REPORT TO THE CITY COUNCIL
April 25, 2019
FROM: KEVIN R. MEIKLE, Director of Aviation
Airports Department
SUBJECT
Title
Actions related to approval and execution of financing documents to finalize a $35 million low-interest loan from the California Infrastructure and Economic Development Bank to partly fund a parking garage at Fresno Yosemite International Airport (Council District 4)
1. Adopt a finding of Class 32 Categorical Exemption pursuant to the California Environmental Quality Act Guidelines
2. ***RESOLUTION - Authorizing the issuance, sale and delivery of City of Fresno Airport Revenue Bonds, Series 2019 Bonds to the California Infrastructure and Economic Development Bank, Authorizing the execution and delivery of a Third Supplemental Indenture, Continuing Covenant Agreement and related documents, and Authorizing certain other actions and the execution of certain other documents in connection therewith (Subject to Mayor's Veto)
Body
RECOMMENDATIONS
Staff recommends Council adopt a finding of Class 32 Categorical Exemption pursuant to the California Environmental Quality Act (CEQA) Guidelines, approve a Resolution authorizing the issuance, sale and delivery of City of Fresno Airport Revenue Bonds, Series 2019 bonds to the California Infrastructure and Economic Development Bank (IBank), authorize the execution and delivery of a Third Supplemental Indenture, Continuing Covenant Agreement and related documents, and authorize certain other actions and the execution of certain other documents in connection therewith.
EXECUTIVE SUMMARY
The purpose of the Resolution is to express Council's intent to authorize the execution of the loan. It defines the maximum interest rate and specifies the maturity date. The Continuing Covenant Agreement details obligations the City agrees to meet as a borrower as long as the loan is outstanding, such as the timely annual submittal of audited financial statements to the IBank. The Supplemental Indenture creat...
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