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HomeMy WebLinkAboutResolution 2596~F"-?1-~9 P? C1 I v • RESOLUTION NO. of the City of Dallas RESOLUTION NO.~~'l~ 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 PROCEED WITH THE IMPLEMENTATION OF ITS PROPOSED CAPITAL DEVELOPMENTPROGRAM, TODEVELOP THEMARKETINGPLAN FOR THE FINANCING OF THE COSTS OF THE PROGRAM, AND TO SUBMIT NECESSARY FINANCING DOCUMENTS TO THE CITY COUNCILS FOR FINAL CONCURRENT APPROVAL. Whereas, the Dallas/Fort Worth International Airport Board (the"Board") leas proposed that it be authorized to implement a major capital development program (the `CDP") for Dallas/Fort Worth Intemational Airport (the Airport"),consisting generally of a new and modern international terminal, atwo- directional airport passenger transportation system connecting the terminals of the Airport, airfield improvements, including a new runway (subject to satisfactory environmental impact analysis), new • taxiways and aircraft holding areas, aircraft fueling upgrades, terminal azea improvements, related automobile parking facilities, and capital infrastructure additions and improvements on Airport land; and Whereas, the Board estimates that the CDP will cost approxunately $2.5 billion in direct capital costs and has proposed that such cost be financed by issuing joint revenue bonds, commercial paper and other revenue obligations to be authorized pursuant to revised and amended supplemental concurrent bond ordinances, to be approved in form and substance by the City Councils of the Cites of Dallas and Fort Worth (the 'City Councils"), and by certain bond insurance companies acting on behalf of the holders of outstanding~oint revenue bonds; and Whereas, in order to minimize costs of financing, the Board's financing plan contemplates that the bonds, commercial paper notes, and other revenue obligations should be issued in installments as funds are needed for the CDP with the first two issues, consisting of a revenue bond issue entitled `Dallas/Fort Worth International Airport Joint Taxable Revenue Refunding Bonds, Series 2000A (the `Series 2000A Bonds") in the approximate principal amount of $50 million, and a second issue of revenue bonds entitled `Dallas/Fort Worth International Auport Joint Revenue Bonds, Series 2000B" (the `Series 2000B Bonds") in the approximate principal amount of $130 million, to be authorized and sold in January 2000; and Whereas, the described initial issues of joint revenue bonds will be authorized by and then fugal terms and provisions will be described in, a Thirtieth Supplemental Concurrent Bond Ordinance (the `30th Supplement"), aThirty-First Supplemental Concurrent Bond Ordinance (the `31st Supplement"), and a Thirty-Second Supplemental Concurrent Bond Ordinance (the `32nd Supplement"),and succeeding series DAL504/39002 ::ODMAIMHODMA~Dallaz317291; I 11/Z9PJ9:(I 1:35AM) • and issues of obligations will be issued as needed pursuant to successively numbered supplemental concurrent bond ordinances to be prepared in confomuty with debt policies for the Airport previously adopted by the Board, and Whereas, the City Councils will be requested to adopt each of the described and referenced supplemental concurrent bond ordinances separately and prior to the issuance of the obligations authorized thereby and Whereas, the Board now desires to proceed with the final negotiation of the temps and provisions of the 30th Supplement, the 31st Supplement, and the 32nd Supplement, (together, the `Initial Supplements") with the insurers of outstanding joint revenue bonds, and to proceed with the development of the plan for mazketing and sale of the bonds authorized thereby and Whereas, the Board has requested the City Councils by concurrent action to authorize it to pro deed with the negotiation of the final terms and provisions of the Initial Supplements and to develop a mazketing plan for the issuance and sale of the bonds to be authorized therein; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORfiH. (1) The capital development plan for the Dallas/Fort Worth International Airport, as summarized in the preambles to this Resolution, is endorsed and approved, subject to such changes as may be requu~ed from time to time in the ordinary course of preparing detailed designs of and constructing major infrastructure improvements at the Airport; (2) The Board is authorized to proceed with negotiating the final terms and provisions of the Initial Supplements; (3) The Board is authorized to proceed with the development of the marketing plan for the Series 2000A Bonds and the Series 2000B Bonds pursuant to final terms and provisions of the 30th Supplement, the 31st Supplement, and the 32nd Supplement in final form and substance acceptable to and approved by each of the City Councils, acting concurrently such supplemental ordinances, related financing documents and official statements, together with such bond pricing parameters resolutions as may be required to sell the bonds on terms favorable to the Airport, to be submitted to the City Council of Fort Worth on January 11 2000, for final review consideration, and action by that City Council, and to the City Council of Dallas on January 12, 2000, for final review consideration, and action by that City Council, or on such other date as each City Council, respectively may approve; and (4) The Board is authorized to proceed with the development of the remaining portions of the financing plan for the CDP and to submit supplemental ordinances to the City Councils for final, concurrent • DAL504/39002 :ODMAIMHODMA\Dallaz317291;1 2 11/29RJ9:(11:35AM) .L J _ -~"~ action on a periodic and timely basis and in final form and substance conforming to the Board's established debt policies and acceptable to and approved by the City Councils. APPROVED AND PASSED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH ON THIS DECEMBER 14,1999 APPROVED AND PASSED BY THE CITY COUNCIL OF THE CITY OF DALLAS ON THIS DECEMBER 15,1999. APPROVED AS TO FORM. l.I..L.a...$.~.. City Attorney City of Dallas, Texas Mayor, City of Fort Worth, Texas (Seal) r 1 ~ s A ST , ~,~" = ~ ,~ ~, ~` ~ ~ «1 City Secretary ity of Foit'eVVorth, Texas ... APPROVED AS TO FO AND LEGALITY City Attorney City of Fort Worth, Texas DAL504/39002 :ODAfAVvt!-IODMA1Dalla~317291:1 I I/2999:(11:35AM)