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Goldman Sachs Boosts Nashville's Debt 40% for Convention Center

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350,000 SQUARE FEET OF RHINESTONE EXHIBITS? IT'ILL BE SO WORTH IT!
" Nashville, home of country-music stars such as Taylor Swift and the Grand Ole Opry, will boost city-backed debt by almost 40 percent to borrow $633 million for a new convention center three times the size of the Tennessee municipality’s current one," according to Bloomberg. " Bonds to be sold today by Nashville and Davidson County’s Convention Center Authority through investment banks led by Goldman Sachs Group Inc. pledge general-fund revenue if hotel, airport and rental-car taxes and use of the Music City Center aren’t enough to repay investors. The tourism revenue won’t be adequate, said Councilwoman Emily Evans, a former municipal bond underwriter. “It’s a riverboat gamble with very little upside,” said Evans, who worked for 15 years at J.C. Bradford & Co., the Nashville firm acquired by Paine Webber in 2000. “It just doesn’t seem like a good bet to me.”"
SOURCE:   Bloomberg

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