HomeMy WebLinkAboutOrdinance 6919 �t�tjt �lY�i�t�t'lYtl'Ytt�t�
irgt1mal Airport
(ruttrurrrttt 1.4mb COr itattrr
Authorizing the Issuance of
DALLAS-FORT WORT11 REGIONAL AIRPOUrl'
JOINT REVENUE BONDS
Series 1973—$18.150.000
Passed by
The (pity Councils of
THE CITY OF DALLAS, TEXAS
and
THE CITY OF FORT WORTH, TEXAS
Dated October 1, 1973
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,.(•4.14'41: 1) ) IliIIgr that ::11111 honk :1 re nn ;t f):u•i1y with th4' o11t.st:lnling I)all:ls-Fort WOrtII
IteJ-!lI)II:I 11•1 io1•1 .I4 1111t R4'v4•IIne Bond; II ,1-(-IOf(,1.4• Is;ll(•(d and ';4,141; :1414,pti11;4 lit'r'tllit'IIt
provisions of and sllppli-meriting the 1968 ltf, iorial Air•por•t ('onm-l-ent Bond Ordinance
:Ind the Supplenlent:ll Regional :\mpor•t ('„nc11r•r(•10 !lonrl Ordinlncs which authorized
the issuan'e ol• said o11lsl:u141ilig honk; glrovidin;4 for tI,(• deposit of the proceeds of t.hr'
Sci-ws 1117:: lionds into certain furls of, the .Joint. .\11-port Fund Under• and subject. to Olt•
cold rol of said liwi 0-•d; and (lirccl Ing t hal due ohser•v tike of t ho cov(•nunt.s herein con-
t:linc(I he rll:ule F)y the Iio:11.41; pr'ovidirig a method of amorldirig thi.; or(Iin:tnce; 1)r•ovidin;.
fol sevcrahilily; ordaininj- other nutlters incident ;1n) r•clatilig to the suhjec•t and pu►'pnse
hereof: :1111 declaring :1n enler>;ency.
Wil EIZEAS, pllr•su:lnt to ;tpplicahlc I:tws and a certain contract trid ai.r•ee►nent, dated
.lpril 15, 1968 (the "Contract and Agr•e(-rnent"), the City ('omwils, respectively, of the
Pities of 11:tllas and Dort Worth, by an ordinance passed concllr•rently on Nove.nbe►• 11,
11168, and November 12, 1968, authorized the issuance of and sold their Dallas-Fort
�Vor•lh Regional Airport .Joint Revenue Bonds, Series 11)(18, and by ordinances passed
concrlr•renlly on April 11, 1!170, Novernher• 2, 1970, February 10, 1971, Augrust 2a, 15)71
and March 6, 11172, authorized the issuance of' and sold their- Dallas-Fort Worth Regional
:1ir•por•t .Joint Revenue Bonds, Series 197(1, Series 1970A, Series 1`)71, Series 1971A, and
~cries 1972, respectively, aggregating $422,000,00(1 (herein collectively defined as the
••OIitstanfirig Bonds"), for. the purpose of paying; in I)art, the costs of the Dallas-Fort
«•ort» Iteg;•ional Airport; and
WHEREAS, in accordance with the Contract and Agreement said City Councils have
been requested by the Dallas-Fort Worth Regional Airport Board to issue additional joint
revenue bonds for' such purpose; and
WHEREAS, in recognition of their ohligation in said ordinance, said City Councils
propose to continue with the financing; of the Regional Airport through the issuance of*
additional joint revenue bonds as contemplated by the Contract and Agreement and in
accordance with the said ordinance and applicable laws, including,. Articles 1269j-5, 1269j-
5.1, 1269j-5.2, 46d and 7]7k-'-', Texas Revised Civil Statutes, as amended; and
WHEREAS, said ordinances authorizing; the Outstanding; Bonds permit the issuance
of the bonds herein authorized as parity bonds with the Outstanding, Bonds; and
%VIII•:REIA S, it is decnled by slid ('ity ('oIIIIc]Is 1„ I de ir:ll,lr, al,l,ropri;ue ;u1 l n, c r:
s;II.�. 10 issue :Iddltimml lwg(Itlahk. n-vell1w bonds f(it' the lRll'l,utie „I pi--)Vining ;ld,1111(,ll;ll
funds for• plying in p:n't the costs of the ltc•yi„n;ll Airport ; ;Inti
WIIF,I'll ti, it is :IIs„ Ierllle1l desir:lble and nccess;Iry hy id ( 'itv ('onncils 111;11
appropriate pr•ovisiorl be made, tln•ough nl:lnd:ltory redo.IIIp w I I provisions :•rid rc•scrvc•s
therefor, which will assure that, in the event final set ticnlerlt of• ohlivat.ions relaying t„
construction and developnlcrlt of the Regional Airport r'eslllts ill :r surplus over Cllr
:unount actually need( to 1), y the costs thereof, :l like :uuolult of bonds will he paid,
retired and canceled, thus further assuri rig that only such :uilollnt of homis as will ho,
essential and necessary to pay the costs of• the Regional Airport will he olltstandiri ; and
WHEREAS, the City Councils have each found and determined as to each that the
matters to which this Ordinance relates are matters of imperative public need and nec•es
city in the protection c,f the health, safety and morals of the citizens of each of the ('ities
and, as such, that. this Ordinance e is :Ill cnlergency measure and shall he effective as to
each City respectively upon its adoption by its City Council, and the meeting's were open
to the public as required by law; and that, public notices of the tinge, place, and purpose of
,aid meetings were given as required by Article 6252-17, V.A.C.S., as arncnded.
NOW, THEREFORE, BE IT ORDAINED I3Y THE CITY COUNCIL OF THE CITY
OF DALLAS, TEXAS:
NOW, THEREFORE, 13E IT ORDAINED I3Y THE CITY COUNCIL OF THE CI'T'Y
OF FORT WORTH, TEXAS:
ARTICLE 1
TITLE, VREAMRIAF S AND RATIFICATION
Section 1.1. SHORT TITLE. This Ordinance may be cited by the short title, "Sixth
Supplemental Regional Airport Concurrent Bond Ordinance."
Section 1.2. ADOPTION OF PREAMBLES. All of the declarations and finding,Ts con-
tained in the preambles of this Ordinance are made a part hereof and shall be fully
effective as a part of the ordained subject matter os this Ordinance.
Section 1.3. RATIFICATION. All action heretofore taken (not inconsistent with the
provisions hereof) by the Cities, by the Board and by the employees and officers of each
directed toward the Regional Airport and the issuance of the bonds herein authorized for
that purpose is hereby ratified, approved and confirmed.
ARTICLE 11
DEFINITIONS AND CONSTRUCTION
Section 2.1. ADOPTION OF DEFINITIONS. The definitions set forth in Article II
of the 1968 Regional Airport Concurrent Bond Ordinance passed, respectively, by the
Cities of Dallas and Fort Worth on November 11 and November 12, 1968, are made a
part hereof and shall be as fully effective as part of the subject matter of this Ordinance
as if repeated in full herein.
Section 2.2. ADDITIONAL DEFINITIONS. In addition to the definitions set forth
in the said 1968 Regional Airport Concurrent Bond Ordinance, the terms (refined in this
Section for all purposes of this Ordinance and of any ordinance amendatory hereof,
supplemental or relating hereto, and of any instruments or documents appertaining
hereto, except where the context by clear implication shall otherwise require, shall have
the respective meanings herein specified as follows, to-wit:
2
1966 01:111 N:\NCE" <h;111 nl( ;111 ;uul n4cr to I lic 1!+(;,s RcL�i )n;11 .\irp .l C(mcin 1•.,111
HOI I Ordl111111c(' 11:1 ri'i1 h\ 'he COY Cmlllcil� (d illy CH1('�, rosp(.01%'('I\', (m Novem
bel' 11. 1966 :irnl Nm cnlhcl- 12, 1:1t;;:,
"1;+71) O1il)iNaN('I:' sh;lll mo;in :Ind rcfcr to th( H'ir t Sullplrnlrnt:ll lil ) illll:ll :fir
port l'onclll•rcnt Bond Ordillmlcc p:lsscd hY lho l'itY Cmll oils of the l'it ies oil
shall llwml :I11d r(4er t( thr Sccmld Slipploluelll:ll ii(') ioll:ll
Airport Concurrent bond (11r(iinancr passrd by the Cit.\ l'ou11cils of the Cities oil
Novenlher 2, 15+71).
.'1:171 ORI)1NANCE'• .hall mean :111(1 r'efcr to the Third Sullplemewai ltc�Ion.d Ali-
port Concurrent Bond Onfinance passed by the City Councils of the Cities on Febris
ary 10, 1971.
"1971A ORDINANCE- shall mean and refor to the IFourth Supplenlelltal lZogion:ll
Airport Concurrent Bond Ordinance passed by the City Councils of the Cities oil
.august 23, 15171.
..1972 ORDINANCE" shall mean and refer to the }Fifth Supplemen,al Regional Air
port Concurrent Bond Ordinance passed by the City Councils of the Cities on
Jlarch 6, 1972.
"OJ'TSTANDING RON1)S" hall mean that issue of, Drnllas-Fort Worth Regional
Airport Joint Revenue Bonds, Series 1968, authorized by the 1968 Ordinance, the
Dallas-Fort Worth Regional .airport Joint Revenue Bonds, Series 1970, authorized by
the 1970 Ordinance, the Dallas-Fort Worth Regional Airport Joint Revenue Bonds,
Series 1970A, authorized by the 1970A Ordinance, the Dallas-Fort Worth Regional
Airport Joint Revenue Bonds, Series 1971, authorized by the 1971 Ordinance, the
Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1971A, authorized
by the 1971A Ordinance, and the Dallas-Fort Worth Regional Airport Joint Revenue
Bonds, Series 1972, authorized by the 1972 Ordinance.
"PAYING AGENT" oi• "PAYING AGENTS" shall mean with respect to the Series
1973 Bonds, Mercantile National Bank at Dallas, Dallas, Texas, The First National
Bank of Fort Worth, Fort Worth, Texas, and First National Bank of Commerce, New
Orleans, Louisiana.
"REFUNDING BONDS" shall mean any refunding bonds issued pursuant to Sec-
tion 8.6 of the 1968 Ordinance for the purpose of refunding any Bonds outstanding.
"SERIES 1970 BONDS" shall mean the Dallas-Fort Worth Regional Airport Joint
Revenue Bonds, Series 1970, authorized by the 1970 Ordinance.
"SERIES 1970A BONDS" shall mean the Dallas-Fort Worth Regional Airport Joint
Revenue Bonds, Series 1970A, authorized by the 1970A Ordinance.
"SERIES 1971 BONDS" shall mean the Dallas-Fort Worth Regional Airport Joint
Revenue Bonds, Series 1971, authorized by the 1971 Ordinance.
"SERIES 1971A BONDS" shall mean the Dallas-Fort Worth Regional Airport Joint
Revenue Bonds, Series 1971A, authorized by the 1971A Ordinance.
"SERIES 1972 BONDS" shall mean the Dallas-Fort Worth Regional Airport Joint
Revenue Bonds, Series 1972, authorized by the 1972 Ordinance.
"SERIES 1973 BONDS" shall mean the Dallas-Fort Worth Regional Airport Joint
Revenue Bonds, Series 1973, herein authorized to be issued and sold.
"SERIES 1973 BONDS MANDATORY REDEMPTION RESERVE FUND" shall
mean the fund by that name created in Section 5.5 of this Ordinance.
3
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tih;ltll';� )973 Bo)'
ticctiou :;.1. .I( '7'111)10%.1 ! 111.\, ti„ ;ts t., prolecl 11e 11111111( I(et :Intl in
I)1'ollloll' :llld :ld\:lilt'(' tit(' L.',('ll('1':li \t•It:11't• ttt Illy (.Itizells III II:Ill:ls :trill 1'1,11 1101'111 ;Intl
the North ('cwt-al 1 e\:1� li,'>;I,tl1, It Ir 11('1'('6\ (lt't•I;1n'tl 1 {i;tl I lit' ( 'Il lcl< Irnllt' 1ilt-
I aIIits Fo rt 11'(,1.111 tteg14 1;I I .\II'110 r1 .101 111 It' ('alit' B In I ls, tit'! it > I'.)',:; the n-III tlt'ti nt 41 :I
1111' St•rle, I:li:i B(,1l(Is"). I't,I- Illi' !,III-I)oNt' of l);1\'1fig III I);I rt lilt- 1
( It lcs hereby :lilt bot'I Rt' ;111(1 Ill i't', l Ills' ISSIE lt't' (,1 111(' tit'I'Itlit it It fI11 tllt'
III-III(-II)al artlolltlt of $1S I.,I1,111111, I):I�':161e 6,,111 ,I� 10 I)r'l/tt'11U11 ;Illd itltt'r('St K4)I1.1\' alit I,I
tI e rev'entles deso.I-iI '(I, IIt'tiII,•ti :Inti I)II Igo d II I-(,III. Tilt tierics 1'+ :: 1;1irI(l. :t r1' issI11'd at4
o'onlpl( t for) Bollds I)uI'S u:Ilit to ;III(I ;t, I)ernliI ('(I hY t he I9GS ()rdlll:lHCC.
Sect ion :1.2. 1).1'1'1', I)1:.\'l 01/N.I'1'll N .I NO .11:1'1'( '1 1'11 l''.ti. The St-ncs 19 7:; HWII I,
shall he dated Oc•tohcr 1, 1:17::, sh;lll 6e ill 011• denolnitlilhim of ,t,lulll each, :hall c011sist
of ;;,1;:;1) bond, numbered 111 (llrcct nlnucricai order frolu I t hrnugh ::,1:::11 ;uld shall neat(In,
:1nd hecimw duc ;uu1 p;ly:lblc -oil Nov'cmher 1, 21102.
Section :;.a. I.\"1'h:Il"I"S ' ILITVS, P-kYl.\'(; :1(;11',\"/'.ti.
�. I,al'h of the Series 1117:; Bonds shall hear interest from their chat to their nuttll
city or. earlie►• r•edenlption at the following rates iter• annual, to-vv'iI:
October 1, 197:)' to Miry 1, 19-14........................................... ............1;.1)1)1/1:
May 1, 1971 to November I, 19-oI........................................... ............6.251'(:
Novemb(tr 1, 19-4.1 1u Ma I, 1975........................................................1;.:1()1%;
May 1, 1475 to . 'o\eIII het' 1, 1475........................................................1i.751If,
NoverllbeI- 1, 1975 and there:tfter ........................................................700'/.
tiuch interest to he evidenced by coupons payable on May 1, 19-11, and semi-altlit ally
thereafter on each November 1 aril Mav 1.
B. Both the principal and interest of' the Series 1973 Bond, shall be payable to
hearer in laWful money of the United States of America without deduction for exchange
or collection charges at the principal office of the Mercantile National B=ulk at Dallas.
Dallas, Texas, o►•, at the option of the holder, at The First. National Bank o1' Fort Worth,
Fort Worth, Texas, or' at the P'irst National Bank of Commerce, New Orleans, 1.0111Slana.
Section 3.4. PRIOR IxKI)EA7C'TION.
A. The Series 1973 Bonds may be redeemed, at the option of the Cities, prior to
stated maturity in whole, or in part in inverse numerical order, on the first (lay of any
month on or after May 1, 1974, from any moneys for a redemption price equal to the
principal amount thereof plus accrued interest to the date fixed for redemption, without
premium, and shall be redeemed prior to stated maturity (1) in whole, or in part in
increments of no less than x;25,000.00 by lot on the first day of any month on or after-
May 1, 1974, to the extent there were moneys in the Series 147:; Bonds Mandatory
Redemption Reserve Fund o►1 the 15th (lay of the preceding month, at the principal
amount thereof and accrued interest to date of redemption, without premium, and (2) in
part by lot on November 1, 1979, and on each November l thereafter from moneys on
deposit in the Interest and Sinking Fund in annual amounts equal to the amounts re-
quired to be deposited to the credit of the Interest and Sinking Fund, at the principal
atTlount thereof and accrued interest to date of redemption, without premium.
B. At least thirty (30) days before the date fixed for any such redemption, the Board,
acting on behalf of the Cities, shall cause a written notice of such redemption to be
published at least once in a newspaper, and a financial publication published in the City
4
New York, New York. By -hc date axed for any such redemption, due provision shall
i,e made with the Paying Agents for the payment of the principal amount of the bonds to
be so redeemed and accrue,] interest thereon to -,he date fixed for redemption, without
premium. If the written notice of redemption is published, and if due provision for pay-
ment is made, all as provided Pbove, the bonds, which are to be so redeemed, thereby
automatically shall be redeeyiw4 prior to maturity, and they shall not bear interest after
the date fixed for redemption, and shall not be regarded as being outstanding except for
the purpose of receiving the funds so provided for such payment.
Section 3.5. FORMS. The 1,orm of the Series 1973 Bonds, including the form of Reg-
istration Certificate of the Comptroller of Public Accounts of the State of Texas to be
printed and endorsed on each bond, and the form of the interest coupons to be attached
thereto, shall be respectively substantially as follows, to-wit:
(FORM OF THE SERIES 1973 BONDS)
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF DALLAS AND TARRANT
DALLAS-FORT WORTH REGIONAL AIRPORT
JOINT REVENUE BOND
SERIES 1973
NO. $5,000
On the 1st day of November, 2002, the Cities of Dallas and Fort Worth (herein
collectively called the "Cities"), municipal corporations duly incorporated under the laws
of the State of Texas, for value received, hereby jointly promise to pay to bearer solely
from the revenues and funds described herein, the principal sum of
FIVE THOUSAND DOLLARS
and to pay interest thereon from the date hereof to the maturity or earlier redemption of
this bond at the following rates per annum, to-wit:
October 1, 1973 to May 1, 1974........................................................6.00%;
May 1, 1974 to November 1, 1974........................................................6.25%n;
November 1, 1974 to May 1, 1975........................................................6.50%;
May 1, 1975 to November 1, 1975........................................................6.75%;
November 1, 1975 and thereafter ........................................................7.00%
Said interest is evidenced by coupons initially attached hereto payable May 1, 1974, and
semi-annually thereafter on each November 1 and May 1. Both principal and interest
shall be payable :n lawful money of the United States of America upon surrender of this
bond or the proper coupons, as they severally become due at Mercantile National Bank
at Dallas, Dallas, Texas, The First National Bank of Fort Worth, Fort Worth, Texas, and
First National Bank of Commerce, New Orleans, Louisiana, without exchange or collec-
tion charges to the bearer thereof.
The bonds of this series including this bond, may be redeemed, at the option of the
Cities, prior to stated maturity in whole, or in part in inverse numerical order, on the
first day of any month on or after May 1, 1974, from any moneys for a redemption price
equal to the principal amount thereof plus accrued interest to the date fixed for redemp-
tion, vrithout premium, and shall be redeemed prior to stated maturity (1) in whole, or in
part in increments of no less than $25,000.00 by lot on the first day of any month on or
5
affer May I, 11174, fu flu• extent there were r►tt,neys ill Hw ti1•1-1e4 I:r'i:; I3o114L N1;&144L•41or}
r
It'eden►pt it)rt IV'eser•ve 1-'k I I it I on t he I l,t h day of 1114. prere4h►►} 111,1,1111, at 1114. I,r'1114.11)'d
attuour►t thereof ;tut) acerered inl4 rest 14, date of, redenlptiorl, without pr4.1111uru, :&1141 i::r 114
part by lot on Noveruher I, 1:17:► mid 4011 e:u•h N(.vvmber I thereal'l,er 1'rom mon4•ys 4414
deposit its t he Interest and Sinking l�111141 in arutttal anu,Ilnf s eytu(I f u t h4• ;m1ot1111 „•
41uired to he deposited to the e•redil of the !r►terest. ;11141 siliki ng; 1•'1r►u1, :11 the pri114•►pal
amount thereof and acen•ued interest to date of rede11lptiu11, without prt•uutrru.
1 At least thirty (311) days hel'ore Lhe date fixed fur ;Illy such redeull►t.iu11, Oil, 114„1.41,
actin}; on lk•half of the l'it.ies, shall cause it writtell notice of such re41e111pLiorl Lu b4•
published it It-list once in it newspaper and :t financial publir it.io11 published in I'lle 1'it.,y
of New York, New York. By the (late fixed fur ally such rederr►l►tion, due provision shull
be made with the l'ayingr Agents 1'401- the payment. of the pr•1114.1pol ;unuuuL of I.he bo11ds Lo
be so retleen►ed and accrued interestt.hereor► to the (lilt(• fixed fur rede11114,iou, wit.holrl.
1 premium. if the written notice of redemption is published, :tlkd if' due provision for pity
u►ent is made, all as provided above, the bonds, which aIle Lu be so redeemed, 1.114•1-eb,y
-tilt umaticatlly shall be redeen►ed print to maturity, and they shall 11ot hear i11Lerest after
tile• date fixed for redemption, and shall not be regarded ;is being, ollt.standing; exeepL I'm.
the purpose of receiving; the funds :,o provided for such payment.
The honds of this issue are issued tinder the laws of the State of 'Texas and as
prn•mitted by an ordinance adopted concurrently on November I I and November 12,
1968, respectively, by the City Councils of the Cities of Dallas and Fort. Worth, 'Texas,
entitled ••19118 Regional Airport Concurrent blond Ordinance" (the "1968 Ordinanee") and,
together with hallus-Wort Worth Regional Airport Joint. Revenue Bonds, Series 1968,
dated November 1, 1908, Series 1970 blond:;, dated April 1, 1970, Series 1970A Bonds,
(tatted November 1, 1970, Series 1971 }fonds, dated March 1, 1971, Series 1971A Bonds,
dated September 1, 1971, curd Series 1972 Bonds, (tatted March 1, 1972, (herein collectively
called the "Outstanding blonds"), atre equally and ratably secured fly the revenues herein
describe(].
This bund is one of the duly authorized series of bonds, slated and (if like tenor and
effect, except as to number, numbered from 1 through 3630 of the denomination of $5,000
eatch, aggregating $18,1:10,000, issued by the Cities for the purpose of paying part of the
Posts of the Project, such term contemplating; and relating; to the initial construction
phases of the Regional Airport, pursuant to the Sixth Supplemental Regional Airport
Concurrent Bond Ordinance adopted by the City Councils of said Cities supplemental to
the 19118 Ordinance. For the purpose of providing; for and securing; the payment of the
Outstanding Bonds and this issue of bonds, the Cities have jointly pledged thein• respec-
tive interests in the "Pledged Revenues" to be derived from the ownership and operation
of the Dallas-Fort Worth Regional Airport when the same is constructed and becomes
operational, and in certain instances a part of the revenues derived from other airports
of the Cities. Such Pledged Revenues and other revenues will be on deposit from time to
time in various funds created by the 1968 Ordinance. Pledged Revenues ir. the 1968
Ordinance are defined to be the "Gross Revenues" of said airport when constructed less
the amount required to pay the Senior Lien Bonds mentioned next below. The lien on the
revenues securing this issue of bonds and the then Outstanding Bonds is subordinate to
the lien securing various outstanding and future issues of bonds of the Cities defined in
said Ordinance as "Senior Lien Bonds." Reference is made to the 1968 Ordinance for the
definition of Gross Revenues and for a description of the revenues and funds charged
with and pledged to the payment of the interest on and principal of the then Outstanding
Bonds and the Series 1973 Bonds of which this bond is one, the nature and extent of the
security thereof, a statement of the rights, duties and obligations of each of the Cities
respectively, the rights and remedies of bondholders in the event of default thereunder,
and the rights and priorities of the holders of said bonds, to all the provisions of which
the holder hereof by the acceptance of this bond assents and agrees.
6
.�N 111'U\ 1111'll In it 1 11I t:t I ll't', tilt' 111111!':1II 11t" to 11:11 I II Ir I, 1. It•,,Ii
oft of Pledged I:evennes ;II )ell It, :lull nut r:rvrral, :Inti, :1 (It herwi-t• I,r1)\ Ided
theroid, no claim, drnl:lnd, :.1111 ttr .)IJ(i nu•rrt sII III t•ver• he :Issertt d, 1.111en•II (Ir' c(1111•( t1•41
:tgalllsl or frmll one CO, \vit htmt I he (,t her:uul nu Individual 11:11,111t.\ sll:dl ever cxcccd ill t h1'
r:tsr of I lial his '/I It hs I,f t he(tit an amount t herrn(, :Inti i11 t lit-c:tsc t,t I•'tlrt \V( rt h '/IIIb,of• I Ile
tot:11 anlotult tht•rr(,1" :td, rxce111 :ts in t I w I!H;S O1'din:uu•e tIt hcrwise I,r /vidcd, sn(•11 ,Inll�,
shaft be p:ty:thI(•and roll(•(-(it)lr solely fr'onl t Ile funds I►1 which I'1( Ii1;( tl R4 v( Iu( s shall f•ruru
t Iille to t Idle be ()11 lot poslt.
Thr I96's, Ordinance, :Is sIIpplenleIIty( Irrovith , that, to t hr xterll t h( r(•iII stab (1, the
IraIlas-Dort Worth Iteglon:ll Airport B )ard, acting o.l hchalf, of* 1Frr ('it.ies, shall fix and
shall from t ime to l inle revise :he rate of colllpen;at iorl I'm. use of and for services
rendered by or at the 1)allas-bort Worth Regional Airport. which will he fully sufficient, t.t,
produce Pledgvd IZevrnnes adequate to pay the operation and rllaintenarlce expenses
thereof plus 1.25 t.ififes the amounts re( aired to be deposited to t,ile credit of the I1)teres 1,
and Sinking Ft if (rstaIll isIled by the 1(168 Ordinance) for' t,if(, pay ill rnt of• the principal of
and interest on the parity bonds from time to t.inu• outstanding ther'el►nder• as Ow sarne
shall bcconle due and payable and to tinlel,y purchase of. redeem such bonds prior to
maturity as required therein. It is further provided in said Ordinance that to the extent.
Pledged Revenues are not adequate fo►• said purposes and for the additional purpose of
properly and adequately maintaining and operating said Airport, the Cities pledge and
obligate themselves to levy and collect the ad valorem tax defined therein as the "Main-
tenance Tax," and to devote the proceeds thereof to the purpose of operating; and main-
taining the said airport in lieu of using; revenues for• said purpose, subject at all times to
the limits of said tax provided by law and in said Ordinance. As further- provided in said
Ordinance, the obligations of the Cities to levy and collect such tax are several, and not
joint, and no action, claim, suit of- demand shall be made against one City for the default
of the other, each City's respective obligation being limited to the collection of its propor-
tionate amount required from said tax for such purposes, all as specified in said Ordi-
nance.
Under the terms and conditions provided in the 1968 Ordinance, and in the said
supplements thereto, the Cities reserve the right to issue additional Senior Lien Bonds
for the purposes therein stated, which said bonds shall be superior as to lien to the then
Outstanding Bonds and the bonds of this issue, and reserve the further right to issue
additional bonds secured by a lien on a parity with the then Outstanding Bonds and this
series of bonds under the conditions set forth in said Ordinance and the supplements
thereto.
The holder hereof shall never have the right to demand payment of this obligation
out of any funds raised or to be raised by taxation.
It is hereby certified and recited that all acts and things required by the Constitution
and laws of the State of Texas to be done, to exist, and to be performed precedent to and
in the issuance of this bond and the issue of which it is one have been done, do exist and
have been performed as so required.
IN WITNESS WHEREOF, the C'.ty Council (f the City of Dallas, Texas, has caused
the facsimile seal of that City to bc- placed hereon and this bond to be signed by the
facsimile signature of its Mayor and countersigned by the facsimile signature of its City
Auditor; and the City of Fort Worth, Texas, has caused the facsimile seal of that City to
be placed hereon and this bond to be signed by the facsimile signature of its Mayor,
countersigned by the facsimile signature of its City Secretary, and approved as to form
by its City Attorney; and each said City Council has caused the attached coupons to be
7
signed by the facsimile signature of the Mayor and (;itr Auditor of the Cit." o:
Texas and the Mayor and City Secretary of the City of Fort Worth, Texas.
..........................................
..................................
Mayor, City of Dallas, Texas
s
COUNTERSIGNED:
.................................................
.........................
City Auditor, City of Dallas, Texas
.......................................
Mayor, City of Fort Worth Texas
COUNTERSIGNED:
City Secretary, City of Fort Worth Texas
APPROVED AS TO FORM:
.............................................................................
City Attorney, City of Fort Worth, Texas
8
`a
(1•'111:11 ()V u '(1t114►NI
N()............. f;... ............ .. ...
(►N TI 1►:\\' (11V
unless dur prop isiuu huts peen ntad4• fur the r-edenlpt ion prior (0 111:11 In It�' 4.1' Lb4 114 low
numbered bond to which this coupon n1114erlaius, lilt' ('ily of 0,111;ts, Tcxaa;, :trill 1114• ( 'fly
of hurt \\urI it. l'exas, .1milll}' 1lrunlise l0 pay to he:l r4 r, bill sol4•ly mil of the ►•4•v4•111141:;
Specified and subject to the conditio►ts stated 1u said hood, al Mercaril.11c N:1t.inial l ar&
:0 Dallas. Dallas, Texas, The Virst Nal Imial Bank ill' Fowl Wort If, hurt. Worth, Tvx:ls, :lull
First Natiurtal Bank of Commerce, New Orle:lrls, Lolrislawt, wit.limil t•xclian 4• o►• cullet
tion ch:u•ges to the bearer hereof, the suit► spccili,•d on this cmilmrt, in lawfrll rrtum•y of
the 111lited States of :\nu•rica, fur interest then due on the below nu►rlber•ed bond uf• 1.114•
issue entitled "Dallas Hort \\'urth NA-gional �\irpurt. .loint. Revenue liomis, Series 1973,"
dated Octoher I, 1973. The IwIdr►• hereof shall never have t.11c right, Lu dcru:uul pay►ru•rlt,
of this Obligation out of any funds raised or to be raised by Laxation. Bund No.
.............................................................................
M:lyor', Pity of Dallas, 'I'exas
COI'NTERSIGNh;ll:
..... ..... ....................
Pity Auditor, Pity of Dallas, 'Texas
.............................................................................
Mayor., City of Fort Worth, Texas
('01'NTERSI(;NED:
City Secretary. City of Fort Worth, Texas
I
(FORM OF COMPTROLLER'S CERTIFICATE)
OFFICE OF COMPTROLLER:
STATE OF TE-V-\S:
I hereby certify that this bond has been examined, certified as to validity and ap-
proved by the Attorney General of the State of Texas in accordance with his written
approving certificate on file in my of ice; and that this bond has been by me this day
registered as required by law.
Witness my signature and seal this
.............................................................................
Comptroller of Public Accounts of the
State of Texas
(SEAL)
9
ARTICLE IV
EXECI- 1ON, APPROVAL. REGISTRATION, SALE
AND DELIVERY OF SERIES 1973 HONDS
Section 4.1. METHOD OF EXECUTION. Each of the Series 197:3 Bonds shall be
signed and executed on behalf of the City of Dallas by the facsimile signature of its
Mayor and countersigned by the facsimile signature of its City Auditor, and the corpo-
rate seal of that City shall be impressed or printed or lithographed on each bond. Each of
the Series 1973 Bonds shall be signed and executed on behalf of the City of Fort Worth
by the facsimile signature of its Mayor and countersigned by the facsimile signature of
its City Secretary; the same shall be approved as to form by the facsimile signature of
the City Attorney of the City, and its corporate seal shall be impressed or printed or
lithographed upon each bond. The respective signatures of the Mayor and City Auditor of
the City of Dallas and of the Mayor and City Secretary of the City of Fort Worth shall be
lithographed or printed upon the coupons attached to the Series 1973 Bonds. All facsimile
signatures placed upon the bonds and their coupons shall have the same effect as if
manually placed thereon, all as provided in Article 717j, V.A.C.S., as amended.
Section 4.2. APPROVAL AND REGISTRATION. The Board is hereby authorized to
have control and custody of the Series 1973 Bonds and all necessary records and proceed-
ings pertaining thereto pending their delivery, and the Chairman and officers and em-
ployees of the Board and of the Cities are hereby authorized and instructed to make such
certifications and to execute such instruments as may be necessary to accomplish the
delivery of said bonds and to assure the investigation, examination, and approval thereof
by the Attorney General of the State of Texas and their registration by the State Comp-
troller of Public Accounts. Upon registration of the Series 1973 Bonds, the Comptroller of
Public Accounts (or a deputy designated in writing to act for him) shall be requested to
sign manually the Comptroller's Registration Certificate prescribed herein to be printed
and endorsed on each bond and the seal of the Comptroller shall be impressed or printed
or lithographed thereon. The Chairman of the Board shall be further authorized to make
such agreements with the purchasers of said bonds as may be necessary to assure that
the same will be delivered to such purchasers in accordance with the terms of sale at the
earliest practicable date after the adoption of this Ordinance.
Section 4.3. SALE OF THE SERIES 1973 BONDS. The Series 1973 Bonds are
hereby sold in accordance with law and shall be delivered to Mercantile National Bank at
Dallas, Dallas, Texas, Firs National Bank of Commerce, New Orleans, Louisiana, Ameri-
can Fletcher National Bank, Indianapolis, Indiana, Maryland Casualty Company, Balti-
more, Maryland, Union Life Insurance Company, Little Rock, Arkansas, First National
Bank in Dallas, Dallas, Texas, Bankers Trust, Columbia, South Carolina, The American
National Bank of Austin, Austin, Texas, City National Bank of Austin, Austin, Texas,
Continental National Bank of Fort Worth, Fort Worth, Texas, Texas Commerce Bank,
National Association, Houston, Texas, and National Bank of Commerce, Dallas, Texas,
for a price of par plus accrued interest from the date of the Series 1973 Bonds to the date
of delivery thereof.
ARTICLE V
DISPOSITION OF BOND PROCEEDS
Section 5.1. CUSTODY AND INVESTMENT OF PROCEEDS. All proceeds from the
sale of the Series 1973 Bonds shall be withheld from the custody of the Treasurer and
shall be deposited and placed in trust with The First National Bank of Fort Worth, Fort
Worth, Texas, one of the Paying Agents for the Series 1973 Bonds. Said funds shall be
held by said Bank for the benefit of the holders of the Bonds, and the same shall be
10
credited to and held as a part of the respective Funds and Accounts within the Joint
Airport Fund as hereinafter directed in this Article V. Pending the use of said proceeds
for the respective purposes prescribed therefor, the same shall be invested from time to
time in investment securities as may be directed by the Board; provided, however, that
no such investment shall be made which is inconsistent with the requirements of Section
7.1 hereof. To the extent this Section is inconsistent with the Contract and Agreement,
then the Contract and Agreement is hereby amended to accommodate the requirements
of this Section.
Section 5.2. A. INTEREST DURING CONSTRUCTION. It is hereby found and de-
termined that the estimated period of construction of the Project, that is to say the
period prior to which the Airport is expected to become revenue producing is thir-
teen (13) months from October 1, 1973, and, accordingly, the amount equal to the inter-
est to become due on the Series 1973 Bonds during said peri :1 is hereby appropriated
from the proceeds of the sale of the Series 1973 Bonds and orde„d to be deposited to the
credit of the Interest and Sinking Fund, to be used, applied and devoted to the purposes
specified in the 1968 Ordinance for moneys on deposit in said Fund.
B. RESERVE FUND. In accordance with the requirements of the 1968 Ordinance,
there is hereby appropriated from the proceeds of the sale of the Series 1973 Bonds and
ordered to be deposited into the Reserve Fund, an amount at least equal to the average
annual principal (or principal accumulation) and interest requirements on account of the
Series 1973 Bonds.
Section 5.3. CONSTRUCTION FUND. Except as otherwise provided in Section 5.2.,
all proceeds derived from the sale of the Series 1973 Bonds shall be deposited promptly
upon the receipt thereof to the credit of the Construction Fund and said proceeds shall be
used solely for the purpose of defraying a part of the Costs of the Project in accordance
with the 1968 Ordinance and shall be accounted for and expended for said purposes at the
times, in the order and as provided in Section 5.4.
Section 5.4. FINAL ESTIMATE AND PAYMENT OF COSTS OF PROJECT.
A. The proceeds of the Series 1973 Bonds deposited to the credit of the Construction
Fund, as provided in Section 5.3., hereof, shall be set aside within said Fund in a final
project cost account (hereinafter called the "Project Liquidation Account") and shall be
held, expended and utilized at the following times and in the following orders of priority,
to-wit:
(1) All moneys within the Construction Fund from sources other than the Series
1973 Bonds shall be first used, dedicated, appropriated and/or expended prior to the
use or appropriation of moneys within the Project Liquidation Account. To that end,
on or prior to January 13, 1974 the Director of Finance of the Board shall prepare
an accounting of all liquidated and estimated obligations of the Board proper'y char-
geable thereto as Costs of the Project, and the amount thereof shall be deemed
appropriated to and shall be expended for the purpose of paying such obligations.
(2) All moneys allocated to the credit of the Project Liquidation Account shall be
used, dedicated and appropriated as needed for the purposes of paying the Costs of
the Project in excess, if any, of the amounts available from other sources, as deter-
mined in accordance with paragraph (1), next above. On or prior to April 1, 1974,
the Director of Finance, on the basis of all reasonable evidence and data available
at the time, shall make a final estimate of the Costs of the Project which have not
theretofore been paid or provision made therefor under paragraph (1), next above,
and under this para,;raph (2) any amounts crec'•ited to the Project Liquidation Ac-
count necessary to pay fully the sums contemplated in said estimate shall be set
aside and deemed appropriated to and shall be expended for the purpose of paying
such obligations when and as due and payable. Any unappropriated balance at the
11
time remaining credited to the Project Liquidation Account shall be deposited to the
credit of the Series 1973 Bonds Mandatory Redemption Reserve Fund and shall be
used for the purposes specified herein for moneys on deposit therein. From time to
time thereafter, as previously estimated costs are liquidated and fully settled or
paid, should surplus moneys become available in the Project Liquidation Account,
then the amounts of such surplus shall also be transferred to the Series 1973 Bonds
Mandatory Redemption Reserve Fund.
(3) Interest earned on the amounts deposited to the Interest and Sinking Fund
pursuant to Section 5.2A, hereof, shall, upon transfer thereof to the Construction
Fund during construction of the Project be credited to the Project Liquidation Ac-
count.
B. In the event the moneys on deposit :n the Construction Fund from all sources,
including the proceeds of the Series 1973 Bonds, shall b 'nsufficient to pay in full all
Costs of the Project, the Cities expressly reserve and )ntinue to reserve the right,
power and authority to issue Completion Bonds therefor under the 1968 Regional Airport
Concurrent Bond Ordinance.
Section 5.5. SERIES 1973 BONDS MANDATORY REDEMPTION RESERVE FUND.
The Cities hereby create and order that the Board establish within the Capital Improve-
ments Fund, a special reserve fund herein designated as and called the "Series 1973
Bonds Mandatory Redemption Reserve Fund." Moneys shall be deposited into said Fund
only from the source and under the circumstances prescribed in Section 5.4, hereof, and
the same shall be-used for the purposes specified in this Section 5.5, as follows:
A. Moneys on deposit in the Series 1973 Bonds Mandatory Redemption Reserve Fund
shall be used for the purpose of redeeming Series 1973 Bonds prior to stated maturity at
the times and in accordance with the requirements of subsection A of Section 3.4 hereof,
and said moneys, if any, shall be held in said Fund solely for such purpose.
B. The Series 1973 Bonds Mandatory Redemption Reserve Fund may be ,closed by
duly adopted order of the Board upon the occasion of the earlier to occur of (1) the
redemption prior to maturity of all of the Series 1973 Bonds, or (2) the determination by
the Director of Finance that said Fund has on deposit therein less than $5,000 (after
calling bonds for redemption prior to stated maturity in amounts sufficient to reduce the
balance therein to such amount) and that under no reasonable circumstances will addi-
tional moneys be deposited therein, which such determination shall be conclusive as
against all parties, including the holders of Series 1973 Bonds.
C. Upon closing the Series 1973 Bonds Mandatory Redemption Reserve Fund, all
moneys then remaining on deposit in said Fund shall remain in the Capital Improve-
ments Fund.
D. Any earnings on investments of moneys in the Series 1973 Bonds Mandatory
Redemption Reserve Fund shall remain in said Fund and be used for the purposes other-
wise required.
ARTICLE VI
ADOPTION OF PROVISIONS OF 1968, 1970, 1970A, 1971, 1971 A,
AND 1972 ORDINANCES, PLEDGE, INTEREST AND
SINKING FUND
Section 6.1. ADOPTION. The Series 1973 Bonds authorized hereby are parity "Com-
pletion Bonds" as the term is defined and as permitted to be issued in the 1968 Ordinance,
and in addition to the definitions set forth in Article II of the 1968 Ordinance heretofore
adopted, for purposes of this Ordinance Section 2.2 of Article II, and Articles V through
12
7
XI, both inclusive, of the 1968 Ordinance and Sections 7.2 and 7.3 of the 1970 Ordinance
are hereby adopted by reference and shall be applic•al:le to the Series 1973 Bonds for all
purposes, except to the ext►•nt hereinafter specifically modified or supplemented. Both
the Outstanding Bonds and the 197:3 Bands shall be on a parity in all respects.
Section 6.2. PLEDGE.The principal of and the interest on the Series 1973 Bonds and
the Outstanding Bonds are and shall be secured by and payable from a first lien on and
pledge of the Pledged Revenues and the funds in which they shall from time to time be
on deposit. In addition to the Pledged Revenues the Series 1973 Bonds and the Out-
standing Bonds are and shall be further secured by and payable from the "Transitional
Pledge" as made and described in Section 6.3 of the 1968 Ordinance. Such revenues are
hereby irrevocably pledged to the payment of the Outstanding Bonds, the Series 1973
Bonds, any other Completion Bonds and Additional Parity Bomds hereafter issued in
accordance with the terms of the 1968 Ordinance until all o the Outstanding Bonds, the
10 Completion Bonds, including the Series 1973 Bonds, and any Additional Parity Bonds are
retired.
Section 6.3. INTEREST AND SINKING FUND. In addition to all other amounts
required by the 1968 Ordinance, the 1970 Ordinance, the 1970A Ordinance, the 1971 Ordi-
nance, the 1971A Ordinance and the 1972 Ordinance, so long as any of the Series 1973
Bonds remain outstanding and unpaid the Board shall transfer on or before the 1st day
of each month, from the Operating Revenue and Expense Fund to the Interest and
Sinking Fund, after taking into account unexpended investment earnings on deposit in
the Interest and Sinking Fund,
(1) beginning on October 1, 1974, an amount necessary to provide 'Ath of the
amount of interest to become due on the Series 1973 Bonds on the next succeeding
interest payment date thereof, provided, however, that no transfers shall be re-
quired on such dates to the extent money has been provided from future issues of
Completion Bonds to pay the interest then becoming due on the Series 1973 Bonds;
(2) beginning on October 1 1978 and on the 1st da of each month thereafter
� g � � Y
through September 1, 2002, for each twelve month period ending on September 30,
'/12th of the amounts indicated as follows:
1979.......................................................................................................$ 315,000
1980....................................................................................................... 335,000
1981....................................................................................................... 3 60,000
1982....................................................................................................... 380,000
1983....................................................................................................... 405,000
1984....................................................................................................... 430,000
1985....................................................................................................... 455,000
1986....................................................................................................... 485,000
1987....................................................................................................... 115,000
1988........................ .................................................. 550,000
i1989....................................................................................................... 580,000
1990....................................................................................................... 620,000
1991....................................................................................................... 655,000
1992............:.......................................................................................... 700,000
1993....................................................................................................... 740,000
1994......................................................................................... . . ......... -1-90,000
1995....................................................................................................... 835,000
1996....................................................................................................... 890,000
1997....................................................................................................... 945,000
1998....................................................................................................... 1,005,000
1999....................................................................................................... 1,065,000
13
2000....................................................................................................... 1,135,000
2001 ....................................................................................................... 1,205,000
2002....................................................................................................... 2,755,000
The sinking fund payments required by this sub-paragraph (2) may be used to pur-
chase Series 1973 Bonds as permitted in Section 7.4 of the 1968 Ordinance, and to
the extent not so used shall be used to then redeem the Series 1973 Bonds on
November 1, 1979, and on each November 1, thereafter at the principal amount
thereof and accrued interest to date of redemption without premium. If it shall be
determined that the annual transfers to the Interest and Sinking Fund required b%
this sub-paragraph (2) will produce a si eplus in the Interest and Sinking Fund at
maturity of the Series 1973 Bonds, the annual sinking fund payments required by
this sub-paragraph (2) on account of tho Series 1973 Bonds may be reduced in ap-
proximately equal amounts.
Section 6.4. The Director of Finan,_- shall make transfers of funds on deposit in the
Interest and Sinking Fund for payment of the principal of and Interest on the Series
1973 Bonds to Mercantile National Bank at. Dallas, Dallas, Texas, on behalf of the Pay-
ing Agents at least five (5) days prior to the due dates and redemption dates.
ARTICLE VII
MISCELLANEOUS COVENANTS AND PROVISIONS
Section 7.1. USE OF BOND PROCEEDS. That the Board covenants to and with the
purchasers of the bonds that it will make no use of the proceeds of the bonds at any time
throughout the term of this issue of bonds which, if such use had been reasonably ex-
pected on the date of delivery of the bonds to and payment for the bonds by the purcha-
sers, would have caused the bonds to be arbitrage bonds within the meaning of Section
103(d) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings
pertaining thereto; and by this covenant the Board is obligated to comply with the
requirements of the aforesaid Section 103(d) and all applicable and pertinent Department
of the Treasury regulations relating to arbitrage bonds. The Board further covenants
that the proceeds of the bonds will not otherwise be used directly or indirectly so as to
cause all or any part of the bonds to be or become arbitrage bonds within the meaning of
the aforesaid Section 103(d), or any regulations or rulings pertaining thereto.
Section 7.2. OBSERVANCE OF COVENANTS.The Board, the officers, employees and
agents are hereby directed to observe, comply with and carry out the terms and provi-
sions of this Ordinance.
ARTICLE VIII
AMENDMENTS TO ORDINANCE
This Ordinance may be amended by concurrent ordinances adopted by the City Coun-
cils, in the same manner as provided in the 1968 Ordinance for the amendment of the
1968 Ordinance.
14
F
AE{TI('I.E; I\
SE%'E•:ItA13ILITl', 1WPE?A1, AND CtWX'1'ERPARTS
Section 9.1. ORDINANt'1'. IRREPEALABLE. After any of the Series 197:$ Bonds
shall he issued, this Ordinance shall eonstitule a contract between the Cities and the
Holder or Holders of the Fonds from time to time outstanding, and this Ordinance shall
be and remain irrepealable until the Ronds and the interest thereon shall be fully paid,
cancelled, refunded, or discharged or provision for the payment thereof ,hall be made by
depositing money in trust with the Paying Agents or another National Ranking Associa-
tion equal in amount to the aggregate principal amount of Bonds outstanding; plus inter-
est and any applicable premium to their earliest redemption date, or, if none, to their
maturity.
Section 9.2. SEVERARILITY. If any Section, paragraph, clause or provision of this
Ordinance'khall for any reason be held to he invalid or unenforceable, the invalidity or
: unenforceability of such Section, paragraph, clause or provision shall not affect any of
the remaining provisions of this Ordinance. If any Section, paragraph, clause or provi-
sion of the Contract and Agreement shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of such Section, paragraph, clause• or
provision shall not affect any of the remaining provisions of the Contract and Agree-
ment, or of any other provisions of this Ordinance not dependent directly for effec-
tiveness upon the provision of the Contract and Agreement thus declared to be invalid
and unenforceable.
Section 9.3. REPEALER. All orders, resolutions and ordinances, or parts thereof,
inconsistent herewith are hereby repealed to the extent of any such inconsistency.
Section 9.4. COUNTERPARTS.This Ordinance may be executed in counterparts, and
when duly passed by both Cities, and separate counterparts are duly executed by each
City, the Ordinance shall be in full force and effect.
PASSED AND CORRECTLY ENROLLED OCTOBER 1, 1973.
-�c.......................
Mayor, City of Dallas, Texas
(SEAL)
ATTEST:
......... . ......
ity Secretary, City of Dallas, Texas
15
APPROVED AS TO FORM:
*...""...........................*"*...*........ ......*..........
City Attorney, City of Dallas, 'rt'Xas
PASSED OCTOBER ......... ............ 197:3.
r, City of Frt Worth,...-r-t-**...d� ......
Texas
(SEAL)
ATTEST:
�ve e,S
11
cit tarY, City Of Fort. Worth,. Texas
�
APPROVED AS TO FORM AND LEGALITY:
............J 10
City Attorney, City of Fort
Worth, Texas
16
THE STATE OF TEXAS
COUNTY OF' DALLAS
CITY OF DALLAS
I, HAROLD G. SHANK, City Secretary of the City of Dallas, Texas, do hereby cer-
tify:
1. That the above and foregoing is a true and correct copy of an excerpt from
the minutes of the City Council of the City of Dallas, had in regular meeting, Octo-
ber 1, 1973, authorizing the issuance of Dallas-Fort Worth Regional Airport Joint
Revenue Bonds, Series 1973 in the aggregate pr'ncipal amount. of $18,150,O0O, 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 Article 6252-17, V.A.C.S.,
as amended. /
WITNESS MY HAND and seal of the City of Dallas, Texas, this ..(. day of
October, 1973.
.. .. . . ... . ..
ity Secretary,
City of Dallas, Texas
(SEAL)
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
I, ROY A. BATEMAN, 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 Ordinance No. 6919
duly presented and passed by the City Council of the City of Fort Worth, Texas, at a
meeting held on October 1, 1973, as same appears of record in the Office of the City
Secretary.
2. That said meetin; was open to the public, and public notice of the time, place
and purpose of said meeting was given, all as required by Article 6252-17, V.A.C.S.,
as amended.
WITNESS MY HAND and the Official Seal of the City of Fort Worth, Texas, this the
...........,:'..:.......day of October, 1973.
�1..•..........
Ci4oFort
et,
City Worth, Texas
(SEAL)
17
TBE STATE OF TERAS X
COMITY OF TAUApT
I; , City Secretary of the City of Fort
Worth, Texas, do hereby certify that the above and foregoing is
a true and correct copy of Ordinance No. 69199 duly presented and
adopted by the City Council of the City of Fort Worth, Texas, at
a regular session held on the let day of October, A. D. 1979, as
some appears of record is City Council Minute Book F-2, pages
Ifo. 158 through 169. Said ordinance is in full force and effect.
WITNESS MY BAND and the Official Seal of the City of
Fort Worth, Texas, this the 24"day of Jomuasy, A.D. 19716.
i,
Cy ecretary of the
C ty of Fort Worth, Texas
r
n�nt �d' .fnWc'S,�:'G9f,{::�h"*k':�l`si.��idYy'a��{..' • f rw`n. Y. r �'# ,y`'`'�'. �l>�¢ a�ToS�.. i�W�i�.BUY`F `'"�i1i�' "^I
+3av�„�* _��a'�SE'Fi'CMx.r6?SihSt�'R,h,�, M fi�K� c�iY'.. �I�rTM•7ar' , :�r'Yh4?�. t.rr.. r ,
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
I, the undersigned, City Secretary of the City of
Fort Worth, Texas , do hereby certify:
1. That on October 1, 1973 , and at all times since
such date, the following were the duly elected and acting
members of the City Council or the duly appointed and acting
officers of said City Council and City as indicated, to-wit:
R. M. Stovall, Mayor
Joe Bruce Cunningham
Clif Overcash
John J. O'Neill
Ted C. Peters
Leonard E. Briscoe
Pat Reece
Henry A. Meadows
Mrs . Margret Rimmer
R. N. Line, City Manager
S. G. Johndroe, Jr. , City Attorney
Roy A. Bateman, City Secretary
2. That the City of Fort Worth, Texas , is not in
default in the performance of any of the covenants or obliga-
tions of such City set forth in the Ordinance passed by the
City Council on November 12 , 1968 authorizing the issuance and
sale of Dallas-Fort Worth Regional Airport Joint Revenue Bonds ,
Series 1968 , as supplemented by the Ordinances passed on April 14,
1970, November 2, 1970, February 10, 1971, August 23 , 1971 and
March 6 , 1972 authorizing, respectively, the issuance and sale
of the Series 1970 , 1970 A, 1971, 1971 A and 1972 Dallas-Fort
Worth Regional Airport Joint Revenue Bonds .
WITNESS MY HAND AND SEAL of said City, this the
z
day of October, 1973 .
'4it, ec�ret=a—ry, City of Fort Worth
(SEAL)
GENERAL CERTIFICATE
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF FORT WORTH
We, the undersigned, the Mayor and City Secretary,
respectively, of said City, hereby certify as follows :
1. That the City of Fort Worth is a duly incorporate
Home Rule City, having more than 5000 inhabitants , operating an
existing under the Constitution and laws of the State of Texas
and the duly adopted Home Rule Charter of said City, which said
Charter has not been amended since the date of the issuance of
the last Series of bonds of the City, to-wit: City of Fort
Worth General Purpose Bonds , Series 1973A and Series 1973B,
dated March 1, 1973 .
2. That no litigation of any nature has ever been
filed pertaining to, affecting, or contesting: (a) the issuance ,
delivery, payment, security, or validity of the proposed Dallas
Fort Worth Regional Airport Joint Revenue Bonds , Series 1973 ,
dated October 1 , 1973, in the principal amount of $18,150,000
(the "Series 1973 Bonds") , (b) the title of the present members
and officers of the City Council of said City to their respec-
tive offices , or (c) the validity of the corporate existence or
the Charter of said City.
3 , That none of said City' s share of the revenues or
income of the Dallas-Fort Worth Regional Airport have been pled ed
or encumbered to the payment of any debt or obligation of said
City, or of said Airport, except in connection with the aforesaid
proposed Series 1973 Bonds, and the outstanding bonds of the
following issues of said City:
(a) Airport Revenue Bonds , Series 1960;
Airport Revenue Bonds , Series 1960-A;
Airport Revenue Bonds , Series 1961;
(b) Dallas-Fort Worth Regional Airport Joint
Revenue Bonds , Series 1968, Series 1970,
Series 1970 A. Series 1971, Series 1971 A
and Series 1972.
4. That none of the general revenues or income of
said City's Airport System, consisting of Meacham Field and
Greater Southwest International Airport, have been pledged or
encumbered to the payment of any debt or obligation of said
City or said Airport System except in connection with the
s
9
ri
outstanding Series of Bonds listed in paragraph 3 (a) next above',
and except for the payment of Dallas-Fort Worth Regional Airport
Joint Revenue Bonds , Series 1968, Series 1970 , Series 1970 A,
Series 1971, Series 1971 A, Series 1972 and Series 1973 to the
extent and during the period stated in Section 6 .3 of the 1968
Regional Airport Concurrent Bond Ordinance which authorized the
issuance of said Series 1968 Bonds .
EXECUTED this _1__ day of October 1973 .
4ec-ty, retary, City of Fort
r, City of Fort Worth,
exas Texas
(CITY SEAL)
C O P Y
Stephens,Inc.
September 28, 1973
Mr. Thomas M. Sullivan, Executive Director,
and Members of the Board of Directors of the
Dallas-Fort Worth Regional Airport Board
Arlington, Texas 76011
Re: $18,150,000 Dallas-Fort Worth Regional Airport Joint Revenue Bonds, Series 1973
Gentlemen:
We have, with the assistance of First Southwest Company, privately placed subject bonds
with the institutions shown below at a price of par and accrued interest to date of delivery of the
bonds maturing and bearing interest as shown on the Preliminary Private Placement Circular dated
September 24, 1973, a copy of which is attached hereto and made a part hereof.
Mercantile National Bank at Dallas, Dallas, Texas
First National Bank of Commerce, New Orleans, Louisiana
American Fletcher National Bank, Indianapolis, Indiana
Maryland Casualty Company, Baltimore, Maryland
Union Life Insurance Company, Little Rock, Arkansas
First National Bank in Dallas, Dallas, Texas
Bankers Trust, Columbia, South Carolina
The American National Bank of Austin, Austin, Texas
City National Bank of Austin, Austin, Texas
Continental National Bank of Fort Worth, Fort Worth, Texas
Texas Commerce Bank, National Association, Houston, Texas
National Bank of Commerce, Dallas, Texas
We hand you herewith Cashier's Check of the Mercantile National Bank at Dallas in the
amount of $181,500 payable to the "Dallas-Fort Worth Regional Airport Board", representing a good
faith deposit. If for any reason the institutions shown above (the purchasers) should fail or refuse to take
up and pay for the bonds, then said check shall be cashed and accepted by the Board as full and com-
plete liquidated damages. Otherwise, said check shall be returned to us upon payment for the bonds.
It is understood and agreed that for our services in respect to the private placement of this
issue we are to be paid a fee of $270,000 which will be due and payable within five days after deliv-
ery of the bonds. You are advised that out of our fee we will pay the fee of Hutchison & Price, Bond
Counsel, Dallas, Texas; and we will also, out of our fee, compensate First Southwest Company for
their assistance in the private placement of these bonds.
We appreciate very much this opportunity to be of further service to the Dallas-Fort Worth
Regional Airport Board.
Respectfully submitted,
STEPHENS, INC.
f
By f�
Jack T. Stephens
President
1.
Attachment Investment Ba rs
114 East Capitol Avenue,Little Rock,Arkansas 72201 501-374-4361
OTE S_:��7- O� T _LyS
T
CO
CI1 07 FC�,
On t':e 1sc dad- of October, 197/ 3 ., Lho City Counc L 1_
Of t:'' C;Cy O- i O 't �Jrth , T".:?j , CO tVE'neJ ill hE'�i21�t1" �1�'.t'tlltt'
;pith the folio;ain� --_e-hers pLesent , to-�%it :
R. M. Stovall , Ma-or
Joe Bruce Cunningham
Clif Overcash
John J. O'Neill
Ted C . Peters Councilmen
Leonard E . Briscoe
Pat Reece
Henry . 2•feadows
�.rs . i fargre t Ri7n-er
R. �. Line , City Manager
S . G. Jonndroe , Jr. , City Attorney
Roy A. Bateman, City Secretary,
with the `ollowir..g --
a mhe_s absent :
, with more than a quorurn present , at
which time the followin r , amo^g other things was transacted,
i
Councilman t '. introduced an ordinance
and moved that it be passed. The motion was seconded by
Councilman �� ^ - � � The ordinance was read by the City
Secretary. The motion, carrying with it the passage of the
ordinance , prevailed by the following vote:
AYES: Mayor R. M. Stovall and Councilmen Cunningham,
Overcash, O'Neill, Peters , Briscoe, Reece, Meadows and Rimmer .
NOES: None.
ABSENT: None.
The ordinance, as passed, is as follows :
THE STATE OF TEAS
COli:vTY OF DALLAS
CITY OF DALLAS
The City Council convened in Regular Meeting on
October 1, 19733 with the following present :
COUVCIL MEMBERS :
AGUIRRE , ALLEN, GIUIORE , HARRISON) MURK, PATTERSON,
SMITH, TERRELL, STOREY, WEBER AND WISE , f�
WITH THE FOLLOWING ABSENT:
At which time the following among other business was transacted :
It was moved by Councilman and seconded
by -GauRc}Irian y ; ;,, ��"Lthat the ordinance having the
following caption pass :
ORDINANCE NO. 14269
An ordinance passed concurrently by the City
Councils , respectively, of the Cities of Dallas
and Fort Worth, authorizing the issuance of
Dallas-Fort Worth Regional Airport Joint Revenue
Bonds , Series 1973 , in the aggregate principal
amount of $18 ,150 ,000, bearing interest at the
rates specified, for the purpose of paying in part
the cost of constructing, equipping and otherwise
improving the jointly owned Dallas-Fort Worth
Regional Airport of the Cities; providing for the Corm
of said bonds and the coupons appertaining thereto;
awarding the sale of such bonds to the purchasers there-
of; authorizing the Dallas-Fort Worth Regional Airport
Board to deliver said bonds as herein directed; pro-
viding that such bonds are on a parity with the out-
standing Dallas-Fort Worth Regional Airport Joint Reve-
nue Bonds , heretofore issued and sold; adopting pertinent
provisions of and supplementing the 1968 Concurrent
Bond Ordinance: and the Supplemental. I:c;;ional :airport
Concurrent 3.D:Zd Ordinances which �ii.:thnrized tl c
issuanco of said outstanding bonds ; providing Lor
the deposit of the proceeds of the S:ries 1973 Bonds
into certain funds of the Joint Airpoct Fund under
and subject to the control of said Board; and
directing that due observance of the covenants
herein contained be made by the Board ; providing a
method of amending this ordinance ; providing ter
s`verability; ordaining other matters incident and
relating to the subject and purpose hereof; and
declaring an emergency.
ROLL CALL ON MOTION :
Aye - Aguirre , Allen, Gilmore , Harrison, Murr , Patterson,
Smith, Terrell , Storey, Weber and Wise,
Nay - -
Absent
Carried - ordinance passed.
C O P Y
FIRST 00-ClMUVCdt COMPANY
October 1 , 1973
MEMORANDUM
TO: The Executive Director and Members of the Board of Directors
of the Dallas-Fort Worth Regional Airport Board
SUBJECT: $18, 150,000 Dallas-Fort Worth Regional Airport
Joint Revenue Bonds, Series 1973
We recommend the sale of the above captioned bonds to the institutions listed
in the letter of Stephens, Inc. dated September 28, 1973, a copy of which is
attached hereto, at a price of par and accrued interest from the date of issue
to date of delivery of the bonds, maturing and bearing interest as shown on the
Preliminary Private Placement Circular dated September 24, 1973 attached to
the Stephens, Inc. letter.
We further recommend that the Board approve the payment of a fee of $2701,000
requested by Stephens, Inc. for services in the private placement of these bonds.
We consider this to be an unusually fine bid for the bonds in view of the Airlines'
requirement that the bonds be optional on the first day of any month on or after
May 1, 1974, at a price of par and accrued interest, which severely limits the
marketability of the bonds.
FIRST SOUTHWEST COMPANY
By;N. CO
Fi4ci �Ars
Attachments
C O P Y
FIRST COMPANY
October 1, 1973
MEMORANDUM
TO: The Executive Director and Members of the Board of Directors
of the Dallas-Fort Worth Regional Airport Board
SUBJECT: $18,150,000 Dallas-Fort Worth Regional Airport
Joint Revenue Bonds, Series 1973
We recommend the sale of the above captioned bonds to the institutions listed
in the letter of Stephens, Inc. dated September 28, 1973, a copy of which is
attached hereto, at a price of par and accrued interest from the date of issue
to date of delivery of the bonds, maturing and bearing interest as shown on the
Preliminary Private Placement Circular dated September 24, 1973 attached to
the Stephens, Inc. letter.
We further recommend that the Board approve the payment of a fee of $270,000
requested by Stephens, Inc. for services in the private placement of these bonds.
We consider this to be an unusually fine bid for the bonds in view of the Airlines'
requirement that the bonds be optional on the first day of any month on or after
May 1 , 1974, at a price of par and accrued interest, which severely limits the
marketability of the bonds.
FIRST SOUTHWEST COMPANY
By: 116
Fi*ciA visors
Attachments