[CALL JOINT MEETING TO ORDER]
[00:00:07]
P.M. WELCOME TO THE CITY OF MCKINNEY CITY COUNCIL JOINT SESSION WITH THE MCKINNEY COMMUNITY DEVELOPMENT CORPORATION. THERE IS A QUORUM PRESENT OF THE CITY COUNCIL.
MR. CHAIRMAN, WILL YOU CALL YOUR BOARD TO ORDER, PLEASE? YES. WE HAVE A QUORUM HERE.
MCKINNEY COMMUNITY DEVELOPMENT CORPORATION. WE ARE PREPARED TO PROCEED AT 308. THANK YOU VERY
[PUBLIC COMMENTS ON AGENDA ITEMS]
MUCH. FIRST ITEM WOULD BE THE OPPORTUNITY FOR THE PUBLIC TO ADDRESS THIS JOINT SESSION ON ANY ITEM ON THE AGENDA. WE HAVE ONE SPEAKER SIGNED UP, CHUCK VAN ZANDT, MR. VAN ZANDT. THANK YOU. MAYOR. MY NAME IS CHUCK VAN ZANDT. I'M A RESIDENT OF MCKINNEY LIVE AT 5950 908.STULTS DRIVE. I'M A RETIRED SOUTHWEST AIRLINES EMPLOYEE OF 24 YEARS ON A CAREER OF 33 YEARS IN THE AIRLINE INDUSTRY. I WANTED TO MAKE SOME COMMENTS ABOUT THE AIRPORT. SO. THE AIRPORT BOARD OR THE BACK IN 2025, AFTER THE SECOND BOARD ELECTION BOND ELECTION, THE I COMMUNICATED WITH THE CITY COUNCIL REGARDING MY DISPLEASURE THAT THE BOND FAILED AGAIN, BUT COUNCIL WAS MOVING ON ANYWAY WITH THE TERMINAL PROJECT. NO MENTION OF DESTINATION AND NO CARRIER IDENTIFIED. FAST FORWARD NOW TO JANUARY OF 26, AND ITS FIRST YEAR WOULD BE UP TO THREE FLIGHTS PER DAY AND THIRD YEAR AVERAGE SEVEN, WITH A BOEING 737 800 THAT SEATS 177 PASSENGERS. STILL NO MENTION OF DESTINATION AND SCHEDULE, AND THE PUBLICATION THAT HAS THAT I DREW THAT INFORMATION FROM IS THE THE CIRCULATION FOR IMPACT.
SO TENTATIVELY WE HAVE AN AIRLINE. WE HAVE A FAA CERTIFICATE TO OPERATE. DO WE HAVE POLICE AND FIRE AND ARE THE CITY OF MCKINNEY EMPLOYEES FROM THEIR RESPECTIVE DISCIPLINES GOING TO MAN THOSE POSITIONS? DO WE HAVE AN AIR STATION, ARFF EQUIPMENT AND FACILITIES? DO WE HAVE AIRCRAFT MAINTENANCE CAPABLE OF MAINTAINING A 737 800? WHAT 360 JOBS WILL BE CREATED IN THE FIRST YEAR? AND HOW WILL WE ACHIEVE 1840 IN THE IN THE THIRD YEAR? TO MY CALCULATIONS, THE CARRIER WOULD NEED SOMEWHERE AROUND 28 EMPLOYEES A MONTH OR 28 EMPLOYEES TO RUN A SCHEDULE EACH WEEK. THAT'S A FAR CRY FROM 350 EQUIPMENT TO SUPPORT THE AIRCRAFT AND THE OPERATION. THERE IS AN ESTIMATED $1.5 MILLION OF EQUIPMENT. MY NUMBER PUSHBACK TRACTORS, AIR STAIRS, AIR START, LAB EQUIPMENT, SERVICE UNIT, THE ICING TRUCK CARTS, BAGGAGE TRACTORS, BELT LOADERS 11.5. PROBABLY PRETTY CONSERVATIVE.
AND MY LAST QUESTION IS HOW MUCH WILL THE CITY OF MCKINNEY BE REQUIRED TO PAY TO AUGMENT THE AIRLINE TO BE PROFITABLE? MAYBE IF WE HAD THE MAJORITY OF MCKINNEY CITIZENS, INSTEAD OF A SMALL GROUP THAT USUALLY VOTE ON BONDS, VOTE ON A SINGLE ITEM OF WHETHER THEY WANT THE AIRPORT OR NOT. THANK YOU. THANK YOU, MR. VAN ZANDT. ANYONE ELSE WISH TO ADDRESS
[Consider/Discuss/Act on a Resolution Authorizing the Issuance of “McKinney Community Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2026 (TIFIA);” Pledging Certain “Pledged Revenues” of the Corporation Including “Gross Sales Tax Revenues”, to the Payment of the Principal of and Interest on Said Bonds, Enacting Other Provisions Incident and Related to the Issuance, Payment, Security and Delivery of Said Bonds, Including the Approval of a Paying Agent/Registrar Agreement, and a TIFIA Loan Agreement; Resolving Other Matters Incident and Related to the Issuance and Sale of the Bonds and Providing an Effective Date]
THIS JOINT SESSION? ALL RIGHT, WE WILL MOVE ON. FIRST ITEM WILL BE 260153. CONSIDER A RESOLUTION AUTHORIZING THE ISSUANCE OF MCKINNEY COMMUNITY DEVELOPMENT CORPORATION SALES TAX REVENUE BONDS. MR. HOLLOWAY, GOOD AFTERNOON. MARK HOLLOWAY CHIEF FINANCIAL OFFICER FOR THE CITY OF MCKINNEY. WE HAVE THREE ITEMS TODAY RELATED TO SECURING THE TIFIA LOAN FOR THE NEW COMMERCIAL SERVICE TERMINAL AT MCKINNEY NATIONAL AIRPORT, AND ASSOCIATED INFRASTRUCTURE REMINDER TIFIA TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT IS A FEDERAL LOAN PROGRAM ADMINISTERED BY THE UNITED STATES DEPARTMENT OF TRANSPORTATION, AND THE BUILD AMERICA BUREAU PROVIDES LONG TERM FINANCING FOR TRANSPORTATION PROJECTS LIKE THIS. WHEN WE APPROVED THE INTERIM FINANCING FOR THE CDC LAST SPRING, WE SAID THAT THIS[00:05:05]
ALONE WOULD BE THE NEXT STEP IN THE PROCESS TO TO TAKE TO MAKE THIS A MORE PERMANENT LONG TERM FINANCING. AND THAT'S WHAT TODAY REPRESENTS. BEFORE I TURN IT OVER TO OUR FINANCIAL ADVISOR, DAVE GORDON, I DO WANT TO THANK AMIR KHAN AND EVERYONE AT THE BUILD AMERICA BUREAU AND UNITED STATES DEPARTMENT OF TRANSPORTATION THAT'S BEEN INVOLVED WITH THIS. I'D LIKE TO THANK DAVE GORDON WITH ESTRADA HINOJOSA, OUR BOND COUNCIL THAT'S HERE TODAY, BOB DRANSFIELD AND PAUL BRADEN. I'D ALSO LIKE TO THANK KELVIN BRYANT, OUR INVESTMENT AND TREASURY MANAGER, AND TRUDI MATHIS, OUR FINANCE DIRECTOR. A LOT OF COORDINATION HAS GONE INTO GETTING US TO THIS POINT. AND FINALLY, I GOT TO SAY THANK YOU TO TO BOTH KEN CURLEY AND CINDY SCHNABEL. THEY'VE WORKED EXTREMELY HARD TO MAKE SURE THAT WE'RE WHERE WE ARE TODAY.THE FIRST AND THIRD ITEMS ON THE AGENDA REQUIRE ACTION FROM THE MCDC, AND THE SECOND ITEM REQUIRES COUNCIL ACTION. AND WITH THAT, I'LL TURN THIS OVER TO DAVE GORDON TO WALK US THROUGH THE DETAILS OF THE FINANCING. HE HAS A SHORT PRESENTATION FOR YOU ALL TODAY.
THANK YOU. MARK. AGAIN, I'M DAVE GORDON WITH ESTRADA HINOJOSA AND CAPITAL MARKETS.
WE'RE FINANCIAL ADVISOR TO THE CITY AND THE CDC. SO PLEASED TO BE WITH EVERYBODY TODAY. AS MARK MENTIONED, WE'RE HERE TODAY TO TALK ABOUT THE THE TIFIA LOAN, STYLIZED BASICALLY AS A SALES TAX REVENUE BOND SIMILAR TO WHAT YOU'VE DONE IN THE PAST. IN THIS CASE, IT ACTUALLY IS A TAXABLE BOND VERSUS A TAX EXEMPT BOND. AND AS MARK MENTIONED, IT'S A IT'S A PRIVATE PLACEMENT WITH THE FEDERAL GOVERNMENT. I CAN GET THIS TO GO FORWARD. OH YOU GOTTA TURN IT ON OKAY. THERE YOU GO. YEAH. ALL RIGHTY. JUST REAL REAL BRIEFLY ON THE MARKET.
AND THIS DOESN'T REALLY CAPTURE EVERYTHING THAT'S GOING ON HERE. THIS IS ACTUALLY A TAX EXEMPT INDEX. KIND OF THE THE DIAMONDS IN THE MIDDLE ARE WHERE WE ARE TODAY. SO IT GIVES YOU AN IDEA JUST ON THIS INDEX IT'D BE JUST OVER 4% ON THE LONG END. WHAT YOU'RE SELLING TODAY WOULD ACTUALLY BE TAX EXEMPT SUBJECT TO AMT MOSTLY PROBABLY BE A RATE OF AROUND 470. IF YOU DID THAT IN THE THE PUBLIC BOND MARKETS TODAY. AND WE'LL TALK A LITTLE BIT ABOUT, YOU KNOW, WHERE YOU'RE GOING TO BE I THINK GOING FORWARD HERE. THE 30 YEAR TREASURY TODAY, WHICH IS WHAT WE'RE KIND OF BASED OFF OF, IS AT A 470. AND YOU'RE GOING TO GET ABOUT HALF THAT RATE. SO THIS IS JUST A PRO FORMA OF WHAT THE THE OBLIGATION IS GOING TO LOOK LIKE AFTER THE SALE. YOU'VE GOT ABOUT $25 MILLION IN ANNUAL DEBT SERVICE BASED ON FY 25 REVENUES. OBVIOUSLY, THAT WE'RE SHOWING THAT AS NO GROWTH IS, OF COURSE, GOING TO GROW OVER TIME. AND, YOU KNOW, THE COVERAGE OVER DEBT SERVICE WILL JUST CONTINUE TO TO GET LARGER AS WE GO FORWARD. YOU DO HAVE TWO SERIES OF OBLIGATIONS OUTSTANDING. YOU'VE GOT THE 2015 WHICH GO THROUGH 2035. AND THEN AS MARK MENTIONED, WE HAD THE INTERIM FINANCING THAT WAS ISSUED LAST YEAR IN ANTICIPATION OF THIS LOAN. THOSE OBLIGATIONS HAVEN'T STARTED TO AMORTIZE YET. AND THE EXPECTATION IS WHEN THIS LOAN CLOSES, YOU WOULD PAY THOSE OFF IN FULL. SO YOU CAN SEE THE STRUCTURE OF THE DEBT IN COLUMNS C THROUGH E. IT'S BASICALLY LEVEL DEBT SERVICE WITH PRINCIPAL STARTING IN 2028. IN THE TOP OF THOSE COLUMNS YOU CAN KIND OF SEE THE INTEREST RATES. AGAIN, THIS IS CONSIDERED A RURAL PROJECT. SO IT'S GOING TO BE ONE HALF OF THE CURRENT RATE, WHICH IS BASICALLY THE 30 YEAR TREASURY PLUS A BASIS POINT. SO TODAY IT WOULD BE ABOUT A 235. WE'VE GOT SOME SOME CUSHION BUILT IN HERE JUST TO BE CONSERVATIVE, YOU KNOW. AND IT DEPENDS ON WHAT'S HAPPENING WITH TREASURIES.
WE'VE GOT A LOT OF WORLD EVENTS GOING ON WHICH CAN MOVE THE TREASURY MARKET. SO WE'LL SEE WHERE THAT GOES. BUT IF YOU'RE IF YOU'RE LUCKY, IT'LL CONTINUE TO KIND OF GO DOWN, WHICH IT HAS OVER THE LAST WEEK OR SO. WE DO HAVE A RESERVE FUND THAT WE'RE GOING TO WE'LL TALK ABOUT JUST A SECOND. THAT WILL HAVE TO BE FUNDED IN ONE WAY OR ANOTHER. AND THEN THERE'LL BE COST OF ISSUANCE. THE LOAN IS FIXED AT 30 MILLION BASED ON AN AGREEMENT YOU HAVE WITH WITH YOUR STAKEHOLDERS AS WELL AS WITH THE THE BUILD AMERICA BUREAU. AND THE LOAN THAT YOU'RE GOING TO PAY OFF IS A LITTLE BIT MORE THAN THAT. I'LL JUST TALK ABOUT THAT IN A SECOND. BUT YOU CAN SEE AS WE WORK OUR WAY OVER TO COLUMN G, VERY SIGNIFICANT COVERAGE. AS YOU KNOW, YOU CAN EASILY AFFORD THIS DEBT. WE DID GET CONFIRMATION TODAY THAT THE THE CDC'S RATING ON ITS DEBT, INCLUDING THESE OBLIGATIONS, WAS RAISED FROM DOUBLE A TO DOUBLE A. SO A VERY, VERY STRONG INVESTMENT GRADE CREDIT RATING. YOU KNOW, YOU GUYS SHOULD BE PROUD THAT YOU'RE DOING EVERYTHING YOU NEED TO TO TO MANAGE THAT. AND OBVIOUSLY
[00:10:01]
THE THE CITY IS GROWING NICELY. SO JUST A VERY BRIEFLY ON KIND OF A HIGH LEVEL SOURCES AND USES OF FUNDS RELATED TO THE SALE. AS I MENTIONED, THE TRANSACTION IS BEING FIXED AT 30 MILLION, AND I'M GOING TO SKIP DOWN TO THE BOTTOM. WE DO HAVE WE'RE GOING TO NEED TO PAY OFF THE EXISTING LOAN, WHICH IS ACTUALLY 30,170,000. BUT THERE'S ALSO A PREPAYMENT PENALTY ON THAT LOAN, WHICH WE KNEW GOING INTO THAT LAST YEAR AS RIGHT NOW. AND THERE'S A CALCULATION YOU GO THROUGH. IT'S CALLED A MAKE HOLE CALL. THE RIGHT NOW THE PREPAYMENT PENALTY IS ABOUT ONE POINT 3.5% OR SO. SO SO THAT WILL BE FACTORED INTO THAT. AND WHETHER OR NOT WE'RE SHOWING THIS AS A CASH DEPOSIT, DEPENDING UPON THE FINAL KIND OF PERIOD OF TIME WE HAVE BETWEEN THE FUNDING AND THE CALL FEATURE, BASED ON SOME CALL NOTICES AND SUCH THAT WE HAVE TO DO, THERE MAY BE AN ESCROW THAT'S INVESTED IN SLUGS OR SOMETHING LIKE THAT. BUT RIGHT NOW WE'RE SHOWING THAT AS CASH DEPOSIT. AGAIN, THERE'LL BE ALSO COST OF ISSUANCE, WHICH WE'VE NOT PUT TOGETHER A FINAL COST OF ISSUANCE BUDGET. WE'RE JUST USING A PLUG NUMBER RIGHT NOW OF 350,000. SO SO THAT IF YOU GO BACK TO THE TOP OF THE SOURCES, THE CDC WILL HAVE TO CONTRIBUTE TO THE SALE. AS, AS WE'VE TALKED ABOUT, TO ACTUALLY MAKE ALL THE NUMBERS WORK HERE. AND THIS PARTICULAR ILLUSTRATION, WE'RE SHOWING ABOUT A MILLION. 151 OF THE THINGS THAT ALSO COULD MOVE THAT RELATIVELY DRASTICALLY WOULD BE THE RESERVE FUND CALCULATION. AND HOW WE'RE GOING TO FUND THAT. WE ARE WE HAVE APPROACHED BOTH ASSURED GUARANTY AND BUILD AMERICA MUTUAL, WHICH ARE BOND INSURANCE COMPANIES, TO USE A SURETY POLICY, WHICH IS WHAT WE DID LAST YEAR, FOR EXAMPLE, ON THE TRANSACTION TO BASICALLY MAKE A DEPOSIT TO THE RESERVE FUND AS AN INSURANCE POLICY VERSUS ACTUAL CASH. OTHERWISE, THE THE DEPOSIT WILL BE APPROXIMATELY A MILLION AND A HALF OR A LITTLE BIT LESS, DEPENDING ON THE FINAL DEBT SERVICE THAT COULD BE FUNDED AT CLOSING OR IT COULD BE FUNDED. IT HAS TO BE FUNDED BEFORE THE FIRST PAYMENT INTEREST PAYMENT ON 815 OR ON THE SUBSTANTIAL COMPLETION DATE OF THE PROJECT. SO HERE'S THE SCHEDULE. WE'VE BEEN WORKING WITH THIS SCHEDULE A LOT, TRYING TO FIGURE OUT SOME OF THE MECHANICS. BOB DRANSFIELD AND PAUL BRADEN, AS WELL AS EVERYBODY ELSE, HAS BEEN ON THESE CALLS ROUTINELY WEEKLY WITH THE BUILD AMERICA BUREAU, HAVE BEEN TRYING TO FIGURE OUT SOME OF THE MECHANICS THAT WE HAVE TO GO THROUGH. AGAIN, WE DID. YOU KNOW, THE DOCUMENTS ARE SUBSTANTIALLY FINAL FORM. THAT'S WHAT YOU'LL BE APPROVING TODAY, WHICH IS DELEGATING AUTHORITY TO EVERYBODY TO FINISH THE SALES. WE DID GET THE RATING TODAY AGAIN FINALIZED. WE EXPECT THE SURETY POLICY BIDS TOMORROW. THERE'S SOME NOTICES, AS I MENTIONED, THAT HAVE TO BE SENT OUT BASED ON THE AGREEMENT WITH TRUIST, WHICH IS THE EXISTING BOND HOLDER OF THE INTERIM FINANCING. AND THEN WE'LL HAVE TO GO THROUGH A MAKE WHOLE CALCULATION TO FIGURE OUT THE FINAL REPAYMENT AMOUNT, HAVE TO GO THROUGH THE ATTORNEY GENERAL, YOU DO WITH ALL OF YOUR SALES AND THEN ULTIMATELY FUND THE LOAN AND BASICALLY PAY OFF THE THE FINAL, THE 2015 OBLIGATION, I'M SORRY, 2025 OBLIGATIONS. SO APRIL 20TH IS WHAT WE'RE SHOWING HERE. THAT MIGHT MOVE A LITTLE BIT. AND AGAIN, WHAT YOU'D BE DOING TODAY IS DELEGATING AUTHORITY TO STAFF AND ADVISORS TO KIND OF FINALIZE THE SALE AT $30 MILLION. SO WITH THAT, THAT'S KIND OF A THERE'S A LOT MORE WE CAN TALK ABOUT, BUT THOSE ARE THE HIGH LEVEL ISSUES. SO IF THERE'S ANY QUESTIONS I'M HAPPY TO TAKE THOSE. SORRY FOR HAVING MY BACK TO YOU, DAVE. I HAVE A QUESTION. THANK YOU FOR DOING THIS. FIRST OF ALL, THANK YOU FOR THE PRESENTATION. MY UNDERSTANDING ON THE THE CURRENT DEBT THAT WE ARE REFINANCING IS IT IS THROUGH TRUIST. IT IS ROUGHLY AT 4.2, MAYBE 4.25 OR 7, 4.27, I THINK 4.27. AND WE'RE GOING TO BE GOING DOWN AND WE DON'T KNOW WHAT WE'RE GOING DOWN TO BECAUSE IT'S A TREASURY MARKET THAT DOES FLUCTUATE A LITTLE BIT, BUT WE CAN GUESSTIMATE IT SOMEWHERE AROUND 2.35. IS THAT YEAH, THAT WOULD BE THE CURRENT OKAY. SO AND WE ARE MAKING A PREPAYMENT PENALTY. BUT BUT THE TRUIST IS A TEN YEAR AND THIS IS A 30 YEAR. SO THERE'S A LOT OF APPLES AND ORANGES IN HERE. BUT IF WE LOOKED AT THE BALANCE OF THE TEN YEARS, APPROXIMATELY HOW MUCH WILL OUR CDC BE SAVING BY TAKING THIS ACTION TODAY? WELL, I'M NOT SURE THE BEST COMPARISON IS AGAINST THE TRUEST LOAN BECAUSE WE STRUCTURED THAT WITH AMORTIZATION. I WANT TO SAY FROM 2028 TO 32, WITH THE IDEA THAT WE WOULD NEVER ACTUALLY PAY ANY OF THAT PRINCIPAL. RIGHT. PROBABLY THE BETTER COMPARISON IS REALLY AGAINST ANOTHER LONG TERM FINANCING. OKAY. AS I MENTIONED BEFORE, YOU PROBABLY WOULD BE AROUND A 470 OR SO VERSUS PROBABLY A 235. SO IT JUST WORKS OUT THAT THERE ARE THE RATES ARE KIND OF ON TOP OF EACH OTHER THERE IN TERMS OF YOU'RE DOING HALF OF WHAT YOU PROBABLY WOULD END UP DOING. THE SAVINGS ON THAT IS IS OVER $15 MILLION FOR A 30 YEAR LOAN. OKAY. IT'S A LITTLE OVER PROBABLY A HALF $1 MILLION A YEAR. SO A VERY SIGNIFICANT SAVINGS. AND SO EVEN THOUGH[00:15:04]
THIS HAS BEEN, YOU KNOW, A DIFFICULT PROCESS TO GO THROUGH, THERE'S CERTAINLY WELL WORTH IT IF YOU CAN FINALIZE IT WITH THAT, WITH THAT RURAL RATE AND SUCH A LOW INTEREST RATE IN THIS PARTICULAR ENVIRONMENT. YEAH, AND I CERTAINLY DO AGREE WITH THAT. I JUST WANTED TO PAINT A PICTURE FOR THOSE INTERESTED TAXPAYERS THAT, YOU KNOW, AREN'T DOING THIS KIND OF THING EVERY DAY THAT, YOU KNOW, I THINK IT DOES RESONATE WITH PEOPLE THAT AT LEAST MY AGE WERE, YOU KNOW, YOU'VE REFINANCED SOME MORTGAGES AND YOU'VE SAVED ON SOME INTEREST.AND THIS IS A SIMILAR PATH WE'RE WALKING DOWN WITH TAXPAYER MONEY TO LOCK IN A HISTORICALLY VERY LOW RATE FOR LONG TERM PROJECT, AS OPPOSED TO JUST WITH THE BEST DEAL THAT WE CAN WRITE. THANK YOU. THANK YOU, MR. MAYOR. OTHER COMMENTS ANYONE? NO. MR. CHAIRMAN, DO YOU HAVE ANY COMMENTS? NO. I'M GOING TO SAY SOMETHING SIMILAR. I WAS GOING TO SAY SOMETHING SIMILAR TO COUNCILMAN CLAUDIA. THERE WAS A FICTIONAL EMAIL THAT WENT OUT YESTERDAY FROM, I BELIEVE IT'S PAUL GROUP THAT BASICALLY SAID THAT THIS BOARD IS IS TAKING A ANOTHER $30 MILLION LOAN, THAT WE'RE ADDING MORE DEBT TO THE AIRPORT. AND IN FACT, TO JUST CONCISELY SAY IT, WE'RE TAKING A $30 MILLION LOAN, A FEDERAL LOAN, ALMOST HALF THE AT HALF THE INTEREST RATE, PAYING OFF AN EXISTING DEBT. WE ALREADY HAVE THAT $30 MILLION IN DEBT THAT WE'RE PAYING NEARLY 4.3% FOR. WE'RE GOING TO REPLACE IT WITH THE 2.35, JUST IN VERY SIMPLE LAYMAN TERMS. EXACTLY. AND THAT 4.3% WOULD NOT BE SOMETHING THAT YOU WOULD BE ABLE TO KEEP, BECAUSE AGAIN, THAT WAS A SHORT TERM FINANCING, KIND OF LIKE A BRIDGE LOAN, IF YOU WILL. RIGHT.
THANK YOU. OKAY. ALL RIGHT. WE DO HAVE ANOTHER BOND IN THE 2015. DOES ANYBODY KNOW WHAT THE INTEREST RATE WAS ON THAT. I WOULD HAVE TO. YEAH IT WOULD BE I THINK IT'S IN THE FOURS IN THE. OKAY. SO APPROXIMATELY THE SAME. YEAH OKAY. THANK YOU. ANYONE ELSE. ALL RIGHT. WE DO HAVE A RESOLUTION IN BOTH BODIES. NEED TO ACT ON. FIRST ITEM. THIS IS JUST OUR ACTION I'M SORRY I BELIEVE THE FIRST ITEM IS AN MCDC ACTION. AND AGAIN AS STATED TAX REVENUE. REFUNDING BONDS TAXABLE SERIES 2026. DO I HAVE A MOTION TO APPROVE? I'LL MAKE A MOTION TO APPROVE. MR. SECOND. I'LL SECOND. ALL IN FAVOR? AYE. ANY OPPOSED? MOTION PASSES UNANIMOUSLY. MOTION CARRIES. NEXT ITEM IS 260154. CONSIDER A RESOLUTION OF THE CITY COUNCIL
[Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Relating to the “McKinney Community Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2026 (TIFIA),” including the Approval of the Resolution of the Board of Directors of the Corporation Authorizing the Issuance of Such Bonds; Resolving other Matters Incident and Related to the Issuance of Such Bonds; and Providing an Effective Date]
OF THE CITY OF MCKINNEY, TEXAS, RELATED TO THE MCKINNEY COMMUNITY DEVELOPMENT CORPORATION. SALES TAX REVENUE. REFUNDING BONDS. TIFIA. MR. HOLLOWAY, ARE YOU DOING THIS FOR YOU, BRINGING DAVE BACK UP? WELL, THIS THIS IS IT WAS ONE PRESENTATION FOR ALL THREE OF THE ITEMS. IT'S IT'S ALL RELATED TO APPROVING THE TIFF ALONE. OKAY. GOT IT. SO COUNCIL WILL NEED TO ACT ON THIS. MR. MAYOR, I'LL MAKE THE MOTION THAT WE APPROVE THIS ITEM.SECOND. WE HAVE A MOTION BY MAYOR PRO TEM FELT US TO APPROVE THE ITEM. WE HAVE MULTIPLE SECONDS. LET'S SEE WHO JUMPS IN THERE. MR. JONES. ALTHOUGH ANY DISCUSSION. PLEASE CAST YOUR VOTE. OKAY. MAYOR COX, I. THE NEXT ITEM. ARE YOU GOOD? ALL RIGHT. NEXT ITEM. 260155.
[Consider/Discuss/Act on Authorizing the Chairman, or Designee, to Accept a Transportation Infrastructure Finance and Innovation Act (TIFIA) Loan from the U.S. Department of Transportation, Build America Bureau in the Amount of Thirty Million and No/100 Dollars ($30,000,000.00) to Finance Improvements to the McKinney National Airport Including Construction of Passenger Terminal Facilities]
CONSIDER AUTHORIZING THE CHAIRMAN OR DESIGNATE TO ACCEPT A TRANSPORTATION INFRASTRUCTURE, FINANCE AND INNOVATION ACT. TIFIA LOAN FROM THE US DEPARTMENT OF TRANSPORTATION.SAME PRESENTATION, SAME ACTION. MR. CHAIRMAN, MR. CHAIRMAN. MR. CHAIRMAN AND MAYOR AND COUNCIL THIS IS JUST A REQUEST FOR THE CDC BOARD TO OFFICIALLY AUTHORIZE THE CHAIRMAN TO ACCEPT THE LOAN. SO IT'S A CDC VOTE. JUST FOR THE RECORD, LET ME LET ME READ IT AGAIN. SO IT'S PART OF THIS BOARD'S RECORD. WE ARE CONSIDERING ACTING ON AUTHORIZING THE CHAIRMAN OR DESIGNEE TO ACCEPT A TRANSPORTATION INFRASTRUCTURE, FINANCE AND INNOVATION ACT LOAN FROM THE US DEPARTMENT OF TRANSPORTATION BUILD AMERICA BUREAU IN THE AMOUNT OF $30
[00:20:04]
MILLION TO FINANCE IMPROVEMENTS TO THE MCKINNEY NATIONAL AIRPORT, INCLUDING CONSTRUCTION OF PASSENGER TERMINAL FACILITIES. AND AGAIN, THIS LOAN WILL RETIRE THE $30 MILLION THAT WE CURRENTLY HAVE WITH TRUIST. IS THERE A MOTION TO APPROVE? I'LL MOVE TO APPROVE. I'LL SECOND THAT MOTION. ALL IN FAVOR? AYE. ANY OPPOSED? MOTION PASSES. VERY GOOD. THANK YOU, MR. CHAIRMAN. MR. HAUSER, GO AHEAD. DURING THIS MEETING. YEAH. SO WITH THAT, WE WILL ADJOURN THIS MEETING. WOULD YOU LIKE TO ADJOURN YOUR. YOURS FIRST? YES.AND WE WILL ADJOURN OUR MCDK JOINT MEETING WITH COUNCIL. THANK YOU. WE DO NEED A MOTION TO ADJOURN THE CITY COUNCIL PORTION. SO MOVED SECOND. MOTION HERE. GOOD MOTION BY MAYOR PRO. ALL IN FAVOR? MY BOARD. HI. THANK YOU SIR. THANK YOU. COUNCIL HAVE A MOTION BY MAYOR PRO TEM FELTZ AND A SECOND BY ME, COUNCILMAN CLOUTIER, TO ADJOURN. IS THERE ANY DISCUSSION? PLEASE CAST YOUR VOTE. ALL THOSE IN FAVOR, SAY AYE. AYE. OPPOSED? SAME SIGN. WE A
* This transcript was compiled from uncorrected Closed Captioning.