Snohomish Logo
File #: 2023-0323    Version: 1
Type: Motion Status: Approved
File created: 3/27/2023 In control: Administrative Session
On agenda: 4/4/2023 Final action: 4/4/2023
Title: Motion 23-131, declaring the County's official intent to reimburse capital expenditures for an airport inner terminal ramp reconstruction project with the proceeds of General Obligation Bonds
Sponsors: Airport, Nickolis Landgraff
Code sections: 26 CFR - 1.150-2 - Proceeds of bonds used for reimbursement.
Attachments: 1. Motion 23-131, 2. Staff Report, 3. Motion Assignment Slip

 

 

Executive/Council Action Form (ECAF)

 

 

ITEM TITLE:

Title

Motion 23-131, declaring the County’s official intent to reimburse capital expenditures for an airport inner terminal ramp reconstruction project with the proceeds of General Obligation Bonds

 

body

DEPARTMENT:  Airport

 

ORIGINATOR:  Nickolis A. Landgraff

 

EXECUTIVE RECOMMENDATION:  Approved by Neepaporn Boungjaktha 3/29/23

 

PURPOSE: Declaring the County’s official intent to reimburse capital expenditures for an Airport Inner Terminal Ramp Reconstruction Project at $8,921,038 with the proceeds of general obligation bonds.

 

BACKGROUND: .

                     Snohomish County Airport intends to make capital expenditures for the reconstruction of an “Inner Terminal Ramp” located airside directly in front of the passenger terminal area at Snohomish County Airport to be funded through Passenger Facility Charges (PFC).

                     The Airport (County) may finance all or a portion of the PFC Project through the issuance of one or more series of federally tax-exempt general obligation bonds in the maximum aggregate principal amount of $8,921,038 and prior to the issuance of the Bonds, the County intends to make capital expenditures in connection with the PFC Project from available funds of the County, and to reimburse those capital expenditures with proceeds of the Bonds. 

                     Treasury Regulations Section 1.150-2 requires that the County declare it to be the official intent of the County to reimburse all or a portion of any such capital expenditures from the proceeds of the Bonds.

 

FISCAL IMPLICATIONS:

EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU

CURRENT YR

2ND YR

1ST 6 YRS

410.521680.6604

$8,921,038

 

$8,921,038

Construction of PFC Projects

 

 

 

 

 

 

 

 

 

 

 

TOTAL

$8,921,038

 

$8,921,038

 

 

REVENUE: FUND, AGY, ORG, REV, SOURCE

CURRENT YR

2ND YR

1ST 6 YRS

410.3216800.7901

$8,921,038

 

$8,921,038

PFC Revenues

 

 

 

 

 

 

 

 

 

 

 

TOTAL

$8,921,038

 

$8,921,038

 

DEPARTMENT FISCAL IMPACT NOTES:  The Airport has sufficient cash and investments on hand until the bonds are issued for reimbursement.

 

CONTRACT INFORMATION:

ORIGINAL

 

CONTRACT#

 

AMOUNT

 

AMENDMENT

 

CONTRACT#

 

AMOUNT

 

 

Contract Period

ORIGINAL

START

 

END

 

AMENDMENT

START

 

END

 

 

OTHER DEPARTMENTAL REVIEW/COMMENTS:  Reviewed/approved by Risk - Shelia Barker 3/27/23 and Finance - Nathan Kennedy 3/27/23