Ordinance 71203

Airport Fund Transfer Realted to COVID-19

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Summary

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.

Overview

Session: 2020-2021

Board Bill Number: 50

Sponsor: Marlene E Davis

Committee: Transportation and Commerce

Effective: 07/24/2020

Legislative History

  • 06/05/2020

    First Reading

  • 06/26/2020

    Second Reading

  • 06/29/2020

    Perfection

  • 07/14/2020

    Third Reading

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