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Council approves up to $500 million Tulsa Municipal Airport Trust revenue bonds and waives competitive bidding
Summary
The Tulsa City Council approved a resolution allowing trustees of the Tulsa Municipal Airport Trust to issue up to $500 million in revenue bonds to fund airport projects and approved a second amendment to the sublease with American Airlines. The council also approved an emergency clause for the resolution.
The Tulsa City Council on Wednesday approved a resolution authorizing the trustees of the Tulsa Municipal Airport Trust to issue one or more series of revenue bonds in an aggregate principal amount not to exceed $500,000,000 and approved a second amendment to the trust’s amended and restated sublease with American Airlines.
City staff introduced the resolution as mayoral item 4b. The measure authorizes issuance of trust revenue bonds designated as Tulsa Municipal Airport Trust Revenue Bonds, Series 2025, approves execution of a second amendment to the amended and restated sublease between the trustees and American Airlines Inc., and includes a waiver of competitive bidding. Councilors also approved an emergency clause so the measure would take effect immediately.
There were no speakers from the public on the resolution. Council members moved to approve the resolution and then separately approved the emergency clause by roll‑call vote.
The council’s votes were recorded on the roll call after the motion; all members present voted yes. The ordinance and amendment text were not read into the record in full; staff indicated the resolution authorizes the trustees to proceed with the bond issuance and sublease amendment subject to the documents presented to council.
Background detail cited by staff at the dais referenced a second amendment to an amended and restated sublease dated Feb. 15, 2022, between the trustees and American Airlines. The resolution includes standard authorizations for execution of closing documents and the city’s waiver of competitive bidding specific to the transaction.
What’s next: With the council’s approval, the trustees of the Tulsa Municipal Airport Trust are authorized to proceed with structuring, issuing and selling Series 2025 revenue bonds up to the authorized principal amount and to execute the second amendment to the sublease with American Airlines per the terms approved by staff.
