What characterizes special facility bonds issued by airports?

Special facility bonds issued by airports are primarily characterized by being secured by revenue generated specifically from the facility that has been funded by the bond proceeds. This means that the debt obligation is directly tied to the income produced from the operations of the facility, such as rental payments from tenants or fees collected from users of the facility. As a result, these bonds are typically viewed as a self-supporting financing mechanism for airports, allowing for development and expansion projects without relying on general tax revenues or government support.

The other choices represent different types of financing structures or regulatory requirements that do not apply to special facility bonds in the same context. For instance, these bonds do not rely on government taxes for their security, nor do they typically require voter approval because they are repaid from the specialized revenue streams rather than from public funding. Additionally, while interest rates can vary based on various market factors, the characterization of special facility bonds does not inherently tie them to higher interest rates compared to other financing mechanisms. Thus, the defining aspect of these bonds is their reliance on the revenues generated from the specific facility financed.