Posting Language
Title
Approve an ordinance authorizing the issuance and sale by April 9, 2026 of City of Austin Airport System Revenue Refunding Bonds in a par amount not to exceed $250,000,000, to refund outstanding Airport System Revenue Bonds in accordance with the parameters set out in the ordinance, authorizing related documents, and approving related fees. Funding: The Fiscal Year 2026 debt service requirements and estimated annual administration fees for the paying agent/registrar for the proposed bond sale are included in the Operating Budget of the Airport Revenue Bond Redemption Fund.
Body
Lead Department
Austin Financial Services Department
Fiscal Note
The Fiscal Year 2026 debt service requirements and estimated annual administration fees for the paying agent/registrar for the proposed bond sale are included in the 2025-2026 Operating Budget of the Airport Revenue Bond Redemption Fund.
Prior Council Action:
March 6, 2025 - Council approved Ordinance No. 20250306-008 authorizing the issuance and sale by September 6, 2025 of City of Austin Airport System Revenue Refunding Bonds, Series 2025.
For More Information:
Belinda Weaver, Treasurer, 512-974-7885
Additional Backup Information:
The proposed Bonds are being issued to refund all or a portion of the outstanding $244,495,000 Airport System Revenue Bonds, Series 2014 for present value savings. The 2014 Bonds are currently callable (able to be refinanced). The City's municipal advisor, PFM Financial Advisors LLC (PFM), continues to monitor the refunding savings and the City will consult with PFM closer to the bond pricing date to determine which maturities from the currently callable bonds identified above result in present value savings (lower debt service costs) that exceed the City's debt policy guideline of 4.25% of the refunded bonds.
In order to provide the City with the flexibility to respond quickly to changing market conditions, the proposed ordinance delegates the authority to the City...
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