Posting Language
Title
Approve an ordinance authorizing the issuance and sale of City of Austin Hotel Occupancy Tax Revenue Refunding Bonds (Separate Venue Lien) Series 2025, in a par amount not to exceed $46,175,000 to refund Series 2008 and Series 2012 Convention Center venue bonds, in accordance with the parameters set out in the ordinance, authorizing related documents, approving the payment of costs of issuance, and providing that the issuance and sale be accomplished by October 23, 2026. Funding: The Fiscal Year 2026 debt service requirements and estimated annual administration fees for the paying agent/registrar for the proposed bond sale are included in the Fiscal Year 2026 Operating Budget of the Convention Center Hotel Occupancy Tax Revenue Bond Redemption Fund.
De
Lead Department
Austin Financial Services
Fiscal Note
Fiscal Year 2026 debt service requirements and estimated annual administration fees for the paying agent/registrar for the proposed bond sale are included in the Fiscal Year 2026 Operating Budget of the Convention Center Hotel Occupancy Tax Revenue Bond Redemption Fund.
For More Information:
Belinda Weaver, Treasurer, 512-974-7885
Additional Backup Information:
This bond refunding is related to the Convention Center Expansion Project and the separate, but concurrent, issuance of up to $650 million of Special Tax Revenue Bonds (Convention Center Project), Series 2025 (Expansion Bonds) that will support the first phase of funding of the expansion project. The Convention Center still has previously issued bonds that remain outstanding - the Series 2008 and Series 2012 Bonds (the Prior Venue Bonds). The refunding is being executed to better delineate the pledge of Hotel Occupancy Tax (HOT) revenues that will be used to secure and repay the Expansion Bonds being issued, as well as to accelerate the payoff of Prior Venue Bonds, generating cashflow savings. Upon the issuance of the Venue Refunding Bonds, Series 2025, only the 2% Venue HOT w...
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