Board Bill Number 50 In Session 2024-2025

Airport Interim Financing Program

Summary

This Board Bill seeks to authorize the establishment of an interim financing program to incur indebtedness with an aggregate principal amount not to exceed Six Hundred Fifty Million Dollars ($650,000,000) outstanding at any one time for the purpose of financing or refinancing costs of improvements to the Airport (the "Interim Indebtedness") and to provide for the refinancing of all or a portion of the Interim Indebtedness with long-term financing through the issuance of Airport Revenue Refunding Bonds (the "Refunding Bonds") under the Amended and Restated Indenture of Trust dated as of July 1, 2009, as amended and supplemented from time to time (the "Indenture"), including the revenues derived from the operation of the Airport (the "Airport Revenues"). The debt service costs associated with the Interim Indebtedness will be paid solely from Airport Revenues, on a basis subordinate to the holders of Airport Revenue Bonds issued under the Indenture. The debt service costs associated with the Refunding Bonds will be paid solely from Airport Revenues, on a basis equal to the holders of Airport Revenue Bonds issued under the Indenture. Proceeds of the Interim Indebtedness will be used to: (1) finance and refinance from time to time, on an interim basis, the costs of acquisition, expansion, construction, equipping and improvements to Airport facilities, including the refunding or refinancing of outstanding Interim Indebtedness, the refunding of outstanding bonds that have been or may be issued for purposes of the Airport, (2) finance all or a portion of capitalized interest, if any, and (3) finance certain costs of issuance in connection with the incurrence of the Interim Indebtedness. Refunding Bonds would be issued in an aggregate principal amount not to exceed the amount necessary to pay or provide for the payment of the principal of and interest accrued on the outstanding Interim Indebtedness to be refunded and any amounts necessary for the payment of costs and expenses related to issuing such Refunding Bonds and to fund a debt service reserve fund for the Refunding Bonds, if any.

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Latest Bill text:

Overview

Session: 2024-2025

Introduced: 06/07/2024

Primary Sponsors: Shane Cohn

Latest Activity: Register Returns Notice with Ordinance Number

Ordinance: 71876 effective 08/18/2024

Legislative History

Legislative activities and outcomes for this board bill. Learn more about what these activities mean.

  • 06/07/2024

    First Reading

    Bill text was introduced (294.63 KB PDF).

  • 06/07/2024

    Referred to a Committee

    The bill was assigned to the Transportation and Commerce Committee.

  • 06/11/2024

    Committee Hearing

    The bill was passed out of committee with a recommendation of do pass during the Transportation and Commerce Committee hearing.

  • 06/14/2024

    Second Reading

  • 06/21/2024

    Perfection

    The bill was passed.

  • 06/28/2024

    Engrossment

    The bill was engrossed during the Engrossment, Rules, Resolutions and Credentials Committee.

  • 06/28/2024

    Third Reading

    The bill was passed.

  • 06/28/2024

    Delivered to Mayor

  • 07/18/2024

    Mayor Returns Bill

    The bill was approved.

  • 07/18/2024

    Delivered to Register

  • 07/31/2024

    Register Returns Notice with Ordinance Number

    Register returns ordinance number 71876. Effective date is 08/18/2024

Votes

06/28/2024 Vote Results

Aye Votes 15
No Votes 0
Final Passage Vote

View vote details

Ordinance

Ordinance Number: 71876

Effective Date: 08/18/2024

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