Subject:
Title
Consider approving a resolution authorizing the Shenandoah Valley Regional Airport to incur debt for aircraft hanger facilities and fuel farm tanks
Body
Presented By: Chris Brown, City Attorney
Recommendation and Review
The Shenandoah Valley Regional Airport (SVRA) desires to borrow up to $3,086,500 to construct and equip aircraft hangar facilities, install and /or replace SVRA’s fuel farm tanks, and pay issuance costs associated with the financing. Since the City is a member of the SVRA Commission, the City must approve the borrowing through the attached concurrence resolution. The City will not incur any liability for the borrowing by approving the resolution.