The Sun-Sentinel article linked by Mr. Weaver, reports that the $1.6B are to be Private Activity Bonds. Again, we should note that, while PAB's do have a strong drawing point in that they are exempt from Federal Income Tax, and sometimes State as well, they are secured only by the cash flow, or EBITDA, that the activity for which they were issued can generate.
Now simply that the State agency with jurisdiction over such matters has approved their issue, does not mean they can be issued at a YTM (effective interest rate) that will enable AAF to be a going concern.
While I cannot be certain what kind of rating the various rating concerns will give these bonds, my guess it will be "junk" (Moody's C or less).
But of course, I've been mistaken about everything to date regarding AAF, and I remain totally astounded how AAF thus far has "slain the dragons". But lest we forget, Florida will have "a new hand at the throttle" in Tallahassee come January, and will he be friend or foe to AAF interests?