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2014-09-04T00:00:00.000Z

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Wrong Vernon Evans?

Mr. Vernon D. Evans

Vice President, Chief Financial Officer and Treasurer, Finance Division

San Diego County Regional Airport Authority

Direct Phone: (619) ***-****       

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San Diego County Regional Airport Authority

3225 N. Harbor Drive

San Diego, California 92138

United States

Company Description

The San Diego County Regional Airport Authority was created on January 1, 2003, as an independent agency to manage the day-to-day operations of San Diego International Airport and address the region's long-term air transportation needs. The legislation ... more

Find other employees at this company (382)

Background Information

Employment History

Vice President, Chief Financial Officer and Treasurer, Finance Division

San Diego International Airport

Chapter President

National Association of Black Accountants Inc

Chief Financial Officer

DFW , SA

Affiliations

Board Member
Neighborhood House Association

Committee
Audit Committee

Board of Managers Member
YMCA

Board Member
Fort Worth Metropolitan Black Chamber of Commerce

Member, Accounting Advisory Boards
University of North Texas

Member, Accounting Advisory Boards
Tarrant County College

Board Member
Day Care Association

Board Member
Fort Worth McDonald YMCA

Trustee and Member of the Usher Board
San Diego Bayview Baptist Church

Board Member
California Redevelopment Association

Then-Chief Financial Officer
DFW Airport

Secretary On the International Level
Fort Worth Chapter IIA

Member, Accounting Advisory Board
Howard University

Member, Accounting Advisory Board
Texas Christian University

Education

Bachelor of Arts degree

accounting

North Texas State University

Master's degree

accounting

North Texas State University

bachelor

accounting

University of North Texas

master degree

accounting

University of North Texas

Web References (191 Total References)


Vernon D. Evans, Vice ...

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Vernon D. Evans, Vice President, CFO/Treasurer, Finance Division


"Everything just lined up," admits ...

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"Everything just lined up," admits Vernon Evans, chief financial officer for the San Diego County Regional Airport Authority.


"Everything just lined up," said ...

www.sdbj.com [cached]

"Everything just lined up," said Vernon Evans, chief financial officer for the San Diego County Regional Airport Authority. "The market was good, we hit it at the right time, we had little debt, and the investors were hungry for our paper."

Indeed, institutional investors were so eager to buy the airport agency's highly rated bonds, that officials, after consulting with financial advisers and underwriters, decided to increase the size of the issue from $424 million to $572.6 million, Evans said.
...
"We did much better than we thought we would," said Evans, clearly elated over the lower rate.
Besides having some fairly decent credit ratings, and very little outstanding debt, the airport agency also benefited from being the only municipal bonds issued at the time, Evans said.
The Federal Reserve Bank also didn't change the fed funds rate and maintained it at zero to 0.25 percent on Sept. 21.
Surplus of Investors
From the outset of the bond sale that began Sept. 21 and ended the following day, it was clear there were more investors than bonds available, Evans said. That prompted officials to re-price the bonds (lower the rate) and increase the amount of debt issued about $148 million.
So well were the bonds received that the interest rate was nearly equivalent to what Los Angeles International Airport received when it issued bonds earlier this year, Evans said.
...
The higher issue also means the agency likely won't have to go back to the bond market for at least 18 to 24 months, Evans said.


"This is a very low interest ...

www.sdbj.com [cached]

"This is a very low interest rate environment, and we think it's an optimistic time to take advantage of it," said Vernon Evans of the San Diego County Regional Airport Authority.

...
Evans said the remainder of the funds for the Green Build project will come from existing airport revenue, federal grants, and possible additional bond sales.
Rates for similar airport bonds issued in recent months range from a low of 3.87 percent for an airport in Albany, N.Y., to 5.1 percent on $128.5 million in revenue bonds for a project at San Francisco International Airport. Evans said the San Diego bond issue resembles the latter project. The approximate rate will range from 4.6 percent to 5.2 percent, he said.
The interest rate assigned by the bond underwriters - led by senior managers Muriel Siebert & Co. Inc. and JPMorgan Chase & Co. - will be influenced by the airport authority's credit ratings of A-1 by Moody's Investors Service and A+ by Standard & Poor's Financial Services LLC and Fitch Inc. Evans said those ratings are above the median for all U.S. airports.
...
Evans said most of the recent airport bond transactions haven't carried bond insurance.


After financing is all paid, the ...

www.sdbj.com [cached]

After financing is all paid, the total amount will be closer to $3 billion, said Vernon Evans, the San Diego County Regional Airport Authority's vice president of finance.

Funding for the improvements is coming from a variety of sources, but the primary vehicle is a series of tax-free bonds that will be issued by the airport authority, the agency that manages Lindbergh Field.
Several Financing Strategies
Thirty-year airport revenue bonds are expected to cover about two-thirds of the cost of the project, with the remainder paid by passenger ticket fees (every ticket issued at Lindbergh is assessed a fee of $4.50), federal grants and existing airport revenue, Evans said.
The exact composition of the financing that includes federal Build America Bonds won't be determined until the agency gets closer to the point of issuing bonds.
"At the end of the day, we'll be looking at all strategies to come up with what is the best combination (of financing mechanisms) for what we should use," Evans said.
Current funding for the project is now coming from funds borrowed from the airport's line of credit from Lloyds Banking Group. Interest on the unused portion of the $250 million line is 0.17 percent annually, and for the actual amount used is 0.35 percent annually. Evans said the airport was "very fortunate" in obtaining such low rates which were locked in for seven years in 2007, about a year before the financial crisis took hold.
The current rate for similar agency borrowing capacity is running about 1.35 percent annually, he said.

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