10. 1986 Bond Covenants

The 1986 Airport Revenue Bonds sold by the airport prohibit the sale or transfer of the airport. This provision can be voided by gaining the approval of all bondholders or paying off these bonds with proceeds from the sale.

Use of these proceeds to pay off existing bonds would reduce the net proceeds for the county. But, without this long term indebtedness, the sale price (reflecting the net value of the airport) would also increase.