HomeMy WebLinkAbout2021/02/02-Attachments-Resolution Approving Termination of AAA (2).PDFA Resolution
NO.
APPROVING THE TERMINATION OF THE
ALLIANCEAIRPORT AUTHORITY, INC.
WHEREAS, AllianceAirport Authority, Inc. ("Corporation") is an industrial
development corporation created in 1989 to benefit the City of Fort Worth ("City") and to,
among other things, issue bonds to promote and develop new and expanded business enterprises
in the City, to promote and encourage employment, and otherwise to benefit the public welfare
in accordance with the Development Corporation Act of 1979, as amended;
WHEREAS, Section 501.402 of the Texas Local Government Code ("Code") allows the
Corporation, with approval by written resolution of the City Council, to terminate the
Corporation's existence if the Corporation by resolution determines that: (1) the purpose for
which the Corporation was formed has been substantially filled; and (2) all bonds issued by the
Corporation have been fully paid;
WHEREAS, the Corporation was organized for the main purpose of issuing Special
Facilities Revenue Refunding Bonds for the old American Airlines maintenance facility and a
FedEx facility as follows: (1) American Airlines (Series 2007) - $350,000,000 and (2) FedEx
(Series 2006) - $249,540,000;
WHEREAS, the bonds issued for the American Airlines maintenance facility were
deemed fully satisfied, released, and discharged upon American Airlines' emergence from
bankruptcy on or about December 9, 2013;
WHEREAS, the bonds issued for the FedEx facility were fully paid in 2016;
WHEREAS, on January 12, 2021, the Board of the Corporation ("Board") recommended
that the Fort Worth City Council ("City Council") adopt a resolution approving the termination
of the Corporation because the Corporation had substantially fulfilled the purpose for which it
was formed (i.e., issuing bonds for the American Airlines maintenance facility and the FedEx
facility) and all bonds had been fully satisfied;
WHEREAS, in addition, the Corporation currently owns mineral interests in Denton
County, Texas and leases those minerals per the terms and conditions of an Oil and Gas Lease,
the same being AAA Contract/Lease No. AAA-01-2011-01 ("Lease");
WHEREAS, City staff, as borrowed servants for the Corporation, will need to prepare all
of the necessary documents for winding up and terminating the Corporation; and
WHEREAS, the City will also need to execute certain documents to effectuate the
winding up and termination of the Corporation, including, but not limited to, transferring title to
all funds and property owned by the Corporation to the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
1. That, the City Council approves the termination of the Corporation by the Board
because the Corporation has substantially fulfilled the purpose for which it was formed (i.e.,
issuing bonds for the American Airlines maintenance facility and the FedEx facility) and all
bonds have been fully satisfied.
2. That, City staff, as borrowed servants of the Corporation, are authorized and
directed to prepare any and all documents necessary to effect the winding up and termination of
the Corporation.
3. That, the City Council authorizes the City Manager to execute any and all
documents necessary to effectuate the winding up and termination of the Corporation,
including, but not limited to, the transfer of title to all funds and property owned by the
Corporation to the City of Fort Worth.
4. That, this Resolution will be effective when adopted.
Adopted this day of
ATTEST:
By:
Mary Kayser, City Secretary
2021.