TITLE
Title
PUBLIC HEARING: APPROVAL OF $275,000,000 IN AIRPORT REVENUE BONDS (PIEDMONT TRIAD AIRPORT AUTHORITY)
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SPONSOR
Sponsor
Chris Herndon, Chief Financial Officer, Piedmont Triad Airport Authority
Tom Lee, Partner, Womble Bond Dickinson (US) LLP
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BACKGROUND
Background
The Piedmont Triad Airport Authority (PTAA) proposes to issue $275,000,000 of its airport revenue bonds to provide funds to cover the cost of the following: renovation and modernization of existing terminal and concourses, including renovation and modernization of the ticket lobby, TSA screening, baggage claim and concessions areas located at the Piedmont Triad International Airport (PTIA); funding interest on the airport bonds for the expected period of construction of this project; funding a deposit to a debt service reserve fund securing payment of the bonds; paying the premium on a bond insurance policy obtained with respect to the bonds; and pay the fees and expenses incurred in connection with the sale and issuance of the bonds.
Guilford County, the State of North Carolina or any county, municipal corporation or political subdivision will not have any liability whatsoever for the payment of principal or interest on the bonds. The bonds will not be deemed to constitute a debt of the County or a pledge of the faith and credit of the County, and will not affect its debt ratios or legal debt limit. The bonds will be payable solely from revenues and receipts of the PTAA pledged to the payment.
The notice of public hearing was published in the Greensboro News and Record and on the Guilford County Electronic Legal Notices website on August 20, 2026. The form of resolution to be adopted is listed below.
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RESOLUTION
Resolution
RESOLUTION APPROVING THE ISSUANCE OF NOT EXCEEDING $275,000,000 AGGREGATE PRINCIPAL AMOUNT OF AIRPORT REVENUE BONDS BY THE PIEDMONT TRIAD AIRPORT AUTHORITY TO FINANCE IMPROVEMENTS AT THE PIEDMONT TRIAD INTERNATIONAL AIRPORT
WHEREAS, the Piedmont Triad Airport Authority (the “Authority”) has advised the Board of Commissioners of the County of Guilford, North that the Authority proposes to issue not to exceed $275,000,000 of its Airport Revenue Bonds (the “Bonds”) to provide funds, together with other available funds, to (i) pay the cost of the renovation and modernization of its existing terminal and concourses, including renovation and modernization of ticket lobby, TSA screening, baggage claim and concessions areas, including in each case related supporting and enabling improvements (the “Project”), all located at the Piedmont Triad International Airport (the “Airport”), (ii) fund interest on the Bonds for the expected period of construction of the Project, (iii) fund a deposit to a debt service reserve fund securing payment of the Bonds, (iv) pay the premium on a bond insurance policy obtained with respect to the Bonds and (v) pay the fees and expenses incurred in connection with the sale and issuance of the Bonds;
WHEREAS, the Board, pursuant to public notice duly given has held a public hearing on the proposed issuance of the Bonds in compliance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the Code”) regarding the Project and the issuance of the Bonds and has considered comments of all persons who requested to be heard; and
WHEREAS, the Board desires to approve the issuance of the Bonds by the Authority for purposes of Section 147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
Section 1. The issuance by Piedmont Triad Airport Authority (the “Authority”) of not to exceed $275,000,000 of its Airport Revenue Bonds to provide funds for the purposes described above is hereby approved. This approval is given to assist the Authority in complying with the requirements of Section 147(f) of the Code.
Section 2. The Bonds will not constitute an indebtedness or obligation of Guilford County, the State of North Carolina or of any county, municipal corporation or political subdivision thereof (other than the Authority), but will be payable solely from revenues and receipts of the Authority pledged to the payment thereof.
Section 3. This resolution shall take effect immediately upon its passage.
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BUDGET IMPACT
Budget Impact
NO COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Hold a public hearing on the proposed issuance of not to exceed $275,000,000 in airport revenue bonds to be issued by the Piedmont Triad Airport Authority for the following purposes: (i) pay the cost of the renovation and modernization of its existing terminal and concourses, including renovation and modernization of the ticket lobby, TSA screening, baggage claim and concessions areas, including in each case related supporting and enabling improvements, all located at the Piedmont Triad International Airport, (ii) fund interest on the bonds for the expected period of the project, (iii) fund a deposit to a debt service reserve fund securing payment of the bonds, (iv) pay the premium on a bond insurance policy obtained with respect to the bonds and (v) pay the fees and expenses incurred in connection with the sale and issuance of the bonds. At the conclusion of the public hearing, the Guilford County Board of Commissioners is requested to adopt the previously referenced resolution, which finds:
The $275,000,000 in airport revenue bonds do not constitute a debt of the County; do not require a tax levy or pledge of the faith and credit of the county; nor will the bonds affect the County's debt ratios or legal debt limit.
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