LAX will get new elevators, escalators, baggage systems with new bonds
Airport commissioners Monday approved the sale of more than $1.6 billion in bonds this year to help pay for long-awaited improvements to Los Angeles International Airport and to refinance previous bonds for terminal projects.
About $700 million of the bond issue will finance construction of a new cross-field taxiway, airfield intersections and firefighting facilities. The proceeds also will help pay for improvements to the Tom Bradley International Terminal, new escalators and elevators throughout the airport, a new baggage system for Terminal 3, and the purchase of property near LAX.
Airport officials say the bond issuance will increase the airport's outstanding debt by as much as $2 billion. Annual debt payments are expected to increase by about $50 million to between $120 million and $130 million per year.
The payments will be covered by fees, rents and charges paid by airlines and passengers.
-- Dan Weikel