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Bonding Authorized, if Needed, for Local Share of Airport Expansion Project

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Bonding Authorized, if Needed, for Local Share of Airport Expansion Project

Tuesday, October 16, 2018

Legislators, by unanimous vote, authorized bonding, if needed to support the local share of the $24.7 million terminal expansion project at Ithaca Tompkins Regional Airport.  The action authorizes the issuance of up to $10 million in serial bonds and notes, as needed, for underwriting the expense not funded through the $14.4 million New York State grant awarded through the State’s Upstate Airport Revitalization Program.

Before the vote, Transportation  Committee Chair Michael Lane noted that the amount to be authorized is the maximum that could be anticipated, that local share is hoped to be largely grant-funded, and that any bonding the County would have to do would be supported through Airport Passenger Facility Charge revenue.

Prior to approving the bonding authorization, Legislators, also by unanimous vote, approved a State Environmental Quality Review Act (SEQR) resolution related to the Airport project, which declares Tompkins County the Lead Agency for the project, adopts the findings of the Environmental Assessment Form, and pledges that, according to the EAF findings, the project will not result in any significant adverse impacts to the environment.
 

-- Legislators, by two unanimous votes, also approved bond resolutions for road and bridge construction--authorizing the issuance of up to $200,000 in Serial Bonds and Notes to pay a portion of the cost of repair and replacement of certain existing bridges, and up to $1.6 million in bonds and notes to pay a portion of the cost of road and highway system reconstruction and improvements.