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AI# 12896  Regular City Council Meeting 7.3. 10/08/2024:

Information

Agenda Item

Resolution - Finance: Consider a resolution authorizing the defeasance and redemption of Lubbock Preston Smith International Airport's outstanding General Obligation Refunding Bonds, Series 2019A; approving and authorizing the execution of an escrow agreement; and resolving other matters incident and related thereto.

Item Summary

The Lubbock Preston Smith International Airport (LPSIA) is requesting to prepay the remaining Airport Fund allocation of the General Obligation Refunding Bonds, Series 2019A.  LPSIA originally allocated these funds for boilers that are now failing.

Fiscal Impact

Upon the regular debt principal and interest payment of $77,572 for the Lubbock Preston Smith International Airport portion of the 2019A General Obligation Refunding Bonds, the Airport will pay an additional principal amount of $515,000 and an interest amount not to exceed $44,631.

Staff/Board Recommending

Cheryl Brock, Interim Chief Financial Officer

Attachments Resolution - LPSIA 2019A GO Ref Defeasance

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