The bonds mature between Aug. 15, 2007 and 2033 with optional redemption prior to maturity at par plus accrued interest. In addition to the land transfer, the money also will be used to reimburse Toyota for site preparation costs and construction of a training facility for its pick-up truck manufacturing plant.
Last month, Toyota announced San Antonio won the face-off for its Tundra truck manufacturing and assembly. The lines are to start running in summer 2006.
Under a project development agreement between Toyota, the city, the state, Bexar County and other public and private entities, San Antonio is obligated to acquire and convey the project site, reimburse Toyota for site preparation costs up to $10 million and build a $3-million training facility. The city's project obligations will be financed with bond proceeds as well as grants from the state and federal government.
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