Posting Language
Title
Approve an ordinance authorizing the establishment of the City of Austin, Texas, Airport System Subordinate Lien Revolving Revenue Note Program, the issuance from time to time of short-term notes in an aggregate principal amount not to exceed $150,000,000 at any one time outstanding, the execution of all related agreements, including one or more Note Purchase Agreements, and payment of all related cost of issuance. Funding: The Fiscal Year 2024-25 Note Program debt service requirements and cost of issuance are included in the 2024-25 Approved Operating Budget of the Airport Operating Fund.
Body
Lead Department
Financial Services Department
Fiscal Note
The Fiscal Year 2024-25 Note Program debt service requirements and cost of issuance are included in the 2024-25 Approved Operating Budget of the Airport Operating Fund.
For More Information:
Belinda Weaver, Treasurer, 512-974-7885
Additional Backup Information:
The proposed note program is being created to provide a short-term financing vehicle to initially fund the City's Airport Expansion and Development Program (AEDP) and to fund other capital improvement program projects from time to time at the Airport. The AEDP is intended to increase capacity at the Airport using a strategic approach, including optimizing the existing Barbara Jordan Terminal, enabling future Airport expansion with utilities, airfield improvements, and terminal infrastructure. The AEDP includes a new concourse B with additional gates, a new larger capacity central utility plant, a new parking garage, and a new arrival/departure hall with expanded ticket counters, security capacity and roadway infrastructure. The proposed note program will fund design and construction of the AEDP elements including projects located on the airside, terminal and landside.
The proposed note program allows the City to issue short term notes for qualifying capital improvement program projects at the Airport to minimize borrowing cost...
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