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September 13, 2018, City Council Regular Meeting
15. Motion to Adopt Resolution Authorizing a Contract with the Downtown Savannah Authority and Approving the Issuance of Bonds
Strategic Priority

A resolution to authorize a contract to secure and to approve the issuance of approximately $30,000,000 in Downtown Savannah Authority taxable revenue bonds for the City of Savannah Eastern Wharf Garage Project, Series 2018, for the following purposes:

1) Construction and equipping of a parking garage in the vicinity of east of downtown within the Eastern Wharf development

2) Funding all issuance costs of the bonds

Competitive bids for the bonds are scheduled to be received on the morning of Thursday, September 13, 2018. The exact amount of the bonds to be issued is subject to adjustment based on the amount of premium that may be offered by the best bid received on September 13, 2018 and will be reported to Council at the meeting.

Minority firm participation was achieved in several phases of the bond issue including the requirement that the winning bidder include a minority securities firm on its bidding team.

City Council voted to authorize the issuance of these bonds at its meeting of May 10, 2018.



David Maxwell, CFO
Financial Impact
Estimated annual debt service of $2.4 million to be paid from operating receipts generated by the user fees collected by the garage operations.
Review Comments
res-authorizing City (v3-FINAL).pdf
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