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CPA draws down $2.5M in CARES Act funds

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THE Commonwealth Ports Authority drew down on Aug. 18 $2,560,229 from the $22,759,818 in Coronavirus Aid, Relief, and Economic Security or CARES Act funding provided to CPA.

In his report during the CPA Board’s Financial Affairs Committee meeting,  committee chairman Ramon A. Tebuteb said CPA received financial assistance from the Federal Aviation Administration in April through the  CARES Act. The grant agreement executed in May has a four-year performance period and is available at 100% federal share.

Tebuteb told the other board members that the funds can be used for purposes in which airport revenues may be lawfully expended.

The $2.5 million drawdown from CARES Act includes reimbursement for bond debt service, payroll expenses and insurance premiums.

 

Commonwealth Ports Authority Financial Affairs Committee Chairman Ramon Tebuteb, left, listens as board member Pete P. Reyes, right, speaks during a committee meeting in the Aircraft Rescue and Firefighting classroom on Thursday last week. Photo by Emmanuel T. Erediano

The CARES Act, Tebuteb noted, is provided on a reimbursement basis. He said CPA will draw down CARES Act funds as expended.

CPA comptroller Skye Aldan Hofschneider, for her part, reported that $4.1 million of the funds will be used for CPA debt service in fiscal years 2020 to 2022, and the rest will be made available for operations.

A portion of the CARES Act money will also fund public health safety measures for the airport personnel who will be provided with personal protective equipment and test kits.

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