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BOOK - 2011R - B.O.C.C.------------------------------------
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-----PAGE: 27
JANUARY 11, 2011
A Special Meeting of the
was held this date with the following
Commissioners present:
The Chairman called the meeting to order at 9:49 a.m.
4. BUDGETING, PURCHASES, CONTRACTS AND AGREEMENTS
(a)
ACTION REQUESTED/PURPOSE:
Request the Board approve a Resolution approving the issuance of Airport Revenue Refunding Bonds
Revenue Bonds, and to authorize the payment of the related costs of issuance.
WHAT ACTION ACCOMPLISHES:
Allows for the refunding of the remaining portion of the 2000A Series Airport Revenue Bonds to take
advantage of lower interest rates.
TERM:
N/A
FUNDING SOURCE:
N/A
MANAGEMENT RECOMMENDATION:
Approve.
Commissioner Hall moved approval, seconded for discussion by Commissioner Judah. Port Authority Administration
Deputy Executive Director Benjamin Siegel explained the item; responded to Board questions; and summarized that
the request was for the Board to execute documents the Port had prepared in anticipation of the return of favorable
financial conditions for bond refinancing. Mr. Siegel requested Board authority be granted for the Port to initiate
immediate action as soon as the correct conditions exist. After Mr. Siegel reiterated that the trigger to refinance the
Midfield Terminal bonds would need to generate 3% present net savings, the motion called and carried.
RESOLUTION NO. 11-01-27
The Chairman adjourned the meeting at 9:56 a.m.
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