PHILADELPHIA (CBS) — The Philadelphia Parking Authority Board approved a $157 million bond issue at a special meeting on Wednesday.

About $100 million is refinancing to save money. The rest is for improvements to airport parking lots.

Executive Director Clarena Tolson says the Authority has a number of projects planned at Philadelphia International Airport.

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“Energy efficient lighting, also parking locators, signalization and signage,” she said.

Tolson says the Parking Authority now must get approval from City Council in time to issue the bonds by November 1.

The Board approved the New York firm of Siebert, Cisneros and Shank as senior underwriters on the bond issue with three companies — TD Security, PNC Capital and Benning and Scattergood — acting as co-senior underwriters.

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