FOR IMMEDIATE RELEASE: March 3, 2008
Contact: Carson Chandler, (407) 246 - 2822
              Heather Allebaugh, (407) 246 - 3423
             
                       
 

City Announces Additional Bond Purchases for Community Venues

Orlando, FL: The City of Orlando is pleased to announce its intent to enter into a bond purchase agreement with Goldman Sachs & Co. for the sale of additional 6th Cent Tourist Development Tax (TDT) bonds totaling $87,270,000 at a true interest cost of 6.27%. This interest cost is 0.23% less than the interest cost authorized by the Orlando City Council in November of 6.50%.

This sale, 6th Cent Tourist Development Bonds Series C, is the third of three different series that will combine to generate $270 million in Event Center construction proceeds. On February 28, the City entered into purchase agreements with Citigroup Capital Markets and Goldman Sachs & Co. for two of the three bond series (Series A and B) totaling $223,615,000. All three series of 6th Cent TDT bonds will close on March 13.

This sale conforms to all constraints and issuance parameters contained in the Interlocal Agreement between the City and the County for building the Event Center.

(Editors note: These numbers are subject to some adjustment as the deals proceed from pricing to closing)

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