FOR IMMEDIATE RELEASE: February 26, 2008
Contact: Carson Chandler, (407) 246 - 2822
              Heather Allebaugh, (407) 246 - 3423
             
                       
 

City Announces First Phase of  Bond Purchases for Community Venues

Orlando, FL: The City of Orlando is pleased to announce that it will enter into a bond purchase agreement with Jackson Securities of Atlanta, Georgia for the sale of sales tax revenue bonds totaling $31,840,000 at a true interest cost of 5.086. This interest cost is 0.414% less than the interest cost authorized by the Orlando City Council in November of 5.50%.
The sale of these bonds, to be closed on March 6th, will produce a deposit into the Events Center construction fund of approximately $29,700,000. Along with interest that will be earned on the TDT (Tourist Development Tax) bond reserve and the monthly sales tax payments during construction of the venues, estimated to be $300,000, a total of $30,000,000 will be available for the venues construction fund, as contemplated by the City's Venues Financing Plan contained in the Interlocal Agreement with Orange County.
“We’re very pleased that the City’s bonds continue to perform well even in less than ideal market conditions,” said City of Orlando Chief Financial Officer Rebecca Sutton. “We are looking forward to continued success throughout the remainder of the venues financing process.”
The pricing of the Tourist Development Tax Bonds for the Event Center is scheduled to occur within the week.

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

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