The new stadium to replace the old Roberts Stadium in Evansville is to cost over $100 million upon completion in October.
To offset the cities initial costs they sold $120 million in bonds to finance the Evansville downtown stadium.
The bonds where sold to the public last April, and the day after they went on sale the remander of the unsold bonds were purchased by individual investors, larger institutional investors such as mutual funds, insurance agencies and other institutions snatched up the remainder with sales closing by 1:30 p.m.
The Evansville-based investment firm Hilliard Lyons served as the senior manger for the offering with City Securities Corp. and Fifth Third Securities also participating. The London Witte Group is the city's financial adviser for the arena project.
The total value of the bonds sold was $122.4 million in a combination of short-term, tax-exempt bonds and long-term debt.
In the spring of 2013, the city has plans to start paying back the borrowed money to the trusted investers at a rate of $8 million a year. The city plans on repaying the investors with money earned from the Food and Beverage Tax, as well as revenue from the downtown Tax Increment Finance district and lease payments and taxes from Casino Aztar.
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