Summary
Among all the Pittsburgh-area cultural attractions clamoring for a share of Allegheny County's extra 1 percent sales tax money, one regular customer is missing this year.
Sports & Exhibition Authority officials shelved their yearly request for $1 million to $2 million in extra taxpayer assistance to shore up chronic seven-figure operating deficits at the David L. Lawrence Convention Center, Downtown. They were able to do so because of a well-timed financial maneuver to lock in a 4.05 percent interest rate -- down from 5.37 percent in 1999 -- on $174 million in bonds. The loans cover a portion of the debt remaining on PNC Park, Heinz Field and the convention center, which the authority owns.See the full content of this document
Extract
Sea Lowers Its Costs Through Perfectly Timed Bond Maneuver
"They went into the market almost on the perfect day last year," said David Donahoe, executive director of the Allegheny Regional...
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