS HEREBY given of a public hearing to be held by the Dallas-Fort Worth International Airport Facility Corporation (the 'Issuer") on [date] at [time] _.m. in the Committee Room of the Airport Executive Offices 3200 East Airfield Drive Dallas-Fort Worth Airport, Texas 75261 The public hearing will be held with respect to the proposed issue of one or more series of bonds (the `Bonds") to be issued by the Issuer in an aggregate face amount of not more than $35 000 000 and having a maximum maturity of not later than July 1 2032 The proceeds of the Bonds will be used by the Issuer to (i) finance the costs of the Project (as hereinafter described) and (ii) pay costs of issuance of the Bonds The Project consists of financing or refinancing the construction, installation and acquisition of improvements and equipment to be located at the Dallas-Fort Worth International Airport (the Airport") to wit. the acquisition and installation of pilot training equipment consisting of pilot training aircraft simulators and the acquisition and construction of an approximately 110 000 square foot pilot training facility (the Project") The Project will be leased by FlightSafety Texas Inc (the `Company") The Airport will be the initial and exclusive owner of the facilities financed by the Project and the Company or an affiliate thereof will be the operator or manager of the Project. All interested persons are invited to attend such public hearing to express their views with respect to the Probe t nd the issuance of the Bonds Questions or requests for additional information may be directed to ~~~'~;'~ Director of Finance Dallas-Fort Worth International Airport, 3200 East Airfield Drive Dallas-Fort Worth International Airport, Texas 75261 Telephone (214) 574-3100 Persons who intend to appear at the hearing and express their views on either of the above matters are invited to contact Mr either in writing or by telephone in advance of the hearing Any interested persons unable to attend the ~iearing may submit their views in writing to Mr ~is~-prior to the date scheduled for the hearing ZIES This notice is published and the above-described hearing is to be held in satisfaction of the requirements of Section 147(f) of the Internal Revenue Code of 1986 as amended, regarding the public approval prerequisite to the exemption from federal income taxation of the interest on the Bonds CITY OF FORT WORTH