Orlando, FL: The City of Orlando is pleased to announce its intent to enter into a bond purchase agreement with Citigroup Global Markets Inc. and Goldman Sachs & Co. for the sale of Tourist Development Tax (TDT) bonds totaling $223,965,000.

The TDT bonds consist of three different series that combined will generate $270 million in venue construction proceeds. Today, based on the market demand, the City entered into purchase agreements for two of the three bond series (Series A and B). It is expected that the third series (Series C) will be sold in the near future. The TDT Series A and B bonds will close on March 13.

"Once again, the City of Orlando has performed well in a difficult market," said Rebecca Sutton, the City's Chief Financial Officer. "Investors have shown confidence in the continued strength of the hospitality industry in our region and in the Orange County Tourist Development Tax as a financing source. We have every confidence that we will be able to satisfactorily complete the funding of the Event Center next week. "

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)