Ordinance 71472

Airport Revenue Refunding Bonds

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Summary

This Board Bill seeks to authorize the issuance of up to twenty million ($20,000,000) airport revenue refunding bonds. Proceeds from the Bonds will be used to refund and redeem the City’s outstanding Airport Revenue Refunding Bonds, Series 2012 (AMT) (the “Series 2012 Bonds”). The Bonds will be secured and payable solely from funds pledged under the Amended and Restated Indenture of Trust dated as of September 10, 1997, as amended and supplemented from time to time, including the revenues derived from the operation of the Airport. Based on current interest rate projections, it is anticipated that the refunding and refinancing of the Series 2012 Bonds will result in savings of approximately $1.75 million. Proceeds from the sale of the bonds will be used to : (1) refund the Series 2012 Bonds; (2) fund any required debt service reserve funds, and (3) pay for expenses associated with the issuance of such bonds, including premiums from any bond insurance or surety.

Overview

Session: 2021-2022

Board Bill Number: 186

Sponsor: Shane Cohn

Effective: 03/23/2022

Legislative History

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

  • 02/11/2022

    First Reading

    Bill text was introduced (442.90 KB PDF).

  • 02/11/2022

    Referred to a Committee

    The bill was assigned to the Transportation and Commerce Committee.

  • 02/16/2022

    Committee Hearing

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

  • 02/18/2022

    Second Reading

  • 02/25/2022

    Perfection

    The bill was passed.

  • 03/04/2022

    Engrossment

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

  • 03/04/2022

    Third Reading

    The bill was passed.

  • 03/04/2022

    Delivered to Mayor

  • 03/23/2022

    Mayor Returns Bill

    The bill was approved.

  • 03/25/2022

    Delivered to Register

  • 04/05/2022

    Register Returns Notice with Ordinance Number

    Register returns ordinance number 71472. Effective date is 03/23/2022

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