A Study of the Port of New York Authority

By Frederick L. Bird | Go to book overview

Chapter Fifteen
The SECURITY for AIR TERMINAL BONDS

THE BORROWING INSTRUMENT that has been created for financing the airport program reveals the same resourcefulness that has produced the physical plans for self-sustaining airport facilities. Airport revenues are expected to be sufficient to service all airport bonds; but to give these bonds a well defined credit status that will facilitate their sale at favorable interest rates, the Port Authority is backing them, through the medium of the General Reserve Fund, with the large and stable earning power of all of its existing enterprises. This is being done without disturbing the established position of outstanding bonds.


Air Terminal Bond Resolution

By a resolution adopted June 18, 1948, the Port Authority authorized and established an inclusive issue of Air Terminal Bonds, all of which share equally and ratably in the same security. These bonds are issuable from time to time, in such series and installments of series as the Authority may determine, to raise funds for the acquisition, construction, rehabilitation and improvement of air terminals, for purposes incidental thereto, and for refunding obligations issued for air terminal purposes. The resolution includes effective covenants as to the sources and application of revenues for the payment of debt service, maintenance of tolls, rents and other charges on Port Authority facilities, administration of debt, and other safeguards that should be considered in their entirety for full appreciation of the strong security which the Port Authority seeks to provide for Air Terminal Bonds. The more important of these covenants are summarized here.

The authority for the issuance of Air Terminal Bonds and for the establishment of certain vital covenants is provided by the

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