Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Ordinance 24-070, authorizing the issuance and sale of a Taxable Limited Tax General Obligation Bond of the County in an original principal amount of $8,951,566 to obtain financing for the Airport Inner Terminal Ramp Reconstruction Project; providing for the disposition of the proceeds of sale of the bond; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bond; and providing for the annual levy of taxes to pay the principal thereof and interest thereon
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DEPARTMENT: Finance
ORIGINATOR: Nathan Kennedy
EXECUTIVE RECOMMENDATION: Approved by Ken Klein 8/5/24
PURPOSE: Approve ordinance to authorize the issuance and sale of a taxable limited tax general obligation bond of the County in an original principal amount of $8,951,566 to obtain financing for the Airport Inner Terminal Ramp Reconstruction Project and its issuance costs.
BACKGROUND: This ordinance will authorize the issuance and sale of a taxable limited tax general obligation bond of the County in an original principal amount of $8,951,566 to obtain financing for the Airport Inner Terminal Ramp Reconstruction Project; providing for the disposition of the proceeds of the sale of the bond; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bond; and providing for the annual levy of taxes to pay the principal thereof and interest thereon.
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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410-5216808401 Bond Issuance Exp |
30,000.00 |
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TOTAL |
30,000.00 |
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REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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410-3216808210 Bond Proceeds |
$8,951,566.00 |
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TOTAL |
$8,951,566.00 |
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DEPARTMENT FISCAL IMPACT NOTES: This will increase debt level for the Airport but return cash balances back to normal levels.
CONTRACT INFORMATION:
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ORIGINAL |
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CONTRACT# |
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AMOUNT |
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AMENDMENT |
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CONTRACT# |
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AMOUNT |
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Contract Period
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ORIGINAL |
START |
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END |
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AMENDMENT |
START |
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END |
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OTHER DEPARTMENTAL REVIEW/COMMENTS: Reviewed/approved by Finance - Nathan Kennedy 8/5/24; signed by Special DPA Daniel Gottleib