2026-09-24 - Transportation and Commerce Committee

00:12the Transportation and Commerce

00:13Committee will now come to order. Madame

00:15Clerk, please call the role.

00:19>> Alderman Odenberg,

00:22Alderman Orion,

00:25Alderwoman Schwitzer,

00:27>> present. Alderwoman Coxi

00:30>> present.

00:31>> Chair Conn

00:32>> present.

00:33>> Alderman Odenberg, Alderman Orion, three

00:36present. We have quorum.

00:38>> Thank you, Madame Clerk. And I'll uh

00:40note that we started at 9:24 with a

00:43slight delay. Appreciate everyone's

00:45patience uh while we waited to get the

00:48meeting started here. Um this morning we

00:51have a couple things on the agenda. The

00:54first item on the agenda is the approval

00:55of our meeting minutes from Friday, July

00:5724th, 2026. I'll entertain a motion on

01:01approval of the meeting minutes.

01:03>> I move to approve the meeting minutes

01:04from Friday, July 24th, 2020.

01:07>> Second.

01:08>> It was moved by the alderwoman from the

01:10first, seconded by the alderwoman from

01:11the 8th. That we approve our meeting

01:13minutes from Friday, July 24th. Madame

01:15clerk, please call the role. Alderman

01:17Odenberg,

01:19Alderman Orion, Alderwoman Schwitzer,

01:22>> I.

01:23>> Alderwoman Coxantu,

01:25>> I.

01:26>> Chair Conn,

01:27>> I.

01:28>> Alderman Odenberg, Alderman Ryan,

01:32three I votes.

01:34>> By your vote, you have sustained the

01:35motion of the alderwoman from the first

01:36to approve our meeting minutes. And uh

01:39the next item that we have on the agenda

01:41and the only other item that we have on

01:43the agenda uh for discussion today is

01:46board bill 51. Um board bill 51 is uh

01:50being presented today by the

01:52comprollers's office, Mr. Gavaglia.

01:55Um these are related to bond dentures

01:57for the airport. And so without further

02:01ado, I'll turn it over to Mr. Gavaglia.

02:04>> Okay. Well, thank you Mr. Chairman,

02:06members of the committee. Good morning.

02:08Um, a little bit of housekeeping. We

02:10have co-bound council Karen Jordan,

02:14madame clerk, who is trying to get in as

02:17a presenter. If you see her,

02:22>> Mr. Stinfield.

02:23>> Uh, no, we have actually co-bound

02:25council Karen Jordan is

02:28um I've gotten text message that she is

02:30trying to come in as a presenter.

02:34No, I don't show see her here trying to

02:37get in on the attendee side.

02:39>> Okay. Um then um if you do see her,

02:42would you mind letting her come in at at

02:44some point? Uh but uh this morning um

02:49Mr. Chairman, members of committee, we

02:51have for your consideration board bill

02:5351, committee sub, which is um

02:58authorizes uh the issuance of

03:00approximately up to $500 million in

03:05airport revenue bonds. Uh we also this

03:08bill will also seek to authorize and the

03:11execution of at the third amendment to

03:15the restated indenture of trust which

03:17governs um the airport's indebtedness.

03:21Um we have with us today the airport's

03:26financial advisor Mr. David Senfield

03:29virtually as you can see. Um we also

03:33have with us um in person we have

03:37co-bond council for the proposed bond

03:40sale um Mr. Charles Salsbury with

03:43Salsbury and Associates and if she is

03:45able to make the meeting um our other

03:48co-bond council um Miss Karen Jordan and

03:52she's with the law firm called Dentons.

03:54Um

03:56Mr. Chairman, uh, with your permission,

03:59uh, I'd like to ask Mr. Stenfill to walk

04:03us through a very short presentation

04:05which will go a long way to explaining

04:07the bill.

04:09>> Yeah, please.

04:13>> Is he going to be showing this online

04:15for the

04:16>> He will be sharing his watching.

04:19>> Good morning, Alderman Con, and

04:20distinguished members of the

04:23>> morning and thank you for joining us

04:24remotely. I I know that we had a prior

04:27scheduled meeting that uh ended up not

04:30being heard. Uh and so I I appreciate

04:34your flexibility and being able to be

04:35here.

04:37>> I appreciate you saying that, Alderman

04:40Cohen. And no worries. I enjoyed a uh a

04:43nice evening in St. Louis um on the

04:4615th, which was low pressure because I

04:50didn't have to uh present. So, no

04:53problem at all. Um, I'm just going to

04:55figure out how to make this full screen.

04:58Bear with me one second. I think it's

05:00few

05:02full screen load.

05:05Um,

05:07Alderman Cohen, if you could just let me

05:09know if you can see this.

05:10>> We're able to see it. Thank you.

05:13>> Okay, perfect. So, I'll with no further

05:16ado, I'll jump right in. Again, good

05:17morning, Alderman Cohen and other

05:19distinguished um members of the

05:20committee. Um as well as uh those in the

05:25the crowd today. Um thank you so much

05:27for taking the time this morning for

05:30this presentation. My name is David

05:32Stinfel. I serve as um Mr. Gelia said as

05:35the lead financial adviser for the

05:39airport and I've been in this role for

05:41about 11 years now. My firm, SE William

05:44Shank, uh, covers airports around the

05:47country, um, in the Midwest. Some of the

05:50airport clients that we cover outside of

05:52St. Louis include, um, Kansas City

05:55International, Detroit, um, metropolitan

05:58Wayne County, O'Hare, Midway, uh,

06:02Indianapolis International, um,

06:05Cincinnati, Northern Kentucky, and many

06:07more. We also um own and operate some

06:11airport terminals through an affiliate

06:13of my firm, for example, JFK Terminal

06:15One, which is currently under

06:16construction.

06:18With respect to St. Louis, uh this

06:20upcoming transaction, as you know, will

06:22be the largest transaction in um recent

06:27times for the airport within the past 20

06:29years. It's scheduled to price in mid

06:33October and close in November. Here on

06:36this page, page one, we have just a

06:38highle overview of some of the projects

06:41that the airport are contemplating

06:43completing with the proceeds of the

06:46upcoming issuance.

06:48Um there's estimated to be approximately

06:50about 375 million of projects that are

06:53completed with 91 million being for

06:56airfield projects about 240 million

06:58being for terminal one and two

07:00infrastructure and then about 33 to 34

07:03million for parking and roads and

07:04parking and roads projects. I should

07:07note here that these project amounts are

07:10tentative. As the airlines continue to

07:13operate with the city's airport, there

07:15could be adjustments to project sizes um

07:19particularly as there's inflation and

07:21cost inflation, service inflation across

07:23the country.

07:25So these are indicative numbers.

07:28Turning to page two as part of the

07:32upcoming issuance, an important

07:34component is the modernization of the

07:37senior lean general airport revenue bond

07:39indenture. This page here describes some

07:42of the major changes that are

07:44anticipated

07:45with the modernization of the indenture.

07:48And the indenture is a document that

07:50describes exactly the relationship

07:51between the city/ airport, the trustee

07:56and bond holders.

07:58The changes that we have been working on

08:00for the past two and a half years are

08:02primarily designed to, as you can see at

08:03the top left, lower capital costs for

08:06the airport and the airlines, increase

08:08future financial flexibility,

08:11and to modernize the provisions

08:13throughout the indenture such that they

08:14are consistent with current market

08:16standards across airports of similar

08:18size and scope. The three major

08:21components that are being modernized,

08:22and I won't go through them exactly

08:24today, are um starting on the left of

08:27this table,

08:29changing the debt service stabilization

08:31fund into a rolling coverage account in

08:34the middle of the table, changing the

08:36debt service reserve requirement from an

08:37individual seriesbased requirement to

08:39what's called a common debt service

08:41reserve fund. And then on the far right,

08:45the additional big picture changes

08:46include clarifying technical amendments,

08:49increasing flexibility to issue

08:52different types of securities such as

08:54verb debt or um shorter structures or

08:58sort of federally linked structures and

09:00such and to just modernize terms

09:03throughout the indenture. Moving to the

09:05bottom of the slide, the next steps that

09:07we anticipate

09:09are to um achieve the legislative action

09:12such as today's presentation to the

09:14transportation and commerce committee to

09:16allow for the indenture amendments to

09:17pass. We've uh just two days ago

09:21received also consent from the bond

09:23insurers to move forward with these

09:25indenture amendments

09:27and then finally to effectuate the

09:29actual oper operization of these

09:32indenture amendments uh through a

09:34multi-step process postclosing with the

09:36city and the controllers's office in the

09:38airport.

09:40Turning to page three, we have a highle

09:42overview of the financial results for

09:46the transaction. And I should note here

09:48that there's been a tremendous amount of

09:50volatility since we've started working

09:52on this transaction. As many of you have

09:53seen, the Federal Reserve recently

09:56increased interest rates just last week

09:59and that's been along a long line of

10:02other market moving changes that we

10:04antic that have happened and that we

10:06anticipate to continue happening all the

10:08way through pricing. Saying that, just

10:10to note that these numbers are certainly

10:11preliminary and subject to change. Um,

10:15as you can see here, currently the

10:17transactions estimate to be around 434

10:20million. I anticipate it probably be a

10:22little higher around maybe 450 to 460

10:24million when all said and done based on

10:26changes to rates and project sizes.

10:28Um, most of the proceeds you can see on

10:31the upper right table under the blue row

10:34that's called uses. Most of the uses are

10:36going to the project fund. Those

10:39proceeds will about 300 million will be

10:40used for new projects and then about 75

10:43million will be used to reimburse the

10:45subordinate junior lean PNC line of

10:47credit.

10:49There will be some amount of capitalized

10:51interest as well as funding reserve fund

10:54in the transaction. And on the bottom

10:56graph you can see the actual proforma

10:59impact of the new debt service on the

11:02city's existing debts. The city's

11:04existing debt is shown in light blue and

11:06the new debt is layered on across the

11:09three series in the colors orange,

11:10purple, and blue. You can see that most

11:14of the debt advertises on the long end

11:17and medium-term.

11:19There is some small amount that

11:20advertises between 29 and 31, which is

11:23the peak debt service years of the

11:25city's general airport revenue bonds.

11:29And then finally, just quickly going

11:32through the calendar and participating

11:34firms that are serving the city and the

11:36airport. We're anticipating pricing or

11:39excuse me, posting the preliminary

11:40official statement and the investor

11:42presentation on October 14th.

11:47Shortly thereafter, we anticipate

11:48pricing the bonds on October 21st in St.

11:51Louis

11:53and then uh closing shortly after

11:55election day on November 4th.

11:58And again, the firms that are serving

12:00the airport, many of whom have um worked

12:03with the city and the airport on various

12:07transactions over the year are described

12:09below.

12:11Thank you again for taking the time for

12:13this presentation. I'll pause there to

12:16see if there are any questions or

12:17clarifications that I can provide or

12:19that um my fellow team members that are

12:22serving the city on this transaction or

12:24in the room or on the line can provide.

12:27Thank you.

12:29>> All right. Uh any questions from the

12:32committee?

12:33Alderwoman

12:34>> Schwitzer's

12:36here.

12:37>> Oh, al Ald alderman Oldenberg has joined

12:40us uh virtually. Alderman Oldenberg.

12:43>> Thank you, Chairman. No questions at

12:45this time.

12:46>> Is Alderman Norion online? No. Okay. Uh

12:51Alderwoman Schwitzer,

12:53>> thank you so much. I appreciate the

12:54presentation. Um I'm always really

12:56interested to hear more about the

12:57projects uh that that this is um that

13:01this will be funded. So if we could go

13:03over that page, I believe page one just

13:05a little bit more about what we're

13:06talking about and any difference between

13:08this and bonds that had been issued uh

13:11in 2024 2025 and I believe there were

13:15bonds issued last.

13:20>> That's that's a great question. Thank

13:21you for the question.

13:24Um at a high level what I can describe

13:28is that these projects are part of the

13:31continuum from the 2024 issuance in that

13:35a large portion of them are for enabling

13:38projects for the anticipated

13:40consolidated terminal plan. Um, I can

13:44also note that they're in the same

13:45continuum as the 2024 projects in that

13:48they're part of the third

13:51uh uh approval process with the airlines

13:54that has been negotiated. I think after

13:57this issuance probably about 85% of the

14:01third approval process has been will

14:03have been financed. Um, and there'll be

14:05a small amount remaining that hasn't

14:07been financed. Um, as you can see on

14:10this page, most of the projects that

14:12line share are going to be for both the

14:16terminal one and two again enabling

14:18projects preparing for the CTP. And then

14:21there's a number of airflow projects. I

14:24think the probably the biggest of them

14:26is the demolition of the mowing as well

14:29as the um design and reconstruction of

14:32runway 12 L30R and runway 624.

14:38Okay. Regarding um electrical, power

14:41equipment, lighting, climate control,

14:43plumbing, and um these sound like

14:45incredibly costly projects. Are those

14:48the the most costly in that terminal one

14:50and two infrastructure

14:53>> update?

14:54>> It's a good question, Alman. I'd have to

14:57um do some additional research to come

15:00back to you on the specific

15:03uh amount that's associated with those

15:06components within that project.

15:08>> I'd be very interested in the the

15:09efficiencies of those systems too. um

15:12just with making those sort of upgrades,

15:14wanting to see the airport, you know,

15:16doing this in a way that is um you know,

15:19taking into account uh just efficiency

15:22um the any sort of alternative energy

15:25systems that can be put on with a new

15:28roof. That's something that I would be

15:29very interested in in knowing um in

15:32terms of what the airport plans to do

15:33there for if there such a big investment

15:36is being made wanting it to be the most

15:37efficient and um you know up-to-date

15:40technology possible.

15:44Um, that's a great question, Alderman.

15:45If the committee would allow for it, I'd

15:47love to be able to come back to you with

15:49a report that details the specific um,

15:54you know, power, lighting, climate

15:56control, energy efficiency components

15:59and cost associated with uh, the

16:02terminal project.

16:03>> Yeah, I appreciate that. I think people,

16:06you know, really want to see our

16:09government, you know, owned buildings

16:11and the um when we do these major

16:14upgrades that we're really thinking not

16:16just about the status quo and replacing

16:18it as is, but thinking about making our

16:22our airport, you know, one of the

16:23future. Um so with even in the parking

16:26and roads project um you know if there

16:30if there's work already happening what

16:32kind of work with with MSD with drainage

16:35and um different flooding uh controls

16:38and um just the type of uh

16:41infrastructure that's available now that

16:44could not only make our airport look

16:46better and and be a better uh airport

16:48but also uh just um one that is is

16:52taking into account the you know changes

16:54we need to be prepared for. Um so I'd

16:56love more information about about that.

16:59Um

17:03then regarding um the additional big

17:06picture changes of the indenture says

17:09clarifying and technical amendments. Um

17:13can you go over a little bit more about

17:15what that would mean?

17:18Page two.

17:20>> Yes. I think that's probably a good time

17:22for me to defer perhaps to my colleague

17:25who's in the room, Mr. Charles Salsbury,

17:29who can maybe talk through some of those

17:31changes. Um, and there's there's

17:34numerous ones throughout the indenture.

17:36>> Sure.

17:38>> It's a big thing to to change.

17:41>> Good morning. It's a pleasure to share

17:43this meeting with you all. Um as um

17:47David mentioned earlier, we've been

17:49working on updating the indenture for

17:52about two and a half years.

17:54>> Uh and what we've done is this. We've

17:56taken a look at not only our our

17:59existing indenture, but we've also

18:01surveyed indentures from around the

18:04country so that we could have have at

18:06our fingertips the best models for us to

18:10guide us through this process. Because

18:13what we're trying to do is to create a

18:15document that can look toward the future

18:18and and put the city in a position to

18:21where it can take full advantage of

18:23changes that might occur down the line

18:25in terms of financing techniques. And so

18:28in terms of technical type of of

18:31improvements that we've tried to put

18:33into the into the document, uh for

18:36example, when you issue new bonds, you

18:39have to satisfy certain tests in order

18:41to be able to move forward. Tests that

18:43would include additional bonds tests

18:45that would uh satisfy certain financial

18:49uh covenant compliance and also project

18:52the ability to actually service that new

18:55debt. Uh we have put in place with the

18:58new indenture uh some streamline

19:01approaches that will make it easier for

19:04the airport to be able to finance future

19:06projects but at the same time providing

19:10a great deal of comfort to the rating

19:13agencies and to uh prospective

19:16purchasers of bonds that in fact the new

19:19new bonds will be issued in in a way

19:22that's going to be affordable for the

19:24city and the airport. Uh so uh rest

19:27assured that the indenture that we're

19:29asking you to approve today is one that

19:32is modern that that has been challenged

19:35in other areas of the country. Um uh for

19:38example, we we leaned heavily on on the

19:41the new indenture that's in place in

19:44Atlanta uh that allows the Atlanta

19:47airport to expand and to grow in in a

19:50mean meaningful ways. Um, so, uh, we're

19:53very proud of the product that we've put

19:55out there and, uh, we still have a few

19:58tweaks to make to it before it's it's ab

20:00absolutely finalized, but it is a

20:02document that I think you all will be

20:04proud of and a document that will be

20:06able to move into the future as as as we

20:11propel ourselves forward with this

20:12project and look toward the potential

20:15for the uh, unified terminal.

20:19>> That's that's very interesting. I

20:21thought the the piece also in the the

20:23second column debt service reserve fund

20:25requirement um that a series can be

20:28included the common reserve account to

20:29be secured by its own individual reserve

20:31or have no reserve at all. I thought

20:33that was very interesting. No reserve at

20:35all. Is that unusual?

20:37>> That's a very good question. Um the

20:40short answer is that um we're trying to

20:44come up with flexibility.

20:46>> Okay. Um when you market bonds uh

20:49dependent upon a project uh there are

20:52instances in which the uh the the

20:55prospective purchasers want to see a

20:58debt service reserve fund. There are

21:00instances when purchasers are not as

21:02concerned about that. And what we want

21:04to be able to do is have the flexibility

21:06to put in place a standalone deb reserve

21:10fund or uh if if market conditions allow

21:14not to even have a death service reserve

21:15fund. Uh currently we are with with our

21:19current indenture we can only put in a

21:21series debt service reserve fund. So

21:23each series that we issue will have a

21:25debt service reserve fund for that

21:27series. The other thing about this

21:29common debt service reserve fund that

21:31we're now allowing for going forward is

21:33that it permits us to a to actually size

21:37that debt service reserve fund as bonds

21:39are paid off paid down and and to and to

21:42uh limit the size of of the best debt

21:44service reserve fund which once again

21:46puts the city in a position to where it

21:48will not necessarily have to put uh keep

21:52as as much money in in that fund as it

21:55as it currently does. Uh so uh again

21:58what we're trying to do with the new

22:00indenture is to allow for uh flexibility

22:03and to permit us ourselves to be in a

22:06position to where uh we can take

22:08advantage of of of limiting the amount

22:10of money that the city needs to put into

22:12that. David, did you want to also

22:13comment on that?

22:16>> Yes, thank you so much Charl Charles and

22:18thank you for your question. um

22:20regarding the reserve fund. Um

22:25right, specifically around the uh the

22:29notion of potentially not funding a

22:32reserve fund. uh funding a reserve fund

22:35for revenue bond type issuers like

22:37airports, water, sewer, utilities for

22:39example, enterprise type credits as you

22:42know we call them in the financial

22:43documents

22:45over the long course of history has been

22:48ordinarily a practice that was

22:51considered to be sacrosan which was if

22:54you were going to issue a revenue bond

22:56to fund a project in a city you would

23:00have to fund some sort of reserve fund.

23:03to protect bond holders.

23:06About 15 years ago, the utility space,

23:10which issues a lot more bonds than the

23:12airport space because they're just more

23:14utilities, started to reduce the

23:18requirement to have a reserve fund

23:21associated with the issuance of bonds.

23:24And the reason being is that

23:27utilities like many airports are often

23:30times monopolies and they control their

23:33rate making ability

23:35>> usually through a a a um a board that's

23:39associated not with a municipality but

23:41only with that particular utility. And

23:43the rating agencies came around to say

23:46you know what these utilities haven't

23:48defaulted in mass ever

23:52even for the lower rate utilities and as

23:54such we agree with the notion that a

23:59utility shouldn't need to necessarily

24:00fund a debt service reserve fund and for

24:04utilities debt service reserve fund

24:08uh funding of that utility I mean

24:10funding of that reserve fund came out of

24:12the rate base so rate payers, you know,

24:14mom and pop are paying for it.

24:17That change happened about 15 years ago

24:19and since then utilities have stopped

24:21issuing with reserve funds. The

24:23conversation that's been happening now

24:25with respect to airports is very similar

24:27to the conversation that happened about

24:2815 years ago with utilities in that

24:32large airports that have tremendous O&D

24:36demand or origin and destination demand

24:39meaning they're not primarily serving

24:40connecting passengers

24:43uh that have a strong diversity of

24:45airlines

24:47have started to have this conversation

24:48about the fact that they're rated very

24:51highly. They have extremely strong

24:53liquid liquidity and have extremely

24:56strong demand from passengers.

24:59So who are those airports specifically?

25:02Atlanta Hartsville Jackson International

25:04Airport which is the busiest airport in

25:06the world is now actively having

25:08discussions about eliminating the

25:10reserve fund requirement.

25:13Los Angeles International Airport is

25:14another client of mine who's actively

25:16having discussions currently about

25:17eliminating the debt service reserve

25:20requirement because the thought is that

25:22these airports are so strong in terms of

25:25their passenger demand, their ability to

25:27raise prices

25:29that they may need to they can obate

25:31potentially the need to have a reserve

25:32fund. And typically when I've seen these

25:35changes happen, they happen at the

25:37strongest

25:38issuers and municipal bonds and then it

25:40kind of rolls down through the rankings.

25:43So there could be a we anticipate that

25:46there could be a world in the future

25:49where St. Louis and other airports of

25:51similar size, scope, and mix of airlines

25:56may not need to issue with reserve fund.

25:58It may become antiquated.

26:00and including this provision in the

26:01indenture allows for that to happen

26:03without having to go through another

26:05mandatory a mandatory process. Excuse

26:07me.

26:08>> Sorry for the long explanation, but

26:10that's

26:11>> you you answered my next question within

26:13your answer because my concern was how

26:15how credit rating

26:18view that um and so it seems like it's

26:20becoming more you answered that that

26:22question and I appreciate that. I guess

26:25um whether that's recessionp proof um

26:29you know in terms of the answer then

26:31becomes raising rates and potentially

26:34charging our customers here in St. Louis

26:36more which I don't want to see. Um so

26:38that's that's interesting and I'll be

26:39following that that as it as it moves

26:41through the the the market. So um I'll

26:45yield the rest of my time. I appreciate

26:46all the time you took to answer my

26:47questions both of you. It really means a

26:49lot. Thank you.

26:52Alderwoman Cox.

26:55>> Thank you, Mr. Chairman. Um, and thank

26:57you both for both the presentation today

26:59and for that additional clarity there,

27:01Mr. Charles, as it relates to the

27:03indenture structures. Um, I do have, if

27:05you don't mind, one quick additional

27:07question though, you a lot of my

27:08questions. Um, in response to Alderwoman

27:11Schweitzer's comments, um, speaking

27:13specifically to the mechanics of the

27:15bill, I know you spoke to, um, the

27:17necessity for the third, I believe it's

27:19the third amendment to the indenture,

27:21which you explained, but I also noticed

27:23that there is a supplemental indenture.

27:25I think there's two exhibits. Exhibit

27:27one relates to that that is specific to

27:29the series 26 bonds issuance. So could

27:31you just maybe explain um the function

27:33of that supplemental indicure and sort

27:36of uh the difference between the two

27:37exhibits we see attached here?

27:40>> Uh thank you for that question. Um we

27:43intend to issue the 2026 bonds under the

27:46existing structure. Uh so uh the amended

27:51and restated indenture that you're also

27:53asked to approve is going to be

27:55something that will cover bonds issued

27:57after the 2026 bonds.

27:59>> Okay. So uh under the existing structure

28:02uh we are required by the existing uh

28:06indenture to uh put forth a supplemental

28:09indenture and that supplemental

28:11indenture will have all the details as

28:14to the bonds the 2026 bonds. uh it will

28:18will have its interest rates, its

28:20maturity schedule uh the uh debt service

28:23reserve fund being created um and would

28:26have a mechanism for drawing down the

28:29funds uh that are uh raised through the

28:31bond issuance. Uh so typically when we

28:35have brought before you uh in the past

28:38bond deals, we've only brought the

28:41supplemental inenture in for approval to

28:44to take care of the the bonds that we're

28:45issuing. The difference here is that

28:47we're not only doing that having a

28:49supplemental indenture for the 2026

28:51bonds, but we're also saying, by the

28:53way, in the future, we'd like to issue

28:55bonds under the uh new structure, which

28:57by the way will also require a

28:59supplemental indenture. So um so in

29:02essence what you're what you're asked to

29:03do is to approve the uh supplemental

29:06indenture to issue the bonds uh for the

29:092026 proceeds uh the discussion that

29:11David took you all through and and then

29:14the uh the amended and restated

29:15indentures is a separate matter that

29:17that is going to be looking toward the

29:19future.

29:20>> Okay. Thank you for clarifying that

29:22distinction and that difference. I think

29:24it's really important just understanding

29:25mechanically how the different two will

29:27function. Um and then also as you shared

29:29the reason for having that third amended

29:32and restated mechanism to make all the

29:34improvements that um you guys shared

29:36with us. So I appreciate that. And I'll

29:37just say for the record too, I echo the

29:39the alderwoman's comments as it relates

29:41to the necessity um and the importance I

29:43think the community feels for all these

29:45improvements and upgrades that the

29:46airport is looking to make. Uh we

29:48certainly look forward to hearing more

29:50about um how we'll utilize these funds

29:52and this flexibility in the future. So,

29:54I appreciate you guys being willing to

29:55take the time to come and speak with us

29:57today and explain it all. So, thank you.

29:59And no further questions, chairman.

30:01>> Thank you very much.

30:02>> Great.

30:04Excellent questions. Uh, and thank you

30:06for the responses as well. Feel like

30:09we're having a bit of a more robust

30:10conversation than we had at the airport

30:12commission around this uh particular

30:14presentation. So, um, thank you very

30:16much. Um, we do have a committee

30:19substitute for board bill 51 that is in

30:22the uh drive and uh I'm sure my

30:27colleagues have already reviewed it. Um,

30:30but would entertain a motion that we

30:33adopt the committee substitute to board

30:36bill 51.

30:37>> I move that we adopt board bill 51 with

30:40the committee substitute.

30:42>> Second.

30:45Madame clerk, please call the role.

30:48>> Alderman Oldenberg.

30:50>> I.

30:52>> Alderman Norion.

30:54>> Alderwoman Schwitzer.

30:56>> I.

30:56>> Alderwoman Coxantu.

30:58>> I.

30:59>> Chair Conn.

31:00>> I.

31:01>> Alderman Norion. Four I votes.

31:05>> Thank you. With your vote, you sustain

31:07the motion of the alderwoman from the

31:08ETH uh which was seconded by the

31:10alderman from the first. Madam clerk, I

31:12forgot to reference that in my earlier

31:14remarks. Um,

31:16and we have now before us board bill 51,

31:19committee substitute.

31:21Um, is anyone from the controllers's

31:24office wanting to testify uh regarding

31:28the committee substitute?

31:31>> No, Mr. Chairman, all we uh will pledge

31:33to do is get back to you as can

31:36regarding the questions um and the

31:39answers. We'll have to go to the airport

31:40to get the details from Alderman

31:43Schwitzer's questions, but we pledge to

31:44get that to you as soon as possible.

31:46>> Thank you.

31:47>> Wonderful.

31:49Any further discussion or questions

31:52regarding board bill 51 committee

31:54substitute? Alderman Oldenberg.

32:00>> No questions. Thank you, Chairman.

32:01Thanks for everyone's time today.

32:04>> Alderwoman, is Alderman Nyan on yet? No.

32:08Uh, Alderwoman Schwitzer,

32:10>> no further questions. Thank you.

32:12>> Alderwoman Coxantu.

32:14>> No questions. Chairman, thank you.

32:16>> All right. Uh, if there's no further

32:18discussion on board bill 51, committee

32:20substitute, I'll entertain a motion on

32:22board bill 51, committee substitute.

32:24>> I move that we pass board bill 51,

32:26committee substitute, with the due pass

32:27recommendation.

32:28>> Second previous role. It's been moved by

32:30the alderwoman, seconded by the

32:33alderwoman from the first uh that we

32:35pass board bill 51 out 51 committee

32:38substitute out with a due pass

32:39recommendation. There's been a request

32:40for previous role. Any objection to

32:43previous role

32:45hearing and seeing none board bill 51

32:48committee substitute passes out of

32:49committee with a due pass recommend.

32:51>> Thank you Mr. Chairman, members

32:52committee. Appreciate your time today.

32:54>> Thank you.

32:58look forward to the responses. Um,

33:01we don't have any further items for

33:05review on the agenda. I do want to just

33:08make note that um

33:12there are a couple board bills that were

33:14introduced related to the salary for the

33:16airport director. Those are currently

33:19pending over with the civil service

33:20commission. So, we are waiting for their

33:24review and um approval before moving

33:27forward with a hearing on those. Um

33:30their next meeting is in October, so I

33:32don't anticipate any movement on those

33:34until then. Um but we'll keep everyone

33:37apprised uh once we do get uh word from

33:40the personnel director, civil service

33:42commission with respect to those. Um and

33:45then I know we have a few other bills

33:47that are out there. So, I'll be meeting

33:48with the sponsor of the bills to uh see

33:51if they have any interest in having

33:52hearings on those. Other than that, it

33:55looks like we need to excuse the

33:56alderman from the fourth for necessary

33:58absence.

34:00And we'll entertain a motion to adjurnn.

34:05>> I move that we adjourn.

34:07>> Second role.

34:08>> It's been moved by the alderwoman from

34:10the eth, seconded by the alderwoman the

34:12first that we adjourn. There's been a

34:14request for previous role. Is there any

34:15objection to previous role?

34:18hearing and seeing none we stand

34:20adjourn. Thank you everyone.

34:22>> You

34:23>> Thank you.