HomeMy WebLinkAboutOrdinance 24849-05-2021 DALLAS/FORT WORTH INTERNATIONAL AIRPORT
FIFTY-NINTH SUPPLEMENTAL CONCURRENT BOND ORDINANCE
Passed concurrently by the City Councils of the Cities of Dallas and Fort Worth, Texas
Passed by the City Council of the City of Dallas May 26, 2021
Passed by the City Council of the City of Fort Worth May 18, 2021
Effective May 26, 2021
FIFTY-NINTH SUPPLEMENTAL CONCURRENT BOND ORDINANCE AMENDING
IN-PART THE MASTER BOND ORDINANCE RELATING TO DALLAS FORT WORTH
INTERNATIONAL AIRPORT JOINT REVENUE BONDS
WHEREAS, the Cities of Dallas and Fort Worth, Texas (the "Cities") are each a "Home
Rule City," acting as such under the Constitution and laws of the State of Texas, and each has
a population in excess of 90,000; and
WHEREAS, the Cities jointly own and operate the Dallas/Fort Worth
International Airport (the "Airport") and have created a "joint board" pursuant to Section 22.074,
Transportation Code, as amended, known as the Dallas Fort Worth International Airport Board
(the "Board"), to operate and to set and establish policies for the Airport; and
WHEREAS, the Cities, pursuant to the Master Bond Ordinance, effective September 22,
2010 (the "Master Bond Ordinance"), determined, among other things, that the Cities should issue
and should authorize the Board to sell and deliver j oint revenue bonds in order to provide financing
for various costs relating to the Airport; and
WHEREAS, the Cities have from time to time amended the predecessor ordinances to the
Master Bond Ordinance and the Master Bond Ordinance itself, and
WHEREAS,the Cities have determined to adopt this Ordinance to amend the Master Bond
Ordinance by modifying certain provisions to conform to contemporary financial practices; and
WHEREAS, pursuant to Sections 8.3 and 8.4 of the Master Bond Ordinance, the Master
Bond Ordinance may be amended with the consent of the Holders of not less than a majority of
Outstanding Obligations at the time of the effective date of amendments and each Credit Provider,
if applicable, or, pursuant to Section 8.4(b) of the Master Bond Ordinance, if the amendments are
approved by Insurers and such other Credit Providers, as applicable; and
WHEREAS, upon the satisfaction of Sections 8.3 and 8.4 of the Master Bond Ordinance,
the proposed amendments shall become effective; and
WHEREAS, the respective City Councils for the Cities have determined and found that
there is a public need and necessity that this Ordinance be passed concurrently, and that
this Ordinance shall be effective immediately upon its passage by each of the Cities; and
WHEREAS, each City Council finds and determines that the meeting at which
this Ordinance is adopted is open to the public, and public notice of the time, place and subject
matter of the public business to be considered and acted upon at said meeting, including this
Ordinance, was given, all as required by Applicable Law;
NOW,THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF DALLAS:
NOW,THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH:
ARTICLE I
DEFINITIONS AND OTHER PRELIMINARY MATTERS
Section 1.1. Titles and Headings. The titles and headings of the Articles and Sections of
this Ordinance have been inserted for convenience of reference only and are not to be considered
a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof and
shall never be considered or given any effect in construing this Ordinance or any provision hereof
or in ascertaining intent, if any question of intent should arise.
Section 1.2. Interpretation. (a) Unless the context requires otherwise, words of the
masculine gender shall be construed to include correlative words of the feminine and neuter
genders and vice versa, and words of the singular number shall be construed to include correlative
words of the plural number and vice versa.
(b) Article and Section references shall mean references to Articles and Sections of this
Ordinance unless designated otherwise.
(c) if any one or more of the provisions contained herein should be contrary to Applicable
Law, then such provision shall be deemed separable from the remaining provisions hereof, and
shall in no way affect the validity of the remaining provisions contained in this Ordinance.
ARTICLE II
AMENDMENT TO MASTER BOND ORDINANCE
Section 2.1. Amendment to Section 9.2(e). Section 9.2(e) of the Master Bond Ordinance
is hereby amended and restated in its entirety to read as follows:
(e) For the purposes of this Section, "Government Securities" shall mean (i)
direct noncallable obligations of the United States of America, including obligations the
principal of and interest on which are unconditionally guaranteed by the United States of
America, (ii) noncallable obligations of an agency or instrumentality of the United States
of America, including obligations that are unconditionally guaranteed or insured by the
agency or instrumentality and that, on the date the Cities adopt or approve the proceedings
authorizing the issuance of refunding bonds or,if such defeasance is not in connection with
the issuance of refunding bonds, on the date the Cities provide for the funding of an escrow
to effect the defeasance of Obligations or related Parity Credit Agreement Obligations, are
rated as to investment quality by a nationally-recognized investment rating firm not less
than "AAA" or its equivalent, (iii) noncallable obligations of a state or an agency or a
county, municipality, or other political subdivision of a state that have been refunded and
that, on the date the Cities adopt or approve the proceedings authorizing the issuance of
refunding bonds or, if such defeasance is not in connection with the issuance of refunding
bonds, on the date the Cities provide for the funding of an escrow to effect the defeasance
of Obligations or related Parity Credit Agreement Obligations, are rated as to investment
quality by a nationally-recognized investment rating firm not less than "AAA" or its
equivalent, or (iv) any other then authorized securities or obligations that may be used to
defease obligations such as the Obligations or related Parity Credit Agreement Obligations
under the then applicable laws of the State of Texas.
ARTICLE III
MISCELLANEOUS
Section 3.1. Further Action. The Authorized Officers and each of them are authorized,
empowered and directed to execute such other documents in addition to those enumerated herein
and to take such other actions as they deem necessary or advisable in order to carry out and perform
the purposes of this Ordinance.
Section 3.2. Effective Date. This Ordinance shall be in full force and effect on and after
the date on which it is duly passed by the City Council of each of the Cities.
PASSED BY THE FORT WORTH CITY COUNCIL THIS DAY OF/ 2021.
ATTEST:
ayor ity Sec
City of orth, Texas City of Fort Worth
APPROVED AS TO FORM AND LEGALITY:
City At��orth,
City of Texas
THE STATE OF TEXAS §
COUNTY OF TARRANT §
CITY OF FORT WORTH §
I, Mary J. Kayser, 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 an Ordinance, duly
presented nd passed by the City Council of the City of Fort Worth, Texas, at a regular meeting
held on , 2021, 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 Chapter 551, Texas Government Code, as
amended.
WITNESS MY HAND and the Official Seal of the City of Fort Worth, Texas,this/
of , 2021.
City Secr to
' W ART City of Fort orth, Texas
O
.......
APPROVED AND ADOPTED BY THE DALLAS CITY COUNCIL THIS ,2021.
CITY OF DALLAS: APPROVED AS TO FORM:
T. C. Broadnax, Christopher . Caso,
City Manager City Attor
By: By:
City er i o y
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THE STATE OF TEXAS §
COUNTY OF DALLAS §
CITY OF DALLAS §
I,Bilierae Johnson, City Secretary of the City of Dallas, Texas, do hereby certify:
1. That the above and foregoing is a true and cogct copy of an excerpt from the minutes of
the City Council of the City of Dallas,had in regular meeting 2021, confirming the passage of
Dallas Fort Worth International Airport Sixtieth Supplemental Concurrent Bond Ordinance authorizing the
issuance of Dallas Fort Worth International Airport Joint Revenue Bonds 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 Chapter 551,Texas Government Code, as amended.
WITNESS MY HAND and seal of the City of Dallas, Texas,this day of 12021.
City Se tart',
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