REPORT TO THE CITY COUNCIL
FROM: HENRY THOMPSON, Director of Aviation
Airports Department
SUBJECT
Title
Actions pertaining to the City of Fresno Airport Revenue Bonds:
1. TEFRA HEARING - Tax Equity and Fiscal Responsibility Act (TEFRA) to hear and consider information concerning the proposed issuance of tax-exempt bonds by the City of Fresno of exempt facility bonds for the purpose of financing various improvements at Fresno Yosemite International Airport
2. ***RESOLUTION - Authorizing the issuance, sale and delivery of City of Fresno Airport Revenue Bonds, Series 2023 Bonds, authorizing the execution and delivery of a fourth supplemental indenture, bond purchase contract, escrow agreement, continuing disclosure certificate, official statement, and related documents, and authorizing certain other actions and the execution of certain other documents in connection therewith. (Requires 5 Affirmative Votes) (Subject to Mayor's veto)
Body
RECOMMENDATION
Staff recommends that the City Council hold a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing on behalf of The City of Fresno in the aggregate principal amount not to exceed $110,000,000; and authorize the issuance, sale and delivery of Airport Revenue Bonds, Series 2023 Bonds for the financing of a portion of the Terminal Expansion Project and to refinance the Airports Series 2013 bonds for savings.
EXECUTIVE SUMMARY
The City of Fresno is seeking to obtain financing for the constructing, installing, equipping, and furnishing of Airport Facilities (as defined below). The new Bonds will be issued by the City of Fresno. As the governing body of a jurisdiction in which the Facilities are located, the Council must hold a public hearing in accordance with Section 147(f) of the Internal Revenue Code for the purpose of receiving any public testimony regarding the project before it considers authorizing the Authority to issue bonds for this purpose.
The City of Fresno has undertaken an ex...
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