The Atlanta City Council on Monday unanimously approved a new lease with Delta Air Lines at Hartsfield-Jackson Atlanta International Airport.
The seven-year agreement keeps Delta’s basic airport expenses at roughly the same level, apart from cost increases when a new international terminal opens in 2012, city officials said.
The lease also paves the way for the city to sell $1.4 billion of new-money and refunding bonds for the airport. The City Council holds a special meeting Dec. 2 to give final approval to bond documents.
The offering will include $800 million of new debt largely to complete the $1.3 billion international terminal and $590 million to refinance outstanding variable-rate bonds that experienced remarketing difficulties and higher debt services due to downgrades of MBIA Insurance Corp.