SACRAMENTO -- The Sacramento City Council is looking to help the new Kings owners pay off an old debt.
In 1997 the city issued lease revenue bonds to help the Kings with the refinancing of their existing debt at Arco Arena, Assistant City Manager John Dangberg said.
To help the Kings retire the debt faster, the City of Sacramento will consider implementing the 5 percent fee to tickets for events at Sleep Train Arena.
"At the point in time that the 1997 bonds needed to be paid off, those proceeds would be there to help reduce that principal balance," Dangberg said.
This would allow the Kings to have money on hand to pay for any cost overruns on the Downtown Arena the team is responsible for.