The City of Savannah has requested the assistance of the Downtown Savannah Authority (DSA) by the issuance of bonds to provide funding for the acquisition and construction of roadway improvements to widen Gwinnett Street to better serve the new arena site. 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 express approval for the issuance of such bonds.  The approximate amount of the new bond issue is $6,585,000.00.

Under State statue, the Authority’s application to the City to issue such bonds must receive two readings before City Council.  No action is required on this First Reading. The Second Reading has been advertised for the meeting of August 17, 2017. 

No action required on First Reading