DALLAS — The Dallas City Council on Wednesday approved the sale by a special local government corporation of up to $500 million of special facilities revenue bonds to finance upgrades at Love Field, the city-owned airport located near downtown.

The 30-year, tax-exempt bonds will be issued by the Love Field Airport Modernization Corp., which the city established in 2008 to finance the project. The debt will be guaranteed by Southwest Airlines Co. under a lease agreement with the city.

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