Title
Bond Resolution for Special Obligation Bonds and Commercial Paper Program
Action
Action:
A. Adopt a bond resolution authorizing a Commercial Paper Program as part of the Special Obligation Bonds financing plan for Bank of America Stadium and Field House Improvements Project in a principal amount not to exceed $650,000,000, and
B. Authorize city officials to take the necessary actions to complete the financings.
Body
Staff Resource(s):
Matthew Hastedt, Finance
Explanation
* On June 24, 2024, City Council authorized an agreement to contribute funding for improvements to the city-owned Bank of America Stadium using funds from the Convention Center Tax Fund. These funds are derived from hospitality and tourism taxes and are legally required to be spent on projects to support the city's tourism economy including funding and maintenance for the Convention Center, venues that seat 60,000 people or more, and amateur sports facilities. No property tax revenues or new taxes will be required.
* On October 13, 2025, City Council adopted an initial findings resolution that authorized the application to Local Government Commission (LGC) for issuance of a Commercial Paper Program as part of the Special Obligation Bonds financing plan for Bank of America Stadium and Field House improvements up to $650,000,000 which is expected to be done in multiple tranches to allow for continuous construction period financing.
* This next step is the adoption of a bond resolution, which formally authorizes the issuance of the Commercial Paper Program as interim financing. The Commercial Paper Program will provide short-term funding in multiple tranches to match construction needs, with an initial tranche of approximately $350,000,000 anticipated to cover the first two years of renovations. The city expects to refinance the Commercial Paper with long-term Special Obligation Bonds in two to three years.
* The permanent financing for the first tranche of approximately $350,000,000 o...
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