City Controller Sylvia R. Garcia and the City's Investment and Debt Director Jim Moncur will conduct the first sale of City of Houston Tax Revenue Anticipation Notes via an internet auction on Wednesday, June 21. The Controller will announce the results of the sale to City Council and approximately 10:15 a.m. Both will be available later to answer questions about the process.

The auction system was adopted for this bond issue by the Finance Working Group, which includes members of the Controller's staff and the administration. The new system allows buyers to bid against each other on an electronic platform, which introduces competition. The use of the internet also speeds iup the selling process. These and other factors should result in better prices for the City's bonds and lower administrative costs to the taxpayers.

For more information, contact Sharon Adams or Lorie Arnett at the above numbers.

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