Monongalia County approves documents to release tranche 2 of Westridge excise-tax bonds, conditional on developer filings

Monongalia County commissioners voted May 14 to execute and deliver documents that would allow release of tranche 2 of the county's outstanding special district excise tax revenue bonds, series 2023A and 2023B, for the Westridge development, contingent on the developer filing a tranche-release request and delivering supporting reports.

County legal/financial counsel Tom Heyman told the commission the bonds were structured in tranches and that tranche 1 was redeemed last December. Heyman said the county attempted to extend deadlines for tranches 2 and 3 but a bondholder refused, leaving the county to proceed under the existing schedule. He said the developer believes a closing necessary to trigger tranche 2 release would occur that day and that the developer would file the tranche release with the trustee, copy the county and…