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HomeMy WebLinkAboutOrdinance 15506 CITY OF DALLAS ORDINANCE NO CITY OF FORT WORTH ORDINANCE NO ~~~ AN ORDINANCE. AMENDING IN PART THE 1968 REGIONAL AIRPORT CONCURRENT BOND ORDINANCE RELATING TO DALLAS/FORT WORTH INTERNATIONAL AIRPORT JOINT REVENUE BONDS, AND PROVIDING OTHER TERMS, PROVISIONS AND COVENANTS WITH RESPECT THERETO WHEREAS, the Cities of Dallas and Fort Worth, Texas (the `Cities") are each a `Home Rule Clty acting as such under the Constitution and laws of the State of Texas, and each has a population in excess of 90 000• and WHEREAS the Cities jointly own and operate the Dallas/Fort Worth International Airport (the Airport") and have created a `point board" pursuant to Section 22.074 Transportation Code, as amended, known as the Dallas/Fort Worth International Airport Board (the `Board'), to operate and to set and establish policies for the Airport; and WHEREAS the Cities, pursuant to the 1968 Regional Airport Concurrent Bond Ordinance adopted by the City Councils of the Cities and effective as of November 12, 1968 (the 1968 Ordinance"), determined, among other things, that the Cities should issue and should authorize the Board to sell and deliver joint revenue bonds m order to provide financing for various costs relating to the Airport; and WHEREAS, the Cities have from time to time amended and supplemented the 1968 Ordinance with thirty-six supplemental concurrent bond ordinances, and WHEREAS the Cities have determined to adopt this Ordinance to amend the 1968 Ordinance by modifying certain provisions to conform such covenants to contemporary financial practices, and WHEREAS the 1968 Ordinance may be amended with the consent of the `Existing Insurers" (as defined below), the `Lenders" (as defined below) and the holders of not less than sixty-six and two-thirds percent (66-2/3%) of the principal amount of the `Previously Issued Obligations" (as defined below) and WHEREAS the Existing, Insurers and the Lenders, acting for themselves and, for these purposes only in accordance with the 1968 Ordinance, as amended, acting as the holders of more than sixty-six and two-thirds (66-2/3%) of the principal amount of the Previously Issued Obligations, have consented to the amendments set forth herein, and WHEREAS the respective City Councils for the Cities have determined and .found that there is a public need and necessity that this Ordinance be passed concurrently and that this Ordinance shall be effective immediately upon its passage by each of the Cities, and WHEREAS each City Council finds and determines that the meeting at which this Ordinance is adopted is open to the public, and public notice of the time, place and subject DAL504/71002 Dallas 677704 4.DOC matter of the public business to be considered and acted upon at said meeting, including this Ordinance, was given, all as required by Applicable Law• NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DALLAS NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH ARTICLE I DEFINITIONS AND OTHER PRELIMINARY MATTERS Section 1 1 Definitions The capitalized terms used herein, including the capitalized terms used in the preambles hereto, that are not otherwise defined herein, shall have the same meanings and definitions as are applied to such terms, respectively m, or incorporated into, the 1968 Ordinance, as amended. In addition, the following terms have the definitions set forth below `Current Outstanding Ordinances" means the 1968 Ordinance, the Thirtieth Supplemental Concurrent Bond Ordinance, passed by the City Councils on February 22 and February 23 2000 and the following ordinances that supplement and amend the same• (i) the Eighteenth Supplemental Ordinance (the `1992A Ordinance"), November 13 and November 14 1990• Regional Auport Concurrent Bond passed by the City Councils on (ii) the Twenty Fifth Supplemental Regional Airport Concurrent Bond Ordinance (the 1994A Ordinance"), passed by the City Councils on June 21 and June 22, 1994 (iii) the Twenty-Sixth Supplemental Regional Airport Concurrent Bond Ordinance (the 1995 Ordinance"), passed by the City Councils on June 13 and June 14 1995 (iv) the Twenty-Seventh Supplemental Regional Airport Concurrent Bond Ordinance (the 1997 Ordinance"), passed by the City Councils on May 13 and May 14 1997 (v) the Twenty-Eighth Supplemental Regional Airport Concurrent Bond Ordinance (the 1997A Ordinance"), passed by the City Councils on August 27 and September 2, 1997 (vi) the Twenty-Ninth Supplemental Regional Airport Concurrent Bond Ordinance (the 1997B Ordinance"), passed by the City Councils on August 27 and September 2, 1997 DAL504/71002 Dallas 677704 4.DOC 2 (vii) the Thirty First Supplemental Concurrent Bond Ordinance (the `2000A Ordinance"), passed by the City Councils on February 22 and February 23 2000• (viii) the Thirty-Second Supplemental Concurrent Bond Ordinance (the `Commercial Paper Ordinance"), passed by the City Councils on October 24 and October 25 2000 (ix) the Thirty-Third Supplemental Concurrent Bond Ordinance (the `2001A Ordinance"), passed by the City Councils on November 13 and November 14 2001 (x) the Thirty Fourth Supplemental Concurrent Bond Ordinance (the `2002A Ordinance"), passed by the Crty Councils on August 13 and August 14 2002 (xi) the Thirty Fifth Supplemental Concurrent Bond Ordinance (the `2002B Ordinance"), passed by the City Councils on August 13 and August 14 2002 and (xii) the Thirty-Sixth Supplemental Concurrent Bond Ordinance (the `2002C Ordinance"), passed by the City Councils on August 13 and August 14 2002. `Existing Insurers" means Financial Guaranty Insurance Company and MBIA Insurance Corporation, the issuers of mumcipal bond insurance policies insuring a portion of the Previously Issued Obligations. `Lenders" means JPMorgan Chase Bank, WestLB AG New York Branch, Landesbank Hessen-Thuringen Girozentrale, New York Branch, and State Street Bank and Trust Company being the parties that have executed and delivered the Revolving Credit Agreement to and with the Board m connection with the issuance of the Commercial Paper Notes. `Previously Issued Obligations" means the bonds and notes heretofore issued by the Cities, bearing the following titles and series designations, having been authorized and issued under and pursuant to the respective Current Outstanding Ordinances as identified below and that are Outstanding on the effective date of this Ordinance: (i) Dallas/Fort Worth Regional Airport Joint Revenue Refunding Bonds, Serves 1992A, authorized by the 1992A Ordinance, (ii) Dallas/Fort Worth Regional Airport Joint Revenue Refunding Bonds, Serves 1994A, authorized by the 1994A Ordinance, (iii) Dallas/Fort Worth Regional Airport Joint Revenue Refunding Bonds, Series 1995 authorized by the 1995 Ordinance; (iv) Dallas/Fort Worth Regional Airport Joint Revenue Construction and Refunding Bonds, Serves 1997 authorized by the 1997 Ordinance; DAL504/71002 Dallas 677704 4.DOC 3 (v) Dallas/Fort Worth Regional Airport Joint Revenue Refunding Bonds, Serves 1997A, authorized by the 1997A Ordinance; (vi) Dallas/Fort Worth Regional Airport Joint Revenue Refunding Bonds, Taxable Serves 1997B, authorized by the 1997B Ordinance; (vii) Dallas/Fort Worth International Airport Joint Revenue Bonds, Serves 2000A, authorized by the 2000A Ordinance, (viii) Dallas/Fort Worth International Airport Joint Revenue Commercial Paper Notes, Series A, authorized by the Commercial Paper Ordinance (the `Commercial Paper Notes"), (ix) Dallas/Fort Worth International Airport Joint Revenue Improvement and Refunding Bonds, Series 2001A, authorized by the 2001A Ordinance; (x) Dallas/Fort Worth International Airport Joint Revenue Improvement and Refunding Bonds, Series 2002A, authorized by the 2002A Ordinance; (xi) Dallas/Fort Worth International Airport Joint Revenue Auction Rate Bonds, Serves 2002B authorized by the 2002B Ordinance; and (xii) Dallas/Fort Worth International Airport Joint Revenue Auction Rate Bonds, Series 2002C, authorized by the 2002C Ordinance. Section 1.2 Titles and Headm~s. The titles and headings of the Articles and Sections of this Ordinance have been Inserted for convemence of reference only and are not to be considered a part hereof and shall not In any way modify or restrict any of the terms or provisions hereof and shall never be considered or given any effect m construing this Ordinance or any provision hereof or in ascertaimng Intent, If any question of intent should apse. Section 1.3 Internretation. (a) Unless the context requires otherwise, words of the masculine gender shall be construed to Include correlative words of the feminine and neuter genders and vice versa, and words of the singular number shall be construed to Include correlative words of the plural number and vice versa. (b) Article and Section references shall mean references to Articles and Sections of this Ordinance unless designated otherwise. (c) If any one or more of the provisions contained herein should be contrary to Applicable Law then such provision shall be deemed separable from the remaimng provisions hereof, and shall in no way affect the vahdrty of the remaining provisions contained m this Ordinance. DAL504/71002 Dallas 677704 4.DOC -4- ARTICLE II AMENDMENT TO 1968 ORDINANCE Section 2.1 Amendment to 1968 Ordinance Section 2 1 Section 2.1 of the 1968 Ordinance is amended by adding the following definitions m appropriate alphabetical order ARCHITECT" means a registered licensed professional architect working as a regular employee of the Board, or working for any firm or joint venture of such architects that has been retained by the Board, having a favorable repute for skill and experience in the fields of architecture and planning who is entitled to practice and practicing as such under the laws of the State of Texas. `ENGINEER means any registered or licensed professional eriglneer working as a regular employee of the Board, or working for any firm of such engineers that has been retalned by the Board, having a favorable repute for skill and experience in the field of designing, preparing plans and specifications for and supervising construction of airports and airport facilities who is entitled to practice and practicing as such under the laws of the State of Texas. `INDEPENDENT INSiJRANCE CONSULTANT" means a firm of independent professlonal consultants knowledgeable in the ownership and operation of publicly-owned properties, including aiports, and having a favorable reputation for skill and experience m the field of insurance consultation. `RISK MANAGER means the insurance risk manager of the Airport in the control and employ of the Board, or such other officer or employee of the Board having the responsibility to acquire and mamta.m insurance on the Board s behalf. `VP/DESIGNEE" means the Vice President of the Airport department responsible for the procurement, management or supervision of Obligation funded capital expenditures including but not limted to mayor maintenance or the design and construction of new Airport projects, or such other officers or employees of the Board so designated as having responsibility for such matters by an Authorized Officer Section 2.2 Amendment to 1968 Ordinance, Sections 5.3 and 5 4 Sections 5.3 and 5 4 of the 1968 Ordinance are amended as follows (with new language appearing in bold and italics) `Section 5.3 Disbursements from Construction Fund. A. Before any moneys shall be withdrawn or any payments shall be made from the Construction Fund for Costs of the Airport which directly relate to the physical construction and equipment thereof there shall be filed with and approved by the Executive Director, or such officer or employee of the Board designated by the Executive Director for such purpose (the Approving Officer")- (1) A voucher which may contain any number of items signed by the Engineer Architect or VP/Designee and stating in respect of each item to be paid- DAL504/71002 Dallas 677704 4.DOC 5- (a) the item number of the payment; (b) the name of the person to whom payment is due; (c) the amount or amounts to be paid, and (d) the purpose for which the obligation to be paid was incurred m such detail as shall be satisfactory to the Director of Finance; and (2) A Certificate signed by the Engineer Architect or VP/Designee and attached to the voucher certifying- (a) that the obligations in the stated amounts have been incurred by the Board and that each item thereof is a proper charge against the Construction Fund and has not been paid, (b) that there has not been filed with or served on the Board any notice of lien, right of lien, or attachment upon or claim affecting the right to receive payment of any moneys payable to any person named in such voucher which has not been released or will not be released siiriultaneously with the payment of such obligations, (c) that such voucher contains no payment on account of any retained percentage which the Board at the date of. such Certificate is entitled to retain, and (d) that insofar as any such obligation was incurred for working materials, equipment or supplies such work was actually performed in the furtherance of the Airport or delivered at the site thereof for that purpose or delivered for storage or fabrication at a place or places approved by the person signing the Certificate and under the control of the Board. If the Executive Director or the Approving Officer shall determine that such voucher and Certificate are in the form and contain the information required by this paragraph, and that such payments are due, he shall be authorized to make payment thereof in such manner as is customarily employed by the Board for the payment of other expenses thereof. If the Approving Officer is also a VP/Designee, the Approving Officer may not approve for payment any voucher and Certificate he signed as VP/Designee pursuant to clauses (I) or (2) above. B Before any moneys shall be withdrawn or any payments shall be made from the Construction Fund for Costs of the Airport other then those contemplated in paragraph A; above, including expenses of administration and the other items included as a part of the term `Costs of the Airport, as defined m this Ordinance, the Board. shall adopt and maintain a current schedule of Construction Fund uses. Moneys within the Construction Fund may be expended for such purposes at such times as expenditures may be required upon the execution of a Certificate by the Executive Director or the Approving Officer to the effect that such expenditures are itemized in or contemplated by such schedule of Construction Fund uses. Otherwise, such expenditures shall not be made unless the expenditure thereof shall be approved by resolution adopted by the DAL504/71002 Dallas 677704 4.DOC -6- Board, which resolution shall recite the purpose of the expenditure and shall contain the statement that the expenditure is a proper Cost of the Airport. Section 5 4 Completion of the Project. When the Project, or any item of additional improvements made with Bond proceeds, shall have been completed in accordance with the plans and specifications therefor and when all amounts due therefor, including all proper incidental expenses, shall have been paid, the Engineer Architect or VP/Designee shall file with the Executive Director or the Approving Officer if any, and the Board a certificate so stating, and thereupon the Board shall cause the transfer of all moneys remaining in the Construction Fund, if any to the Capital Improvements Fund. Section 2.3 Amendment to 1968 Ordinance, Section 9.13 Section 9 13 of the 1968 Ordinance is amended by deleting such section in its entirety and replacing it with the following: `Section 9 13 Casualty Insurance. A. Except to the extent provided by others, the Board will at all times maintain insurance for such of the Facilities, in such amounts (including deductible amounts) and against such losses or damages, as are customarily insured by the owners of publicly-owned properties, including airports, having similar properties and operations as the Airport. All such insurance maintained by the Board shall be either obtained from a responsible insurance company or companies authorized to do business in the State, to the extent such insurance is obtainable at commercially reasonable rates, or provided through a program of self insurance. B 'The Board shall annually determine, following consultation with an Independent Insurance Consultant or the Risk Manager the Facilities to be insured and the type and amount (including deductible amounts) of insurance to be obtained by the Board. ARTICLE III MISCELLANEOUS Section 3 1 Further Action. The Authorized Officers and each of them are authorized, empowered and directed to execute such other documents in addition to those enumerated herein and to take such other actions as they deem necessary or advisable in order to carry out and perform the purposes of this Ordinance. Section 3.2. Effective Date. This Ordinance shall be in full force and effect on and after the date on which it is duly passed by the City Council of each of the Cities. (Verification Pages Follow) DAL504/71002 Dallas 677704 4.DOC 7 APPROVED AND PASSED BY THE DALLAS CITY COUNCIL THIS , 2003 APPROVED AS TO FORM. City Attorney City of Dallas, Texas DAL504/71002 Dallas 677704 4.DOC PASSED BY THE FORT WORTH CITY COUNCIL THIS , 2003. Mayor City of Fort Worth, Texas (Seal) ATTEST Crty Secretary City of Fort Worth, Texas APPROVED AS TO FORM AND LEGALITY Clty Attorney Crty of Fort Worth, Texas DAL504/71002 Dallas 677704 4.DOC THE STATE OF TEXAS § COUNTY OF DALLAS § CITY OF DALLAS § I, Shirley Acy Clty Secretary of the City of Dallas, Texas, do hereby certify 1 That the above and foregoing is a true and correct copy of an Ordinance that was duly presented and passed by the Clty Council of the Clty of Dallas, at a regular meeting held on April 9 2003 which ordinance is duly of record in the minutes of said City Council and in the office of the City Secretary 2. That said meeting was open to the public, and publlc notice of the tune, place and purpose of said meeting was given, all as required by Chapter 551 Government Code, as amended. WITNESS MI' HAND and seal of the City of Dallas, Texas, this 9th day of April, 2003 City Secretary City of Dallas, Texas (SEAL) DAL504/71002 Dallas 677704 4.DOC THE STATE OF TEXAS § COUNTY OF TARRANT § CITY OF FORT WORTH § I, Glona Pearson, City Secretary of the City of Fort Worth, Texas, do hereby certify 1 That the above and foregoing >s a true and correct copy of an Ordinance, duly presented and passed by the City Council of the City of Fort Worth, Texas, at a regular meeting held on Apn18 2003 as same appears of record m the Office of the City Secretary 2. That said meeting was open to the publ>.c, and pubhc notice of the time, place and purpose of said meeting was given, all as required by Chapter 551 Government Code, as amended. WITNESS MY HAND and the Official Seal of the City of Fort Worth, Texas, this 8th day of April, 2003 City Secretary City of Fort Worth, Texas (SEAL) DAISO4/71002 Dallas 677704.4.DOC