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Airport staff asks council to authorize up to $700 million in revenue bonds to finish terminal program
Summary
Salt Lake City Airport staff told the council they will seek authorization to issue up to $700 million in airport revenue bonds in support of the airport redevelopment program; no council vote was taken at the May 13 work session.
Airport officials briefed the Salt Lake City Council on May 13 about a planned bond issuance that would fund remaining work in the Salt Lake City International Airport redevelopment program.
Bill Wyatt, executive director of the Salt Lake City Department of Airports, said the planned bond sale would fund the final phase of the airport redevelopment program, bringing total project debt under contract to roughly $4 billion. Wyatt and Brian Butler, airport chief financial officer, told the council they expect to borrow about $634 million but asked authorization to sell up to $700 million to allow flexibility amid market volatility.
Butler described a tentative schedule: council adoption of a bond resolution in the June 3 formal meeting, a 30-day contest period…
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