Title:
Title
Authorize the Issuance and Sale of the 2019 Sacramento Tourism Infrastructure District Assessment Revenue Bonds (Convention Center Ballroom) to Finance an Additional Ballroom in the Sacramento Convention Center and Other Capital-Improvement Projects, with a Principal Amount Not Exceeding $55 Million
End
FileID
File ID: 2019-00969
Location
Location: District 4
Recommendation:
Recommendation
1) Adopt a Resolution authorizing the issuance and sale of the 2019 Sacramento Tourism Infrastructure District Assessment Revenue Bonds (Convention Center Ballroom) to finance an additional ballroom in the Sacramento Convention Center and other capital-improvement projects, with a principal amount not exceeding $55 million, and approving related documents and official actions; and 2) pass a Motion approving Supplement No. 4 to Agreement for Legal Services with Jones Hall and a Disclosure-Counsel Agreement with Stradling Yocca Carlson & Rauth.
Contact: John Colville, City Treasurer, (916) 808-8297; Brian Wong, Debt Manager, (916) 808-5811, Office of the City Treasurer
Body
Presenter: John Colville, City Treasurer, (916) 808-8297, Office of the City Treasurer
Attachments:
1-Description/Analysis
2-Resolution
3-Indenture
4-Continuing Disclosure Certificate
5-Bond-Purchase Agreement
6-Preliminary Official Statement
7-Supplement No. 4 to Agreement for Legal Services (Jones Hall)
8-Disclosure-Counsel Agreement (Stradling Yocca Carlson & Rauth)
Description/Analysis
Issue Detail: On October 30, 2018, the City Council formed the Sacramento Tourism Infrastructure District No. 2018-04 ("STID") for the purpose of levying a new assessment on lodging businesses, including Airbnb, VRBO, and vacation-rental businesses (the "Assessment"). The Assessment will be levied at a rate of 1% of gross short-term rental revenue and is similar to, and in addition to, the assessment currently levied by the City's Sacramento Tourism Marketing District ("STMD"). Assessment ...
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