HomeMy WebLinkAboutPR 17546: AIRPORT SERVICE PAYMENT Interoffice
MEMORANDUM
To: Floyd T. Johnson, City Manager
From: Deborah Echols, Director of Finance
Date: February 14, 2013
Subject: P. R. No. 17546
Presented for City Council approval is PR17546 authorizing the
City Manager to execute a payment to Compass Bank Escrow Agent for
the Southeast Texas Coalition for Air Service, LLC guarantee for
American Airlines, the City of Port Arthur's share being $200,000.
P.R. NO 17546
Ask:2 /14/13
RESOLUTION NO.
A RESOLUTION AUTHORIZING PAYMENT TO COMPASS BANK
ESCROW AGENT FOR THE SOUTHEAST TEXAS COALITION
FOR AIR SERVICE, LLC GUARANTEE FOR AMERICAN
AIRLINES, THE CITY OF PORT ARTHUR'S SHARE BEING
$200,000.
WHEREAS, on September 21, 2012, City Council approved by motion
a pledge to the Regional Airport Guarantee Minimum Revenue Fund in
the amount of $200,000; and
WHEREAS, the payment must be made into an escrow account
established by the Southeast Texas Coalition for Air Service, LLC.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PORT ARTHUR:
Section 1. That the facts and opinions in the preamble
are true and correct.
Section 2. That a payment for $200,000 be made payable to
Compass Bank, Escrow agent for the Southeast Texas Coalition for
Air Services, LLC into Escrow Account #xxx8040.
Section 3. That a copy of the caption of the Resolution
be spread upon the Minutes of the City Council.
READ, ADOPTED AND APPROVED on this day of February,
A.D. 2013, at a Regular Meeting of the City Council of the City of
Port Arthur, Texas by the following vote: AYES:
Mayor:
City Council:
NOES:
1
Deloris Prince, Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED AS TO FORM:
(See confidential memo)
Val Tizeno, City Attorney
APPROVED FOR ADMINISTRATION:
Floyd T. Johnson, City Manager
Availability of Funds:
4
Deborah Echols, Director of Finance
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Z: \Finance \Resolutions \Compass Bnk Escrow Agent.doc