HomeMy WebLinkAboutResolution AllianceAirport Authority (AAA) AAA-2021-01 Resolution AAA UI
Date:January12, 2021
RESOLUTION
BOARD OF DIRECTORS
ALLIANCEAIRPORT AUTHORITY, INC.
Recommending that the Fort Worth City Council Approve the Termination of the
AllianceAirportAuthority, 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, as part of the purpose for which it was organized, the Corporation issued
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 December 9,2013;
WHEREAS, the bonds issued for the FedEx facility were redeemed in 2016;
WHEREAS, in addition, the Corporation is currently a party to an OR and Gas Lease
("Lease");
WHEREAS, the funds collected by the Corporation from the Lease are used to pay any
annual existing obligations of the Corporation, with any remaining funds being transferred to the
City per Article 11 of the Corporation's Articles of Incorporation;
WHEREAS, Section 501.402 of the Texas Local Government 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, upon termination, title to all funds and property owned by the Corporation
are transferred to the City, which will include the Lease;
WHEREAS,the Board of the Corporation (`Board")recommends that the Fort Worth City ,
Council adopt a resolution approving of the termination of the Corporation 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.
Resolution ofAllianceAirport Authority, Inc.
Recommending that City Co unci I Approve the Te rmina tion of the AAA 1 of 2
Resolution AM-boa i-01
Date:January12, 2021
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That the Board recommends that the Fort Worth City Council adopt a resolution
approving the termination of the Corporation because the Corporation has substantially fulfilled
the purpose for which it was formed and all bonds have been fully satisfied.
Section 2. That the President of the Board is authorized to sign this Resolution on the
Board's behalf.
Section 3. That this Resolution shall take effect immediately from and after its passage.
By: "
Ju s Jor
President
Attest:
Mary Kayser
Corporate Se& ta'
Resolution of AllianceAirport Authority, Inc.
Recommending that City Co unci I Approve the Te rmina tion of the AAA 2 of 2