Title
Consider/Discuss/Act on a Resolution Approving and Authorizing Publication of Notice of Intention to Issue Taxable Series 2014 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 $1,750,000 for the construction of a new transient hangar at the McKinney National Airport.
· Currently all hangars at the airport are occupied which limits staffs ability to house transient planes.
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.
· Currently all hangars are leased which limits staff's ability to house transient planes.
· This hangar will enable the City to expand its hangar facilities and provide for additional needed storage.
FINANCIAL SUMMARY:
· The issuance of these Certificates of Obligation will be financed over a 20 year period for the principal and interest payments with the first year payment as an interest only payment to coincide with the financing structure currently in place at the airport.
BOARD OR COMMISSION RECOMMENDATION: N/A