REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
August 10, 2021
FROM
MATTHEW ERICKSON, County Chief Financial Officer, Finance and Administration
SUBJECT
Title
San Bernardino International Airport Authority Tax Exempt Financing
End
RECOMMENDATION(S)
Recommendation
1. Conduct a public hearing regarding the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $6 million, for the purpose of financing the acquisition, construction, improvement, and installation of capital improvements at the San Bernardino International Airport.
2. Adopt Resolution approving the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $6 million, for the purpose of financing the acquisition, construction, improvement, and installation of capital improvements at the San Bernardino International Airport.
(Presenter: Matthew Erickson, County Chief Financial Officer, 387-5423)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
Provide for the Safety, Health and Social Service Needs of County Residents.
Pursue County Goals and Objectives by Working with Other Agencies and Stakeholders.
FINANCIAL IMPACT
Bonds issued under this resolution are limited obligations of the San Bernardino International Airport Authority (SBIAA) payable solely out of the revenues. Pursuant to Joint Exercise of Powers Act, bonds do not constitute a debt of the County nor do the bonds represent a pledge of the faith and credit of the County.
BACKGROUND INFORMATION
This item will allow the San Bernardino International Airport Authority to finance the acquisition, construction, improvement, and installation of capital improvements at the San Bernardino International Airport located in San Bernardino which is located within San Bernardino County. The capital improvements are to increase fueling and fuel storage capacity at the SBIAA.
Pursuant to the Marks-Roos Act, a public hearing must be conducted by the governmental entity having jurisdiction over the area in which the project is or will be located.
The financing will be structured so the County has no financial liability. The bonds will not represent a pledge of faith or credit of the County.
PROCUREMENT
Not applicable.
REVIEW BY OTHERS
This item has been reviewed by County Counsel (Robert Messinger, Assistant County Counsel, 387-5455) on July 26, 2021; Finance (Amanda Trussell, Principal Administrative Analyst, 387-5423) on July 12, 2021; Finance and Administration (Valerie Clay, Deputy Executive Officer, 387-5423) on July 26, 2021.