The Board of County Commissioners authorized using a bond to bridge a timing gap in funding for the Carroll County Regional Airport runway relocation and safety enhancement project Thursday.
Funding for 95 percent of the $88 million project has already been approved by the Federal Aviation Administration and Maryland Aviation Administration, and the remaining 5 percent is financed through the county’s Airport Enterprise Fund — but the county anticipates it will need to use those FAA and MAA funds before it receives them.
Carroll County Comptroller Rob Burk explained to the BOCC Feb. 28 that bonds will create financial flexibility and protection for the county by creating temporary debt until reimbursement is received from the federal and state agencies.
“All the project financing comes from the Airport Enterprise Fund and does not depend on local tax dollars,” Burk said. “This is a financial strategy to cover a temporary spending gap to allow the county to move forward on the project with full assurance of reimbursement down the road.”
The county will draw down on this funding as needed and at a point in the future, will be reimbursed for those expenses.
Burk presented the proposed bond authorizing resolution and answered questions for the board with financial adviser representatives from Davenport & Co. and the county’s bond counsel McKennon Shelton & Henn on Thursday.