The City of Savannah has requested the assistance of the Downtown Savannah Authority (DSA) by the issuance of its Downtown Savannah Authority Revenue Bonds (City of Savannah Project), Taxable Series 2019.

The proceeds of this issue will provide for:

1) Funding the completion of the construction and equipping of a 488-space parking garage located on the west end of River Street.

2) 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 Taxable Series 2019 bonds is $10 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 at the meeting of August 15, 2019. 

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.