As Orlando continued to structure its $1 billion finance plan last week to build three new entertainment venues, a well-known hotelier announced that he would not pursue a petition drive to make the city get voter approval before spending public funds on at least one of the venues. Harris Rosen, owner of the Shingle Creek Resort and convention center, was running out of time and falling short of the required 30,000 voters’ signatures he needed to put the referendum on the ballot. He wanted voters to approve funding for a new events center that primarily would be used as an arena for the National Basketball Association’s Orlando Magic.The city last week authorized the sale of $340 million of tourist development tax revenue bonds, representing the major portion of the arena’s funding for the Orlando Magic.The City Council last week also reauthorized a $35 million sales tax revenue bond giving officials the flexibility to choose insurers. The bond issue was going to be insured by Ambac Assurance Corp. until questions arose about the carrier’s own ratings due to its portfolio of subprime mortgages. The $35 million deal is part of the arena financing.Orlando hopes to sell the bonds before the end of the year but is still putting together the necessary parcels of land.
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The commission also made changes to planned Louisiana State gas and fuel tax bonds of up to $1 billion
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High-yield muni issuance totals $20 billion year-to-date, "reflecting normalization from relatively depressed levels in 2023 ($7.6 billion over the comparable period), and now virtually equal to the trailing five-year average for the period ($20.1 billion)," said J.P. Morgan strategists, led by Peter DeGroot.
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Mayor Eric Adams was indicted on federal bribery, campaign finance and conspiracy charges, the U.S. Attorney's Office announced Thursday.
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The privately placed taxable bonds to be issued through Bernalillo County will help finance a manufacturing facility for Ebon Solar.
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"The market is strong right now, and we expect that to continue into next year," Loop's head of public finance Bo Daniels said.
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The continuing resolution to keep the government funded was passed without the inclusion of controversial legislation requiring proof of citizenship in order to vote.
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