Finance Item/Grant Request Template
Date Submitted: 10/24/17
Requesting Agency: DoF
Division:
Subject Matter Expert Name:
Name: Guadalupe Gutierrez
Phone: 720-913-9370
Email: lupe.gutierrez@denvergov.org
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A bill for an ordinance concerning the Airport Facilities of the City and County of Denver; authorizing the incurrence of the Revolving Credit Agreement Subordinate Obligation under the General Subordinate Bond Ordinance in a maximum aggregate principal Revolving Loan amount not to exceed $150,000,000 at any one time in connection with a revolving credit agreement to be entered into for the purposes of defraying the costs of certain approved projects, and providing other details in connection therewith; providing the maximum rate and other terms and other details of the Revolving Credit Agreement Subordinate Obligation, which shall be evidenced by a revolving credit agreement and notes issued thereunder; authorizing the execution of certain related agreements; ratifying action previously taken; providing for other related matters; and providing the effective date of this ordinance.
Authorizes the Manager of Finance to incur, for and on behalf of the Department of Aviation, a revolving loan in an amount not to exceed $150 million with US Bank, for funding interim airport capital improvements at Denver International Airport. The last regularly scheduled Council meeting within the 30-day review period is on 12-18-17. The Committee approved filing this bill at its meeting on 11-1-17.
body
Affected Council District(s) or citywide? DIA
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The proposed ordinance supports the objective of providing an interim financing vehicle for DEN by allowing the Manager of Finance to enter into a Revolving Credit Agreement with US Bank, who was selected via a competitive process, for the purpose of establishing a revolving loan to fund up to, at any given time, $150 million of interim capital improvements, identified in the Airport’s 2018-2022 Capital Improvement. Plan. The revolving loan will be issued as subordinate contract obligation with a term not to exceed three years. Under the revolving loan structure, note terms, interest rates and tax status will be determined at the time of drawing funds.
Type (choose one: Grant; Supplemental; Fund Creation; Fund Rescission; Fund Transfer; Appropriation; Other):
Revolving Credit Agreement
Amount:
$150 million of interim capital improvements
Budget Year:
2017
Fund and Funding Source (Fund/Org/Grant Number, if applicable):
Grantor (if applicable):
Fund Matching Requirements (if applicable):
Fiscal Impact: