HomeMy WebLinkAboutResolution AllianceAirport Authority (AAA) AAA-2016-03 ALLIANCEAIRPORT
AUTHORITY, INC.
RESOLUTION
RESOLUTION NO.AAA-2016-03
Authorizing the Transfer of$400,000.00 in Excess Funds
to the City of Fort Worth for Capital Maintenance and Improvement Costs at
the Alliance Fort Worth Maintenance Facility
WHEREAS, AllianceAirport Authority, Inc. (the "Corporation") is an industrial
development corporation created in 1989 to benefit the City of Fort Worth (the "C ") 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; and
WHEREAS, the Corporation previously owned the former American Airlines, Inc.
("American") maintenance facility adjacent to Fort Worth Alliance Airport (the "Maintenance
Facility"), which was leased to American until February 5, 2015, on which date the Corporation
took full control and occupancy rights of the Maintenance Facility and then conveyed all right,
title and interest in the Maintenance Facility to the City; and
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 shall be
paid to the City; and
WHEREAS, as owner of the Maintenance Facility, the City wishes to establish or has
established a capital maintenance fund to cover the City's costs for maintenance and
improvements at the Maintenance Facility; and
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 $400,000.00 of the Corporation's excess funds to the
City solely for use by the City in covering such costs;
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors hereby
authorizes the transfer of$400,000.00 of excess Corporation funds to the City for use by the City
in covering costs of maintenance and improvements at the Maintenance Facility;
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RESOLUTION NO.AAA-2016-
PAGE 2
FURTHER RESOLVED,that the Secretary of the Corporation is hereby authorized and
directed to certify the adoption of this Resolution.
Adopted this 20th day of September, 2016.
By:
onald P. Gonzales
Secretary
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