COUNCILWOMAN MISCIKOWSKI RECOGNIZES LOS ANGELES WORLD AIRPORTS FOR HIGHEST BOND RATING EVER FOR A U.S. AIRPORT FROM STANDARD & POOR'S

"This is a tremendous accomplishment on the part of all 1,700 LAWA employees who took major steps, and sometimes painful steps, to keep LAX financially stable in the post-Sept. 11 environment," said Miscikowski. "Our City will benefit directly from LAWA's hard work. Due to the new bond rating, the City will save millions of dollars in interest payments on the bonds, thus freeing up more funds for critically needed projects around Los Angeles."

In the Dec. 18 Los Angeles City Council meeting, Lydia Kennard, LAWA executive director, was on hand to receive the citation from Miscikowski. Kennard was accompanied by Paul Green, chief operating officer, and Karen Sisson, chief financial officer.

Facing an economic downturn, new security concerns and the financial woes of the airline industry, LAX underwent an internal restructuring in order to meet lower revenues following the events of Sept. 11, 2001. Additionally, LAX must absorb costs associated with strict new security procedures as mandated by the U.S. Transportation Security Administration.