HomeMy WebLinkAboutResolution 2566r.~f.
A Resolution
NO
RELATING TO THE FINANCING OF CAPITAL IMPROVEMENT
PROJECTS AT THE DALLAS-FORT WORTH INTERNATIONAL
AIRPORT
WHEREAS, the Cities of Dallas and Fort Worth (the 'Cities") jointly own
the Dallas-Fort Worth International Airport (the Airport") which is operated for
and on behalf of the Cities by the Joint Airport Board (the 'Board") pursuant to
the provisions of a Contract and Agreement between the Cities and pursuant to
the provisions of the 1968 Regional Airport Concurrent Bond Ordinance as
amended and supplemented by concurrently adopted supplemental bond
ordinances the 1968 Ordinance and supplemental bond ordinances being further
referred to herein as the 'Outstanding Ordinances" and
WHEREAS, the Board has determined that the Airport needs extensive
improvements to its public infrastructure to accommodate the needs of the
traveling public, the users of the Airport, and the citizens of the service area of
the Airport; and
WHEREAS, to finance the needed improvements in a manner that
provides capital funds at the lowest possible cost to the users of the Airport and
to the traveling public, the City has been advised by the Board and its bond
counsel and financial advisors that the Outstanding Ordinances should be
amended to provide the Cities and the Board with the authority to utilize a
broader range of alternative financing options that may be available from time to
time in the various capital markets for the financing of public capital
improvements at the Airport; and
WHEREAS, the Board's bond counsel has asked the City Council of the
City of Fort Worth to consider approving a 'Dallas-Fort Worth International Airport
Thirtieth Supplement Concurrent Bond Ordinance (the 'Thirtieth Supplemental
Concurrent Bond Ordinance') that would supplement and amend the
Outstanding Ordinances confirm outstanding bonds and authorize the issuance
of additional Dallas-Fort Worth International Airport Joint Revenue Obligations
and authorize other financing options that may be available in various capital
markets
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS
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1 That the City Council supports the Airport and the services that the
Airport provides to the traveling public the users of the Airport, and the citizens
of the service area of the Airport.
2 That the City Council supports amendment of the Outstanding
Ordinances with the consent of the existing insurers so that the remaining
presently outstanding Dallas-Fort Worth Regional Airport Joint Revenue Bonds
can be refunded by the Cities and so that additional financing can be provided for
capital improvement projects at the Airport upon favorable and desirable terms
and costs
3 That the City Council hereby declares its intent to support the adoption
of a Thirtieth Supplemental Concurrent Bond Ordinance if the Ordinance
contains substantially the terms conditions and provisions set forth in a draft of
the Ordinance prepared by the Board's bond counsel dated August 20 1999
subject however to approval of the form and legality of the final version of such
Ordinance by the City's bond counsel financial advisors City Manager and City
Attorney prior to formal consideration of the Ordinance by the Council
Adopted August 24, 1999
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Mayor
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City Sec,re ary
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CITY OF FORT WORTH