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Orange County delays vote on Clay Lacy John Wayne Airport financing after hours‑long hearing
Summary
After more than two hours of testimony and debate, the Orange County Board of Supervisors voted to continue consideration of a proposal that would let Clay Lacy Aviation use tax‑exempt private activity bonds to finance a $120 million expansion at John Wayne Airport. Supervisors demanded further protections on default and revenue terms and set a deadline for staff and the applicant to return with proposed changes.
The Orange County Board of Supervisors on Tuesday continued debate over a proposal that would allow Clay Lacy Aviation to use tax‑exempt private activity bond financing to build fixed‑base operator facilities and a new sheriff’s air support facility at John Wayne Airport.
Proponents, including representatives of Clay Lacy and advisers from Wells Fargo and the California Municipal Finance Authority, described the financing as a market‑standard structure that would not obligate taxpayers. Kevin Carney of Wells Fargo said the proposed issuance would be a tiny fraction of the national municipal market and “would have 0 impact on Orange County” borrowing or other issuances.
Opponents on the board raised concerns about transparency and public policy. Supervisor Don Wagner said the proposal effectively “picks…
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