Bond stabilizes Burlington airport debt - WCAX.COM Local Vermont News, Weather and Sports-

Bond stabilizes Burlington airport debt

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BURLINGTON, Vt. -

Officials say a new deal will save the Burlington airport and the city millions of dollars.

A $25 million revenue funding bond was finalized Thursday. That bond allowed the airport to consolidate its debt at an interest rate of just over 4 percent. That will translate into a savings of about $300,000 a year.

Airport director Gene Richards says in addition to saving money, the deal also gives the airport some much needed financial stability.

"We were lacking stability because, like many people, you have many different forms of debt. And we had that, too, at the airport. The one that put us into that situation was the parking garage. And when you have an opportunity to take all your debt, put it together and get a great rate-- that's what that did for us," said Gene Richards of the Burlington International Airport.

People who use the airport will also benefit. Richards says airport fees for parking and fares will not go up, at least for a while.

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