Resolution 26-01, Municipal Financing Page Two
The projects and the PFC backed bonds are expected to receive approval from the FAA in spring 2026. Additionally, concurrence of the General Assembly’s Budget Committees is expected in early 2026. The $130 million limit contained in the resolution is based on the most recent official forecast submitted by MAA finance staff in December 2025. This resolution is currently needed as delegated authority to engage bond counsel in the development of the Official Statement and generally begin the financing process that comfortably requires 90-days to complete. The Executive Director and Chief Financial Officer (CFO) will have the authority to manage the bond sale and closing, including the award of the 2026 bonds to the successful underwriting firm(s) or negotiation of terms for a private placement. The resolution also provides for authority to select other service providers and to prepare and execute all closing documents, certificates, and bond forms. Resolution 26-01 contains the following limiting and reporting provisions: 1. Par Amount – Limited to $130 million. 2. Bond Sale Date – No later than December 31, 2026. 3. Bond Sale Reports on Results – Provided by the Executive Director and CFO at the first Board meetings after the sale dates. RECOMMENDATION Management requests the Finance and Administration Committee’s concurrence and recommendation to move to the full board for approval of the Municipal Financing Resolution. ATTACHMENTS Board Resolution 26-01, Municipal Financing
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