LA Airport Officials OK $1.6B Bond for Renovations

Wed August 26, 2009 - West Edition

LOS ANGELES (AP) Los Angeles International Airport officials have approved more than $1.6 billion in bonds to help pay for crucial renovations.

The board of airport commissioners agreed on Aug. 17 to issue about $700 million in bonds to help pay for construction of a new taxiway and firefighting facilities. The proceeds also will help pay for improvements to the international terminal, new escalators and elevators throughout the airport and new baggage system for another terminal.

The other $925 million will be used to refinance bonds that have been sold to pay for other airport improvements. In all, issuing the bonds will nearly double the airport’s debt to about $2 billion. Airport staff say passenger fees and airline rent and other charges should help foot the bill.