Item C23BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: March 20, 2013 Division: County Administrator
Bulk Item: Yes Department: Airports
Staff Contact Person/Phone #: Peter Horton, 809-5200
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AGENDA ITEM WORDING:
Approval to pay off early the Monroe County, Florida Airport Variable
Rate Revenue Bonds (Key West International Airport), Series 2006 (the “Series 2006 Bonds”).
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ITEM BACKGROUND:
The Clerk has requested that the Airport obtain the Board’s approval to make the final payment on the
Airport Bonds.
The bonds were originally issued in the aggregate principal amount of $30,455,000, with a bond
maturity date of October 1, 2035, incurring a total debt service of $65,678.243.75.
With the most recent FAA AIP grant funds of $1,307,545.00 (which were approved at the October 2012
meeting), and with accumulated PFC funds, we are now able to pay the bonds off more than 23 years early,
saving more than $32 million in interest.
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PREVIOUS RELEVANT BOCC ACTION:
June 21, 2006 – adopted Bond Resolution #238B-2006;
November 15, 2006 – amended Bond Resolution 238B-2006
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CONTRACT/AGREEMENT CHANGES:
NA
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STAFF RECOMMENDATION:
Approval
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TOTAL COST: INDIRECT COST: BUDGETED:
$5,650,000.00 principalNAYes
DIFFERENTIAL OF LOCAL PREFERENCE:
NA
COST TO COUNTY: SOURCE OF FUNDS:
None FAA AIP, PFC
COST TO FAA AIP:
$1,307,595
COST TO PFC:
$4,671,405
REVENUE PRODUCING:AMOUNT PER YEAR:
Yes __ No _X_ NA
APPROVED BY:
County Attorney NA OMB/PurchasingNA Risk Management NA
DOCUMENTATION:
Included X Not Required _____
DISPOSITION:AGENDA ITEM #
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