Billion Dollar Babies: Build America Bonds to Build Dallas Area Rapid Transit's Light Rail and Maybe the Convention Center Hotel
|Dallas Area Rapid Transit|
|The Martin Luther King Jr. station, part of the Green Line expansion|
Update: At Monday's Economic Development Committee meeting, Assistant City Manager A.C. Gonzalez and city staff discussed the possibility of using Build America Bonds to fund the $514 million bond issuance for the convention center hotel project.
The parameters bond ordinance expected to get a rubber stamp at Friday's special called council meeting authorizes a "maximum interest yield" of 5.5 percent on the bonds for the hotel deal, as we reported Monday.
This means the city can sell Build America Bonds at a percentage higher than 5.5 with the expectation that reimbursements from the federal government will yield an amount equivalent to or below 5.5.