TITLE
Recommendation to adopt resolution to approve the Second Supplemental Senior Trust Indenture to the Master Senior Indenture and other related bond documents; authorize City Manager to execute documents for the issuance of Airport Senior Revenue Bonds Series 2010 A and B, in an aggregate amount not to exceed $70,000,000 to refinance the design costs and finance the construction of the Phase I Terminal Improvements at the Long Beach Airport, pay off the balance of the Airport Commercial Paper Program and finance the cost of bond issuance;
Receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing; and
Increase appropriations by $38,876,000 ($37,313,000 for the Phase I Terminal Improvements and $1,563,000 to pay the first debt service payment) in the Airport Enterprise Fund (EF 320) in the Airport Department (AP). (District 5)
DISCUSSION
On February 18, 2003, the City Council authorized the completion of an Environmental Impact Report (EIR) for the Airport Terminal Improvement Project (Project). From February 2003 through June 2006, the City conducted the EIR process culminating in City Council certification of the EIR on June 20, 2006. On April 24, 2007, the City Council authorized the preparation of final plans and specifications, cost estimates and a financing plan for construction of the Project.
Focusing on customer service, staff identified three immediate priorities for construction of the terminal component of the Project: permanent structures to serve as passenger holdrooms, a consolidated passenger screening checkpoint and enhanced concession areas. These priorities served as the benchmark for the design of the Phase I Terminal Improvements approved by the Long Beach Planning Commission on April 15, 2010.
On November 3, 2009, the City Council authorized the issuance of the Senior Airport Revenue Bonds Series 2009 A, B, and C in an aggregate amount of $61,440,000 to ...
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