STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: September 25, 2019
COUNCIL DISTRICT(S): Outside City Limits
DEPARTMENT: Office of Strategic Partnerships & Government Affairs
EXECUTIVE: Kimberly Bizor Tolbert
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SUBJECT
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Authorize a concurrent resolution with the City Council of the City of Fort Worth that: (1) finds and determines that Dallas Fort Worth International Airport ("Airport") public facility projects that have been financed or refinanced with the proceeds of Airport bond obligations are public facilities within the meaning of the Airport's Public Facility Improvement Corporation's ("PFIC") Articles of Incorporation; (2) finds and determines that the payment of debt service on Airport bond obligations is consistent and in furtherance of the purposes of the PFIC; and (3) approves the payment of debt service of the Airport bond obligations that have been issued for Airport public facility projects as an "Approved Airport Project" (as defined in the Articles of Incorporation and Rules and Regulations of the PFIC) - Financing: No cost consideration to the City
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BACKGROUND
The Airport's PFIC was created in 2001 as a separate entity for financing, planning, constructing, equipping, owning, renovating, repairing, improving, maintaining and/or operating one or more public facilities ("Public Facilities") within the boundaries of the Airport and to and to ensure revenues generated at these facilities are used to maintain and improve the facilities. PFIC funds are separately managed by the PFIC and are not shared with the airlines.
Dallas and Fort Worth have adopted a Master Bond Ordinance (the "Master Bond Ordinance"), as amended by Supplemental Bond Ordinances, that authorize the issuance of certain obligations (as defined in the Master Bond Ordinance) for the purposes of improving, constructing, replacing or otherwise extending the Airport or for ...
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