PILLAR: Fiscally Sound
AGENDA DATE: December 10, 2025
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
PRIORITY: N/A
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SUBJECT
Title
A resolution authorizing a one-year extension of the Letter of Credit Reimbursement Agreement and a Fee Agreement with JPMorgan Chase Bank, National Association from December 18, 2025 to December 17, 2026, with respect to the Love Field Airport Modernization Corporation Airport System Commercial Paper Notes, AMT Series - Not to exceed TBD $1,875,000 - Financing: Aviation Fund
*In alignment with LEAP Program.
Body
BACKGROUND
On December 9, 2020, the City Council authorized a resolution establishing the Love Field Airport Modernization Corporation (LFAMC) Commercial Paper Program as interim financing for capital improvements at Love Field Airport for a period of three years, ending in December 2023, with a maximum principal amount at any one time outstanding not to exceed $150,000,000.00.
Commercial paper provides interim financing for capital projects. The use of commercial paper permits more cost-efficient use of capital as short-term debt is issued to closely match the amount and timing of the award of capital project contracts. Commercial paper notes are normally sold at rates of interest that are lower than rates available at the same time on long-term debt. Outstanding commercial paper is periodically reduced by refinancing it with long-term debt. The City currently has three existing commercial paper programs; a general obligation commercial paper program supported by voter-approved debt, a waterworks and sewer system commercial paper program supported by utility system revenue; and the commercial paper program via the LFAMC supported by Airport System revenues.
This item provides authorization to extend the existing agreements with JPMorgan Chase Bank, National Association, which provide support for the repayment of the LFAMC C...
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