Fairhope, Alabama
NO ISSUES DISCOVERED
An IRS audit of 2007 municipal airport improvement bonds that began nine months ago has ended, according to Airport Authority chairman Joe McEnerney.
IRS Government Entity Tax Exempt Bond division's conclusion:
"Re: $8,845,000 FAIRHOPE AIRPORT AUTHORITY,
Airport Improvement Bonds,
Series 2007.
Based on our audit of the debt issuance named above (Bonds), we decided to close the examination with no change to the position that interest paid to beneficial owners of the Bonds is excludable from gross income ... ."
The bonds were used in 2008 to purchase 251 acres of undeveloped surrounding property for airport development/expansion.
Bond attorney Thomas Longino represented the AA in the matter.
The city still provides $320K per year to supplement airport operations (debt service); but eventually the AA is to be self-supporting (using leases, fuel sales, etc.)..
 |
| Airport master plan. |
NO ISSUES DISCOVERED
An IRS audit of 2007 municipal airport improvement bonds that began nine months ago has ended, according to Airport Authority chairman Joe McEnerney.
IRS Government Entity Tax Exempt Bond division's conclusion:
"Re: $8,845,000 FAIRHOPE AIRPORT AUTHORITY,
Airport Improvement Bonds, Series 2007.
Based on our audit of the debt issuance named above (Bonds), we decided to close the examination with no change to the position that interest paid to beneficial owners of the Bonds is excludable from gross income ... ."
The bonds were used in 2008 to purchase 251 acres of undeveloped surrounding property for airport development/expansion.
Bond attorney Thomas Longino represented the AA in the matter.
The city still provides $320K per year to supplement airport operations (debt service); but eventually the AA is to be self-supporting (using leases, fuel sales, etc.)..
 |
| 2019 Fairhope airport finances |
Comments