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McKinney City Council approves resolution tied to CDC bonds and TIFIA loan
Summary
City Council approved a resolution related to McKinney Community Development Corporation sales tax revenue refunding bonds and the $30,000,000 TIFIA loan to finance airport terminal improvements; the council vote carried on the record after brief discussion.
The City Council of McKinney approved a resolution related to the McKinney Community Development Corporation's sales tax revenue refunding bonds and the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan intended to fund improvements at McKinney National Airport.
City staff and the city's financial advisor presented the bond structure and the rationale for replacing interim financing with long-term TIFIA-backed debt. A council member moved to approve the item, it was seconded, and the motion carried on the record. The meeting transcript records an affirmative vote by the mayor and indicates the item passed.
The resolution aligns the council action with the CDC board's prior approval and delegates next steps for closing the TIFIA loan and completing associated legal and closing procedures.
