Salt Lake City International Airport executives are asking for the Salt Lake City Council to authorize new bonds, which will help the airport keep up its construction timeline.
SALT LAKE CITY — Work began at the new Salt Lake City International Airport in 2014, six years before the facility was functional in its initial stage.
So, as the airport continues to expand, executives are looking for new funds to help with all the new adjustments associated with its sudden growth, especially as they find themselves running out of money before they can reach what's expected in the next four years. That's where bonds come into play. Bonds are issued by governments to help pay for massive projects, generating money off the bat before those bonds are repaid to creditors either through taxes or other sources of income.unlike the $85 million general obligation bond that Salt Lake City residents passed in November,
Wyatt explained that the airport's bonds are specifically timed to help provide financial resources for construction when the money is needed, typically using the funds "within the scope of a year." It's a big reason why airport executives anticipate the bonds will only help finish out the projects expected to open by the end of 2024.
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