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Council hears presentation on proposed refunding bonds for Idle Farm (Northeast Collector Phase 3) district
Summary
Bond counsel and financial advisers outlined a plan to authorize up to $18 million in refunding bonds for the Northeast Collector Phase 3 special taxing district to refinance amended 2007 bonds now held by Lapis Advisors LP. Any refunding bonds would be payable solely from district tax-increment revenues and special taxes and must mature no later
Bond counsel briefed the Salisbury City Council Oct. 6 on a proposed refunding of the amended and restated 2007 bonds issued for the Northeast Collector Phase 3 Development District (often discussed as Idle Farm). Counsel said a single holder, Lapis Advisors LP, now owns the restructured 2007 bonds, which had been modified in 2015 to capital appreciation form.
The city attorney and bond…
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