Houston to Use Convention Center Hotel to Bridge Pension Fund Gap

Albanese, Elizabeth
October 2004
Bond Buyer;10/28/2004, Vol. 350 Issue 31999, p1
Trade Publication
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.


Related Articles

  • San Diego Pushes Ahead With Convention Center Plans. Webster, Keeley // National Mortgage News;2/20/2012, Vol. 36 Issue 21, p12 

    The article reports that the officials of San Diego, California, are expanding the convention center of the city, as the City Council approved the creation, where the project is expected to require more than half a billion dollars in bonds. It states that local hotels will pay special taxes that...

  • Detroit Council Nixes Bond-Funded Expansion of Convention Center. DEVITT, CAITLIN // Bond Buyer;2/26/2009, Vol. 367 Issue 33070, p24 

    The article reports on the refusal of City Council members to the proposed expansion of the Cobo Hall convention center in Detroit, Michigan. The Cobo Hall expansion is proposed to be financed through the sale of bonds backed by hotel and liquor taxes. The City Council's rejection of the...

  • Cardiff officials to take a hard look at fund.  // Pensions & Investments;1/20/1997, Vol. 25 Issue 2, p18 

    Reports on the Council of the City and County of Cardiff's intentions to review its 388 million pension fund. What the fund was formerly known as; Identification of affiliate companies; Comments from John Birkin, an investment officer with the council.

  • Councils campaign for NAPF seat.  // Public Finance;01/31/97, p6 

    Describes how a campaign is mounted by city councils in order to ensure a local authority's election into Great Britain's National Association of Pension Funds. Peter Derrick as nominee; UK Steering Committee on Local Government Pensions; Lobbying body for pension issues.

  • Big incentives, big returns? Martin, Iain // Public Finance;11/03/2000, p32 

    Reports on performance-related fees for council pension fund managers in Great Britain. Increase of rate of return; Best Value initiative and pensions arrangements.

  • Government proposes average-salary scheme to ease local shortfalls. Seeder, Benjamin // Pensions & Investments;11/11/2002, Vol. 30 Issue 23, p14 

    Focuses on the plans of British government to introduce a salary-averaging arrangement that can reduce long-term pension liabilities of local councils. Options provided in the proposal aimed to make council pensions fairer and flexible; Reasons behind the opposition of the proposal by trade...

  • Bedford seeks additional hotel bed tax. Rankin, Jennifer // Business Press;07/16/99, Vol. 12 Issue 12, p1 

    Reports on a proposal to implement a two percent increase occupancy tax in hotels around Bedford, Texas. City council's plan to purchase an additional acreage in Stormie Jones Park; Election for public approval of the proposed tax; Tourism promotion through funds from hotel bed taxes.

  • In back and forth game, hotel may now be dead. Pangburn, Joe // Inside Tucson Business;10/4/2010, Vol. 20 Issue 18, p1 

    The article reports on the move of Tucson City Council to unanimously vote to send back the downtown convention center hotel project of Rio Nuevo Inc. in Arizona.

  • San Diego Convention Center backup financing delayed. Berkman, Leslie // Bond Buyer;11/12/97, Vol. 322 Issue 30271, p34 

    Reports on the postponement for two weeks of the vote on an alternative plan for financing a convention center expansion by the San Diego City Council. Provisions of the alternative plan; Agreement of the Supreme Court of California to rule on the legal challenge by activist Richard Rider...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics