Title
Public Hearing on Airport 2022 General Airport Revenue Bonds and Bond Anticipation Notes
Action
Action:
A. Conduct a public hearing related to the issuance of General Airport Revenue Bonds and Revenue Bond Anticipation Notes to provide permanent financing for projects listed below, and
B. Adopt resolutions authorizing and approving the issuance of General Airport Revenue Bonds up to $425,000,000 and Revenue Bond Anticipation Notes up to $300,000,000 and calling for the execution and delivery of various documents necessary to complete the sale.
Body
Staff Resource(s):
Haley Gentry, Aviation
Teresa Smith, Finance
Matthew Hastedt, Finance
Explanation
? At its March 28, 2022 Business Meeting, City Council authorized the application to the Local Government Commission (LGC) for debt issuance to fund Aviation Capital Investment Plan projects and to refund existing debt.
? At its March 28, 2022 Business Meeting, City Council set a public hearing for General Aviation Revenue Bonds (GARBs) expected to be issued in May 2022.
? The 2022 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,
? Terminal Lobby Expansion - Canopy, and
? Terminal Lobby Expansion - Roof.
? The 2022 Bond Anticipation Notes will provide short-term financing for the following or other similar projects:
? Concourse A Expansion Phase 2,
? Federal Inspection Facility Renovations,
? North End Around Taxiway and Relocation,
? Taxiway F Extension, Deice Pad, and Taxiway South Cross Field, and
? Concourse E Dual Taxilanes.
? Long- and short-term financing authorized by these actions is secured by Airport revenue, and the Airport's signatory airlines have approved the projects.
? Prior to issuing this debt, a third-party feasibility study will be completed to indicate that sufficient revenues are forecasted to be available to repay the debt.
? With the City Council approval, it is...
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