Later this month, the non-profit authority, created by the City Council, will issue at least $349.035 million in senior revenue bonds to finance the hotel, which is scheduled to open in early 2006.
Among other things, the statement addressed a description of the 2003 A bonds, the design of the hotel, sources and uses of the funds, debt service requirements, hotel market consultant's report, cash flow projections, revenue security, manager's letter of credit, bond insurance policy, and risk factors, such as possible delays in opening the hotel, insufficient occupancy levels and economic considerations.
Although investors, primarily Wall Street institutions, may find the statement fascinating reading, it's unlikely to make any Best Seller's list.
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