The city's bond counsel and financial analyst are expected to appear before the City Council by late July with proposed interest rates and terms for borrowing $21 million toward construction of a downtown baseball stadium.
The current City Council set the wheels in motion when it voted 4-2 Tuesday to authorize the firms of Page, Mannino and Peresich, and Government Consultants to prepare the necessary documents to issue bonds.
The next City Council, which will be inaugurated on July 1 and have its first meeting on July 2, will ultimately decide if those bonds are to be sold -- presumably after hearing terms of the proposed lease of land from the Beau Rivage Resort & Casino, prospects of landing a Double-A baseball team, and how the stadium itself would be operated day-to-day.
Photos: To see photos from the council meeting Tuesday, click here.
The measure: To see the bond resolution approved Tuesday, click here.
Background: To read more about the stadium initiative and to see renderings, as shown during the governor's announcement on May 30, click here.