Ordinance 71203

Airport Fund Transfer Realted to COVID-19

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Ordinance

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.

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Legislative History

Session: 2020-2021
Board Bill Number: 50
Primary Sponsor: Marlene E Davis
Co-Sponsors:
Committee: Transportation and Commerce
First Reading: 06/05/2020
Second Reading: 06/26/2020
Perfection: 06/29/2020
Third Reading: 07/14/2020
Effective Date: 07/24/2020

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