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 equipping of the Savannah Fire Department with a fire rescue vehicle to serve in an emergency response capacity

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 is scheduled for the meeting of April 26, 2018. The second reading will occur at the meeting scheduled for May 10, 2018. 

This is an announcement only. No action required.