Broward County Commission Regular Meeting
Director's Name: Mark Gale
Department: Aviation Division: Business
Information
Requested Action
title
MOTION TO APPROVE Consent to Security Agreement between Broward County and Fort Lauderdale Fuel Facilities, LLC, to enter into a security and collateral agreement to provide funding for construction of improvements at Broward County's Fort Lauderdale-Hollywood International Airport and to defease existing bonds, effective upon approval by the Broward County Board of County Commissioners; and authorize the Mayor and Clerk to execute.
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Why Action is Necessary
Chapter 2, Section 2-40 (a) of the Broward County Code of Ordinances, requires that Broward County Board of County Commissioners ("Board") authorize any commercial activities or occupy any portion of the airport for any purpose unless specifically authorized by the County.
What Action Accomplishes
Approves a Consent to Security Agreement between Broward County ("County") and Fort Lauderdale Fuel Facilities, LLC ("FLFF") to allow FLFF to enter into a security and collateral agreement in favor of Wilmington Trust, National Association, as Indenture Trustee under the Trust Indenture, and utilize the Ft. Lauderdale-Hollywood International Airport Fuel System Interline Agreement ("Interline Agreement") as collateral.
Is this Action Goal Related
No
Previous Action Taken
None
Summary Explanation/Background
THE AVIATION DEPARTMENT RECOMMENDS APPROVAL OF THE ABOVE MOTION.
This action approves a Consent to Security Agreement between the County and FLFF to allow FLFF to enter into a security and collateral agreement for construction of improvements at Broward County's Fort Lauderdale-Hollywood International Airport ("FLL") and to defease certain revenue bonds authorized by the Board on March 12, 2013 and utilize the Interline Agreement as collateral.
FLFF is a consortium of airlines formed to enter into a lease with the County for the operation and ma...
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