Title
Consider/Discuss/Act on a Resolution Approving and Authorizing Publication of Notice of Intention to Issue Tax Exempt Series 2014B Certificates of Obligation
Summary
MEETING DATE: July 15, 2014
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Resolution
ITEM SUMMARY:
· This Resolution will begin the process of issuance of Certificates of Obligation in a not to exceed amount of $1,250,000 for the purposes of acquiring, constructing, improving, extending and equipping facilities at the McKinney National Airport.
BACKGROUND INFORMATION:
· The City of McKinney acquired the facilities at the airport in November of 2013.
· Since that time, the City has owned and operated the Fixed Base Operations.
· These proceeds will be used for equipment and facilities related improvements.
FINANCIAL SUMMARY:
· The issuance of these Certificates of Obligation will be financed over a 10 year period for the principal and interest payments and will coincide with the anticipated useful life of the improvements.
BOARD OR COMMISSION RECOMMENDATION: N/A