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Commission approves $1.5 million budget move to subordinate obligation fund for bridge‑loan interest
Summary
The Airport Advisory Commission voted unanimously Feb. 12 to advance an ordinance authorizing a $1.5 million transfer to the Aviation Department's Subordinate Obligation Fund to pay interest and costs tied to an anticipated $50 million draw on a $150 million revolving note facility with Wells Fargo.
The Airport Advisory Commission on Feb. 12 approved an item to amend the Fiscal Year 2024–25 Aviation Department Subordinate Obligation Fund budget, increasing transfers and appropriations by $1,500,000 to cover interest payments and related costs tied to draws on the airport’s subordinate lien revolving revenue note program.
Rajeev (Reggie) Thomas, the department’s chief financial officer, told commissioners the…
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