HomeMy WebLinkAboutResolution 1406 .;
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WHEREAS, the Dallas-Fort Worth International Airport Board (the "Board") is con-
sidering the construction of additional airport facilities and improvements to be lo-
cated within the boundaries of the Airport, including, but not limited to, additional
terminal facilities, runways, taxi-ways, Cargo facilities, parking facilities, road-
ways, baggage and cargo handling facilities and related facilities and improvements,
together with modifications to and renovations of existing airport facilities and ini-
tial planning, study and design costs related to any of the foregoing (the "Airport
Improvements"); and,
~ Resolution ~so~~on No.~O~P
CONCERNING WEST SIDE DEVELOPMENT
AT DALLAS-FORT WORTH INTERNATIONAL AIRPORT
WHEREAS, the bonds, jointly issued by the Cities of Fort Worth and Dallas (the
"cities") to construct the Airport Improvements, will be considered to be "private ac-
tivity bonds" as such term is defined in Section 141 of the Internal Revenue Code of
1986, as amended (the "Code"); and,
WHEREAS, the Income Tax Regulations promulgated under the Code provide that the
proceeds of an issue of bonds may only be used to provide the costs of construction,
reconstruction or acquisition of Airport Improvements that are incurred after the
adoption by the issuer of a bond resolution_or "other similar official action" with
respect to the bonds proposed to be issued to'provide such facilities; and,
WHEREAS, the City of Fort Worth wishes to declare its intention in accordance
~ith such Income Tax Regulations, to use in cooperation with the City of Dallas, at
uch time or times as may be appropriate, one or more series of joint bonds for the
financing or refinancing the cost of acquiring, constructing and improving the Airport
Improvements;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH
1) That the City of Fort Worth hereby declares its intention to authorize the issuance
and sale of bonds for the financing or refinancing of the Airport Improvements, in
such an amount necessary to pay the costs thereof, presently estimated to be $200 mil-
lion, and upon such terms and conditions determined by the Board and by resolution of
the Cities of Fort Worth and Dallas upon the issuance and sale of such bonds.
2) That this resolution, together with the resolution of the City of Dallas, shall be
considered to be affirmative official action for purposes of the Code and the Income
Tax Regulations promulgated thereunder.
3) That the Board is hereby authorized to take all action necessary to carry out the
authority conferred by this Resolution and to execute and deliver all documents neces-
sary to carry out that authority or to evidence the exercise thereof.
That this Resolution
shall Make effect immediately upon its passage.
APPROVED BY
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Attest:
cretary
11 ~ 1989 Mayor I"l
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