Posting Language
Title
Approve an ordinance authorizing the issuance and sale of City of Austin Airport System Revenue Bonds, Series 2019A (Non-AMT), in an amount not to exceed $70,000,000 in accordance with the parameters set out in the ordinance, authorizing related documents, and approving related fees be accomplished by February 28, 2020.
De
Lead Department
Treasury
Fiscal Note
This item has no fiscal impact.
For More Information:
Belinda Weaver, Interim Treasurer, 512-974-7885
Council Committee, Boards and Commission Action:
June 11, 2019 - Austin Airport Advisory Commission
Additional Backup Information:
The Bonds are being issued to provide funding related to infrastructure improvements at the airport, specifically, additional funding for the six-level parking garage at the Lot A site north of the existing parking garage and west of the new rental car facility, and various improvements to the Airports Runway and existing infrastructure. The parking garage construction scope of work has been expanded to include additional improvements to the entrances of the long-term and close-in parking lots and new overhead signage on Presidential Boulevard.
The debt service cost for the currently proposed $70,000,000 City of Austin Airport System Revenue Bonds, Series 2019A (Non-AMT) is estimated as follows:
2019-2020
Average Per Year
Principal
$0
$2,258,064
Interest
$1,750,000
$2,219,710
Total Debt Service
$1,750,000
$4,477,774
The Airport financing plan on today's agenda included "AMT" (Alternative Minimum Tax) bonds and "Non-AMT" bond issuances for ABIA. The entire issuance is supported by Airport System revenue.
The bonds funding the airport terminal expansion, consolidated maintenance facility and information technology building are considered private activity bonds. The interest earned on private activity bonds is subject to the AMT provisions of the Internal Revenue Code. The bonds financing the parking garage, runway improvements, and existing infr...
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