The city has promised no taxpayer funds will be used for the project, which was overwhelmingly approved by voters in November 2017. Airlines will be responsible for any cost overruns.
Why is the city considered issuing Special Obligation Bonds?
The assertion that the public isn’t paying anything is based on the airport’s claim that airport revenue and airline lease and user agreements will cover the bond debt service. There definitely are, however, possible circumstances that could render this claim inaccurate, ultimately exposing taxpayers. The point isn’t whether the airport’s optimistic scenario is valid. Rather, the point is whether voters will have a chance to evaluate whether they want to accept the financial risks of proceeding with a project involving immense public debt.
Instead, City Hall has again decided to lie to its constituents.