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HomeMy WebLinkAboutResolution 1720 ~r ~, ~ s CITY OF DALLAS RESOLUTION N0. • ,~ ,~ • ~; CITY OF FORT WORTH RESOLUTION NO. ~ G~ RESOLUTION APPROVING THE ISSUANCE AND SALE OF DALLAS- FORT WORTH INTERNATIONAL AIRPORT FACILITY IMPROVEMENT CORPORATION DELTA AIR LINES, INC., REVENUE BONDS, SERIES 1991, 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 Subsection 14(f) of the Municipal Airports Act, Article 46d, Vernon's Annotated Texas Civil Statutes, as amended; and WHEREAS, the Corporation proposes to issue and sell its "Dallas- Fort Worth International Airport Facility Improvement Corporation Delta Air Lines, Inc., Revenue Bonds, Series 1991" (the "Bonds") in an aggregate principal amount not to exceed $125,000,000, finally maturing in not more than 40 years from the date thereof, and having a net effective interest rate not greater than 9.008 per annum; and WHEREAS, notice of a public hearing on the Project (as defined in the Facilities Agreement attached hereto), as required by Section 147 of the Internal Revenue Code of 1986, as amended (the "Code"), will be published in a newspaper of general circulation in the City at least 14 days prior to such public hearing; 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 "Facilities Agreement," the "Trust Indenture," the "Guaranty," 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 pro- ceeds of such Bonds; _ . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS THAT: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH THAT: ' • Section 1. The "Facilities Agreement," the "Trust Indenture," the "Guaranty," 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 an aggregate principal amount not to exceed $125,000,000, finally maturing in not more than 40 years from the date thereof, and having a net effective interest rate not exceeding 9.00$ per annum, may be issued in accordance with and subject to the terms and conditions set forth in the Bond Purchase Agreement for the purpose of paying the cost of acquiring and constructing or causing to be acquired and con- structed the "Projects" as defined and described in the Facilities Agreement; and said Projects are 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. Section 2. The City Councils of the respective i hereby appoint Richard S. Williams to be the designated Officer for a public hearing relating to the Bonds to be ~' the Corporation for purposes of satisfying Section 147 of the Code, as amended. Cities Hearing held by the requirements of 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 $125,000,000 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 pay- ment of the Bonds. Additionally, the City Councils of the respec- tive Cities hereby authorize 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. ~~._ APPROVED AND ADOPTED BY THE DALLAS CITY COUNCIL this day of May, 1991. ~, {4 APPROVED AND ADOPTED BY THE FORT WORTH CITY COUNCIL this ~- day of May, 1991.