Board Bill Number 50 Votes In Session 2024-2025

Board Bill

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.

View Board Bill 50 details

06/28/2024 Final Passage Vote Results