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Home My WebLink AboutOrdinance 7433 CITY OF DALLAS ORDINANCE NO. . 5571 .,l . CITY OF FORT WORTH ORDINANCE NO. AN ORDINANCE ADOPTED CONCURRENTLY BY THE CITY COUNCILS , RESPECTIVELY, OF THE CITIES OF DALLAS AND FORT WORTH EXERCISING THE OPTION TO REDEEM CERTAIN DALLAS-FORT WORTH REGIONAL AIRPORT JOINT REVENUE BONDS , SERIES 1968, SERIES 1970A AND SERIES 1973 WHEREAS, the Cities of Dallas and Fort Worth have outstanding the following : Dallas-Fort Worth Regional Airport Joint Revenue Bonds , Series 1968, dated November 1, 1968, aggregating $35, 000, 000 in principal amount (the "Series 1968 Bonds") ; Dallas-Fort Worth Regional Airport Joint Revenue Bonds , Series 1970A, dated November 1, 1970, aggregating $50, 000, 000 in principal amount (the "Series 1970A Bonds") ; and Dallas-Fort Worth Regional Airport Joint Revenue Bonds , Series 1973, dated October 1, 1973 , aggregating $18, 150, 000 in principal amount (the "Series 1973 Bonds") ; and WHEREAS, the Series 1968 Bonds and the Series 1973 Bonds may be redeemed prior to stated maturity at the option of the Cities in whole on the first day of any month at a price of par and accrued interest to date of redemption plus a premium with respect to the Series 1968 Bonds of 3% of the principal thereof; and WHEREAS, the holders of all of the Series 1968 Bonds have agreed to waive all of the prerequisites of the Cities for the redemption of the Series 1968 Bonds prior to stated maturities, except for the payment of the principal amount thereof and interest accrued thereon to redemption date; and WHEREAS, of said Series 1970A Bonds , Bonds Numbers 2, 001 to 10, 000, both inclusive, aggregating $40, 000, 000 in the principal amount, maturing on November 1, 1999 , and bearing interest at the rate of 7 . 90% per annum may be re- deemed prior to stated maturity at the option of the Cities in whole on May 1, 1980, and on the first day of any month thereafter at a price of par and accrued interest to date of redemption plus a premium of 4'110 of the principal thereof; and WHEREAS , the City Councils have each found and de- termined as to each that the matters to which this Ordinance relates are matters of imperative public need and necessity in the protection of the health, safety and morals of the citi- zens of each of the Cities , and, as such, that this Ordinance is an emergency measure and shall be effective as to each City respectively upon its adoption by its City Council , and the meetings were open to the public as required by law; and that public notices of the time, place and purpose of said meetings were given as required by Article 6252-17, V.A.C . S . , as amended. THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DALLAS , TEXAS: THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. That the Series 1968 Bonds are to be redeemed pursuant to the terms of the Series 1968 Dallas- Fort Worth Regional Airport Joint Revenue Bonds Redemption Agreement, dated as of October 14, 1976 between the Cities of Dallas and Fort Vlorth, the holders of said Bonds (as set forth in the Agreement) and the First National Bank in Dallas , Dallas, Texas , authorized concurrently herewith. Section 2. That the Cities of Dallas and Fort Worth hereby exercise their option to redeem on December 1, 1976, Bonds Numbers 1 to 3, 630 , both inclusive, aggregating $18, 150, 000 being all of the above described Series 1973 Bonds. Section 3. That the Cities of Dallas and Fort Worth hereby exercise their option to redeem on November 1, 1981 , Bonds Numbers 2, 001 to 10, 000, both inclusive , aggregating $40, 000, 000 of the above described Series 1970A Bonds . Section 4. That the Dallas-Fort Worth Regional Airport Board is hereby authorized and directed to issue notice of said call for redemption of the subject Series 1970A Bonds and the Series 1973 Bonds to the places of payment named in said Bonds , to wit, the Mercantile National Bank at Dallas , Dallas , Texas , The First National Bank of Fort Worth, Fort Worth, Texas , the First National Bank of Commerce, New Orleans, Louisiana, The Fort Worth National Bank, Fort Worth, Texas and the Chemical Bank, New York, New York, and which said notice is to be mailed or delivered so as to be received by said banks not less than thirty (30) days prior to the date fixed for redemption of said Bonds and to have such notice published at least one time in a newspaper (as de- fined in the 1968 Regional Airport Concurrent Bond Ordinance) and in a financial publication published in the City of New York, New York, such published notice to appear not less than thirty (30) days prior to the respective redemption dates herein designated. Section 5 . That the Bonds described in said notice shall be presented for redemption in accordance with said notice at the respective banks of payment and shall not bear interest after the date provided for their respective redemptions . Section 6. That the 'Notice of Redemption to be issued and published by the Dallas-Fort Worth Regional Air- port Board shall be substantially in the following form: .............................. ....................... NOTICE OF REDEITTION DALLAS-FORT WORTH REGIONAL AIRPORT JOINT REVENUE BONDS NOTICE is hereby given that the Cities of Dallas and Fort Worth, Texas have called for redemption all of the outstanding Bonds of the Cities described as follows : Dallas-Fort Worth Regional Airport Joint Revenue Bonds , Series 1973, dated October 1, 1973 , aggregat- ing $18, 150, 000 in principal amount , maturing on November 1, 2002, and numbered consecutively from 1 to 3, 630, both inclusive. The date fixed for redemption of these Bonds is December 1, 1976, and said Bonds shall be redeemed at Mercantile National Bank at Dallas, Dallas , Texas , The First National Bank of Fort Worth, Fort Worth, Texas or at First National Bank of Commerce, New Orleans, Louisiana, the places of payment for said Bonds . Upon presenta- tion thereof at a place of payment on December 1 , 1976, and not before, the holder of these bonds shall be entitled to receive par and accrued interest to said redemption date. Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1970A, dated November 1, 1970, aggregating $40, 000, 000 in principal amount, maturing on November 1) 1999 , and numbered consecutively from 2 , 001 to 10, 000, both inclusive. The date fixed for redemp- tion of these Bonds is November 1 , 1981, and said Bonds shall be redeemed at The Fort Worth National Bank, Fort Worth, Texas , Mercantile National Bank at Dallas, Dallas, Texas or at Chemical Bank, New York, New York, the places of payment for said Bonds . Upon presentation thereof at a place of payment on November 1, 1981, and not before, the holder of these Bonds shall be entitled to receive par and accrued interest to said redemption date plus a premium of 4% of the principal amount thereof. NOTICE IS FURTHER GIVEN that due and proper arrange- ments have been made for providing the places of payment of the Bonds with funds sufficient to pay those bonds called for redemption, the interest thereon to the respective call dates and the contract redemption premium, where applicable. In the event said Bonds , or any of them, are not presented for redemption on the dates fixed for their redemption, they shall not thereafter bear interest. THIS NOTICE is issued and given pursuant to the option of redemption reserved to the Cities in the proceedings author- izing the issuance of the aforementioned Bonds , in accordance with the recitals and provisions of each of said Bonds and pursuant to authority of a concurrent resolution passed by the City Councils of the Cities of Dallas and Fort Worth on the 20th day of October, 1976. WITNESS MY OFFICIAL SIGNATURE , this the 20th day of October, 1976. Executive Director, Dallas-Fort Worth Regional Airport Board PASSED AND CORRECTLY ENROLLED October A Q, 1976. (Seal) -•-•... r y , City o Da las, Texas ATTEST: City Secretary, City of Dallas , Texas APPROVED AS TO FORM: City torney, City of Dallas , Texas Passed October , 1976 Mayor, City of Fort Worth, Texas (Seal) ATTEST: d Secretary, City of Fort- Worth, Texas APPROVED AS TO FORM AND LEGALITY: City Attorney, City of Fort Worth, Texas 44AJ� City of Fort Worth, Texas Ids ylPa,{i F1 A f J, Mayor and Council Communication DATE REFERENCE, SUBJECT. Ilesolution Exercising the Option PAGE NUMBER to Redeem Series 1968, Series 1973, and 1 10/20/76 C--320,2, IFart of Series 1971 - Airport Revenue Bonds The D/FW Airport Board has proposed that the Cities of Dallas and Fort Worth call certain D/FW Regional Airport Joint Revenue Bonds for redemption and direct the Executive Director to give notice of redemption of said toads,,,. The Airport Board met on Wednesday, October 20, and adopted a resolution recomending that the two City Councils approve such an ordinance. Rye oommendation, It is recommended that an ordinance be adopted by the City Councils, res- pectively, of the Cities of Dallas and Fort Worth calling the Series 1968, the Series 1973 and part of the Series 1970A Regional Airport Joint Revenue Bonds and directing the Executive Director to give notice of redemption of said bonds. Mms SUBMITTED BY; OISPOSITIO"'Y COUNCIL: PROCESSED BY (3�APPROVED 0 OTHER (DESCRIBE) 7 Xt, 'Id", I Cl SECRETARY le, DATE CITY MANAQZR /C) -