Title
Set a Public Hearing on Airport 2021 General Airport Revenue Bonds and Bond Anticipation Notes
Action
Action:
A. Adopt an initial findings resolution and authorize the Chief Financial Officer to make appropriate application to the Local Government Commission for issuance of General Airport Revenue Bonds not to exceed $500,000,000 and revenue bond anticipation notes not to exceed $300,000,000, and
B. Adopt a resolution setting a public hearing on February 22, 2021, for this financing as required by Internal Revenue Service regulations.
Body
Staff Resource(s):
Haley Gentry, Aviation
Kelly Flannery, Finance
Explanation
* Authorize the issuance of up to $500,000,000 in revenue bonds, which is comprised of up to $250,000,000 in General Airport Revenue Bonds (GARBs) to provide permanent financing for projects listed below, including expenses funded with short-term construction-period financing issued in 2019, and up to $250,000,000 in refunding Series 2010A-B and Series 2011A-B for debt service savings.
* This action would also authorize a new construction period financing program for up to $300,000,000 in short-term notes to provide financing for other projects that are in the design phase; it is expected that permanent financing for these projects will be secured in two or three years.
* The 2021 GARBs will provide long-term financing for the following or other similar projects which are part of the Aviation Capital Investment Plan:
* Terminal Lobby Expansion,
* Concourse E Expansion,
* Central Energy Plant,
* Atrium Life Safety, and
* Field Maintenance Building Renovation.
* The 2021 Bond Anticipation Notes will provide short-term financing for the following or other similar projects:
* Concourse A Expansion Phase 2,
* Terminal Lobby Expansion,
* Terminal Lobby Roof,
* Terminal Lobby Canopy,
* North End Around Taxiway and Relocation,
* Taxiway F Extension, Deice Pad, and Taxiway South Cross Field, and
* Concourse E Dual Taxilanes.
* Long and shor...
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