The Santa Clara City Council voted 5 to 1 Tuesday to approve a contract that would start construction on a $1 billion-plus stadium for the San Francisco 49ers football team in July, according to local press reports.

Stadium construction, expected to be completed by summer 2014, relies on an $850 million loan facility to fund the majority of the work.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.