Featured Municipal Bond Issue: Hillborough County Aviation Authority Tampa International Airport Revenue
Tampa International Airport
Featured Municipal Bond Issue, Week of October 22, 2018: Hillborough County Aviation Authority (Tampa International Airport) Revenue Bonds – $402 Million
The Hillsborough County Aviation Authority is issuing $402,270,000 in bonds for the Tampa International Airport the week of October 22, 2018. The bonds are being issued in a three part bond series: $138,745,00 2018 Series E (AMT), $158,930,000 2018 Series F (Non-AMT) and $104,595,000 Subordinated Revenue Bonds Series A (PFC AMT). Interest on the bonds is excluded from gross income for federal income tax purposes; however, the Series E and Series A bonds are subject to the Alternate Minimum Tax (AMT).
Proceeds from the Series 2018 Bonds will be used with other legally available funds for the purposes of (i) financing and refinancing a portion of the costs of the 2018 Projects, (ii) funding deposits in the common senior reserve account held for the benefit of certain Senior bonds, including without limitation, the Senior 2018 Bonds, (iii) funding deposits into the Capitalized Interest Subaccount in the Senior Interest Account , and (iv) paying certain costs of issuance.
The 2018 Projects include capital improvements associated with the Airport’s Master Plan (Phase II), which consist of a curbside expansion associated with the departure and arrival access points to the main terminal, the replacement of a central energy plant and loading dock in the administration building, a replacement office complex for the administration building, a widening and rehabilitation of the George Bean Parkway and a new economy parking road. In addition, the Phase II projects include the demolition of a rental car garage and the APM guideway as well as the construction of a new Taxiway and an aircraft bridge.
The Senior Bonds are payable solely from and secured by a lien on net revenues derived from the operation of the airport system. The available Passanger Facilities Revenues (PFC) will only be used to pay debt service on the PFC pledged bonds. The Senior 2018 Bonds will have a equal security standing with all other Senior Bonds outstanding. The Subordinated 2018 Bonds, other outstanding Subordinated Bonds and other future issued Subordinated Bonds are subordinated to the lien on all Senior Bonds as well as PFC indebtedness. Investors should consult the official statement for full details on the security for the bonds as well as the purposes, tax-status and other matters pertaining to these Hillsborough County Aviation Authority Revenue and Subordinated Revenue bonds, available on MuniOS. First time visitors to MuniOS must accept disclaimer first.
The Tampa International Airport is primarily an origination and destination airport for the Tampa-St. Petersburg-Clearwater Metropolitan Area. The metro area had an unemployment rate as of August 2018 of 3.7%, 0.2% lower than the national rate for August, and .4% from the same time the previous year.
These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.