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Balch Springs approves $6.18 million PID bond, amends assessment plan for Mackenzie Trails
Summary
City council approved issuance of special assessment revenue bonds tied to the Mackenzie Trails public improvement district and adopted an amended service-and-assessment plan to match the financing terms. Council approved a final bond amount based on a 5.76% interest rate and set a tentative closing date of May 21.
Balch Springs city council voted to authorize a special-assessment revenue bond tied to the Mackenzie Trails Public Improvement District and approved a related amendment to the district's service-and-assessment plan on April 8.
The ordinance authorizes issuance of bonds to fund public improvements tied to the Mackenzie Trails development. Andre Iel of Hilltop Securities, the city's financial adviser for the transaction, told council the bonds priced April 8 yielded a final bond amount of $6,181,000 and a fixed interest rate of 5.76%: "we ended up with a 5.76% interest…
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