TITLE

Houston to Use Convention Center Hotel to Bridge Pension Fund Gap

AUTHOR(S)
Albanese, Elizabeth
PUB. DATE
October 2004
SOURCE
Bond Buyer;10/28/2004, Vol. 350 Issue 31999, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article presents information that the Houston City Council last week approved a plan to use the city's convention center hotel as collateral to plug part of a $2 billion shortfall in the city's pension fund. The hotel was financed in 2001 by the issuance of $310 million of insured sales tax and hotel tax revenue bonds issued by the city. The bonds will not be repaid until 2033. receive up-front cash. Under Texas law. the note issued by the city to the pension fund constitutes a pension fund bond.
ACCESSION #
14891448

 

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