STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: September 9, 2020
COUNCIL DISTRICT(S): N/A
DEPARTMENT: City Controller's Office
EXECUTIVE: Elizabeth Reich
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SUBJECT
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A resolution authorizing (1) Love Field Airport Modernization Corporation ("LFAMC" or "Issuer") to proceed with preparing a resolution authorizing the issuance, sale, and delivery of its Airport System Revenue Refunding Bonds, Series 2020, guaranteed by Southwest Airlines Co. ("Southwest"), subject to certain parameters, in an aggregate principal amount not to exceed $310,000,000; (2) the LFAMC to negotiate and enter into all agreements and instruments to which the Issuer is a party in connection with the issuance of its bonds, including, but not limited to, a bond purchase agreement; (3) the LFAMC and its consultants to take all other actions deemed necessary in connection with the issuance of the LFAMC special facilities revenue bonds including the engagement of the bond underwriters, trustee, co-bond counsel, and co-financial advisors; and (4) other actions by the LFAMC and the City Manager deemed necessary in connection with the foregoing - Financing: This action has no cost consideration to the City (see Fiscal Information for potential future cost)
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BACKGROUND
In June 2008, the City Council authorized the creation of a local government corporation, the LFAMC, pursuant to the requirements of Chapter 431, Sub-chapter D of the Texas Transportation Code to aid, assist, and act on behalf of the City in the performance of its governmental functions to facilitate the Love Field Modernization Program and provide a mechanism for financing its costs.
On January 27, 2010, City Council authorized the LFAMC to issue bonds, in one or more series, in the principal amount not to exceed $500,000,000.00, subject to certain parameters set forth in the resolution; authorized the LFAMC to enter into a...
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