December 11, 2015
Swinerton Builders was awarded $101.8 million by the Orange County Board of Supervisors to make updates to John Wayne Airport. Efforts are being made to improve safety and usability of the old terminals and to adhere to code compliance. Work will begin next year and is set for a four-year contract.
The budgeted costs are set for $10.4 million in 2016, $45.6 million in 2017, $36.7 million in 2018, and will fall to $9.1 million in 2019. Budgeted operating funds and fees will cover the costs.
Moody’s Investors Service maintained an AA3 rating on Orange County’s outstanding revenue bonds for Series 2009A and 2009B assets.