Case File 26-1861
View full legal title
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.
Get notified on new hearings, votes, or status changes for this matter.
Actions
Showing all 3 actions. Filter by: , , .
Obtain convention center bond parameters and delegation terms
Context: The item authorizes issuance of one or more series 'in accordance with the parameters set out in the ordinance' up to $1,350,000,000 and rescinds Ordinance No. 20251023-009, but the parameters themselves are not stated in the agenda text.
Recommended: Pull the full text of the May 2026 ordinance to identify the parameters it sets — maximum par, maximum interest rate, permitted series structure, and any expiration date on delegated pricing authority — and compare them against the rescinded 2025 ordinance. If the delegated authority in the prior ordinance lapsed or its parameters were exceeded, that is the question to raise before pricing, not after bonds are in investors' hands.
Align convention center bid timing to bond sale schedule
Context: The May 21, 2026 ordinance authorizes up to $1,350,000,000 in bonds to fund the Convention Center expansion and rescinds the earlier Ordinance No. 20251023-009, with debt service carried in the Convention Center Hotel Occupancy Tax Revenue Bond Redemption Fund for Fiscal Year 2025-2026.
Recommended: Confirm with Convention Center staff when bond proceeds are expected to close, because expansion construction packages cannot be awarded ahead of funds availability and the prior 2025 authorization was scrapped without a sale. Firms that staffed up to the original schedule should re-baseline mobilization and bonding capacity to the new issuance date.
Ask why Council replaced October convention center bond ordinance
Context: The May 21, 2026 item authorizes up to $1,350,000,000 in Special Tax Revenue Bonds for the Convention Center Project while expressly rescinding Ordinance No. 20251023-009, with no stated reason in the item text.
Recommended: Request both the May 2026 parameters ordinance and rescinded Ordinance No. 20251023-009 and compare par ceilings, interest rate caps, and sale deadlines side by side; the rescission is the story, and staff memos explaining why the 2025 authorization was abandoned before any sale closed will be harder to obtain once the new bonds price.
Timeline
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.