TEFRA Notice of Public Hearing (2024 Financing)

NOTICE OF PUBLIC HEARING

NOTICE IS HEREBY GIVEN that, for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended, the Mobile Airport Authority, a public corporation organized under the laws of the State of Alabama (the “Authority”) will hold a public hearing on Wednesday, September 11, 2024, at 10:00 a.m., accessible to the public by telephone, concerning a proposed plan of financing described below. The plan of financing will include the issuance by the Authority of its revenue notes or bonds (the “Notes”), in one or more series, at one or more times, in an aggregate principal amount of up to $260,000,000 (the “Maximum Amount”) as part of a plan to finance or refinance airport and related facilities of the Authority. The plan may include the financing of costs of issuance or capitalized interest, as applicable rules and regulations permit. All series of Notes to be issued under the plan of financing will be issued within three years after the issue date of the first issue.

Proceeds of the Notes will be used to refund all or a portion of certain outstanding indebtedness (the “Refunded Debt”) issued for the benefit of the Authority, including without limitation the Authority’s Airport Revenue Bonds, Series 2017, issued in the original principal amount of $5,930,000; its Airport Revenue Bonds, Series 2016, issued in the original principal amount of $11,070,000, and any outstanding Notes determined to be refunded by the Authority. The Refunded Debt financed, refinanced or reimbursed costs of airport and related facilities owned by the Authority.

The capital improvements to be financed or refinanced (collectively, the “Project”) may include airport facilities, building additions or renovations, new or replacement equipment, roads and other infrastructure, and other capital expenditures for the Authority located at the Mobile Aeroplex at Brookley, 1891 9th Street, Mobile, Alabama 36615, including the Mobile International Airport. The facilities that comprise the Project are or will be owned and operated by Authority.

The Notes will be general obligations of the Authority payable from revenues of the Authority. The Notes will not in any way constitute a debt, liability or obligation of the State of Alabama or any political subdivision of the State of Alabama, or the City of Mobile, Alabama (the “City”), other than the Authority.

All interested persons are invited to attend the public hearing by telephone and will be given an opportunity to address the question of whether the City of Mobile should approve the plan of financing for the Project and the issuance of the Bonds by the Authority. Individuals may attend the public hearing by telephone toll-free by dialing (855) 624-3476. The conference code is 2052541986#.

This public hearing will provide an opportunity for all interested persons to express their views, both orally and in writing, with respect to the nature and location of the Project. Written comments may be submitted to the Chairman of the Authority at 1891 Ninth Street, Mobile, Alabama 36615, until September 9, 2024. This notice is provided solely for the purposes of Section 147 of the Internal Revenue Code of 1986, as amended.