sentences:  The project ran into financial woes late last year as well as the lender, Fortress Investment Group, a New York hedge fund, stopped payments to the village's holding company, SEFC Properties Ltd. Bill 47 is an unusual amendment to the charter for the Olympics in that it changes the original requirement that all additional borrowing is prohibited without a public referendum, and also that it was until this legislation was passed that it was illegal for the City of Vancouver to pursue such financial dealings.The city, in order to meet its Olympics commitments, required extraordinary legislative proceedings to amend the city's charter to allow it to borrow to buy out the loan from Fortress.In November 2010, seven months after the successful completion of the 2010 Olympic Winter Games, the village's holding company and the City of Vancouver agreed to place the property into voluntary receivership.