It is a rather large and complex ordinance in that it is a sizable debt authorization for a venue that has been contemplated and controversial for over a decade. The ordinance addresses two areas. First, the ordinance will address all the debt amendments that have been authorized since 1988 into this one document. Second, the ordinance authorizes the issuance of Series 2012 bonds and spells out the most important details relating to the new sizable debt:
- The bonds may be issued as tax exempt bonds, taxable bonds, or any combination thereof.
- The overall true interest cost shall not exceed 4.75% issued on a tax exempt basis or 6.50% issues on a taxable basis.
- The maturity date shall be no later than November 15, 2037.