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File #: 1408-2025    Version: 1 Name:
Type: Emergency Ordinance Status: Administrative Review
File created: 11/7/2025 In control: City Council
On agenda: 11/17/2025 Final action: 11/17/2025
Passage/adoption date: 11/17/2025
Effective date: 11/19/2025    
Title: AN EMERGENCY ORDINANCE AUTHORIZING THE AMENDMENT OF THE 2024 REVOLVING LINE OF CREDIT AND/OR THE ISSUANCE BY THE CITY OF CLEVELAND OF ADDITIONAL AIRPORT SYSTEM SUBORDINATED INDEBTEDNESS IN THE FORM OF REVOLVING LINES OF CREDIT OR A COMMERCIAL PAPER PROGRAM IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO COLLECTIVELY EXCEED FOUR HUNDRED AND SEVENTY-SIX MILLION DOLLARS ($476,000,000) AT ANY ONE TIME TO PAY COSTS OF IMPROVING THE AIRPORT SYSTEM; AUTHORIZING AMENDMENTS TO THE 2024 LOAN AGREEMENT AND THE TWENTY-FIFTH SUPPLEMENTAL TRUST INDENTURE AND/OR ENTERING INTO ONE OR MORE REVOLVING CREDIT AGREEMENTS, REIMBURSEMENT AGREEMENTS, OFFICIAL STATEMENTS, DEALER AGREEMENTS, SUPPLEMENTAL INDENTURES, NOTES EVIDENCING SUBORDINATED INDEBTEDNESS AND OTHER AGREEMENTS RELATED TO SUBORDINATED INDEBTEDNESS; AND AUTHORIZING AND APPROVING RELATED MATTERS.
Sponsors: Blaine A. Griffin, By Departmental Request
Indexes: AIRPORTS DIVISION, FINANCE DEPARTMENT
Attachments: 1. FINAL VERSION - City Record 11-28-2025 Page 113, 2. 1408-2025 Port Control Airport Systems Line of Credit, 3. 1408-2025 Legislative Summary

Title

AN EMERGENCY ORDINANCE AUTHORIZING THE AMENDMENT OF THE 2024 REVOLVING LINE OF CREDIT AND/OR THE ISSUANCE BY THE CITY OF CLEVELAND OF ADDITIONAL AIRPORT SYSTEM SUBORDINATED INDEBTEDNESS IN THE FORM OF REVOLVING LINES OF CREDIT OR A COMMERCIAL PAPER PROGRAM IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO COLLECTIVELY EXCEED FOUR HUNDRED AND SEVENTY-SIX MILLION DOLLARS ($476,000,000) AT ANY ONE TIME TO PAY COSTS OF IMPROVING THE AIRPORT SYSTEM; AUTHORIZING AMENDMENTS TO THE 2024 LOAN AGREEMENT AND THE TWENTY-FIFTH SUPPLEMENTAL TRUST INDENTURE AND/OR ENTERING INTO ONE OR MORE REVOLVING CREDIT AGREEMENTS, REIMBURSEMENT AGREEMENTS, OFFICIAL STATEMENTS, DEALER AGREEMENTS, SUPPLEMENTAL INDENTURES, NOTES EVIDENCING SUBORDINATED INDEBTEDNESS AND OTHER AGREEMENTS RELATED TO SUBORDINATED INDEBTEDNESS; AND AUTHORIZING AND APPROVING RELATED MATTERS.