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Council approves defeasance of portion of 2018 general obligation bonds using unspent proceeds
Summary
The council authorized an ordinance to defease part of the city's 2018 general obligation bonds using approximately $2 million in unspent proceeds, a step recommended by staff and bond counsel to comply with IRS tax-exempt bond spending rules.
The Mineral Wells City Council on Tuesday approved an ordinance authorizing defeasance and redemption of part of the city’s 2018 general obligation bonds, using roughly $2 million in unspent bond proceeds and approving an escrow agreement to effect the transaction.
City staff told council that voters authorized two propositions in November 2017; bonds totaling $11,228,525.20 were issued March 18, 2018.…
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