* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL
Introduced by: The Council President
At the request of: The Administration (Baltimore Development Corporation)
A BILL ENTITLED
AN ORDINANCE concerning
Title
Convention Center Hotel Revenue Obligations
FOR the purpose of authorizing and providing for the issuance, sale and delivery by the Mayor
and City Council of Baltimore of its revenue bonds, notes or other obligations, to be designated "Convention Center Hotel Revenue Bonds" (the "Revenue Obligations"), in the aggregate principal amount not exceeding $305,000,000 pursuant to the provisions of Article II, Section (50) of the Charter (defined herein), in order to use the proceeds for the public purpose of (a) financing and refinancing, the acquisition, demolition, construction, renovation, expansion, improvement, furnishing and equipping of a convention center headquarters hotel in the City of Baltimore, (b) funding capitalized interest on the Revenue Obligations to the extent deemed necessary and in accordance with any limitation on the period for such funding established by law, (c) paying the costs of issuance and all other related costs of the Revenue Obligations, (d) funding any working capital or reserve funds, (e) paying the cost of any pre-opening expenses of such hotel or reimbursing the City or Hotel Corporation (defined herein) for such costs, and (f) paying the expenses of the Hotel Corporation; making certain legislative findings, among others, concerning the public benefit and purpose of the Revenue Obligations; defining certain terms used in this Ordinance; authorizing the creation of a nonpr...
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