HomeMy WebLinkAboutResolution AllianceAirport Authority (AAA) AAA-2020-03 RESOLUTION NO.AAA-2020-03
ALLIANCEAIRPORT AUTHORITY, INC.
RESOLUTION
OF THE BOARD OF DIRECTORS
Authorizing the Transfer of up to $737,234.95 in Excess Funds to the
City of Fort Worth for General Use
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,Article Eleven of the Corporation's Articles of Incorporation provides that
any net earnings of the Corporation that are not otherwise obligated by the Corporation will be
paid to the City;
WHEREAS, the Bylaws of the Corporation authorize the Board of Directors ("Board")
to exercise all powers of the Corporation;
WHEREAS,in accordance with the Corporation's lawful authority and in accordance with
the Corporation's stated purpose and obligations, as set forth in its Articles of Incorporation, the
Board of Directors wishes to transfer $737,234.95 of the Corporation's excess funds to the City
for general use.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD:
Section 1. That the Board authorizes the transfer of $737,234.95 of the Corporation's
excess funds to the City for general use.
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.
tts :
?'
onald P. Gonzales, o orate Secretary
1of1