Ontario International Airport Authority

By Liset Márquez, Inland Valley Daily Bulletin
Posted: 10/03/16 – 4:25 PM PDT |

ONTARIO >> They say timing is everything.

When the Ontario International Airport Authority issues bonds Nov. 1 — the same day it formally takes over control of LA/Ontario International Airport — there could be some savings for future operations.

Officials expect to issue the new bonds at lower interest costs.

The authority will assume $55.5 million in outstanding bonds debt for Ontario airport from Los Angeles World Airports, which operates the airport as well as Los Angeles International Airport.

“Cash flow savings on debt service will be offset by a like reduction in rates and charges paid by the airlines operating at the Airport in accordance with the terms of the Operating Use and Terminal Lease Agreements,” according to a staff report to the authority.

Officials won’t know just how much is saved until the 2016 bonds are priced, which could happened by Oct. 17.

The 2016 bonds are scheduled to close in tandem with the transfer of the airport, according to the report.

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