File #: 319-2024    Version: 1 Name:
Type: Emergency Ordinance Status: Passed
File created: 3/15/2024 In control: City Council
On agenda: 4/1/2024 Final action: 4/1/2024
Passage/adoption date:
Effective date:    
Title: AN EMERGENCY ORDINANCE AUTHORIZING THE ESTABLISHMENT OF AND ISSUANCE BY THE CITY OF CLEVELAND OF CITY OF CLEVELAND AIRPORT SYSTEM SUBORDINATED INDEBTEDNESS IN THE FORM OF REVOLVING LINES OF CREDIT AND/OR A COMMERCIAL PAPER PROGRAM IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED ONE HUNDRED AND SEVENTY-FIVE MILLION DOLLARS ($175,000,000) AT ANY ONE TIME TO PAY COSTS OF IMPROVING THE AIRPORT SYSTEM; AUTHORIZING 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, PORT CONTROL DEPARTMENT
Attachments: 1. 319-2024-Airport Refunding Bonds 2024, 2. 319-2024 Executive Summary - Air Legis Summary 2024, 3. 319-2024 as amended-desk copy-Final, 4. 319-2024-Amend 319-2024

Title

AN EMERGENCY ORDINANCE AUTHORIZING THE ESTABLISHMENT OF AND ISSUANCE BY THE CITY OF CLEVELAND OF CITY OF CLEVELAND AIRPORT SYSTEM SUBORDINATED INDEBTEDNESS IN THE FORM OF REVOLVING LINES OF CREDIT AND/OR A COMMERCIAL PAPER PROGRAM IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED ONE HUNDRED AND SEVENTY-FIVE MILLION DOLLARS ($175,000,000) AT ANY ONE TIME TO PAY COSTS OF IMPROVING THE AIRPORT SYSTEM; AUTHORIZING 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.