Item 16 Passedunofficial
Approve an ordinance authorizing the issuance and sale of one or more series of City of Austin, Texas, Special Tax Revenue Bonds, Series 2026 (Convention Center Project), in a par amount not to exceed $1,350,000,000 to fund the Convention Center expansion project, in accordance with the parameters set out in the ordinance; authorizing related documents; approving the payment of costs of issuance; and rescinding Ordinance No. 20251023-009. Funding: Fiscal Year 2025-2026 debt service requirements and estimated annual administration fees for the paying agent/registrar for the proposed bond sale are included in the Operating Budget of the Convention Center Hotel Occupancy Tax Revenue Bond Redemption Fund.
Council is set to approve issuing up to $1.35 billion in special tax revenue bonds to pay for the long-planned expansion of the Austin Convention Center downtown. The bonds would be repaid through the Convention Center Hotel Occupancy Tax Revenue Bond Redemption Fund, with this fiscal year's debt service and the paying agent's administration fees already built into that fund's operating budget. The measure also rescinds an earlier 2025 ordinance, replacing it with these updated terms.
"Without objection, item number 16 is approved" — meeting transcript (unofficial)
What got said
- Hotel and visitor industry representatives strongly supported the $1.35B convention center bonds
- Bill Bunch warned the convention industry is declining and called for a 'time out'
- Council member Siegel later added as voting yes after being off the dais