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<br /> <" <br /> ,. <br />FINANCING AIRPORT TERMINAL DESIGN <br />July 5, 1985 - <br />Page 2 <br />1. Assuming successful implementation of a capital revenue source and <br /> issuance of long-term debt, proceeds of the debt will repay the <br /> interfund loan. <br />2. If implementation of a capital revenue source is not successful, the <br /> Airport Fund will repay the interfund loan from its user fee revenue <br /> over a five-to-seven year period. Long-term projections of airport <br /> activity indicate continued growth in revenue; and, the marginal revenue <br /> would be dedicated toward repayment of the loan. Please note that the <br /> interfund loan must be repayed, since the funds are pledged for <br /> replacement of vehicles as they become obsolete. <br />As additional security for repayment of the loan, we may want to hold a <br />portion of the final federal revenue sharing entitlement--assuming Congress <br />continues that program for one additional year--to support the FY86 Capital <br />budget you recently approved in an amount equivalent to the interfund loan. <br />According to budget law (ORS 294.460(1)), interfund loans must be repaid in <br />the year subseauent to the loan or reissued. This issue will be looked at by <br />the Budget Committee after final action on the FY86 federal budget. <br />If this proposal is acceptable, the attached resolution will transact the ,e <br />interfund loan from the Fleet Fund to the Airport Fund in the amount of <br />$503,000. <br />DW :cj /1268a <br />cc: Budget Committee <br />.Attachment -- 1 <br /> e <br />