REPORT TO THE CITY COUNCIL
June 18, 2020
FROM: KEVIN R. MEIKLE, Director of Aviation
Airports Department
SUBJECT
Title
Actions pertaining to Fresno Yosemite International Airport's Parking Garage financing (Council District 4):
1. ***RESOLUTION - 51th Amendment to the Annual Appropriations Resolution (AAR) No. 2019-133 to Appropriate an Additional $525,000 to the State of California Infrastructure Bank Bond Debt Service Fund for the Airport Parking Garage Debt Service Payment Funded with FY 2020 Airport Revenues (Requires 5 affirmative votes) (Subject to Mayor's veto)
Body
RECOMMENDATION
Staff recommends that Council adopt the 51th Amendment to AAR No 2019-133 appropriating an additional $525,000 to the Airports' State of California Infrastructure Bank (IBank) Bond Debt Service Fund to allow for payment of the debt service from FY 2020 revenues.
EXECUTIVE SUMMARY
The Airports FY 2020 budgeted IBank bond debt service was an estimate because at the time of budget submission the financing had not been finalized. The Airports FY 2020 appropriation needs to increase by $525,000 to reflect the actual debt service payments that are due from FY 2020 revenues. This is not an increase in payment amount, but a shift of a portion of the payment from the proposed FY 2021 budget so that payment is made in the proper fiscal period. This AAR Amendment will increase the FY 2020 appropriation to allow Debt Service payment in the proper fiscal period by the end of June 2020. This action is required to be completed by June 30, 2020 per the Bond Supplemental Indenture.
BACKGROUND
Airports secured bond financing from the IBank in May 2019 for the construction of a parking structure at Fresno Yosemite International Airport (FAT). The project remains on schedule and on budget for a late 2021 completion, within the required terms of the Bond financing. The preliminary FY 2020 debt service estimate was $1,620,200. Actual debt service is $2,145,200, a difference ...
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