8d. Presentation - Adoption of 2021 First Lien Revenue Bonds
Item No. 8d_supp Meeting Date: May 11, 2021 First Lien Revenue Bonds May 11, 2021 1 Request Introduction of Resolution No. 3787 Sale and Issuance of First Lien Revenue Bonds Single Series Private Activity Bonds no regular tax, but subject to Alternative Minimum Tax (AMT) Purpose is to refund existing First Lien bonds issued in 2011 for an estimated $5 million present value debt service savings 2 Resolution No. 3787 Similar in all material respect to Delegation Limits: other First Lien resolutions Maximum Par Amount: $60 Pursuant to First Lien Master million Resolution Maximum Interest Rate: 2.5% Provides delegation to Executive Bond sale must occur within six Director to approve bond sale months of adoption Provides funding for related costs Exceeding limits requires further Bonds will be sold by Port authorization underwriting team 3
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