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Fri September 21, 2012
Convention center to refinance bonds
The authority that oversees the Ernest N. Morial Convention Center will be able to save at least $6 million in interest costs on its outstanding bonds based on action taken by the State Bond Commission.
The Times-Picayune reports the commission on Thursday approved without objection the issuance of $75 million in refunding bonds for the Convention Center.
The new bonds are designed to refinance 1996 and 1998 issues that paid for building and equipping the third phase of the center's expansion as well as bonds issued in 2000 to buy additional property for the fourth expansion.
Bond Commission analyst Carrie Chen says the savings on the 1996 issue will be about $2.7 million, about $1.56 million on the 1998 issue and about $1.8 million on the 2000 bonds.
Convention Center Renovations