Ordinance 71472

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.

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