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Red Oak council approves EDC authorization for up to $12 million sales-tax bonds to buy land
Summary
The Red Oak City Council approved a resolution authorizing the Red Oak Economic Development Corporation to issue up to $12 million in taxable sales tax revenue bonds for property acquisition and redevelopment; pricing officers were delegated authority within set parameters.
The Red Oak City Council on Jan. 13 approved a resolution authorizing the Red Oak Economic Development Corporation (EDC) to issue taxable sales tax revenue bonds, not to exceed $12,000,000, to finance the purchase and redevelopment of properties, voting 5-0.
The resolution authorizes a taxable series 2025 bond issue with a maximum interest rate of 6.75 percent and delegates pricing authority to the city manager, Todd Fuller, and the EDC vice president, Tim Lightfoot, as pricing officers to finalize sale terms…
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