The City intends to sell tax-exempt private activity bonds to finance the remodel and expansion of the Airport terminal building, and refinance the 2010B bonds to reduce the interest rate. The 2010B bonds were used to construct the Quick Turn Around Facility at the airport.
Prior to the approval of the parameter resolution, a hearing for public comment about the bonds and the airport project was held at the May 11th council meeting.  A parameters resolution has been submitted for approval to set the limits for the principal amount, the interest rate and the maturity of the bonds.  Once the resolution has been passed, the City can proceed with the bond sale.

City Council may:

• Approve, or;
• Disapprove the parameters resolutions and find another funding source for the projects.

The actual interest rate will be determined at the time of the sale. The 

Staff recommends that the City Council approve the resolutions authorizing the issuance of the bonds  and setting the bond parameters.