Board Bill Number 50 | Session 2020-2021

Airport Fund Transfer Realted to COVID-19

Board Bill

This draft Ordinance authorizes transfers of funds in an amount not to exceed the sum of $4,500,000 from the Airport Debt Service Stabilization Fund into the Airport's Operation and Maintenance Fund in accordance with Section 516.B of the Airport's Indenture of Trust, dated as of October 15, 1984, as amended and restated as of July 1, 2009, as amended and supplemented, during the fiscal year beginning July 1, 2019 and the fiscal year beginning July 1, 2020, for the purpose of offsetting any cash flow shortfalls or any adverse impact on the Airport's budget from the emergency COVID-19 related three month deferral of the Minimum Annual Guarantee (MAG) payments from Airport concessionaires and the three month deferral of the Permit Fee from Airport taxicabs and certain other ground transportation operators serving the Airport; and containing a severability clause and an emergency clause.

Download Full Board Bill

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Legislative History

Session:2020-2021
Sponsor: Marlene E Davis
Co-Sponsors:
Committee: Transportation and Commerce
Actions: 06/29/2020 Perfection
06/26/2020 Second Reading
06/05/2020 First Reading

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