Long Beach, CA
Share to Facebook Share to Twitter Bookmark and Share
File #: 22-0562    Version: 1 Name: FM - 2022 Airport Revenue Refunding Bonds
Type: Resolution Status: Adopted
File created: 4/28/2022 In control: City Council
On agenda: 5/17/2022 Final action: 5/17/2022
Title: Recommendation to adopt resolution authorizing the issuance and sale of not to exceed $130,000,000 in aggregate principal amount of Senior Airport Revenue Refunding Bonds Series 2022A and B and Senior Airport Revenue Bonds Series 2022C, secured by and payable solely from Airport Department revenues, and authorize City Manager, or designee, to execute all necessary documents in connection therewith; and Increase appropriations in the Airport Fund Group in the Airport Department by $30,212,088 funded by proceeds from the issuance of the Series 2022C Bonds and Airport Department funds available for Phase II Terminal Area Improvements at the Long Beach Airport. (Districts 4,5)
Sponsors: Financial Management, Long Beach Airport
Attachments: 1. 051722-R-24sr&att.pdf, 2. 051722-R-24 Preliminary Official Statement.pdf, 3. 051722-R-24 Third Supplemental Senior Indenture.pdf, 4. 051722-R-24 Bond Purchase Agreement.pdf, 5. 051722-R-24 Continuing Disclosure Certificate.pdf, 6. 051722-R-24 Escrow Agreement (2009C Bonds).pdf, 7. 051722-R-24 Escrow Agreement (2010 Bonds).pdf, 8. RES-22-0076.pdf
TITLE
Recommendation to adopt resolution authorizing the issuance and sale of not to exceed $130,000,000 in aggregate principal amount of Senior Airport Revenue Refunding Bonds Series 2022A and B and Senior Airport Revenue Bonds Series 2022C, secured by and payable solely from Airport Department revenues, and authorize City Manager, or designee, to execute all necessary documents in connection therewith; and

Increase appropriations in the Airport Fund Group in the Airport Department by $30,212,088 funded by proceeds from the issuance of the Series 2022C Bonds and Airport Department funds available for Phase II Terminal Area Improvements at the Long Beach Airport. (Districts 4,5)

DISCUSSION
On November 3, 2009 and October 19, 2010, the City Council approved the issuance of $65 million Senior Airport Revenue Bonds Series 2009 and $70 million Senior Airport Revenue Bonds Series 2010, respectively. Those bonds were issued to finance the Airport’s parking structure and Phase I of the Terminal Area Improvements, among other projects and expenses, and the Airport has been paying principal and interest timely ever since from Airport revenues, albeit in the last three years with financial assistance from the federal grants awarded to the Airport from the Coronavirus Aid, Relief, and Economic Security Act (CARES) and the American Rescue Plan Act (ARPA).

On February 11, 2020, the City Council authorized an amendment to the design-build contract with Swinerton Builders, for the construction of the Phase II Terminal Area Improvements, and provided appropriations to construct the first three components of the Phase II program. Those components included the Checked Baggage Inspection System (CBIS), Baggage Claim Area Improvements, and a new Ticketing Facility. The City Council also expressed its intent to issue Airport revenue bonds to finance a portion of the construction costs for Phase II Terminal Area Improvements and fund a debt service reserve fund, and costs of issu...

Click here for full text