Title
Airport 2020 Bond Anticipation Notes
Action
Action:
A. Adopt an initial finding resolution and authorize the Chief Financial Officer to make appropriate application to the Local Government Commission for issuance of revenue bond anticipation notes not to exceed $300,000,000, and
B. Adopt a resolution setting a public hearing on May 11, 2020 for this financing as required by Internal Revenue Service regulations.
Body
Staff Resource(s):
Brent Cagle, Aviation
Kelly Flannery, Finance
Explanation
§ The city is seeking Council authorization to issue a new construction period financing program for up to $300,000,000 in short-term notes to provide financing for Aviation projects. It is expected that permanent financing for these projects will be secured in two or three years.
§ Internal Revenue Service regulations require a public hearing on new, tax-exempt, debt-funded projects. This action will set a public hearing for May 11, 2020.
§ Short-term financing authorized by this action is secured by Airport revenue and the Airport’s signatory airlines have approved the projects.
§ Debt issuances must be approved by the Local Government Commission (LGC). This action authorizes the city to submit an application to the LGC for approval at its June meeting.
Fiscal Note
Funding: Airport Debt Service Fund
Attachments
Attachment(s)
Initial Findings Resolution