Summary:
On August 16, 2017 the Greater Orlando Aviation Authority (GOAA) adopted a resolution approving a Plan of Finance and Issuance of Not to Exceed $550,000,000 of Debt in one of more series for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended (GOAA Resolution). Such debt includes bonds and debt previously issued, and its Airport Facilities Revenue Bonds of the City of Orlando, and other senior and subordinate debt, and is secured in whole or part by airport revenues for the purpose of financing and refinancing (A) costs incurred to acquire, design, construct and equip the new south terminal complex, (B) costs incurred to acquire, design, construct and equip numerous projects in the north terminal complex and other areas, and (C) costs related to the issuance of the bonds including funding any necessary reserves. The specific projects are more particularly described in the GOAA Resolution attached as exhibit A to the City Resolution.
For purposes of Section 147(f) of the Internal Code of 1986, as amended, City Council is required to approve the plan of finance and Debt. |