Title
Consider/Discuss/Act on an Ordinance Authorizing the Issuance of Tax and Limited Pledge Airport Revenue Certificates of Obligation, Taxable Series 2014B
Summary
MEETING DATE: September 2, 2014
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Ordinance
ITEM SUMMARY:
· The City is issuing new Certificates of Obligation not to exceed:
o $1,250,000 for Airport equipment and facility improvements
BACKGROUND INFORMATION:
· The City of McKinney acquired the facilities at the airport in November of 2013 including ownership of the Fixed Base Operations
· In June and July, staff presented two proposed issuances related to the airport:
o $1,000,000 for equipment/renovations
o $1,500,000 for construction of a transient hangar
§ MCDC approved to fund the hangar on August 21, 2014
§ No debt to be issued for the hangar
· Council approved the publication of the Notice of Intent to Issue on July 15, 2014
o Printed in The Dallas Morning News on August 1 and August 8
FINANCIAL SUMMARY:
· The issuance of these Certificates of Obligation will be financed over a 10 year period and will coincide with the anticipated useful life of the improvements.
BOARD OR COMMISSION RECOMMENDATION: N/A