HomeMy WebLinkAboutOrdinance 6273 CITY OF DALLAS ORDINANCE
No. 12915
CITY OF FORT WORTH ORDINANCE
No. 6273
An ordinance passed concurrently by the City Councils, re-
spectively, of the cities of Dallas and Fort Worth, authorizing the
issuance of Dallas-Fort Worth Regional Airport Joint Revenue
Bonds, Series 1970, in tie aggregate principal amount of
$50,000,000, bearing interestl at the rates specified, for the purpose
of paying in part the cost of constructing, equipping and otherwise
improving the jointly owned Dallas-Fort Worth Regional Airport
of the Cities; providing for the form of said bonds and the coupons
appertaining thereto; awarding the sale of such bonds to the pur-
chasers thereof in accordance with the Contract of Purchase and
authorizing the execution of such Contract; authorizing the Dallas-
Fort Worth Regional Airport Board to deliver said bonds as herein
directed; providing that such bonds are on a parity with the Dal-
las-Fort Worth Regional Airport Joint Revenue Bonds, Series
1968, heretofore issued and sold; adopting pertinent provisions of
and supplementing the 1968 Concurrent Bond Ordinance which
authorized the issuance of said series 1968 bonds; providing for the,
deposit of the proceeds of such bonds into certain funds of the
Joint Airport Fund under and subject to the contrrol of said Board;
and directing that due observance of the covenants herein con-
tained be made by the Board; providing a method of amending this
ordinance; providing for severability; ordaining other 'matters in-
cident and relating to the subject and purpose hereof; and declar-
ing an emergency.
WHEREAS, pursuant to applicable laws and a contract and agree-
ment dated April 15, 1968 (the "Contract and Agreement"), the
City Councils,respectively, of the Cities of Dallas and Fort Worth,
by an ordinance passed concurrently on November 11, 1968, and
November 12, 1968, authorized the issuance of and sold their
Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series
1968, in the aggregate principal amount of $35,000,000 (herein
defined as the "Outstanding Bonds"), for the purpose of paying
in part the costs of the Dallas-Fort Worth Regional Airport; and
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WHEREAS, in accordance with the Contract and Agreement the
City Councils have been requested by the Dallas-Fort Worth Re-
gional Airport Board to issue additional joint revenue bonds for
such purpose; and
WHEREAS,in recognition of their obligation in said ordinance, the
said City Councils propose to continue with the financing of the
Regional Airport through the issuance of additional joint revenue
bonds as contemplated by the Contract and Agreement, and in
accordance with the said ordinance and applicable laws including
Articles 1269j-5, 1269j-5.1, 1269j-5.2, 46d and 717k-2 of Texas Re-
vised Civil Statutes, as amended; and
WHEREAS, said ordinance authorizing the Outstanding Bonds
permits the issuance of the bonds herein authorized as parity bonds
with the Outstanding Bonds; and
WHEREAS, it is deemed by the City Councils to be desirable, ap-
propriate and necessary to issue additional negotiable revenue
bonds for the purpose of providing additional funds for paying in
part the costs of the Regional Airport; and
WHEREAS, the City Councils have each found and determined as
to each that the matters to which this Ordinance relates are mat-
ters of imperative public need and necessity in the protection of
the health, safety and morals of the citizens of each of the Cities
and, as such, that this Ordinance is an emergency measure and
shall be effective as to each City respectively upon its adoption by
its City Council;
Now, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF DALLAs,TExAs:
Now, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH,T us:
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ARTICLE I
TITLE,PREAMBLES AND RATIFICATION
SECTION 1.1. Short Title. This Ordinance may be cited by the
short title,"First Supplemental Regional Airport Concurrent Bond
Ordinance."
SECTION 1.2. Adoption of Preambles. All of the declarations and
findings contained in the preambles of this Ordinance are made a
part hereof and shall be fully effective as a part of the ordained
subject matter of this Ordinance.
SECTION 1.3. Ratification. All action heretofore taken (not in-
consistent with the provisions hereof) by the Cities, by the Board
and by the employees and officers of each directed toward the
Regional Airport and the issuance of the bonds herein authorized
for that purpose is hereby ratified, approved and confirmed.
ARTICLE II
DEFINITIONS AND CONSTRUCTION
SECTION 2.1. Adoption of Definitions. The definitions set forth in
Article II of the 1968 Regional Airport Concurrent Bond Ordinance
passed respectively, by the Cities of Dallas and Fort Worth on
November 11 and November 12, 1968, are made a part hereof
and shall be as fully effective as part of the subject matter of this
Ordinance as if repeated in full herein.
SECTION 2.2.Additional Definitions. In addition to the definitions
set forth in the said 1968 Regional Airport Concurrent Bond Ordi-
nance the terms defined in this Section for all purposes of this
Ordinance and of any ordinance amendatory hereof, supplemental
or relating hereto, and of any instruments or documents apper-
taining hereto, except where the context by clear implication_shall
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otherwise require, shall have the respective meanings herein speci-
fied as follows, to-wit:
"1968 ORDINANCE" shall mean and refer to the 1968 Re-
gional Airport Concurrent Bond Ordinance passed by the City
Councils of the Cities, respectively, on November 11, 1968 and
November 12, 1968.
"OUTSTANDING BONDS" shall mean that issue of Dal-
las-Fort Worth Regional Airport Joint Revenue Bonds, Series
1968, authorized by the 1968 Ordinance.
"PAYING AGENT" or "PAYING AGENTS" shall mean
with respect to the Series 1970 Bonds the Republic National
Bank of Dallas, Dallas,Texas, the Fort Worth National Bank,
Fort Worth, Texas, and The Bank of New York, New York,
New York.
"REFUNDING BONDS" shall mean any refunding bonds
issued pursuant to Section 8.6 of the 1968 Ordinance for the
purpose of refunding any Bonds outstanding.
"SERIES 1970 BONDS" shall mean the Dallas-Fort Worth
Regional Airport Joint Revenue Bonds, Series 1970, herein
authorized to be issued and sold.
ARTICLE III
Snms 1970 Boxes
SEmox 3.1. Authorization. So as to protect the public safety
and in order to promote and advance the general welfare of the
citizens of Dallas and Fort Worth and the North Central Texas
Region, it is hereby declared necessary that the Cities issue the
Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series
1970 (herein defined as the "Series 1970 Bonds"). For the purpose
of paying in part the Costs of the Project, the Cities hereby
authorize and direct the issuance of the Series 1970 Bonds in the
aggregate principal amount of $50,000,000, payable both as to
principal and interest solely out of the revenues, as described, de-
fined and pledged herein. The Series 1970 Bonds are issued as
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Completion Bonds pursuant to and as permitted by the 1968
Ordinance.
SECTION 3.2. Date, Denomination and Maturities. The Series
1970 Bonds shall be dated April 1, 1970, shall be in the denomina-
tion of$5,000 each,shall consist of 10,000 bonds numbered in direct
numerical order from 1 through 10,000, and shall mature and be-
come due and payable on November 1 in the years and in the
amounts as follows:
Years Amounts Years Amounts
1979 $ 500,000 1984 $ 1,500,000
1980 750,000 1985 1,750,000
1981 1,000,000 1986 2,000,000
1982 11250,000 —
1983 11250,000 1999 40,000,000
SECTION 3.3. Interest Rate, Agents.
A. The Series 1970 Bonds shall bear interest from their date to
their stated maturities or earlier redemption at the following
rates:
all bonds scheduled to mature in 1979--6.10% per annum;
all bonds scheduled to mature in 1980-6.25% per annum;
all bonds scheduled to mature in 1981-6.40% per annum;
all bonds scheduled to mature in 1982-6.501/o per annum;
all bonds scheduled to mature in 1983--6.60% per annum;
all bonds scheduled to mature in 1984-6.70% per annum;
all bonds scheduled to mature in 1985-6.75% per annum;
all bonds scheduled to mature in 1986-6.801/o per annum;
all bonds scheduled to mature in 1999--7.10% per annum;
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such interest to be evidenced by coupons payable on November 1,
1970, and semi-annually thereafter on each May 1 and Novem-
ber 1.
B. Both the principal and interest of the Series 1970 Bonds shall
be payable to bearer in lawful money of the United States of Ameri-
ca without deduction for exchange or collection charges at the
principal office of the Republic National Bank of Dallas, Dallas,
Texas, or at the option of the Holder at The Fort Worth National
Bank, Fort Worth, Texas, or The Bank of New York, New York,
New York.
Swum 3.4. Prior Redemption.
A. The Series 1970 Bonds maturing November 1, 1979 to 1986,
both inclusive, are not subject to redemption prior to stated ma-
turities. The Series 1970 Bonds maturing on November 1, 1999,
(1) shall be redeemed prior to stated maturity.in part by lot on
November 1, 1987 and on each November 1 thereafter from moneys
required to be deposited to the credit of the Interest and Sinking
Fund at the principal amount thereof and accrued interest to date
of redemption, without premium, and (2) may be redeemed prior
to stated maturity as a whole on May 1, 1980, and on the first day
of any month thereafter, or in part by lot on May 1, 1980, and on
any interest payment date thereafter, from other moneys at the
principal amount thereof and accrued interest to date of redemp-
tion, plus a premium for each bond redeemed as follows:
4% if redeemed on or prior to April 1, 1983;
3% if redeemed thereafter and on or prior to April 1, 1986;
2% if redeemed thereafter and on or prior to April 1, 1988;
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1% if redeemed thereafter and on or prior to April 1, 1990;
and no premium if redeemed thereafter.
B. At least thirty (30) days before the date fixed for any such
redemption, the Board, acting on behalf of the Cities, shall cause
a written notice of such redemption to be published at least once
in a newspaper and a financial publication published in the City of
New York, New York. By the date fixed for any such redemption,
due provision shall be made with the Paying Agents for the pay-
ment of the principal amount of the bonds to be so redeemed, plus
any applicable premium thereon, and accrued interest thereon to
the date fixed for redemption. If the written notice of redemption
is published, and if"due provision for payment is made, all as pro-
vided above, the bonds, which are to be so redeemed, thereby
automatically shall be redeemed prior to maturity, and they shall
not bear interest after the date fixed for redemption, and shall not
be regarded as being outstanding except for the purpose of re-
ceiving the funds so provided for such payment.
SECTION 3.5. Forms. The form of the Series 1970 Bonds, includ-
ing the form of Registration Certificate of the Comptroller of
Public Accounts of the State of Texas to be printed and endorsed
on each bond, and the form of the interest coupons to be attached
to the bonds, shall be respectively substantially as follows, to-wit:
(FORM OF THE SERIES 1970 BONDS)
United States of America
State of Texas
Counties of Dallas and Tarrant
DALLAS-FORT WORTH REGIONAL AIRPORT
Joint Revenue Bond
Series 1970
No. ............ $5,000
On the 1st day of November, the Cities of Dallas and Fort
Worth (herein collectively called the "Cities"), municipal cor-
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porations duly incorporated under the laws of the State of Texas,
for value received, hereby jointly promise to pay to bearer solely
from the revenues and funds described herein, the principal sum
Of
FIVE THOUSAND DOLLARS
and to pay interest thereon from the date hereof to the maturity
or earlier redemption of this bond at the rate of ....%a per annum,
payable November 1, 1970, and semi-annually thereafter on each
May 1 and November 1. Both principal and interest shall be pay-
able in lawful money of the United States of America upon sur-
render of this bond or the proper coupons, as they severally be-
come due, at Republic National Bank of Dallas, Dallas, Texas,
or, at the option of the holder at The Fort Worth National Bank,
Fort Worth, Texas, or at The Bank of New York, New York, New
York, without exchange or collection charges to the bearer thereof.
The Series 1970 Bonds maturing November 1, 1979 to 1986, both
inclusive, are not subject to redemption prior to stated maturities.
The Series 1970 Bonds maturing on November 1, 1999, (1) shall be
redeemed prior to stated maturity in part by lot on November 1,
1987, and on each November 1 thereafter from moneys re-
quired to be deposited to the credit of the Interest and Sinking
Fund at the principal amount thereof and accrued interest to date
of redemption, without premium, and (2) may be redeemed
prior to stated maturity as a whole on May 1, 1980, and on the first
day of any month thereafter, or in part by lot on May 1, 1980,
and on any interest payment date thereafter, from other moneys
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at the principal amount thereof and accrued interest to date of
redemption, plus a premium for each bond redeemed as follows:
4% if redeemed on or prior to April 1, 1983;
3% if redeemed thereafter and on or prior to April 1, 1986;
2% if redeemed thereafter and on or prior to April 1, 1988;
1% if redeemed thereafter and on or prior to April 1, 1990;
and no premium if redeemed thereafter.
At least thirty (30) days before the date fixed for any such re-
demption, the Board, acting on behalf of the Cities, shall cause a
written notice of such redemption to be published at least once in
a newspaper and a financial publication published in the City of
New York, New York. By the date fixed for any such redemption,
due provision shall be made with the paying agents for the pay-
ment of the principal amount of the bonds to be so redeemed,
plus any applicable premium thereon, and accrued interest thereon
to the date fixed for redemption. If the written notice of redemption
is published, and if due provision for payment is made, all as pro-
vided above, the bonds,which are to be so redeemed, thereby auto-
matically shall be redeemed prior to maturity, and they shall not
bear interest after the date fixed for redemption, and shall not
be regarded as being outstanding except for the purpose of re-
ceiving the funds so provided for such payment.
The bonds of this series are issued under the laws of the State
of Texas and as permitted by an ordinance adopted concurrently
on November 11 and November 12, 1968, respectively, by the City
Councils of the Cities of Dallas and Fort Worth entitled "1968
Regional Airport Concurrent Bond Ordinance," (the 1968 Ordi-
nance) and, together with Dallas-Fort Worth Regional Airport
Joint Revenue Bonds, Series 1968, dated November 1, 1968 (the
Series 1968 Bonds), are equally and ratably secured by the reve-
nues herein described.
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This bond is one of a duly authorized series of bonds dated April
1, 1970, of like tenor and effect, except as to number, interest rate,
maturity and right of redemption, numbered from 1 through
10,000 of the denomination of $5,000 each, aggregating $50,000,000,
issued by the Cities for the purpose of paying part of the Costs of
the Project, such term contemplating and relating to the initial
construction phases of the Regional Airport, pursuant to the First
Supplemental Regional Airport Concurrent Bond Ordinance
adopted by the City Councils of said Cities, supplemental to the
1968 Ordinance. For the purpose of providing for and securing the
payment of the Series 1968 Bonds and this issue of bonds, the
Cities have jointly pledged their respective interests in the
"Pledged Revenues" to be derived from the ownership and opera-
tion of the Dallas-Fort Worth Regional Airport when the same
is constructed and becomes operational, and in certain instances a
part of the revenues derived from other airports of the Cities. Such
Pledged Revenues and other revenues will be on deposit from time
to time in various funds created by the 1968 Ordinance. Pledged
Revenues in the 1968 Ordinance are defined to be the "Gross
Revenues" of said Airport when constructed less the amounts
required to pay the Senior Lien Bonds mentioned next below.
The lien on the revenues securing this issue of bonds and the
Series 1968 Bonds is subordinate to the lien securing various out-
standing and future issues of bonds of the Cities defined in said
Ordinance as "Senior Lien Bonds." Reference is made to the 1968
Ordinance for the definition of Gross Revenues and for a descrip-
tion of the revenues and funds charged with and pledged to the
payment of the interest on and principal of the Series 1968 Bonds
and the series of bonds of which this bond is one, the nature and
extent of the security thereof, a statement of the rights, duties
and obligations of each of the Cities respectively, the rights and
remedies of bondholders in the event of default thereunder, and
the rights and priorities of the holders of said bonds, to all the
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provisions of which the holder hereof by the acceptance of this
bond assents and agrees.
As provided in the 1968 Ordinance, the obligations of the Cities
to pay money hereon out of Pledged Revenues are joint, and not
several, and except as otherwise provided therein no claim, de-
mand, suit or judgment shall ever be asserted, entered or collected
against or from one City without the other and no individual
liability shall ever exceed in the case of Dallas 7/11ths of the total
amount thereof, and in the case of Fort Worth 4/11ths of the total
amount thereof, and, except as in the 1968 Ordinance otherwise
provided, such sums shall be payable and collectible solely from
the funds in which Pledged Revenues shall from time to time be,
on deposit.
The 1968 Ordinance, as supplemented, provides that, to the
extent therein stated, the Dallas-Fort Worth Regional Airport
Board, acting on behalf of the Cities, shall fix and shall from time
to time revise the rate of compensation for use of and for services
rendered by or at the Dallas-Fort Worth Regional Airport which
will be fully sufficient to produce Pledged Revenues adequate to
pay the operation and maintenance expenses thereof plus 1.25
times the amounts required to be deposited to the credit of the
Interest and Sinking Fund (established by the 1968 Ordinance)
for the payment of the principal of and interest on the parity
bonds from time to time outstanding thereunder as the same shall
become due and payable and to timely purchase or redeem such
bonds prior to maturity as required therein. It is further provided
in said Ordinance that to the extent Pledged Revenues are not ade-
quate for said purposes and for the additional purpose of properly
and adequately maintaining and operating said Airport, the Cities
pledge and obligate themselves to levy and collect the ad valorem
tag defined therein as the "Maintenance Tax," and to devote the
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proceeds thereof to the purpose of operating and maintaining said
Airport in lieu of using revenues for said purpose, subject at all
times to the limits of said tax provided by law and in said Ordi-
nance. As further provided in said Ordinance, the obligations of
the Cities to levy and collect such tax are several, and not joint,
and no action, claim, suit or demand shall be made against one
City for the default of the other, each City's respective obligation
being limited to the collection of its proportionate amount re-
quired from said tax for such purposes, all as specified in said
Ordinance.
Under the terms and conditions provided in the 1968 Ordinance,
and in the said supplement thereto, the Cities reserve the right to
issue additional Senior Lien Bonds for the purposes therein stated,
which said bonds shall be superior as to lien to the Series 1968
Bonds and the bonds of this issue, and reserve the further right
to issue additional bonds secured by alien on a parity with the
lien securing the Series 1968 Bonds and this series of bonds under
the conditions set forth in said Ordinance and the supplement
thereto.
The holder hereof shall never have the right to demand pay-
ment of this obligation out of any funds raised or to be raised by
taxation.
It is hereby certified and recited that all acts and things re-
quired by the Constitution and laws of the State of Texas to be
done, to exist, and to be performed precedent to and in the is-
suance of this bond and the issue of which it is one have been done,
do exist and have been performed as so required.
IN WUNESS WHEREOF, the City Council of the City of Dallas,
Texas, has caused the facsimile seal of that City to be placed
13
hereon and this bond to be signed by the facsimile signature of
its Mayor and countersigned by the facsimile signature of its City'
Auditor; and the City of Fort Worth, Texas, has' caused the
facsimile seal of that City to be placed hereon and this bond to
be signed by the facsimile signature of its Mayor,-countersigned'
by the facsimile signature of its City Secretary, and approved as
to form by its City Attorney; and each said City Council has
caused the attached coupons to be signed by the facsimile signa-
tures of the Mayor and City Auditor of the City of Dallas and
the Mayor and City Secretary of the City of Fort Worth.
Mayor, City of Dallas, Texas
COUNTMICNW:
City Auditor, City of Dallas, Texas
Mayor,City of Fort Worth,-Tex=
COUNTMIGNW:
City Secretary, City of Fort Worth,
Texas
APPROVED As To FoRm:
City Attorney,City of Fort Worth,
Texas
(FoRm OF COUPON)
No. $....................
ON THE DAY OF
19....
unless due provision has been made for the redemption prior to
maturity of the below numbered bond to which this coupon tipper
' I
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twins, the City of Dallas, Texas, and the City of Fort Worth,
Texas, jointly promise to pay to bearer, but solely out of the
revenues specified and subject to the conditions stated in said
bond, at the Republic National Bank of Dallas, Dallas, Texas, or
at the option of the holder at The Fort Worth National Bank, Fort
Worth,Texas, or at The Bank of New York, New York, New York,
without exchange or collection charges to the bearer hereof, the
sum specified on this coupon, in lawful money of the United States
of America, for interest then due on the below numbered bond of
the issue entitled "Dallas-Fort Worth Regional Airport Joint
Revenue Bonds, Series 1970," dated April 1, 1970. The holder
hereof shall never have the right to demand payment of this obli-
gation out of any funds raised or to be raised by taxation. Bond
No. .........................
Mayor,City of Dallas, Texas
COUNTERSIGNED:
City Auditor,City of Dallas, Texas
Mayor, City of Fort Worth, Texas
COUNTERSIGNED:
City Secretary,City of Fort Worth,
Texas
FORM OF COMPTROLLER's REGLSTRATION CERTIFICATE
OFFICE OF COMPTROLLER
STATE OF TEXAS
I hereby certify that this bond has been examined, certified as
to validity and approved by the Attorney General of the State of
15
Texas in accordance with his written approving certificate on file
in my office; and that this bond has been by me this day regis-
tered as required by law.
Witness my signature and seal this
Comptroller of Public Accounts of
the State of Texas
(SEAL)
ARTICLE IV
Exw moN,APPROVAL,REGISTRATION,SALE
AND DELIVERY of Simms 1970 BoNDB
SEc ioN 4.1.Method of Execution.Each of the Series 1970 Bonds
shall be signed and executed on behalf of the City of Dallas by
the facsimile signature of its Mayor and countersigned by the
facsimile signature of its City Auditor, and the corporate seal of
that City shall be impressed or printed or lithographed on each
bond. Each of the Series 1970 Bonds shall be signed and executed
on behalf of the City of Fort Worth by the facsimile signature of
its Mayor and countersigned by the facsimile signature of its City
Secretary; the same shall be approved as to form by the facsimile
signature of the City Attorney of the City, and its corporate seal
shall be impressed or printed or lithographed upon each bond.
The respective signatures of the Mayor and City Auditor of the
City of Dallas and of the Mayor and City Secretary of the City
of Fort Worth shall be lithographed or printed upon the coupons
attached to the Series 1970 Bonds. All facsimile signatures placed
upon the bonds and their coupons shall have the same effect as if
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manually placed thereon, all as provided in Article 717j, Texas
Revised Civil Statutes, as amended.
SECTION 4.2. Approval and Registration. The Board is hereby
authorized to have control and custody of the Series 1970 Bonds
and all necessary records and proceedings pertaining thereto pend-
ing their delivery, and the Chairman and officers and employees of
the Board and of the Cities are hereby authorized and instructed
to make such certifications and to execute such instruments as
may be necessary to accomplish the delivery of said bonds and to
assure the investigation, examination, and approval thereof by the
Attorney General of the State of Texas and their registration by
the State Comptroller of Public Accounts. Upon registration of
the Series 1970 Bonds, the Comptroller of Public Accounts (or a
deputy designated in writing to act for him) shall be requested to
sign manually the Comptroller's Registration Certificate prescribed
herein to be printed and endorsed on each bond and the seal of
the Comptroller shall be impressed or printed or lithographed
thereon. The Chairman of the Board shall be further authorized
to make such agreements with the purchasers of said bonds as
may be necessary to assure that the same will be delivered to such
purchasers in accordance with the terms of sale at the earliest
practicable date after the adoption of this Ordinance.
SECTION 4.3.
A. The Sale Of The Series 1970 Bonds. The Series 1970 Bonds
are hereby sold in accordance with law and shall be delivered
to the Underwriters (listed in Schedule I to the Contract of Pur-
chase dated April 14, 1970) for whom Merrill Lynch,Pierce, Fenner
& Smith Incorporated and F. S. Smithers & Co., Inc., are acting as
Managers, at the price of $49,012,500.00 plus accrued interest
17
from April 1, 1970, to date of delivery, and in accordance with the
terms and conditions set forth in said Contract of Purchase.
B. Contract of Purchase.The Contract of Purchase setting forth
the terms of the sale of the Series 1970 Bonds to the purchasers
thereof referred to in A above is hereby accepted, approved and
authorized to be delivered in executed form to the said purchasers.
The Contract of Purchase shall be executed on behalf of the City
of Dallas by the City Manager with its corporate seal impressed
thereon, attested by the City Secretary, countersigned by the City
Auditor and approved as to form by the City Attorney. The Con-
tract of Purchase shall be executed on behalf of the City of Fort
Worth by the City Manager with its corporate seal impressed
thereon, attested by the City Secretary, and approved as to form
and legality by the City Attorney.
ARTICLE V
DISPOSITION OF BOND PROCEEDS
SEmoN 5.1.
A. Interest During Construction. It is hereby found and de-
termined that the estimated period of construction of the Project,
that is to say, the period prior to which the Airport is expected to
become revenue producing, is Three (3) years and seven (7)
months from April 1, 1970, and accordingly the amount equal to
the interest to become due on the Series 1970 Bonds during said
period is hereby appropriated from the proceeds of the sale of
the Series 1970 Bonds and ordered to be deposited to the credit
of the Interest and Sinking Fund to be used, applied and devoted
to the purposes specified in the 1968 Ordinance for moneys on de-
posit in said Fund.
B. Reserve Fund. In accordance with the requirements of the
1968 Ordinance, there is hereby appropriated from the proceeds of
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the sale of the Series 1970 Bonds and ordered to be deposited into
the Reserve Fund, the following, to-wit:
(1) an amount at least equal to the average annual amounts
of interest to be paid and principal to be accumulated (and re-
quired to be deposited to the credit of the Interest and Sink-
ing Fund) on account of the Series 1968 Bonds; and
(2) an amount at least equal to the average annual principal
(or principal accumulation) and interest requirements on ac-
count of the Series 1970 Bonds.
SECTION 5.2. Construction Fund. Except as otherwise provided
in Section 5.1., all proceeds derived from the sale of the Series
1970 Bonds shall be deposited promptly upon the receipt thereof
to the credit of the Construction Fund and the moneys within said
Fund shall be used solely for the purpose of defraying a part of
the Costs of the Project in accordance with the 1968 Ordinance.
ARTICLE VI
ADOPTION OF PROVISIONS OF 19M
ORDINANCE PLEDGE, INTEREST AND SINKING FUND
SECTION 6.1. Adoption. The Series 1970 Bonds authorized hereby
are parity "Completion Bonds" as the term is defined and as per-
mitted to be issued in the 1968 Ordinance, and in addition to the
definitions set forth in Article II of the 1968 Ordinance hereto-
fore adopted, for purposes of this ordinance Section 2.2 of Article
II, and Articles V through XI, both inclusive, of the 1968 Ordi-
nance are hereby adopted by reference and shall be applicable to
the Series 1970 Bonds for all purposes, except to the extent herein-
after specifically modified or supplemented. Both the Outstanding
Bonds and the Series 1970 Bonds shall be on a parity in all re-
spects.
SECTION 6.2. Pledge. The principal of and the interest on the
Series 1970 Bonds and the Outstanding Bonds are and shall be
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secured by and payable from a first lien on and pledge of the
Pledged Revenues and the funds in which they shall from time
to time be on deposit. In addition to the Pledged Revenues the
Series 1970 Bonds and the Outstanding Bonds are and shall
be further secured by and payable from the "Transitional
Pledge" as made and described in Section 6.3 of the 1968 Ordi-
nance. Such revenues are hereby irrevocably pledged to the pay-
ment of the Outstanding Bonds, the Series 1970 Bonds, any other
Completion Bonds and Additional Parity Bonds hereafter issued
in accordance with the terms of the 1968 Ordinance until all of the
Outstanding Bonds, the Completion Bonds, including the Series
1970 Bonds, and any Additional Parity Bonds are retired.
SWRON 6.3. Interest and Sinking Fund. In addition to all other
amounts required by the 1968 Ordinance so long as any of the
Series 1970 Bonds remain outstanding and unpaid the Board shall
transfer on or before the 1st day of each month, from the Operat-
ing Revenue and Expense Fund to the Interest and Sinking
Fund, after taking into account unexpended investment earnings
on deposit in the Interest and Sinking Fund,
(1) beginning on October 1, 1973, an amount necessary to
provide 1/6th of the amount of interest to become due on
the Series 1970 Bonds on the next succeeding interest pay-
ment date thereof, provided, however, that no transfers shall
be required on such dates to the extent money has been pro-
vided from future issues of Completion Bonds to pay the in-
terest then becoming due on the Series 1970 Bonds;
(2) beginning on October 1, 1978, an amount necessary to
provide in twelve equal installments the amount of principal
of the Series 1970 Bonds maturing on November 1 following
each of the twelve month periods ending September 30, 1979,
through September 30, 1986; and
20
(3) beginning on October 1, 1986, and on the 1st day of
each month thereafter through September 1, 1999, for each
twelve month period ending on September 30, 1/12 of the
amounts indicated as follows:
1987 .................................................................. $2,000,000
1988 .................................................................. 2,000,000
1989 .................................................................. 2,000,000
1990 ..................................................I............... 2,000,000
1991 ................................................................- 3,000,000
1992 .................................................................. 3,","
1993 .................................................................. 3,000,000
1994 ................................................................- 3,000,000
1995 .................................................................. 4,000,000
1996 .................................................................. 4,000,000
1997 .........................................I...........I............ 4,000,000
1998 .................................................................. 4,000,000
1999 .................................................................. 4,000,000.
The sinking fund payments required by this sub-paragraph
(3) may be used to purchase Series 1970 Bonds as permitted
in Section 7.4 of the 1968 Ordinance, and to the extent not so
used, shall be used to redeem the Series 1970 Bonds on No-
vember 1, 1987, and on each November 1, thereafter at the
principal amount thereof and accrued interest to date of re-
demption without premium. If it shall be determined that the
annual transfers to the Interest and Sinking Fund required by
this sub-paragraph (3) will produce a surplus in the Interest
and Sinking Fund at maturity of the Series 1970 Bonds, the
annual sinking fund payments required by this sub-paragraph
(3) on account of the Series 1970 Bonds may be reduced in
approximately equal amounts.
Sox 6.4. The Director of Finance shall make transfers of
funds on deposit in the Interest and Sinking Fund for payment of
the principal of and interest on the Series 1970 Bonds to Republic
National Bank of Dallas on behalf of the Paying Agents at least
(5) days prior to the due dates and redemption dates.
21-
ARTICLE VII
MISC'FLI ANEOUS COVENANTS AND PROVISIONS
SEMON 7.1. Use of Bond Proceeds. The Cities hereby covenant
that until such time as permitted by governmental rulings or regu-
lations under Section 103 of the Internal Revenue Code of 1954, as
amended, the proceeds from the sale of the Series 1970 Bonds,
except such of the proceeds of the issue (1) deposited in the Re-
serve Fund and (2) deposited in the Construction Fund, will not
be used to acquire securities or obligations (other than obligations
described in Subsection (a) (1) of said Section 103) that will pro-
duce a yield higher than the yield of the Series 1970 Bonds.
SEmoN 7.2. Reserve Fund deposits. At such time as none of
Series 1968 Bonds is outstanding whether such Series 1968 Bonds
have been paid in full or refunded, (1) notwithstanding the pro-
visions of Section 8.3C and Section 8.4C of the 1968 Ordinance,
at the time of the issuance of each series of Completion Bonds or
Additional Parity Bonds, there shall be deposited from the pro-
ceeds thereof to the credit of the Reserve Fund an amount which
will be sufficient to cause the total amount in the Reserve Fund
to be equal to not less than the average total annual deposits re-
quired to be deposited into the Interest and Sinking Fund by this
ordinance and all ordinances theretofore passed authorizing Re-
funding Bonds, Completion Bonds and Additional Parity Bonds
in each of the years during which any Refunding Bonds, Comple-
tion Bonds or Additional Parity Bonds are to be outstanding and
unpaid in accordance with the terms thereof, and (2) notwith-
standing the provisions of Section 7.3C of the 1968 Ordinance no
transfers shall be required to be made from Pledged Revenues to
the Reserve Fund after there is in the Reserve Fund an amount
equal to not less than the average total annual deposits required
22
to be deposited in the Interest and Sinking Fund by this ordinance
and all ordinances theretofor passed authorizing Refunding Bonds,
Completion Bonds and Additional Parity Bonds for each of
the years during which any Refunding Bonds, Completion Bonds
or Additional Parity Bonds are to be outstanding and unpaid
in accordance with the terms thereof. At such time as Refund-
ing Bonds are issued to refund the Series 1968 Bonds, Completion
Bonds or Additional Parity Bonds in accordance with Section 8.6 of
the 1968 Ordinance, at the time such refunding is completed, there
shall be on deposit to the credit of the Reserve Fund no less than
the average annual total deposits required to be deposited into the
Interest and Sinking Fund by all ordinances theretofore passed
authorizing the then outstanding Bonds including any Refunding
Bonds.
SEMox 7.3. Limit on Completion Bonds. Subsequent to the date
the Airport becomes (a) operational, and (b) revenue producing
to the extent required by Section 9.2 of the 1968 Ordinance, no
additional Completion Bonds shall be issued except upon receipt
of a certificate of an Airport Consultant to the effect that during
each Fiscal Year while the then outstanding Bonds and the pro-
posed Completion Bonds are scheduled to be outstanding, the es-
timated Pledged Revenues will be at least equal to (1) the esti-
mated Operation and Maintenance Expenses during each such
Fiscal Year, plus (2) an amount not less than 1.25 times the av-
erage annual principal and interest requirements of all then
outstanding Bonds and the then proposed Completion Bonds.
SEMox 7.4. Observance of Covenants. The Board, the officers,
employees and agents are hereby directed to observe, comply with
and carry out the terms and provisions of this Ordinance.
23
ARTICLE VIII
AMENDMENTS To ORDINANCE
This Ordinance may be amended by concurrent ordinances
adopted by the City Councils, in the same manner as provided in
the 1968 Ordinance for the amendment of the 1968 Ordinance.
ARTICLE IX
SEVERABmrry, REPEAL AND COUNTERPARTS
SEMON 9.1. Ordinance Irrepealable. After any of the Series
1970 Bonds shall be issued, this Ordinance shall constitute a con-
tract between the Cities and the Holder or Holders of the Bonds
from time to time outstanding, and this Ordinance shall be and
remain irrepealable until the Bonds and the interest thereon shall
be fully paid, cancelled, refunded or discharged or provision for
the payment thereof shall be made by depositing money in trust
with the Paying Agents or another National Banking Associatioan
equal in amount to the aggregate principal amount of Bonds put-
standing plus interest and any applicable premium to their earliest
redemption date, or, if none, to their maturity.
SEMON 9.2. Severability. If any Section, paragraph, clause or
provision of this Ordinance shall for any reason be held to be in-
valid or unenforceable, the invalidity or unenforceability of such
Section, paragraph, clause or provision shall not affect any of the
remaining provisions of this Ordinance. If any Section, paragraph,
clause or provision of the Contract and Agreement shall dot any
reason be held to be invalid or unenforceable, the invalidity`qr,un-
enforceability of such Section, paragraph, clause or provision shall
not affect any of the remaining provisions of the Contract and
Agreement, or of any other provisions of this Ordinance not de-
pendent directly for effectiveness upon the provision of the Con-
tract and Agreement thus declared to be invalid and unenforceable.
24
SECTION 9.3. Repealer. All orders, resolutions and ordinances, or
parts thereof, inconsistent herewith are hereby repealed to the
extent of any such inconsistency.
SECTION 9.4. Counterparts. This ordinance may be executed in
counterparts, and when duly passed by both Cities, and separate
counterparts are duly executed by each City, the ordinance shall
be in full force and effect.
PASSED AND CORRECTLY ENROLLED A 1 14,
ayCZ
or, ty of Dallas, Texas
(SEAT,.)
A
City Secretary,City of Dallas,
Texas
As TO FORM:
ity Attorney,City of Dal
Texas
Passed April 14, 1970.
or,City of Fort Worth, Texas
(SEAL.)'
A
City S' etary,City of Fort Worth,
Texas
APP]ImUs TO FORM AND LEGALITY:
'0
ity torney,City of Fort Worth,
Texas
NUPA131E rt S+ X O t- TEN
$50,000,000
DALLAS-FORT WORTH REGIONAL AIRPORT
Joint Revenue Bonds, Series 1970
CONTRACT OF PURCHASE
April 14, 1970
DALLAS-FORT WORTH REGIONAL AIRPORT BOARD
Arlington, Texas
CITY OF DALLAS
Dallas, Texas
CITY OF FORT WORTH
Fort Worth, Texas
Gentlemen:
We, as Managers, acting for and on behalf of ourselves and the dealers named in the list attached
hereto marked "Schedule I", as said list of dealers may from time to time be changed by us at or prior to
the Closing hereinafter mentioned (we and said dealers being herein collectively called the "Under-
writers"),hereby offer to enter into this Contract of Purchase with you (herein called the`Board" and the
"Cities") for the purchase by the Underwriters and sale by the Cities of the Joint Revenue Bonds of the
Cities specified below. This offer is made subject to acceptance by you prior to 1:00 o'clock, P.M.,
Central Standard Time, on the date hereof, and upon such acceptance this Contract of Purchase shall
be in full force and effect in accordance with its terms and shall be binding upon you and the Under-
writers. We shall not be obligated to advise you of any changes that from time to time may be made in
the dealers listed in Schedule I.
1. Upon the terms and conditions and upon the basis of the representations herein set forth, the
Underwriters, jointly and severally, hereby agree to purchase from the Cities and the Cities hereby
agree to sell to the Underwriters all (but not less than all) of the $50,000,000 aggregate principal amount
of Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1970 (herein called the "Bonds"),
to be dated April 1, 1970, and consisting of $10,000,000 Serial Bonds due November 1, 1979, to
November 1, 1986, inclusive, and $40,000,000 Term Bonds due November 1, 1999 (the Bonds being
more fully described in the Official Statement hereinafter mentioned), at an aggregate purchase price
of$ 43,o l 2,Sloo.00 plus interest accrued thereon from April 1, 1970, to the date of Closing referred
to in Section 7 hereof. The Bonds shall be as described in, and shall be issued and secured under and
pursuant to, a concurrent ordinance (supplemental to the 1968 Regional Airport Concurrent Bond
Ordinance, which, as so supplemented, is herein called the "Bond Ordinance") adopted prior to the
execution hereof by the City Councils of the Cities, with only such changes therein as shall be mutually
agreed upon between us. The Underwriters agree to make a public offering of the Bonds at the initial
offering prices set forth in the Official Statement.
2. The Underwriters have heretofore designated the Managers as their representatives and the
Managers hereby represent that Merrill Lynch, Pierce, Fenner & Smith Incorporated has been duly
authorized to execute this Contract of Purchase for and on behalf of the Underwriters.
3. We herewith deliver to the Board a certified or official bank check payable to its order, in the
amount of $500,000, in Dallas Clearing House funds, as security for the performance by the Under-
writers of their obligation to accept and pay for the Bonds at the Closing in accordance with the
provisions of this Contract of Purchase. Said check shall be held encashed as such security and con-
currently with the delivery of and payment for the Bonds at the Closing shall be returned to us. In the
event you do not accept this offer, or upon the failure to deliver the Bonds at the Closing, or if you
shall be unable to satisfy the conditions to the obligations of the Underwriters contained in this Con-
tract of Purchase, or if such obligations shall be terminated for any reason permitted by this Contract
of Purchase, such check shall be immediately returned to us. In the event that the Underwriters fail
(other than for a reason permitted under this Contract of Purchase) to accept and pay for the Bonds
at the Closing, such check shall be cashed by the Board and the amount thereof retained by the Board
as and for full liquidated damages for such failure and for any and all defaults hereunder on the part
of the Underwriters, and the cashing of such check shall constitute a full release and discharge of all
claims and rights hereunder of you against the Underwriters.
4. The Board shall deliver,or cause to be delivered,to us,promptly after your acceptance hereof three
copies of the Official Statement of the Board substantially in the form dated April 14, 1970, with only
such changes therein as shall have been accepted by us (such Official Statement with such changes, if
any, and including the cover page and all appendices, exhibits, maps, letters and statements included
therein or attached thereto being herein called the "Official Statement"), signed on behalf of the Board
by its Chairman and its Executive Director. The Board authorizes the use of copies of the Official State-
ment in connection with the public offering and sale of the Bonds. The Cities authorize the use of the
references in the Official Statement to the Bond Ordinance and the Contract Between the Cities (herein
called the "Contract Between the Cities") described in the Official Statement, and the use of copies of
such documents in connection with the public offering and sale of the Bonds.
5. The Board represents to and agrees with the Underwriters that: (a) both at the time of acceptance
hereof and at the date of Closing the statements and information contained in the Official Statement
are and will be true, correct and complete in all material respects and the Official Statement does not
and will not omit any statement or information which is necessary to make the statements and informa-
tion therein, in the light of the circumstances under which they were made, not misleading in any
material respect; (b) the Board is and will be at the date of Closing duly organized and existing as a
joint board in the State of Texas with the powers and authority, among others, set forth in Article
46d, Texas Revised Civil Statutes, as amended, in the Contract Between the Cities and in the Bond
Ordinance; (c) the Letters of Agreement referred to in the Official Statement (herein called the "Letters
of Agreement") are and shall be at the date of Closing in full force and effect and at the date of
Closing shall not have been amended, modified or supplemented except as may have been agreed to
in writing by us; and (d) the execution and delivery of this Contract of Purchase and the Letters of
Agreement, and compliance with the provisions thereof, under the circumstances contemplated hereby,
will not in any material respect conflict with or constitute on the part of the Board a breach of or
default under any agreement or other instrument to which the Board is a party or any existing law,
administrative regulation, court order or consent decree to which the Board is subject.
6. The Cities,each as to itself only,represent to and agree with the Underwriters that: (a) the Cities
are and will be at the date of Closing duly organized and existing as cities in the State of Texas with the
powers and authority, among others, set forth in Articles 717k-2, 46d, 1269j-5, 1269j-5.1 (as to Dallas)
and 1269j-5.2, Texas Revised Civil Statutes, as amended (herein collectively called the "Act"); (b) the
Board is and will be at the date of Closing duly organized and existing as a joint board in the State of
Texas with the powers and authority, among others, set forth in Article 46d, Texas Revised Civil Statutes,
as amended, in the Contract Between the Cities and in the Bond Ordinance; (c) when delivered to and
paid for by the Underwriters at the Closing in accordance with the provisions of this Contract of
Purchase, the Bonds will have been duly authorized, executed, issued and delivered and will constitute
valid and binding special obligations of the Cities, of the character referred to in the Act, in conformity
with, and entitled to the benefit and security of, the Act and the Bond Ordinance; and (d) the adoption of
the Bond Ordinance and the execution and delivery of this Contract of Purchase, the Bonds and the
Contract Between the Cities, and compliance with the provisions thereof, under the circumstances con-
templated hereby, will not in any material respect conflict with or constitute on the part of either of
the Cities a breach of or default under any agreement or other instrument to which either of the Cities
is a party or any existing law, administrative regulation, court order or consent decree to which either
of the Cities is subject.
2
7. At 10:00 o'clock, A.M., New York City Time, on April 28, 1970, or at such other time or on
such earlier or later date as we mutually agree upon (herein called the "Closing"), the Cities will deliver
or cause to be delivered to us, at the office of such banking institution in New York, N. Y., as we shall
designate at least 24 hours prior to the Closing, or at such other place as we may mutually agree upon, the
Bonds in definitive form (all of the Bonds and coupons appertaining thereto to be lithographed), duly
executed by the Cities and registered by the Comptroller of Public Accounts of Texas, together with
the other documents hereinafter mentioned; and the Underwriters will accept such delivery and pay the
purchase price thereof by certified or official bank check or checks payable in federal funds to the order
of the Treasurer of the Board. The Bonds will be made available for checking and packaging at least one
business day prior to the Closing in New York, N. Y., at the office of the Signature Company.
8. The Underwriters have entered into this Contract of Purchase in reliance upon your representa-
tions and agreements herein and the performance by you of your obligations hereunder, both as of the date
hereof and as of the date of Closing. The Underwriters' obligations under this Contract of Purchase are
and shall be subject to the following further conditions:
(a) at the time of Closing, the Official Statement, the Bond Ordinance and the Contract Be-
tween the Cities shall be in full force and effect and shall not have been amended, modified or
supplemented except as may have been agreed to in writing by us, and you shall have duly adopted
and there shall be in full force and effect such resolutions and ordinances as, in the opinion of
McCall, Parkhurst & Horton, Dallas, Texas (herein called "Bond Counsel"), shall be necessary in
connection with the transactions contemplated hereby;
(b) the Underwriters shall have the right to cancel their obligations to purchase the Bonds
if (i) between the date hereof and the Closing, legislation shall have been enacted by the Congress
of the United States, or a decision shall have been rendered by a court of the United States or the
Tax Court of the United States, or a ruling shall have been made or a regulation shall have been
proposed or made by the Treasury Department of the United States or the Internal Revenue
Service, with respect to Federal taxation upon revenues or other income of the general character
to be derived by you or upon interest received on obligations of the general character of the Bonds,
which, in our reasonable judgment, materially adversely affects the market for the Bonds, or (ii)
any event shall have occurred or shall exist which, in our opinion, either makes untrue or incorrect
in any material respect as of such time any statement or information contained in the Official
Statement or is not reflected in the Official Statement but should be reflected therein as of such
time for the purpose for which the Official Statement is to be used or in order to make the state-
ments and information contained therein not misleading in any material respect as of such time,
or (iii) there shall have occurred any new outbreak of hostilities or other national or international
calamity or crisis, the effect of such outbreak, calamity or crisis on the financial markets of the
United States being such as, in your and our judgment, would make it impracticable for the
Underwriters to sell the Bonds, or (iv) there shall be in force a general suspenson of trading on
the New York Stock Exchange or minimum or maximum prices for trading shall have been fixed
and be in force, or maximum ranges for prices for securities shall have been required and be in
force on the New York Stock Exchange, whether by virtue of a determination by that Exchange
or by order of the Securities and Exchange Commission, or any other governmental authority
having jurisdiction, or (v) a general banking moratorium shall have been declared by either
Federal or New York authorities having jurisdiction and be in force; and
(c) at or prior to the Closing, we shall receive the following documents:
(1) (a) the unqualified approving opinion of the Attorney General of Texas; (b) the
unqualified approving opinion, dated the date of Closing, in form and substance satisfactory to
the Managers, of McCall, Parkhurst & Horton, in the form attached hereto as Exhibit A, ac-
companied by a supplementary opinion to the effect that (i) the Contract Between the Cities
is authorized by the Act and is in compliance therewith, has been duly and lawfully authorized,
executed and delivered, and is valid and effective; (ii) this Contract of Purchase has been
3
duly authorized, executed and delivered by the Cities and the Board and constitutes a binding
and enforceable agreement of the Cities and the Board in accordance with its terms; (iii) the
information in the Official Statement as to the Bond Ordinance, the Bonds, the Contract Be-
tween the Cities and the Letters of Agreement is correct and does not omit any statement which,
in their opinion, should be included or referred to therein; the Bonds, the Bond Ordinance,
the Contract Between the Cities and the Letters of Agreement conform as to form and tenor
with the terms and provisions thereof as summarized and set out in the Oflcial Statement; and
nothing has come to their attention which would lead them to believe that the Official State-
ment contains an untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circum-
stances under which they were made, not misleading; and (iv) the Bonds are exempt from
registration pursuant to the Securities Act of 1933, as amended, and the Bond Ordinance is
exempt from qualification as an indenture pursuant to the Trust Indenture Act of 1939, as
amended; and (c) the opinion of E. Ray Hutchison, Esq., Special Bond Counsel for Special
Facility Financing,Tax and Securities Affairs, in the form attached hereto as Exhibit B; in each
case with such changes in each such opinion as counsel for the Underwriters shall approve;
(2) the opinion of Brown, Wood, Fuller, Caldwell & Ivey, counsel for the Underwriters,
dated the date of Closing, to the effect that (a) this Contract of Purchase has been duly
authorized, executed and delivered by the Underwriters and constitutes a binding and enforce-
able agreement of the Underwriters in accordance with its terms; (b) the Bonds are exempt from
registration pursuant to the Securities Act of 1933, as amended, and the Bond Ordinance is
exempt from qualification as an indenture pursuant to the Trust Indenture Act of 1939, as
amended; and (c) nothing has come to their attention which would lead them to believe that
the Official Statement contains an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; such counsel may rely as to
matters of Texas law upon the opinions of Bond Counsel and Special Bond Counsel for Special
Facility Financing,Tax and Securities Affairs;
(3) a certificate, dated the date of Closing, signed by the Executive Director of the Board,
or other appropriate officials satisfactory to us, and in form and substance satisfactory to us,
to the effect that (a) the representations and agreements of the Board herein are true and
correct in all material respects as of the date of Closing; and (b) to his knowledge, no litigation
is pending or threatened (i) to restrain or enjoin the issuance or delivery of any of the Bonds
or the collection of revenues pledged under the Bond Ordinance, (ii) in any way contesting
or affecting any authority for the issuance of the Bonds or the validity of the Bonds, the Bond
Ordinance, the Contract Between the Cities, the Letters of Agreement or this Contract of
Purchase, or (iii) in any way contesting the corporate existence or powers of the Cities or
the Board;
(4) a certificate or certificates of the Cities,each as to itself only,dated the date of Closing,
signed by the City Attorneys of the Cities or other appropriate officials satisfactory to us, and
in form and substance satisfactory to us, to the effect that (a) the representations and agree-
ments of the Cities herein are true and correct in all material respects as of the date of Closing;
and (b) no litigation is pending or,to the knowledge of either of them, threatened (i) to restrain
or enjoin the issuance or delivery of any of the Bonds or the collection of revenues pledged
under the Bond Ordinance, (ii) in any way contesting or affecting any authority for the
issuance of the Bonds or the validity of the Bonds, the Bond Ordinance, the Contract Between
the Cities or this Contract of Purchase, or (iii) in any way contesting the corporate existence
or powers of the Cities or the validity or powers of the Board;
(5) three certified copies of the Contract Between the Cities, duly executed by the parties
thereto; three certified copies of the Bond Ordinance duly adopted by the Cities; and
(6) such additional legal opinions, certificates, proceedings, instruments and other docu-
ments as we, Bond Counsel or Special Bond Counsel for Special Facility Financing, Tax and
4
Securities Affairs may reasonably request to evidence compliance by you with legal require-
ments,the truth and accuracy, as of the time of Closing, of your representations herein contained
and the due performance or satisfaction by you at or prior to such time of all agreements then
to be performed and all conditions then to be satisfied by you.
If you shall be unable to satisfy the conditions to the Underwriters' obligations contained in this
Contract of Purchase or if the Underwriters' obligations shall be terminated for any reason permitted
by this Contract of Purchase, this Contract of Purchase shall terminate and neither you nor the Under-
writers shall have any further obligation hereunder, except that the check referred to in Section 3 hereof
shall be returned to us.
9. All expenses and costs of the Cities and the Board incident to the performance of your obligations
in connection with the authorization, issuance and sale of the Bonds to the Underwriters, including the
costs of printing of the Bonds, the Bond Ordinance, the Contract Between the Cities, the Official State-
ment and this Contract of Purchase, in reasonable quantities, and fees of engineers and consultants, shall
be paid from the proceeds of the Bonds. The fees and expenses of Bond Counsel and Special Bond
Counsel for Special Facility Financing, Tax and Securities Affairs, and that portion of the fee and expenses
of counsel for the Underwriters which is attributable to legal investment services, shall be paid from the
proceeds of the Bonds. Except as indicated above, all other out-of-pocket expenses of the Underwriters,
including traveling and other expenses and the fees and expenses of their counsel, shall be paid by the
Underwriters.
10. Any notice or other communication to be given to you under this Contract of Purchase may
be given by delivering the same in writing at your addresses set forth above and any such notice or
other communication to be given to the Underwriters or the Managers may be given by delivering the
same in writing to Merrill Lynch, Pierce, Fenner & Smith Incorporated, 70 Pine Street, New York,
N. Y. 10005, to the attention of Mr. Walter W. Niebling, Vice President.
11. This Contract of Purchase is made solely for the benefit of you and the Underwriters (in-
cluding the successors or assigns of any of the Underwriters) and no other person, partnership, asso-
ciation or corporation shall acquire or have any right hereunder or by virtue hereof. All representations
and agreements by you in this Contract of Purchase shall remain operative and in full force and effect
regardless of any investigation made by or on behalf of any of the Underwriters and shall survive the
delivery of and payment for the Bonds.
12. The approval of the Managers when required hereunder or the determination of their satisfac-
tion as to any document referred to herein shall be in writing signed by Merrill Lynch, Pierce, Fenner &
Smith Incorporated and delivered to you.
MERRILL LYNCH, PIERCE, FENNER& SMITH INCORPORATED
F. S. SMITHERS & CO., INC.
Managers
By: MERRILL L CH, PIERCE, FENNER&SMITH INCORPORATED
By . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vice President
On behalf of the Underwriters, including themselves.
5
Accepted by the Board and the Cities
DALLASWjO. .
FoRT WORTH REGIONAL AIRPORT BOARD
By. . . ( 4e0eriZ.,/ . .. . .. . . . .
Chairman
ATTEST:
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Secretary
[SEAL]
CITY OF DALLAS
By .1V IV. . . . . . . . . . . . .. .. .. . . . . . . .
ATTEST' �ae
. . . . . .. . . . .
City Manager
lary
City Secretary
[SEAL]
CO
CityAuditor
APPROVED AS TO FORM:
. A� ,
City Atto
CITY OF FORT WO H y
By . . . � . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .
ATT City Manager
City Secretary
[SEAL]
APPROVED AS TO FORM AND LEGALITY:
City Attorney
6
SCHEDULE I
to the
Contract of Purchase
LIST OF UNDERWRITERS
Merrill Lynch,Pierce, Fenner & Smith Incorporated The First Boston Corporation
F. S. Smithers & Co., Inc. First ro= ecunties Corp.
Adams, Harkness & Hill, Inc. First of Michigan Corporation
Advance Securities Corp. First of Texas Incorporated
Allen & Company Robert Garrett& Sons Incorporated
Almon & Co. Geo. B. Gibbons & Company, Inc.
Altgelt& Co., Inc. Glore Forgan, Wm. R. Staats Inc.
American Securities Corporation Goldman, Sachs & Co.
Anderson& Strudwick Goodbody &Co.
Bache &Co., Incorporated W. D. Gradison &Co.
Bacon, Whipple& Co. Halsey, Stuart&Co. Inc.
Baker, Watts&Co. Hattier&Sanford
Ball, Burge & Kraus Hayden, Stone Incorporated
Banco Credito J.J.B. Hilliard, W. L.Lyons&Co.
Barr Brothers &Co. Hirsch &Co.
Bear, Stearns&Co. Hornblower& Weeks-Hemphill, Noyes
A. G. Becker&Co. Incorporated Hutchinson, Shockey, Erley & Co.
Carlton D. Beh Co. E. F. Hutton& Company Inc.
Blair&Co., Inc. W. E. Hutton&Co.
Blunt Ellis& Simmons Kidder, Peabody&Co. Incorporated
Blyth& Co., Inc. Kohlmeyer &Co.
Boettcher and Company Kuhn, Loeb&Co.
J. C. Bradford&Co. Ladenburg, Thalmann& Co.
Alex. Brown& Sons Lazard Freres&Co.
Butcher&Sherrerd Lehman Brothers
Clark, Dodge &Co. Incorporated Loeb, Rhoades &Co.
The Columbian Securities Corporation McClung&Knickerbocker Inc.
Craigie Incorporated McDonald &Company
Dain,Kalman&Quail,Incorporated McKinney, Rose & Company, Inc.
Marquette deBary Co. Moroney, Beissner&Co., Inc.
Dempsey-Tegeler&Co., Inc. W.H. Morton&Co., Division of American
Dick&Merle-Smith Express Company
Dillon, Read&Co. Inc. F. S. Moseley&Co.
Dittmar&Company, Inc. John Nuveen&Co. (Inc.)
Dominick&Dominick,Incorporated The Ohio Company
Drexel Harriman Ripley, Incorporated Leo Oppenheim & Co. Inc.
Francis I. duPont Municipals, Inc. Paine, Webber, Jackson&Curtis
Eastman Dillon, Union Securities&Co. Phelps, Fenn & Co.
A. G. Edwards&Sons, Inc. Wm. E. Pollock&Co., Inc.
Eldredge & Co., Inc. Prescott, Merrill, Turben&Co.
Ergood & Co. R. W. Pressprich &Co. Incorporated
Fahnestock&Co. Rand&Co., Inc.
7
List of Underwriters—continued
Rand, McKay& Lyon, Inc. Stern Brothers &Co.
Rauscher Pierce&Co.,Inc. Stern, Lauer & Co.
Reynolds &Co.
The Robinson-Humphrey Company, Inc. Stone& Youngberg
Roosevelt & Cross, Inc. Thomas&Company, Inc.
Rotan, Mosle-Dallas Union, Inc. Austin Tobin&Co., Incorporated
L. F. Rothschild&Co. Spencer Trask & Co. Incorporated
Rowles, Winston &Co. Tripp& Co., Inc.
Dallas Rupe& Sons, Inc. Underwood, Neuhaus & Co., Incorporated
Russ&Co., Inc. G. H. Walker &Co.
John J. Ryan& Co. Walston&Co., Inc.
Salomon Brothers&Hutzler Weeden& Co.
Seasongood& Mayer Wertheim&Co.
Shearson,Hammill&Co. Incorporated Wheat & Co., Inc.
arm R. D. White&Co.
Herbert J. Sims&Co., Inc. White, Weld & Company
Smith, Barney & Co. Incorporated Dean Witter&Co. Incorporated
Stein Bros.&Boyce, Inc. Wood, Struthers &Winthrop
Stephens, Inc. Zahner and Company
8
EXHIBIT A
to the
Contract of Purchase
[LETTERHEAD OF MCCALL, PARKHURST B[HORTON]
April 28, 1970
DALLAS-FORT WORTH REGIONAL AIRPORT
Joint Revenue Bonds, Series 1970
i $50,000,000
(Description of Bonds to be Supplied)
WE HAVE ExAMiNED the Constitution and Statutes of the State of Texas, the Charters of the Cities
of Dallas and Fort Worth, certified copies of the proceedings of the City Councils of said Cities, and other
proofs authorizing and relating to the issuance of said bonds, including executed bond number one (1).
IN OUR OPINION said bonds have been authorized and issued in accordance with law and constitute
valid and legally binding special obligations of the Cities of Dallas and Fort Worth, and together with
Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1968, dated November 1, 1968, are
ratably secured by a joint pledge by the Cities of (a) their respective interests in the "Pledged Revenues"
to be derived from the ownership and operation of the Dallas-Fort Worth Regional Airport when the
same is constructed and becomes operational, and (b) in certain circumstances, a part of the revenues
derived from other airports of the Cities. "Pledged Revenues," as defined in the Ordinance authorizing
said Series 1968 Bonds adopted concurrently by the City Councils of said Cities and known by the
short title "1968 Regional Airport Concurrent Bond Ordinance," are the Gross Revenues of said
Regional Airport less any amounts required to pay certain outstanding airport revenue bonds of the Cities
therein defined as "Senior Lien Bonds." As provided in said Ordinance, the obligations of the Cities of
Dallas and Fort Worth to pay money on said bonds out of Pledged Revenues are joint, and not several,
and except as otherwise provided therein no claim, demand, suit, or judgment shall ever be asserted,
entered or collected against or from one City without the other and no individual liability shall ever
exceed in the case of Dallas 7/11ths of the total amount thereof, and in the case of Fort Worth 4/11ths
of the total amount thereof; and, except as in said Ordinance otherwise provided, such sums shall be
payable and collectible solely from the funds in which Pledged Revenues shall from time to time be on
deposit. Certain other obligations of the Cities under said Ordinance with respect to said bonds and
said Airport are several and not joint, the default of which by one City shall not constitute a default by
the other. Reference is here made to the 1968 Regional Airport Concurrent Bond Ordinance for a full
and complete description of the revenues of said Airport pledged to the payment of said bonds together
with a statement of the rights of the holders of said bonds, and the rights, duties and obligations of the
Cities and the Dallas-Fort Worth Regional Airport Board with respect thereto.
Under the terms and conditions provided in the Ordinances authorizing the said Series 1968 Bonds
and the bonds of this issue, the Cities of Dallas and Fort Worth reserve the right to issue additional Senior
Lien Bonds for the purposes therein stated, which said bonds shall be senior as to lien to the Series 1968
Bonds and the bonds of this issue. The Cities reserve the further right to issue additional bonds secured
by a lien on a parity with the lien securing this issue of bonds under the conditions set forth in said
Ordinances, expressly including the right to issue such bonds for the purpose of obtaining the funds
necessary to complete the construction of said Airport.
The holders of said bonds do not have the right to require the payment thereof out of any funds
raised or to be raised by taxation.
Ix OUR OPINION the interest on said bonds is exempt from Federal Income Taxes under existing
statutes, regulations, rulings, and court decisions (except possibly as provided by Section 103(c) of the
Internal Revenue Code of 1954, as amended, with respect to any Series 1970 Bond for any period during
which such Bond is held by a person who is a substantial user of the facilities financed from the proceeds
of the Series 1970 Bonds, or by a related person as defined in said Section 103(c)).
Respectfully,
2
EXHIBIT B
to the
Contract of Purchase
(LETTERHEAD OF E. RAY HUTCHISON, ESQ.]
April 28, 1970
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
F. S. SMITHERS&CO.,INC.
and the other Underwriters referred to in the
within-mentioned Contract of Purchase
70 Pine Street
New York, New York 10005
Dear Sirs:
In connection with the issuance by the Cities of Dallas and Fort Worth, Texas (the "Cities"), of
$50,000,000 in "Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1970" (the "Series
1970 Bonds"), you have requested the opinion of the undersigned, as Special Bond Counsel for Special
Facility Financing, Tax and Securities Affairs for the Dallas-Fort Worth Regional Airport Board (the
`Board"),with respect to the following:
(1) As to the validity and effectiveness of a certain agreement entitled "Contract and Agree-
ment" (the "1968 Agreement'), between the City of Dallas, Texas, and the City of Fort Worth,
Texas, dated and effective as of April 15, 1968 (as amended by Section 9.7 of the Ordinance of
said Cities adopted November 11, 1968, and known by the short title "1968 Regional Airport
Concurrent Bond Ordinance"), and pertaining, in summary, to the continuation, powers and duties
of the Board, to the creation of the Joint Airport Fund of said Cities, and to the construction and
operation of the Dallas-Fort Worth Regional Airport;
(2) As to the validity and effectiveness of eight certain Letter Agreements (the "Letter Agree-
ments"), dated February 9, 1970, executed between the Board, on the one hand, and, respectively,
on the other hand, by American Airlines, Inc., Braniff Airways, Incorporated, Continental Airlines,
Inc.,Delta Air Lines Inc., Eastern Air Lines Incorporated, Frontier Airlines, Inc., Ozark Air Lines,
Inc.,and Texas International Airlines,Inc.;
(3) As to the accuracy of the summaries of legal rights, duties and responsibilities of the
Cities of Dallas and Fort Worth, Texas,the Board, and of the holders of bonds issued for the purpose
of financing the costs of constructing and equipping the Dallas-Fort Worth Regional Airport, and of
the descriptions of the security, pledges and companion protective covenants securing and relating to
said bonds,all as contained in the Official Statement, dated April 14, 1970, relating to the issuance of
the Series 1970 Bonds (the "Official Statement'), and as to the validity and effectiveness of such
provisions;and
(4) As to certain other matters.
In rendering this opinion, the undersigned has reviewed, examined, considered and relied upon
(a) the various agreements described above, including the aforesaid 1968 Regional Airport Concurrent
Bond Ordinance and the First Supplemental Regional Airport Concurrent Bond Ordinance adopted in
connection with the issuance of the Series 1970 Bonds, (b) underlying documentation of official
actions,by the City Councils,respectively,of said Cities and by the Board, (c) letters from the Air Carriers
named above transmitting the Letter Agreements, (d) various letters and opinions of General or Special
Counsels of, or Attorneys at Law representing, said Air Carriers relating to various corporate actions
in connection with the Letter Agreements, (e) the Official Statement, (f) the Contract of Purchase
referred to below and (g) the Constitution and laws of the United States and of the State of Texas con-
sidered applicable to the matters covered by this opinion.
Based upon the foregoing, the undersigned is pleased to submit the following:
(1) With respect to the validity and effectiveness of the 1968 Agreement as amended, the
Municipal Airports Act of Texas (the "Act"), Article 46d, Vernon's Texas Civil Statutes, provides
generally, among other things, that any two or more public agencies may exercise and enjoy jointly,
through the creation by mutual agreement of a joint airport board and a joint airport fund, all of the
powers of the participating agencies in connection with the ownership and operation of airports and
air navigation facilities. In the opinion of the undersigned, the 1968 Agreement (a) is authorized by
the Act and is in compliance therewith, (b) has been duly and lawfully authorized, executed and
delivered,and (c) is valid and effective.
(2) With respect to the validity and effectiveness of the Letter Agreements, the Act provides
generally that joint airport boards created thereunder may exercise the powers of the creating public
agencies in the conduct of airport affairs, use and operations in accordance with the joint agreements
creating such boards. In the opinion of the undersigned, the Letter Agreements (a) are authorized
by the Act and by the 1968 Agreement and are in compliance therewith, (b) have been duly and
lawfully authorized, executed and delivered by the Board, (c) have been, based upon the letters and
opinions of the Counsels and Attorneys aforesaid, duly authorized, executed and delivered by the
respective Air Carrier signatories thereto,and (d) are valid and effective.
(3) With respect to the matters referred to in item (3), above, it is the opinion of the
undersigned (a) that the Official Statement does contain, in summary form, fair, accurate and
concise statements of salient provisions of the documents, agreements and ordinances from which
they purport to be derived, (b) that the security and pledges to which such summaries relate are
valid, effective and binding under law upon the Cities of Dallas and Fort Worth and upon the
Board, as special obligations thereof, and (c) that the companion protective covenants made in
connection with such security and pledges are legally effective and enforceable in accordance with
their terms by the holders of any bonds authorized and issued pursuant to and in accordance with
the authority reserved in the 1968 Regional Airport Concurrent Bond Ordinance, upon the approval
thereof by the Attorney General of the State of Texas, upon the registration thereof by the Texas
Comptroller of Public Accounts, and upon payment for said bonds by such holders in accordance
with the terms of sale.
(4) The Contract of Purchase, dated April 14, 1970, between the Underwriters and the Cities
and the Board (the"Contract of Purchase"),has been duly authorized, executed and delivered by the
Cities and the Board and constitutes a binding and enforceable agreement of the Cities and the Board
in accordance with its terms.
(5) Nothing has come to my attention which would lead me to believe that the Official State-
ment contains an untrue statement of a material fact or omits to state a material fact required to
be stated therein or necessary in order to make the statements therein, in the light of the circum-
stances under which they were made, not misleading.
(6) To the best of my knowledge, there is no action, suit, proceeding or investigation at law
or in equity before or by any court, public board or body, pending or threatened against or affecting
either of the Cities or the Board, wherein an unfavorable decision, ruling or finding would adversely
affect the transactions contemplated by the Official Statement or the validity of the Series 1970 Bonds,
2
the 1968 Regional Airport Concurrent Bond Ordinance, the First Supplemental Regional Airport
Concurrent Bond Ordinance,the 1968 Agreement,the Letter Agreements or the Contract of Purchase.
(7) The Series 1970 Bonds are exempt from registration pursuant to the Securities Act of
1933, as amended. The 1968 Regional Airport Concurrent Bond Ordinance, as supplemented by the
First Supplemental Regional Airport Concurrent Bond Ordinance, is exempt from qualification as
an indenture pursuant to the Trust Indenture Act of 1939, as amended.
The foregoing opinion is qualified to the extent that the enforceability of the Letter Agreements may
be limited by bankruptcy, insolvency or other laws affecting creditors' rights generally.
3
l
THE STATE OF TEXAS
COUNTY OF DALLAS
CITY OF DALLAS
The City Council convened in Special Meeting on
April 14, 1970, with the following present :
COUNCIL MEMBERS :
ALLEN, FAIN,, JONSSON, KADANE, MARTINEZ ,
McKINNEY, MEYER, PRICE, WEBER, WISE
WITH THE FOLLOWING ABSENT:
At which time the following among other business was transacted:
It was moved by Councilman and seconded
r
by Councilman that the ordinance having the
following caption pass :
ORDINANCE NO. 12915
An ordinance passed concurrently by the
City Councils , respectively, of the Cities
of Dallas and Fort Worth, authorizing the
issuance of Dallas-Fort Worth Regional Airport
Joint Revenue Bonds , Series 1970, in the aggre-
gate principal amount of $50,000,000, bearing
interest at the rates specified, for the purpose
of paying in part the cost of constructing,
equipping and otherwise improving the jointly
owned Dallas-Fort Worth Regional Airport of
the Cities ; providing for the form of said bonds
and the coupons appertaining thereto; awarding
the sale of such bonds to the purchasers there-
of in accordance with the Contract of Purchase
and authorizing the execution of such Contract;
authorizing the Dallas-Fort Worth Regional
Airport Board to deliver said bonds as herein
directed; providing that such bonds are on a
parity with the Dallas-Fort Worth Regional
Airport Joint Revenue Bonds , Series 1968 , here-
tofore issued and sold; adopting pertinent pro-
visions of and supplementing the 1968 Concurrent
Bond Ordinance which authorized the issuance of
said Series 1968 Bonds ; providing for the
deposit of the proceeds of such bonds into
certain funds of the Joint Airport Fund under
and subject to the control of said Board ; and
directing that due observance of the covenants
herein contained be made by the Board ; pro-
viding a method of amending this ordinance ;
providing for severability; ordaining other
matters incident and relating to the subject
and purpose hereof; and declaring an emergency.
ROLL CALL ON MOTION:
Aye - Allen, Fain, Ind , Jonsson, Kadane ,
Martinez , McKinney, Meyer, Price, Weber,
Wise
Nay -
Absent - 1 d_ .
Carried - ordinance passed. 1
The City Council adjourned .
APPROVED:
ATTEST:
City Secretary
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
On the 14th day of April , 1970, the City Council of
the City of Fort Worth, Texas , convened in special session
with the following members present, to-wit:
R. M. Stovall, Mayor,
Jess M. Johnston, Jr. ,
Ira Kersnick,
Ted C. Peters ,
Councilmen,
Edward W. Guinn, M.D. ,
Fred C. Rehfeldt,
William R. Sarsgard,
W. S . Kemble, Jr. ,
H. D. McMahan, City Manager,
S . G. Johndroe, Jr. , City Attorney,
Roy A. Bateman, City Secretary
with the following members absent: j /'_"'1'/'z
c
with more than a quorum present , at which
time the following, among other things was transacted, to-wit :
Councilman introduced an ordinance
and moved that it be passed. The motion was seconded by
Councilma. The ordinance was read by the City
Secretary. The motion, carrying with it the passage of
the ordinance , prevailed by the following vote :
AYES : Mayor R. M. Stovall and Councilmen Johnston,
Gandy, Kersnick, Peters , Guinn, Rehfeldt ,
Sarsgard, and Kemble.
NOES : None.
ABSENT: None .
The ordinance , as passed , is as follows :
THE STATE OF TEXAS .
COUNTY OF DALLAS
CITY OF DALLAS
I, Harold G. Shank, City Secretary of the City of
Dallas , Texas , do hereby certify:
1. That the above and foregoing is a true and
correct copy of an excerpt from the minutes of the City
Council of the City of Dallas , had in Special Meeting,
April 14, 1970, authorizing the issuance of Dallas-Fort Worth
Regional Airport Joint Revenue Bonds , Series 1970, in the
aggregate principal amount of $50 ,000,000, which ordinance
is duly of record in the minutes of said City Council.
2 . That said meeting was open to the public , and
public notice of the time , place and purpose of said meeting
was given, all as required by Vernon's Ann. Civ. St. Article
6252-17 , as amended.
WITNESS MY HAND and seal of the City of Dallas ,
Texas , this _ / day of April, 1970.
;-A 4
City Secretary, City of Dallas ,
Texas
(CITY SEAL)
THE STATE OF TEXAS
COUNTY OF TARRANT
I, Roy A. Bateman, City Secretary of the City of
Fort Worth, Texas , do hereby certify:
1. That the above and foregoing is a true and
correct copy of Ordinance No. 6273 , duly presented and
passed by the City Council of the City of Fort Worth, Texas ,
at a special session held on the 14th day of April , 1970, as
same appears of record in the Office of the City Secretary.
2 . That said meeting was open to the public , and
public notice of the time, place and purpose of said meeting
was given, all as required by Vernon's Ann. Civ. St . Article
6252-17, as amended.
WITNESS MY HAND and the Official Seal of the City
of Fort Worth, Texas , this the fi '/1 day of April, 1970.
Pi'--Secretary, City of Fort Worth,
Texas
(SEAL)
CERTIFICATE FOR RESOLUTION 70-33
THE STATE OF TEXAS
COUNTIES OF DALLAS AND TARRANT
DALLAS-FORT WORTH REGIONAL AIRPORT BOARD
We, the undersigned officers of said Board, hereby
certify as follows :
1. The Board of Directors of the Dallas-Fort Worth
Regional Airport convened in
SPECIAL MEETING ON THE 14TH DAY OF APRIL, 1970
at the E1 Patio East Building in Arlington, Texas , and the
roll was called of the duly constituted officers and members
of said Board, to-wit :
J. Erik Jonsson, Chairman Morris G. Spencer
J. Lee Johnson, III , Vice Chairman R. M. Stovall
Frank A. Hoke Carl J. Thomsen
Thomas L. Martin, Jr. George M. Underwood , Jr.
J. C . Pace , Jr . Bayard Friedman, Secretary
Elgin B. Robertsori
and all of said_-persons were present, except the following
absentees : : !i ,
thus constituting a quckum. Whereupon, among other business ,
a written Resolution Approving the First Supplemental Regional
Airport Concurrent Bond Ordinance and Requesting its Adoption
by the City Councils of the Cities of Dallas and Fort Worth was
duly introduced for the consideration of said Board of Directors .
It was then duly moved and seconded that said Resolution be
adopted ; and said motion, carrying with it the adoption of said
Resolution, prevailed and carried by the following vote :
AYES : All members of the Board shown present above
voted "Aye . "
NOES : None .
2 . That a true , full and correct copy of the aforesaid
Resolution adopted at the Meeting described in the above and
foregoing paragraph is attached to and follows this Certificate;
that said Resolution has been duly recorded in the minutes of
said Meeting; that the above and foregoing paragraph is a true ,
full and correct excerpt from the minutes of said Meeting
pertaining to the adoption of said Resolution; that the persons
named in the above and foregoing paragraph are the duly chosen,
qualified and acting officers and members of said Board of
Directors as indicated therein; that each of the officers and
members of said Board of Directors was duly and sufficiently
notified officially and personally in advance, of the time ,
place and purpose of the aforesaid Meeting, and that said
Resolution would be introduced and considered for adoption at
said Meeting, and each of said officers and members consented,
in advance , to the holding of said Meeting for such purpose ;
and that said Meeting was open to the public as required by
law; and that public notice of the time , place , and purpose of
said meeting was given as required by Chapter 227 , Acts of the
61st Legislature, Regular Session, 1969.
3. That the Chairman and the Secretary of said Board
hereby declare that their signing of this Certificate shall
constitute the signing of the attached and following copy of
said Resolution for all purposes .
SIGNED AND SEALED the 14th day of April , 1970.
Secretary airman
(SEAL)
RESOLUTION 70-33
APPROVING THE FIRST SUPPLEMENTAL
REGIONAL AIRPORT CONCURRENT BOND
ORDINANCE, REQUESTING ITS PASSAGE
BY THE CITY COUNCILS OF THE CITIES
OF DALLAS AND FORT WORTH, ADOPTING
A SCHEDULE OF INTENDED USES OF THE
BOND PROCEEDS INCLUDING A SCHEDULE
OF CONSTRUCTION FUND USES , AND
AUTHORIZING OTHER MATTERS IN THE
PREMISES .
THE STATE OF TEXAS
COUNTIES OF DALLAS AND TARRANT
DALLAS-FORT WORTH REGIONAL AIRPORT BOARD :
WHEREAS, the Cities of Dallas and Fort Worth, Texas
(the "Cities") , have heretofore entered into a Contract and
Agreement dated April 15, 1968 , governing inter alia the
construction and financing of the Dallas-Fort Worth Regional
Airport; and
WHEREAS , such contract and agreement provides that
when each series of bonds is issued that the Board shall seek
and obtain the preparation of a proposed ordinance to be
adopted concurrently by the Cities , authorizing such series
of bonds ; and
WHEREAS , in accordance with such procedure the Cities
have heretofore issued their Dallas-Fort Worth Regional Airport
Joint Revenue Bonds , Series 1968, in the aggregate principal
amount of $35 ,000,000; and
WHEREAS , in accordance with said contract and agree-
ment the Board has sought and obtained the preparation of a
proposed ordinance to be adopted concurrently by said Cities
authorizing the issuance of Dallas-Fort Worth Regional Airport
Joint Revenue Bonds , Series 1970 (the "Series 1970 Bonds") ,
in the aggregate principal amount of $50,000,000, which shall
be on a parity with said Series 1968 Bonds ; and
WHEREAS , it is the desire of the Board by this
resolution to approve said ordinance in the form attached
hereto and to respectfully request the City Councils of the
Cities of Dallas and Fort Worth to pass said ordinances and
thus authorize the issuance and sale of said Series 1970 Bonds ;
and
WHEREAS , the Board is required to adopt a schedule
of intended uses of bond proceeds and a current schedule of
construction fund uses , and to forward same to the City Councils
of said Cities ; and
WHEREAS , it is the further desire of the Board to
adopt a schedule of intended uses of the bond proceeds and a
schedule of construction fund uses in accordance with said
requirements .
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE DALLAS-FORT WORTH REGIONAL AIRPORT:
1. That the proposed concurrent ordinance of the
City Councils of the Cities of Dallas and Fort Worth, bearing
the short title "First Supplemental Regional Airport Concurrent
Bond Ordinance" be and the same is hereby in all respects
approved by the Board in the form and substance attached
hereto and made a part hereof as Exhibit A.
2 . That it is hereby recommended to the City
Councils . of the Cities of Dallas and Fort Worth that they
pass the First Supplemental Regional Airport Concurrent
Bond Ordinance in the form attached hereto and said City
Councils are hereby requested to so do; and
3. That the Executive Director is hereby directed
to promptly forward copies of said ordinance to the City
Councils of said Cities along with a copy of this resolution,
together with exhibits attached hereto.
4. That, in accordance with the requirements of the
Contract and Agreement , the Executive Director is further
directed to -forward by the earliest practical means a copy of
said ordinance to the City Attorney of each of the Cities with
the request that each present the same at the next meeting of
his City Council, along with the request of this Board , respect-
fully submitted , that said ordinance be approved and passed.
4. That upon the passage of said ordinance by said
City Councils the appropriate officers of this Board are hereby
authorized and directed to take such steps as may be necessary
or considered appropriate to accomplish the delivery of said
bonds at the earliest practicable date.
5. That the Schedule of Intended Uses of Bond
Proceeds together with the Current Schedule of Construction
Fund Uses attached hereto and made a part hereof as Exhibit
B is hereby approved with the express understanding that
the Financial Director shall have full authority to make
variations in the amounts shown thereon and communicate such
variations to the Cities as may be necessary to reflect actual
interest rates to be borne by the Series 1970 Bonds and the
actual sales price thereof.
-----------------
aeci°a ! j'
DALLAS-FORT WORTH REGIONAL AIRPORT BOARD V /
3 �
c - c 604 AVENUE H EAST, ARLINGTON, TEXAS 76010
Y TELEPHONE (817) 261-1144
DIRECTORS
Erik Jonsson,Chairman Elgin B. Robertson
J. Lee Johnson,III,Vice Chairman Morris G. Spencer
Bayard H. Friedman,Secretary R. M. "Sharkey" Stovall
A. Earl Cullum, Jr. Carl J. Thomsen
Frank A. Hoke George M. Underwood, Jr.
Thomas M.Sullivan, Executive Director J. C. Pace, Jr.
April 15, 1970
Mr. Howard D. McMahan
City Manager
City of Fort Worth
1000 Throckmorton
Fort Worth, Texas 76102
Dear Howard:
As authorized by Paragraph 5 of Board Resolution 70-33, there
is enclosed a corrected copy of Exhibit B, Schedule of
Intended Uses of Proceeds of Dallas-Fort Worth Regional Airport
Joint Revenue Bonds, Series 1970 - $50,000,000, which is a part
of and attached to Board Resolution 70-33. This new page
should be substituted for the old page you currently have.
With best regards.
Sincerely yours,
Thomas M. Sullivan
TMS:ph
Enclosures
Exhibit B
SCHEDULE OF INTENDED USES OF PROCEEDS
OF DALLAS-FORT WORTH REGIONAL AIRPORT
JOINT REVENUE BONDS, SERIES 1970
$50,000,000
Construction $19,800,000
Interest During Construction 12,541,000
Reserve Fund 7,270,000
Bond Discount 988,000
Current Schedule of
Construction Fund Uses
Professional Services 79626,000
Legal and Financial Fees 236,000
Development Expense 7209000
Contingency 8199000
$50,000,000
Exhibit B
SCHEDULE OF INTENDED USES OF PROCEEDS
OF DALLAS-FORT WORTH REGIONAL AIRPORT
JOINT REVENUE BONDS, SERIES 1970
$50,000,000
Construction $191800,000
Interest During Construction 12.1541,000
Reserve Fund 7,270,000
Bond Discount 988,000
Current Schedule of
Construction Fund Uses
Professional Services 7,626,000
Legal and Financial Fees 2362000
Development Expense 720,000
Contingency 819,000
$50,000,000
Exhibit B
SCHEDULE OF INTENDED USES OF PROCEEDS
OF DALLAS-FORT WORTH REGIONAL AIRPORT
JOINT REVENUE BONDS, SERIES 1970
$50,000,000
Construction $19,800,000
Interest During Construction 123541,000
Reserve Fund 72270,000
Bond Discount 988,000
Current Schedule of
Construction Fund Uses
Professional Services 72626,000
Legal and Financial Fees 2362000
Development Expense 720,000
Contingency 819,000
$50,000,000
7 T
Exhibit B
SCHEDULE OF INTENDED USES OF PROCEEDS
OF DALLAS-FORT WORTH REGIONAL AIRPORT
JOINT REVENUE BONDS, SERIES 1970
$50,000,000
Construction $19,800,000
Interest During Construction 12,541,000
Reserve Fund 7,270,000
Bond Discount 988,000
Current Schedule of
Construction Fund Uses
Professional Services 7,626,000
Legal and Financial Fees 2362000
Development Expense 7202000
Contingency 819,000
$50,0002000
h
Exhibit B
SCHEDULE OF INTENDED USES OF PROCEEDS
OF DALLAS-FORT WORTH REGIONAL AIRPORT
JOINT REVENUE BONDS, SERIES 1970
$50,000,000
Construction $19,800,000
Interest During Construction 12,541,000
Reserve Fund 7,270,000
Bond Discount 9882,000
Current Schedule of
Construction Fund Uses
Professional Services 7,626,000
Legal and Financial Fees 2363000
Development Expense 7202000
Contingency 819,000
$50,0002000