SUMMARY OF SALE
December 14, 2021
Special Obligation Revenue Bonds, Series 2021
Tax Exempt | Non‐Bank Qualified
About the Project
Bonds were issued for the purpose of paying a portion of the costs to acquire, construct, equip and furnish approximately 45,000 additional square feet to the Convention Center. Additional improvements included creating a first aid room, ticket box office, additional public restrooms, storage space, loading docks, security console, kitchen, show manager’s office, additional entrances, and adding approximately 80 surface parking spaces.
Authorization & Purpose
The Series 2021 Bonds are being issued for the purpose of paying (i) a portion of the costs to acquire, construct, equip and furnish approximately 45,000 additional square feet to the Convention Center, by expanding the exhibition hall by approximately 20,640 square feet and constructing improvements thereto, creating a first aid room, ticket box office, additional public restrooms, storage space, loading docks, security console, kitchen, show manager’s office, additional entrances and adding approximately 80 surface parking spaces, comprising an expansion to the Convention Center, together in each case with all necessary appurtenances, design development and construction management and (ii) permissible costs of issuance of the Bonds.
The basic security for payment of the Series 2021 Bonds is the City’s General Income Tax. After giving effect to the City’s appropriation of County Annual Contributions, County Annual Contribution Deficit Payments, and Excise Lodging Tax Receipts, and to the extent other City funds are not lawfully available, the City has covenanted in the Series 2021 Authorizing Legislation to appropriate and pay from the General Income Tax Receipts into the City’s General Income Tax Bond Fund on the fifteenth (15th) day of each May and November an amount which, after giving effect to any amounts then on deposit in the City’s Convention Center Bond Fund, including any interest earnings retained in that Fund, would result in an amount sufficient to pay the interest and principal due and payable on all outstanding Bonds and Additional Bonds on the next interest payment date and principal payment date. For that purpose, in each year while the Bonds and any Additional Parity Bonds are outstanding, the City will appropriate General Income Tax Receipts required to pay the debt charges on the Bonds and Additional Parity Bonds in that year; provided, that if there are other available to pay the debt charges on the Bonds in that year, the City shall not appropriate General Income Tax Receipts for such purpose.