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Council moves to authorize up to $7.5 million in bonds for Altus, Beaumont CFD 2016-3
Summary
The council considered resolutions authorizing issuance of special tax bonds not to exceed $7.5 million for CFD 2016‑3 (Altus, Beaumont), approving a first amendment to the acquisition agreement and related financing documents; staff outlined the parcel counts and a tentative April pricing/early‑April closing timetable.
Beaumont City Council considered resolutions to authorize the issuance of special‑tax revenue bonds for Community Facilities District (CFD) 2016‑3 (Altus, Beaumont), a 55+ age‑restricted community developed by TriPoint.
Bridal (bond counsel) and Tom Jacob of Stifel presented the proposal and financing details. Bond counsel said the action before council was to authorize not‑to‑exceed $7,500,000 in bonds and to approve a first amendment to the acquisition agreement to reflect a list of public improvements to be financed. Tom Jacob told the council that market par amount would likely be lower than the not‑to‑exceed cap: “In…
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