HomeMy WebLinkAboutIR 048 (3) INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 23-048
To the Mayor and Members of the City Council March 7, 2023
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SUBJECT: DALLAS FORT WORTH INTERNATIONAL AIRPORT BOND
rrn FINANCING PACKAGE
Dallas Fort Worth International Airport (DFW) is seeking approval of two new bond ordinances from the
Owner Cities of Dallas and Fort Worth to refinance some debt, and position DFW to fund certain capital
projects. DFW anticipates passenger traffic exceeding pre-pandemic levels, and with a busy summer
ahead, plans to take action in preparation for the increased customer loads. The Airport is seeking
authority to: (i) refund existing bonds, Subordinate Lien Bonds and outstanding commercial paper; and (ii)
potentially issue new money bonds to finance Terminal C and other aging infrastructure, assuming market
rates are favorable.
Action Item Amount Summary
65t" Supplemental $2.305 This is DFW's annual debt financing request for the
Bond Ordinance billion following items: (1) refund bond series 2013D, 2013E,
2013F, 2013G, 2014A, 2014C and 2014D, Subordinate
Lien Drawdown Bonds and outstanding commercial paper
for a total of$1.305 billion; (2) issue up to an addition $1
billion in new money bonds, assuming market conditions
are favorable.
66t" Supplemental $750 This is the annual request to provide DFW with the ability
Bond Ordinances million to refund commercial paper with long term bonds. The
program approved by the Owner Cities in 2019 requires
the Airport to request this authorization annually.
The Airport Board approved the two Supplemental Bond Ordinances at its March 2, 2023, meeting. The
Owner City Approval schedule is below:
March 7— Fort Worth City Council Work Session Briefing (via Informal Report)
March 21 — Briefing to the Government Performance and Financial Management Committee of the Dallas
City Council
April 11 — Fort Worth City Council Agenda Meeting
April 12 — Dallas City Council Agenda Meeting
For more information, please contact Chris Poinsatte, Executive Vice President and Chief Financial Officer
at 972-973-5210 or via email at capoinsattea_dfwairport.com
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS