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RESOLUTION NO. 9,635
A RESOLUTION SETTING THE DATE FOR A PUBLIC HEARING ON
THE ISSUANCE OF NOT TO EXCEED $23,000,000 CITY OF LITTLE
ROCK, ARKANSAS AIRPORT PASSENGER FACILITY CHARGE
REVENUE BONDS, SERIES 1996 FOR THE PURPOSE OF FINANCING
THE COST OF THE PERMANENT FINANCING OF PORTIONS OF
CERTAIN FAA APPROVED PROJECTS AT THE LITTLE ROCK
NATIONAL AIRPORT - ADAMS FIELD.
WHEREAS, the City owns an airport facility and related properties known as the
Little Rock National Airport - Adams Field (the "Airport") which is operated and
managed by the Little Rock Municipal Airport Commission (the "Commission "); and
WHEREAS, the City is authorized and empowered under the laws of the State
of Arkansas to issue revenue bonds for the purpose of financing the facilities for the
Airport; and
WHEREAS, on February 23, 1995, the Federal Aviation Administration ( "FAA')
authorized the Airport to impose a passenger facility charge of $3.00 per enplanning
passenger (with limited exemptions) the "PFCs ") for (i) the extension of runway 4L/22R
at the 22R end, and taxiways C and F and the construction of a 1,000 feet by 500 feet
runway safety area and the relocation of an adjacent street (the "Project "); (ii) site work
for the relocation of existing medium intensity approach lighting system and Category
I instrument landing system necessitated by the extension of runway 41J22R (the "Site
Work "); and (iii) certain alternative uses; and
WHEREAS, on February 23, 1996, the FAA authorized the use of PFCs for the
Project and the Site Work. The total approved PFCs to be collected for the Project and
the Site Work is $32,765,055. The FAA's use approval of the PFCs authorized the
Airport to use the PFCs received to pay costs of the Project and the Site Work and debt
service payments on bonds issued to fund such projects; and
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WHEREAS, the Commission, on behalf of the City, has determined that the
Project and Site Work is necessary to enhance capacity and safety at the Airport and
should be made and that in connection with the Project, revenue bonds of the City
should be issued to fund a portion of the Project. The Site Work will be funded from
PFCs on a pay -as -you go basis; and
WHEREAS, in order to finance the remaining portions of the Project, the City
will consider issuing its Airport Passenger Facility Charge Revenue Bonds, Series 1996
(the "Bonds') in an aggregate principal amount of not to exceed $23,000,000; and
WHEREAS, the City will pledge the PFCs as the sole source of revenue to secure
the repayment of the Bonds and performance of the obligations of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. A public hearing is hereby set for April 16, 1996 at 6:00 p.m. in the
Board of Director's Room, Second Floor, City Hall, 500 West Markham Street, Little
Rock, Arkansas 72201 on the question of the issuance of not to exceed $23,000,000 of
its Airport Passenger Facility Charge Revenue Bonds, Series 1996, for the purpose of
financing portions of the Project at the Airport
SECTION 2. Publication of a Notice of Public Hearing is hereby ratified and
confirmed.
ADOPTED: march 19, 1996
ATTEST:
CITY CLERK
APPROVED AS TO FORM:
i�
. • , • C, y. v2.
CITY ATTORNEY
APPROVED:
• 4YAiLEY
MAYOR
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