The Heart of Illinois Regional Port District (TransPORT) closed on its first bond issuance on Tuesday, March 28, 2006. TransPORT served as a conduit for $6.21 million of bonds issued by Aviation Facilities Company (AFCO), the new owner and operator of the Byerly Aviation fixed based operation (FBO) at the Greater Peoria Regional Airport. The proceeds from the bond sale will allow AFCO to refinance its purchase of the Byerly facility as well as upgrade and facility and expand the service operations there.
This project was important for both TransPORT and AFCO. Issuing the bond will allow AFCO to realize a more favorable long-term financing picture and will allow them to upgrade and expand the facility and ultimately increase the workforce at Byerly. The proposed job increase is also a critical aspect to TransPORT as well, whose objective is to increase employment and economic growth throughout its six-county region. The project also allowed TransPORT to utilize its bonding authority. Additionally, the fee collected for the issuance gave TransPORT additional revenue.
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© 2008 Heart of Illinois Regional Port District