The City of Amarillo may soon be issuing new hotel occupancy tax funded bonds.
According to an agenda posted for tonight's City Council meeting, Councilmembers are considering approving the issuance of bonds that will be funded by hotel occupancy taxes. An memo attached to the agenda states that the bonds will be issued for the "construction, improvement, enlarging, equipping, operation and maintenance of municipal buildings, specifically a multiuse facility."
In total, if the City Council approves the first and only reading of the bond package, $37.2 million in bond proceeds, along with $8.3 million in cash, will fund the $45.5 million downtown multipurpose facility.
Also during the meeting, the City Council is considering approving a resolution that "preserves the City's ability to reimburse capital expenditures from the bonds that the Council is planning to issue.
Tonight's meeting will be held at 5:30pm in the Council Chambers of Amarillo City Hall (509 Southeast 7th Avenue).
For more information, please visit amarillo.gov.
