Title
Amendment of Ordinance S-45837 for the Issuance of Obligations to Finance Airport Improvements (Ordinance S-51811) - District 8
Description
Request the City Council amend Ordinance S-45837 to increase the principal amount of obligations by $175,000,000; authorize the City Treasurer to accept all funds related to this item; and request the City Council to grant an exemption to Phoenix City Code § 42-18 to include indemnification and legal remedy limitations.
Report
Summary
Ordinance S-45837 provides authorization to fund certain Airport improvements by issuing obligations up to $550,000,000, principal amount; refund short-term obligations; and pay financing costs related to such obligations. An additional authorization of $175,000,000 principal amount is requested to account for various preliminary and City Council approved capital improvement projects and inflationary adjustments since adoption of the original ordinance in 2019, increasing the total principal amount to $725,000,000. Ordinance S-45837 authorizes the City Controller to expend funds and this amendment will further provide authorization for the City Treasurer to accept funds, as needed. Additionally, request the City Council to grant an exemption to Phoenix City Code § 42-18 (A) and (B) to include indemnification and limitations on liability for those transactions which include such language in standard documents.
All other conditions and stipulations in Ordinance S-45837 remain the same.
Financial Impact
This ordinance provides an additional $175,000,000 to fund certain Airport improvements for a total principal amount not to exceed $725,000,000, plus financing costs. None of the improvements rely on or will utilize City general funds.
Concurrence/Previous Council Action
Ordinance S-45837 was adopted on June 19, 2019.
Location
Phoenix Sky Harbor International Airport, 3400 E. Sky Harbor Boulevard
Council District: 8
Department
Responsible Department
This item is submitted by City Manager Jeffrey Barton and the Finance Department.