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County approves airport reimbursement resolution ahead of runway reconstruction
Summary
Horry County adopted a reimbursement resolution that allows the airport to reimburse current expenditures for runway reconstruction from future tax-exempt airport bonds; staff said the step preserves flexibility under IRS rules and any future debt issuance remains subject to council approval.
An airport representative requested council adopt a reimbursement resolution to preserve the airport's flexibility to reimburse current runway reconstruction expenditures from the proceeds of future tax-exempt general airport revenue bonds.
"The airport request that the county council approve a reimbursement resolution, which will provide the airport the option to reimburse the current use of airport reserves or other funds for the runway reconstruction capital project with the issuance of short term or long term bonds in the future," the airport representative said, adding that bond counsel and the airport's financial adviser recommended adopting the resolution now to comply with IRS rules.
Council voted in favor of the reimbursement resolution; staff noted any future debt issuance would remain subject to council approval.
