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May 10, 2018, City Council Regular Meeting
4. Public Hearing and Motion to Approve Second Reading of Downtown Savannah Authority Bond Application
Strategic Priority

The City of Savannah has requested the assistance of the Downtown Savannah Authority (DSA) by the issuance of its Downtown Savannah Authority Taxable Revenue Bonds (City of Savannah River Landing Parking Project), Series 2018A, and its Downtown Savannah Authority Revenue Bond (City of Savannah Fire System Project), Series 2018.

The proceeds of these issues will provide funding for:

1) the acquisition and construction of a parking garage in the vicinity of the Savannah River Landing development in accordance with a previously approved developer agreement

2) the acquisition and equipping of an emergency apparatus for the Savannah Fire Department

3) payment of the issuance costs related to the bonds.

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 statute, 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 Series 2018A bonds is $33 million and the approximate amount of the Series 2018 bonds is $1.2 million.

Under State statute, the Authority's application to the City to issue such bonds must receive two readings before City Council. The first reading was held the meeting of April 26, 2018. 


The Authority's application to the City should be announced and a public hearing on the application should follow the announcement. Once the public hearing is closed, the Mayor and Aldermen should vote to provide their consent to the Authority to issue the bonds.

David Maxwell, CFO
Financial Impact
Issuance of approximately $33 million in debt to fund a parking structure for east of downtown. The debt service on this issue will be funded by the City's Parking and Mobility Fund. Issuance of approximately $1.2 million in new debt to fund a new Fire Department vehicle. The debt service on this issue will be funded by the Fire Services Special Revenue Fund.
Review Comments
Authority Application and related documents.pdf
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