DALLAS - The Dallas City Council on Friday voted to authorize the sale of $514.1 million of tax-exempt hotel revenue bonds whenever market conditions allow the city to obtain an interest rate of 5.5% or less.

Proceeds will finance construction of a 1,016-room, city-owned hotel adjacent to the convention center in downtown Dallas. The bonds will be supported by operating revenues from the hotel, and if necessary, by revenues from city and state sales and hotel taxes generated at the facility.

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