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 California Supreme Court will hear a case challenging the state's 2013 pension changes, after seemingly settling the issue with a 2020 ruling.
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The "impressive" investor appetite for tax-exempts has been "holding steady all quarter despite expensive valuations, supply surges and periods of low reinvestment demand," said GW&K Investment Management strategists in a report.
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As space becomes an increasingly important frontier for development and competition, spaceports should enjoy the same financial benefits as airports and seaports, say supporters of the federal legislation.
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The governor should have involved the legislature earlier in decision making on how to give the Water and Power Authority money to make a bond payment, lawmakers said.
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A Utah law may be tapped to issue bonds to renovate a downtown Salt Lake City basketball arena to accommodate the former Arizona Coyotes.
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Along with UBS' departure from the negotiated underwriting space, various firms have hired talent from both firms to increase their primary and secondary market presence. Many hope for some positive effects in both competition and secondary market liquidity as a result.
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