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|January 4, 2018 City Council Regular Meeting|
Public Hearing and Motion to Authorize Downtown Savannah Authority (DSA) Series 2018 Bond Issue
The City of Savannah has requested the assistance of the Downtown Savannah Authority by the issuance of bonds to provide funding for the acquisition and construction of pedestrian improvements in the vicinity of West River Street to include a riverwalk extension, public elevator and other streetscape/hardscape improvements. The City will enter into a contract with the DSA under which it will pledge to pay all interest and principal for the bonds. As required by State statue, the Authority in turn has made application to the City requesting the City Council’s expressed approval for the issuance of such bonds. The approximate amount of the new bond issue is $14 million.
Under State statue, the Authority’s application to the City to issue such bonds must receive two readings and a public hearing before City Council. The first reading took place at the meeting of December 21, 2017. The public hearing and second reading have been advertised for the meeting of January 4, 2018.
Approval to close public hearing and authorize DSA Series 2018 Bond Issue
David Maxwell, CFO
Memo to CM ref DSA 2018 issue.pdf