STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: June 23, 2021
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) the issuance of Refunding Bonds by the Love Field Airport Modernization Corporation in an aggregate principal amount not to exceed $350,000,000; and (2) the financing documents relating to the sale of such bonds - Not to exceed $1,296,000.00 - Financing: 2021 Aviation Bond Funds ($997,000.00) and Aviation Fund ($299,000.00)
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BACKGROUND
In June 2008, the City Council authorized the creation of a local government corporation, the Love Field Airport Modernization Corporation ("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 Love Field Airport Modernization Corporation ("LFAMC") to issue bonds, in one or more series, in the principal amount not to exceed $500,000,000, subject to certain parameters set forth in the resolution; authorized the LFAMC to enter into a special facilities agreement, a trust indenture, and a bond purchase agreement; and authorized the City Manager to enter into the special facilities agreement and a revenue credit agreement by Resolution No. 10-0360.
In November 2010, the LFAMC issued its Love Field Airport Modernization Corporation Special Facilities Revenue Bonds, Series 2010 (Southwest Airlines Company - Love Field Modernization Program Project) in the aggregate principal amount of $310,000,000 ("Series 2010 Bonds"). Additionally, in May 2012, the LFAMC issued its Love Field Airport Modernization Corporation Special Facilities Revenue Bonds, Seri...
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