city of San Antonio


Some of our meetings have moved. View additional meetings.

File #: 16-3458   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 6/9/2016
Posting Language: A Resolution expressing the City’s official intent to reimburse costs associated with certain capital improvements to the San Antonio International Airport with tax-exempt or taxable obligation proceeds. [Ben Gorzell, Chief Financial Officer, Troy Elliott, Director, Finance]
Attachments: 1. Draft Resolution, 2. Resolution 2016-06-09-0020R
DEPARTMENT: Finance


DEPARTMENT HEAD: Troy Elliott


COUNCIL DISTRICTS IMPACTED: City-wide


SUBJECT:

Reimbursement Resolution for the proposed Capital Improvement Program at the San Antonio International Airport


SUMMARY:

This Resolution expresses the City's official intent to reimburse costs associated with certain capital improvements to the San Antonio International Airport with tax-exempt or taxable obligation proceeds.


BACKGROUND INFORMATION:

The City is developing a financing plan to the fund the proposed Capital Improvement Program at the San Antonio International Airport through various funding sources including the issuance of tax-exempt or taxable obligations. Approval of this Reimbursement Resolution will enable the City to reimburse itself for project expenditures to be funded by the issuance of tax-exempt or taxable obligations but expended prior to the sale and delivery of such tax-exempt or taxable obligations' proceeds.


ISSUE:

This Reimbursement Resolution will allow the City to get reimbursement for expenditures in connection with the proposed Capital Improvement Program at the San Antonio International Airport, in an amount not to exceed $35,000,000, prior to the issuance of the tax-exempt or taxable obligations. The approval of this Reimbursement Resolution is consistent with the City's policy and previous actions to allow large capital projects to commence prior to the actual issuance of debt.


ALTERNATIVES:

The City could opt to not get approval of a Reimbursement Resolution; however, any costs incurred for the proposed Capital Improvement Program at the San Antonio International Airport prior to the issuance of the tax-exempt or taxable obligations could not be reimbursed by proceeds of such tax-exempt or taxable obligations. The cost of the proposed Capital Improvement Program at the Airport could be absorbed into the Airport's operating budget; however, this cost is not budgeted and would...

Click here for full text